MAXWILL: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MAXWILL
Largest movements
- Tangible fixed assets +€634,884
up €634,884 (+1,115%), from €56,935 to €691,819
of which Land and buildings: +€638,880
- Cash -€31,478
down €31,478 (-22.6%), from €139,416 to €107,938
mainly Investment in fixed assets (net) (-€641,059) and Contributions, distributions and other (-€68,645)
- Receivables after one year -€30,719
down €30,719 (-70.8%), from €43,397 to €12,678
- Debts after one year +€624,122
up €624,122 (+1,223%), from €51,024 to €675,146
- Reserves -€68,645
down €68,645 (-25.1%), from €273,328 to €204,683
of which Distributable reserves: -€68,645
- Profit (loss) carried forward -€28,090
new in 2025: -€28,090
- Tax, wage and social debts +€25,302
up €25,302 (+159%), from €15,904 to €41,205
of which Taxes: +€21,802
- Current portion of long-term debt +€24,854
new in 2025: €24,854
- Other operating charges +€92,601
up €92,601 (+893%), from €10,374 to €102,975
- Gross operating margin -€63,799
down €63,799 (-50.4%), from €126,473 to €62,675
- Taxes -€29,626
down €29,626 (-97.4%), from €30,411 to €784
- Depreciation -€17,185
down €17,185 (-73.6%), from €23,359 to €6,174
- Financial charges +€12,817
up €12,817 (+153%), from €8,377 to €21,194
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €368,502 | €932,801 | +€564,299 | +153% |
| Fixed assets | 21/28 | €106,935 | €741,819 | +€634,884 | +594% |
| Tangible fixed assets | 22/27 | €56,935 | €691,819 | +€634,884 | +1,115% |
| Land and buildings | 22 | €43,913 | €682,793 | +€638,880 | +1,455% |
| Plant, machinery and equipment | 23 | €478 | €349 | -€129 | -26.9% |
| Furniture and vehicles | 24 | €9,208 | €6,581 | -€2,626 | -28.5% |
| Other tangible fixed assets | 26 | €3,336 | €2,096 | -€1,240 | -37.2% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €261,567 | €190,982 | -€70,585 | -27.0% |
| Amounts receivable after more than one year | 29 | €43,397 | €12,678 | -€30,719 | -70.8% |
| Other amounts receivable | 291 | €43,397 | €12,678 | -€30,719 | -70.8% |
| Amounts receivable within one year | 40/41 | €64,389 | €55,725 | -€8,664 | -13.5% |
| Trade receivables | 40 | €54,389 | €46,411 | -€7,979 | -14.7% |
| Other amounts receivable | 41 | €10,000 | €9,314 | -€686 | -6.9% |
| Current investments | 50/53 | €5,673 | €5,673 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €139,416 | €107,938 | -€31,478 | -22.6% |
| Deferred charges and accrued income | 490/1 | €8,692 | €8,968 | +€276 | +3.2% |
| Total equity and liabilities | 10/49 | €368,502 | €932,801 | +€564,299 | +153% |
| Equity | 10/15 | €274,328 | €177,592 | -€96,736 | -35.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €273,328 | €204,683 | -€68,645 | -25.1% |
| Tax-exempt reserves | 132 | €115 | €115 | = | 0.0% |
| Distributable reserves | 133 | €273,213 | €204,568 | -€68,645 | -25.1% |
| Profit (loss) carried forward | 14 | - | -€28,090 | -€28,090 | |
| Amounts payable | 17/49 | €94,174 | €755,209 | +€661,035 | +702% |
| Amounts payable after more than one year | 17 | €51,024 | €675,146 | +€624,122 | +1,223% |
| Financial debts | 170/4 | €51,024 | €675,146 | +€624,122 | +1,223% |
| Amounts payable within one year | 42/48 | €42,415 | €79,267 | +€36,852 | +86.9% |
| Current portion of amounts payable after more than one year | 42 | - | €24,854 | +€24,854 | |
| Financial debts | 43 | €24,474 | €8,595 | -€15,880 | -64.9% |
| Credit institutions | 430/8 | €24,474 | €8,595 | -€15,880 | -64.9% |
| Trade debts | 44 | €2,034 | €4,613 | +€2,578 | +127% |
| Suppliers | 440/4 | €2,034 | €4,613 | +€2,578 | +127% |
| Taxes, remuneration and social security | 45 | €15,904 | €41,205 | +€25,302 | +159% |
| Taxes | 450/3 | €15,904 | €37,705 | +€21,802 | +137% |
| Remuneration and social security | 454/9 | - | €3,500 | +€3,500 | |
| Other amounts payable | 47/48 | €2 | - | -€2 | |
| Accrued charges and deferred income | 492/3 | €736 | €796 | +€60 | +8.2% |
| Non-recurring operating income | 76A | €6,644 | €508 | -€6,136 | -92.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,359 | €6,174 | -€17,185 | -73.6% |
| Other operating charges | 640/8 | €10,374 | €102,975 | +€92,601 | +893% |
| Gross operating margin | 9900 | €126,473 | €62,675 | -€63,799 | -50.4% |
| Operating profit (loss) | 9901 | €92,740 | -€46,475 | -€139,215 | |
| Financial income | 75/76B | €31,620 | €40,363 | +€8,743 | +27.6% |
| Recurring financial income | 75 | €31,620 | €40,363 | +€8,743 | +27.6% |
| Financial charges | 65/66B | €8,377 | €21,194 | +€12,817 | +153% |
| Recurring financial charges | 65 | €8,377 | €21,194 | +€12,817 | +153% |
| Profit (loss) for the period before taxes | 9903 | €115,983 | -€27,306 | -€143,289 | |
| Income taxes | 67/77 | €30,411 | €784 | -€29,626 | -97.4% |
| Profit (loss) for the period | 9904 | €85,573 | -€28,090 | -€113,663 | |
| Profit (loss) for the period to be appropriated | 9905 | €85,573 | -€28,090 | -€113,663 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.