MAXXAN: 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.
MAXXAN
Largest movements
- Receivables within one year -€81,588
down €81,588 (-75.8%), from €107,599 to €26,011
of which Other amounts receivable: -€88,243
- Tangible fixed assets +€30,095
up €30,095 (+3.5%), from €872,078 to €902,173
- Current investments +€20,426
up €20,426 (+68.1%), from €30,000 to €50,426
- Debts after one year -€29,747
down €29,747 (-4.2%), from €710,932 to €681,185
of which Financial debts: -€29,747
- Trade debts -€16,444
down €16,444 (-90.8%), from €18,106 to €1,662
- Accrued charges and deferred income +€13,058
up €13,058 (+95.6%), from €13,661 to €26,720
- Gross operating margin +€10,219
up €10,219 (+7.7%), from €132,277 to €142,496
- Depreciation +€3,415
up €3,415 (+5.5%), from €61,716 to €65,131
- Taxes +€1,688
up €1,688 (+14.2%), from €11,908 to €13,596
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.
Cash bridge derived
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 | €1,043,306 | €1,020,373 | -€22,933 | -2.2% |
| Fixed assets | 21/28 | €872,078 | €902,173 | +€30,095 | +3.5% |
| Tangible fixed assets | 22/27 | €872,078 | €902,173 | +€30,095 | +3.5% |
| Land and buildings | 22 | €872,078 | €902,173 | +€30,095 | +3.5% |
| Current assets | 29/58 | €171,228 | €118,200 | -€53,028 | -31.0% |
| Amounts receivable within one year | 40/41 | €107,599 | €26,011 | -€81,588 | -75.8% |
| Trade receivables | 40 | €1,184 | €7,839 | +€6,655 | +562.2% |
| Other amounts receivable | 41 | €106,415 | €18,172 | -€88,243 | -82.9% |
| Current investments | 50/53 | €30,000 | €50,426 | +€20,426 | +68.1% |
| Cash at bank and in hand | 54/58 | €29,368 | €39,687 | +€10,318 | +35.1% |
| Deferred charges and accrued income | 490/1 | €4,260 | €2,076 | -€2,184 | -51.3% |
| Total equity and liabilities | 10/49 | €1,043,306 | €1,020,373 | -€22,933 | -2.2% |
| Equity | 10/15 | €262,982 | €268,719 | +€5,737 | +2.2% |
| Contributions | 10/11 | €66,000 | €66,000 | = | 0.0% |
| Capital | 10 | €66,000 | €66,000 | = | 0.0% |
| Issued capital | 100 | €66,000 | €66,000 | = | 0.0% |
| Reserves | 13 | €194,340 | €200,070 | +€5,730 | +2.9% |
| Non-distributable reserves | 130/1 | €6,600 | €6,600 | = | 0.0% |
| Legal reserve | 130 | €6,600 | €6,600 | = | 0.0% |
| Distributable reserves | 133 | €187,740 | €193,470 | +€5,730 | +3.1% |
| Profit (loss) carried forward | 14 | €2,642 | €2,649 | +€7 | +0.3% |
| Amounts payable | 17/49 | €780,323 | €751,654 | -€28,670 | -3.7% |
| Amounts payable after more than one year | 17 | €710,932 | €681,185 | -€29,747 | -4.2% |
| Financial debts | 170/4 | €691,932 | €662,185 | -€29,747 | -4.3% |
| Other amounts payable | 178/9 | €19,000 | €19,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €55,730 | €43,748 | -€11,981 | -21.5% |
| Current portion of amounts payable after more than one year | 42 | €29,142 | €29,747 | +€605 | +2.1% |
| Trade debts | 44 | €18,106 | €1,662 | -€16,444 | -90.8% |
| Suppliers | 440/4 | €18,106 | €1,662 | -€16,444 | -90.8% |
| Advances received on contracts in progress | 46 | €6,521 | - | -€6,521 | |
| Taxes, remuneration and social security | 45 | €1,961 | €7,762 | +€5,800 | +295.7% |
| Taxes | 450/3 | €1,961 | €7,762 | +€5,800 | +295.7% |
| Other amounts payable | 47/48 | - | €4,578 | +€4,578 | |
| Accrued charges and deferred income | 492/3 | €13,661 | €26,720 | +€13,058 | +95.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,716 | €65,131 | +€3,415 | +5.5% |
| Other operating charges | 640/8 | €17,282 | €18,223 | +€941 | +5.4% |
| Gross operating margin | 9900 | €132,277 | €142,496 | +€10,219 | +7.7% |
| Operating profit (loss) | 9901 | €53,279 | €59,142 | +€5,863 | +11.0% |
| Financial income | 75/76B | €3,180 | €2,057 | -€1,123 | -35.3% |
| Recurring financial income | 75 | €3,180 | €2,057 | -€1,123 | -35.3% |
| Financial charges | 65/66B | €19,031 | €18,466 | -€565 | -3.0% |
| Recurring financial charges | 65 | €19,031 | €18,466 | -€565 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €37,428 | €42,733 | +€5,305 | +14.2% |
| Income taxes | 67/77 | €11,908 | €13,596 | +€1,688 | +14.2% |
| Profit (loss) for the period | 9904 | €25,519 | €29,137 | +€3,617 | +14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €25,519 | €29,137 | +€3,617 | +14.2% |
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 9 October 2026 via checked.be.