Maxxav: what changed
Two fiscal 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.
Maxxav
Largest movements
- Cash -€49,589
down €49,589 (-83.2%), from €59,613 to €10,024
mainly Net result for the year (-€17,120) and Tax, wage and social debts (-€15,400)
- Deferred charges and accrued income +€12,803
up €12,803 (+5586.5%), from €229 to €13,032
- Current investments +€9,297
up €9,297 (+74.4%), from €12,500 to €21,797
- Receivables within one year -€4,287
down €4,287 (-6.4%), from €66,499 to €62,212
of which Trade receivables: -€8,969
- Profit (loss) carried forward -€17,120
down €17,120 (-20.9%), from €81,733 to €64,613
- Tax, wage and social debts -€15,400
down €15,400 (-50.2%), from €30,669 to €15,268
- Other debts -€3,579
down €3,579 (-100.0%), from €3,579 to €0
- Trade debts +€3,429
up €3,429 (+43.3%), from €7,919 to €11,348
- Short-term financial debts +€2,019
new in 2025: €2,019
- Gross operating margin -€120,168
down €120,168, from €107,675 to -€12,494
- Taxes -€22,064
down €22,064 (-99.8%), from €22,100 to €36
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 | €157,902 | €127,250 | -€30,652 | -19.4% |
| Fixed assets | 21/28 | €19,061 | €20,185 | +€1,124 | +5.9% |
| Tangible fixed assets | 22/27 | €19,061 | €20,185 | +€1,124 | +5.9% |
| Furniture and vehicles | 24 | €9,413 | €7,552 | -€1,861 | -19.8% |
| Other tangible fixed assets | 26 | €9,648 | €12,633 | +€2,985 | +30.9% |
| Current assets | 29/58 | €138,841 | €107,065 | -€31,776 | -22.9% |
| Amounts receivable within one year | 40/41 | €66,499 | €62,212 | -€4,287 | -6.4% |
| Trade receivables | 40 | €66,499 | €57,530 | -€8,969 | -13.5% |
| Other amounts receivable | 41 | - | €4,682 | +€4,682 | |
| Current investments | 50/53 | €12,500 | €21,797 | +€9,297 | +74.4% |
| Cash at bank and in hand | 54/58 | €59,613 | €10,024 | -€49,589 | -83.2% |
| Deferred charges and accrued income | 490/1 | €229 | €13,032 | +€12,803 | +5586.5% |
| Total equity and liabilities | 10/49 | €157,902 | €127,250 | -€30,652 | -19.4% |
| Equity | 10/15 | €115,035 | €97,915 | -€17,120 | -14.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €30,302 | €30,302 | = | 0.0% |
| Distributable reserves | 133 | €30,302 | €30,302 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,733 | €64,613 | -€17,120 | -20.9% |
| Amounts payable | 17/49 | €42,867 | €29,335 | -€13,532 | -31.6% |
| Amounts payable within one year | 42/48 | €42,167 | €28,635 | -€13,532 | -32.1% |
| Financial debts | 43 | - | €2,019 | +€2,019 | |
| Credit institutions | 430/8 | - | €2,019 | +€2,019 | |
| Trade debts | 44 | €7,919 | €11,348 | +€3,429 | +43.3% |
| Suppliers | 440/4 | €7,919 | €11,348 | +€3,429 | +43.3% |
| Taxes, remuneration and social security | 45 | €30,669 | €15,268 | -€15,400 | -50.2% |
| Taxes | 450/3 | €30,669 | €15,268 | -€15,400 | -50.2% |
| Other amounts payable | 47/48 | €3,579 | €0 | -€3,579 | -100.0% |
| Accrued charges and deferred income | 492/3 | €700 | €700 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,232 | €3,765 | +€533 | +16.5% |
| Other operating charges | 640/8 | €352 | €104 | -€248 | -70.5% |
| Gross operating margin | 9900 | €107,675 | -€12,494 | -€120,168 | |
| Operating profit (loss) | 9901 | €104,091 | -€16,363 | -€120,453 | |
| Financial income | 75/76B | €84 | €150 | +€65 | +77.6% |
| Recurring financial income | 75 | €84 | €150 | +€65 | +77.6% |
| Financial charges | 65/66B | €342 | €871 | +€529 | +154.5% |
| Recurring financial charges | 65 | €342 | €871 | +€529 | +154.5% |
| Profit (loss) for the period before taxes | 9903 | €103,833 | -€17,084 | -€120,917 | |
| Income taxes | 67/77 | €22,100 | €36 | -€22,064 | -99.8% |
| Profit (loss) for the period | 9904 | €81,733 | -€17,120 | -€98,853 | |
| Profit (loss) for the period to be appropriated | 9905 | €81,733 | -€17,120 | -€98,853 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.