MAXXIMUM: 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.
MAXXIMUM
Largest movements
- Financial fixed assets -€612,551
down €612,551 (-44.0%), from €1.4m to €779,783
- Receivables within one year +€491,499
up €491,499 (+773%), from €63,593 to €555,093
of which Other amounts receivable: +€464,586
- Cash +€24,281
up €24,281 (+8,299%), from €293 to €24,574
mainly Investment in fixed assets (net) (+€604,551) and Deferred charges and accrued income (+€2,750)
- Other debts -€60,757
down €60,757 (-23.3%), from €260,917 to €200,160
- Contributions +€24,350
up €24,350 (+10.0%), from €243,500 to €267,850
- Reserves -€24,350
down €24,350 (-14.8%), from €164,390 to €140,040
of which Non-distributable reserves: -€24,350
- Tax, wage and social debts -€18,578
down €18,578 (-80.1%), from €23,189 to €4,611
- Financial charges +€410,255
up €410,255 (+3,082%), from €13,309 to €423,564
of which Non-recurring financial charges: +€417,719
- Financial income +€379,715
up €379,715 (+821%), from €46,225 to €425,940
- Gross operating margin -€30,505
down €30,505, from €18,999 to -€11,506
- Taxes -€4,589
no longer reported in 2025 (was €4,589)
- Other operating charges +€1,015
up €1,015 (+70.5%), from €1,441 to €2,456
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 | €1,458,970 | €1,366,700 | -€92,270 | -6.3% |
| Fixed assets | 21/28 | €1,392,334 | €787,033 | -€605,300 | -43.5% |
| Tangible fixed assets | 22/27 | - | €7,250 | +€7,250 | |
| Furniture and vehicles | 24 | - | €7,250 | +€7,250 | |
| Financial fixed assets | 28 | €1,392,334 | €779,783 | -€612,551 | -44.0% |
| Current assets | 29/58 | €66,636 | €579,666 | +€513,030 | +770% |
| Amounts receivable within one year | 40/41 | €63,593 | €555,093 | +€491,499 | +773% |
| Trade receivables | 40 | €9,067 | €35,980 | +€26,913 | +297% |
| Other amounts receivable | 41 | €54,527 | €519,113 | +€464,586 | +852% |
| Cash at bank and in hand | 54/58 | €293 | €24,574 | +€24,281 | +8,299% |
| Deferred charges and accrued income | 490/1 | €2,750 | - | -€2,750 | |
| Total equity and liabilities | 10/49 | €1,458,970 | €1,366,700 | -€92,270 | -6.3% |
| Equity | 10/15 | €1,173,734 | €1,161,398 | -€12,336 | -1.1% |
| Contributions | 10/11 | €243,500 | €267,850 | +€24,350 | +10.0% |
| Capital | 10 | €243,500 | - | -€243,500 | |
| Issued capital | 100 | €243,500 | - | -€243,500 | |
| Reserves | 13 | €164,390 | €140,040 | -€24,350 | -14.8% |
| Non-distributable reserves | 130/1 | €24,350 | - | -€24,350 | |
| Legal reserve | 130 | €24,350 | - | -€24,350 | |
| Distributable reserves | 133 | €140,040 | €140,040 | = | 0.0% |
| Profit (loss) carried forward | 14 | €765,844 | €753,507 | -€12,336 | -1.6% |
| Amounts payable | 17/49 | €285,236 | €205,302 | -€79,934 | -28.0% |
| Amounts payable within one year | 42/48 | €285,236 | €205,302 | -€79,934 | -28.0% |
| Financial debts | 43 | €442 | €305 | -€137 | -31.1% |
| Credit institutions | 430/8 | €442 | €305 | -€137 | -31.1% |
| Trade debts | 44 | €688 | €227 | -€461 | -67.0% |
| Suppliers | 440/4 | €688 | €227 | -€461 | -67.0% |
| Taxes, remuneration and social security | 45 | €23,189 | €4,611 | -€18,578 | -80.1% |
| Taxes | 450/3 | €23,189 | €4,611 | -€18,578 | -80.1% |
| Other amounts payable | 47/48 | €260,917 | €200,160 | -€60,757 | -23.3% |
| Non-recurring operating income | 76A | €20,000 | - | -€20,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €750 | +€750 | |
| Other operating charges | 640/8 | €1,441 | €2,456 | +€1,015 | +70.5% |
| Gross operating margin | 9900 | €18,999 | -€11,506 | -€30,505 | |
| Operating profit (loss) | 9901 | €17,558 | -€14,712 | -€32,270 | |
| Financial income | 75/76B | €46,225 | €425,940 | +€379,715 | +821% |
| Recurring financial income | 75 | €46,225 | €425,940 | +€379,715 | +821% |
| Financial charges | 65/66B | €13,309 | €423,564 | +€410,255 | +3,082% |
| Recurring financial charges | 65 | €13,309 | €5,845 | -€7,465 | -56.1% |
| Non-recurring financial charges | 66B | - | €417,719 | +€417,719 | |
| Profit (loss) for the period before taxes | 9903 | €50,474 | -€12,336 | -€62,810 | |
| Income taxes | 67/77 | €4,589 | - | -€4,589 | |
| Profit (loss) for the period | 9904 | €45,885 | -€12,336 | -€58,221 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,885 | -€12,336 | -€58,221 |
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 15 October 2026 via checked.be.