MAXY: 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.
MAXY
Largest movements
- Receivables within one year +€41,026
up €41,026 (+113%), from €36,360 to €77,386
- Stocks and contracts +€33,550
up €33,550 (+38.5%), from €87,070 to €120,620
- Tangible fixed assets -€24,774
down €24,774 (-16.7%), from €148,609 to €123,835
- Cash -€7,686
down €7,686 (-32.3%), from €23,821 to €16,135
mainly Net result for the year (-€45,472) and Receivables within one year (-€41,026)
- Other debts +€91,325
up €91,325 (+25.5%), from €358,379 to €449,704
- Profit (loss) carried forward -€45,472
down €45,472 (-8.3%), from -€546,595 to -€592,067
- Gross operating margin -€25,082
down €25,082 (-44.8%), from €56,045 to €30,962
- Staff costs -€2,542
down €2,542 (-4.7%), from €54,524 to €51,982
- Other operating charges -€800
down €800 (-81.5%), from €982 to €182
- Financial income -€643
down €643 (-35.4%), from €1,819 to €1,175
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €296,373 | €339,319 | +€42,946 | +14.5% |
| Fixed assets | 21/28 | €148,867 | €124,094 | -€24,774 | -16.6% |
| Tangible fixed assets | 22/27 | €148,609 | €123,835 | -€24,774 | -16.7% |
| Other tangible fixed assets | 26 | €148,609 | €123,835 | -€24,774 | -16.7% |
| Financial fixed assets | 28 | €259 | €259 | = | 0.0% |
| Current assets | 29/58 | €147,506 | €215,226 | +€67,720 | +45.9% |
| Stocks and contracts in progress | 3 | €87,070 | €120,620 | +€33,550 | +38.5% |
| Stocks | 30/36 | €87,070 | €120,620 | +€33,550 | +38.5% |
| Amounts receivable within one year | 40/41 | €36,360 | €77,386 | +€41,026 | +113% |
| Trade receivables | 40 | €36,360 | €77,386 | +€41,026 | +113% |
| Cash at bank and in hand | 54/58 | €23,821 | €16,135 | -€7,686 | -32.3% |
| Deferred charges and accrued income | 490/1 | €255 | €1,084 | +€830 | +326% |
| Total equity and liabilities | 10/49 | €296,373 | €339,319 | +€42,946 | +14.5% |
| Equity | 10/15 | -€154,276 | -€199,748 | -€45,472 | -29.5% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €242,319 | €242,319 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Tax-exempt reserves | 132 | €24,378 | €24,378 | = | 0.0% |
| Distributable reserves | 133 | €214,843 | €214,843 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€546,595 | -€592,067 | -€45,472 | -8.3% |
| Amounts payable | 17/49 | €450,650 | €539,068 | +€88,418 | +19.6% |
| Amounts payable within one year | 42/48 | €364,722 | €453,140 | +€88,418 | +24.2% |
| Financial debts | 43 | €280 | - | -€280 | |
| Credit institutions | 430/8 | €280 | - | -€280 | |
| Trade debts | 44 | €2,745 | €495 | -€2,250 | -82.0% |
| Suppliers | 440/4 | €2,745 | €495 | -€2,250 | -82.0% |
| Taxes, remuneration and social security | 45 | €3,318 | €2,941 | -€377 | -11.4% |
| Taxes | 450/3 | €2,076 | €1,421 | -€655 | -31.5% |
| Remuneration and social security | 454/9 | €1,243 | €1,520 | +€278 | +22.4% |
| Other amounts payable | 47/48 | €358,379 | €449,704 | +€91,325 | +25.5% |
| Accrued charges and deferred income | 492/3 | €85,928 | €85,928 | = | 0.0% |
| Non-recurring operating income | 76A | €761 | - | -€761 | |
| Remuneration, social security and pensions | 62 | €54,524 | €51,982 | -€2,542 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,495 | €24,774 | +€279 | +1.1% |
| Other operating charges | 640/8 | €982 | €182 | -€800 | -81.5% |
| Gross operating margin | 9900 | €56,045 | €30,962 | -€25,082 | -44.8% |
| Operating profit (loss) | 9901 | -€23,956 | -€45,975 | -€22,019 | -91.9% |
| Financial income | 75/76B | €1,819 | €1,175 | -€643 | -35.4% |
| Recurring financial income | 75 | €1,819 | €1,175 | -€643 | -35.4% |
| Financial charges | 65/66B | €886 | €672 | -€214 | -24.1% |
| Recurring financial charges | 65 | €886 | €672 | -€214 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | -€23,024 | -€45,472 | -€22,449 | -97.5% |
| Income taxes | 67/77 | €64 | - | -€64 | |
| Profit (loss) for the period | 9904 | -€23,088 | -€45,472 | -€22,385 | -97.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,088 | -€45,472 | -€22,385 | -97.0% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.