TC MAXFAC: 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.
TC MAXFAC
Largest movements
- Current investments -€683,411
down €683,411 (-21.6%), from €3.2m to €2.5m
- Tangible fixed assets +€100,817
up €100,817 (+11.8%), from €857,404 to €958,221
of which Other tangible fixed assets: +€126,291
- Receivables within one year +€93,432
up €93,432 (+10.9%), from €856,221 to €949,652
of which Trade receivables: +€116,851
- Cash +€89,208
up €89,208 (+33.9%), from €263,297 to €352,505
mainly Net result for the year (+€1.2m) and Current investments (+€683,411)
- Reserves -€734,425
down €734,425 (-16.3%), from €4.5m to €3.8m
- Other debts +€442,024
up €442,024 (+177%), from €250,409 to €692,434
- Tax, wage and social debts -€64,408
down €64,408 (-33.8%), from €190,450 to €126,042
- Financial income +€140,658
up €140,658 (+7,597%), from €1,852 to €142,510
- Gross operating margin +€134,384
up €134,384 (+8.8%), from €1.5m to €1.7m
- Taxes +€61,911
up €61,911 (+13.2%), from €470,658 to €532,569
- Depreciation +€26,068
up €26,068 (+84.6%), from €30,826 to €56,895
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 | €5,149,838 | €4,747,498 | -€402,340 | -7.8% |
| Fixed assets | 21/28 | €857,404 | €958,221 | +€100,817 | +11.8% |
| Tangible fixed assets | 22/27 | €857,404 | €958,221 | +€100,817 | +11.8% |
| Land and buildings | 22 | €685,797 | €665,184 | -€20,613 | -3.0% |
| Plant, machinery and equipment | 23 | €2,687 | €772 | -€1,915 | -71.3% |
| Furniture and vehicles | 24 | €8,788 | €5,842 | -€2,946 | -33.5% |
| Other tangible fixed assets | 26 | €160,131 | €286,422 | +€126,291 | +78.9% |
| Current assets | 29/58 | €4,292,434 | €3,789,277 | -€503,157 | -11.7% |
| Amounts receivable within one year | 40/41 | €856,221 | €949,652 | +€93,432 | +10.9% |
| Trade receivables | 40 | €687,843 | €804,694 | +€116,851 | +17.0% |
| Other amounts receivable | 41 | €168,377 | €144,958 | -€23,419 | -13.9% |
| Current investments | 50/53 | €3,169,911 | €2,486,500 | -€683,411 | -21.6% |
| Cash at bank and in hand | 54/58 | €263,297 | €352,505 | +€89,208 | +33.9% |
| Deferred charges and accrued income | 490/1 | €3,006 | €620 | -€2,386 | -79.4% |
| Total equity and liabilities | 10/49 | €5,149,838 | €4,747,498 | -€402,340 | -7.8% |
| Equity | 10/15 | €4,522,323 | €3,787,898 | -€734,425 | -16.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €4,501,843 | €3,767,418 | -€734,425 | -16.3% |
| Distributable reserves | 133 | €4,501,843 | €3,767,418 | -€734,425 | -16.3% |
| Profit (loss) carried forward | 14 | €20 | €20 | = | 0.0% |
| Amounts payable | 17/49 | €627,515 | €959,600 | +€332,085 | +52.9% |
| Amounts payable after more than one year | 17 | €137,325 | €98,634 | -€38,691 | -28.2% |
| Financial debts | 170/4 | €137,325 | €98,634 | -€38,691 | -28.2% |
| Amounts payable within one year | 42/48 | €488,567 | €859,316 | +€370,749 | +75.9% |
| Current portion of amounts payable after more than one year | 42 | €38,348 | €38,691 | +€343 | +0.9% |
| Trade debts | 44 | €9,360 | €2,150 | -€7,210 | -77.0% |
| Suppliers | 440/4 | €9,360 | €2,150 | -€7,210 | -77.0% |
| Taxes, remuneration and social security | 45 | €190,450 | €126,042 | -€64,408 | -33.8% |
| Taxes | 450/3 | €190,450 | €126,042 | -€64,408 | -33.8% |
| Other amounts payable | 47/48 | €250,409 | €692,434 | +€442,024 | +177% |
| Accrued charges and deferred income | 492/3 | €1,623 | €1,650 | +€27 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,826 | €56,895 | +€26,068 | +84.6% |
| Other operating charges | 640/8 | €7,186 | €11,128 | +€3,942 | +54.9% |
| Gross operating margin | 9900 | €1,528,432 | €1,662,816 | +€134,384 | +8.8% |
| Operating profit (loss) | 9901 | €1,490,420 | €1,594,793 | +€104,373 | +7.0% |
| Financial income | 75/76B | €1,852 | €142,510 | +€140,658 | +7,597% |
| Recurring financial income | 75 | €1,852 | €142,510 | +€140,658 | +7,597% |
| Financial charges | 65/66B | €43,901 | €33,183 | -€10,718 | -24.4% |
| Recurring financial charges | 65 | €43,901 | €33,183 | -€10,718 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | €1,448,371 | €1,704,120 | +€255,750 | +17.7% |
| Income taxes | 67/77 | €470,658 | €532,569 | +€61,911 | +13.2% |
| Profit (loss) for the period | 9904 | €977,712 | €1,171,551 | +€193,839 | +19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €977,712 | €1,171,551 | +€193,839 | +19.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.