MAXOBEL: what changed
What changed
MAXOBEL
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€1.3m
2024 · €1.7m-€329,231
Equity
€8.9m
2024 · €7.6m+€1.3m
Cash
€111,778
2024 · €245,029-€133,251
Balance sheet total
€13.9m
2024 · €14.7m-€819,936
Largest movements
Assets
- Current investments -€680,000
no longer reported in 2025 (was €680,000)
Equity and liabilities
- Debts after one year -€2.1m
down €2.1m (-33.4%), from €6.2m to €4.1m
- Reserves +€1.3m
up €1.3m (+53.6%), from €2.4m to €3.6m
Income statement
- Financial income -€402,813
down €402,813 (-23.6%), from €1.7m to €1.3m
- Financial charges -€54,232
down €54,232 (-24.8%), from €218,447 to €164,215
- Gross operating margin +€24,806
up €24,806 (+13.8%), from €179,287 to €204,093
- Taxes +€4,983
up €4,983 (+1,891%), from €263 to €5,246
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€1.7m
Gross operating margin
+€24,806
Depreciation
+€258
Other operating charges
+€111
Other operating items
-€843
Financial income
-€402,813
Financial charges
+€54,232
Taxes
-€4,983
Result 2025
€1.3m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.3m
Investment
+€678,295
Financing
-€2.1m
Cash 2024
€245,029
From operations (derived)
+€1.3m
Net result for the year
+€1.3m
Depreciation
+€15,830
Receivables within one year
-€14,242
Deferred charges and accrued income
+€6,802
Smaller working-capital items
+€737
Other debts
-€14,250
Accrued charges and deferred income
-€13,307
Investment (derived)
+€678,295
Investment in fixed assets (net)
-€1,705
Current investments
+€680,000
Financing
-€2.1m
Debts after one year
-€2.1m
Current portion of long-term debt
+€12,604
Contributions, distributions and other
-€50,000
Cash 2025
€111,778
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,725,284 | €13,905,348 | -€819,936 | -5.6% |
| Formation expenses | 20 | €1,072 | €640 | -€432 | -40.3% |
| Fixed assets | 21/28 | €13,777,926 | €13,764,234 | -€13,693 | -0.1% |
| Tangible fixed assets | 22/27 | €41,067 | €27,375 | -€13,693 | -33.3% |
| Furniture and vehicles | 24 | €41,067 | €24,854 | -€16,213 | -39.5% |
| Other tangible fixed assets | 26 | - | €2,520 | +€2,520 | |
| Financial fixed assets | 28 | €13,736,859 | €13,736,859 | = | 0.0% |
| Current assets | 29/58 | €946,285 | €140,474 | -€805,811 | -85.2% |
| Amounts receivable within one year | 40/41 | €11,706 | €25,948 | +€14,242 | +122% |
| Trade receivables | 40 | €9,598 | €9,543 | -€55 | -0.6% |
| Other amounts receivable | 41 | €2,108 | €16,405 | +€14,297 | +678% |
| Current investments | 50/53 | €680,000 | - | -€680,000 | |
| Cash at bank and in hand | 54/58 | €245,029 | €111,778 | -€133,251 | -54.4% |
| Deferred charges and accrued income | 490/1 | €9,550 | €2,748 | -€6,802 | -71.2% |
| Total equity and liabilities | 10/49 | €14,725,284 | €13,905,348 | -€819,936 | -5.6% |
| Equity | 10/15 | €7,646,408 | €8,917,654 | +€1.3m | +16.6% |
| Contributions | 10/11 | €5,265,010 | €5,265,010 | = | 0.0% |
| Reserves | 13 | €2,370,000 | €3,640,000 | +€1.3m | +53.6% |
| Distributable reserves | 133 | €2,370,000 | €3,640,000 | +€1.3m | +53.6% |
| Profit (loss) carried forward | 14 | €11,398 | €12,644 | +€1,247 | +10.9% |
| Amounts payable | 17/49 | €7,078,876 | €4,987,694 | -€2.1m | -29.5% |
| Amounts payable after more than one year | 17 | €6,219,287 | €4,142,321 | -€2.1m | -33.4% |
| Financial debts | 170/4 | €6,219,287 | €4,142,321 | -€2.1m | -33.4% |
| Amounts payable within one year | 42/48 | €745,653 | €744,744 | -€909 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €714,363 | €726,966 | +€12,604 | +1.8% |
| Trade debts | 44 | €2,740 | €4,109 | +€1,369 | +49.9% |
| Suppliers | 440/4 | €2,740 | €4,109 | +€1,369 | +49.9% |
| Taxes, remuneration and social security | 45 | €11,524 | €10,892 | -€632 | -5.5% |
| Taxes | 450/3 | €11,524 | €10,892 | -€632 | -5.5% |
| Other amounts payable | 47/48 | €17,027 | €2,777 | -€14,250 | -83.7% |
| Accrued charges and deferred income | 492/3 | €113,936 | €100,629 | -€13,307 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,088 | €15,830 | -€258 | -1.6% |
| Other operating charges | 640/8 | €1,769 | €1,657 | -€111 | -6.3% |
| Non-recurring operating charges | 66A | - | €843 | +€843 | |
| Gross operating margin | 9900 | €179,287 | €204,093 | +€24,806 | +13.8% |
| Operating profit (loss) | 9901 | €161,430 | €185,762 | +€24,332 | +15.1% |
| Financial income | 75/76B | €1,707,758 | €1,304,946 | -€402,813 | -23.6% |
| Recurring financial income | 75 | €1,707,758 | €1,304,946 | -€402,813 | -23.6% |
| Financial charges | 65/66B | €218,447 | €164,215 | -€54,232 | -24.8% |
| Recurring financial charges | 65 | €218,447 | €164,215 | -€54,232 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €1,650,741 | €1,326,493 | -€324,248 | -19.6% |
| Income taxes | 67/77 | €263 | €5,246 | +€4,983 | +1,891% |
| Profit (loss) for the period | 9904 | €1,650,478 | €1,321,247 | -€329,231 | -19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,650,478 | €1,321,247 | -€329,231 | -19.9% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.