MAXTAL: 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.
MAXTAL
Largest movements
- Cash -€73,119
down €73,119 (-76.7%), from €95,387 to €22,268
mainly Contributions, distributions and other (-€114,464) and Current portion of long-term debt (-€11,613)
- Tangible fixed assets -€13,908
down €13,908 (-49.8%), from €27,906 to €13,997
- Receivables within one year -€3,944
down €3,944 (-9.0%), from €43,999 to €40,055
of which Trade receivables: -€8,115
- Deferred charges and accrued income -€1,891
down €1,891 (-48.8%), from €3,877 to €1,986
- Reserves -€86,843
down €86,843 (-75.9%), from €114,464 to €27,621
- Other debts +€16,140
up €16,140 (+122%), from €13,234 to €29,374
- Current portion of long-term debt -€11,613
down €11,613 (-91.6%), from €12,675 to €1,062
- Tax, wage and social debts -€7,994
down €7,994 (-43.4%), from €18,412 to €10,418
- Gross operating margin +€7,563
up €7,563 (+16.9%), from €44,789 to €52,352
- Taxes +€1,452
up €1,452 (+21.1%), from €6,877 to €8,329
- Depreciation -€569
down €569 (-3.9%), from €14,477 to €13,908
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 | €171,168 | €78,306 | -€92,862 | -54.3% |
| Fixed assets | 21/28 | €27,906 | €13,997 | -€13,908 | -49.8% |
| Tangible fixed assets | 22/27 | €27,906 | €13,997 | -€13,908 | -49.8% |
| Furniture and vehicles | 24 | €27,906 | €13,997 | -€13,908 | -49.8% |
| Current assets | 29/58 | €143,263 | €64,309 | -€78,954 | -55.1% |
| Amounts receivable within one year | 40/41 | €43,999 | €40,055 | -€3,944 | -9.0% |
| Trade receivables | 40 | €35,876 | €27,761 | -€8,115 | -22.6% |
| Other amounts receivable | 41 | €8,123 | €12,294 | +€4,171 | +51.4% |
| Cash at bank and in hand | 54/58 | €95,387 | €22,268 | -€73,119 | -76.7% |
| Deferred charges and accrued income | 490/1 | €3,877 | €1,986 | -€1,891 | -48.8% |
| Total equity and liabilities | 10/49 | €171,168 | €78,306 | -€92,862 | -54.3% |
| Equity | 10/15 | €117,464 | €30,621 | -€86,843 | -73.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €114,464 | €27,621 | -€86,843 | -75.9% |
| Distributable reserves | 133 | €114,464 | €27,621 | -€86,843 | -75.9% |
| Amounts payable | 17/49 | €53,704 | €47,685 | -€6,019 | -11.2% |
| Amounts payable after more than one year | 17 | €1,062 | - | -€1,062 | |
| Financial debts | 170/4 | €1,062 | - | -€1,062 | |
| Amounts payable within one year | 42/48 | €50,570 | €46,648 | -€3,922 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €12,675 | €1,062 | -€11,613 | -91.6% |
| Trade debts | 44 | €6,248 | €5,793 | -€455 | -7.3% |
| Suppliers | 440/4 | €6,248 | €5,793 | -€455 | -7.3% |
| Taxes, remuneration and social security | 45 | €18,412 | €10,418 | -€7,994 | -43.4% |
| Taxes | 450/3 | €18,412 | €10,418 | -€7,994 | -43.4% |
| Other amounts payable | 47/48 | €13,234 | €29,374 | +€16,140 | +122% |
| Accrued charges and deferred income | 492/3 | €2,072 | €1,037 | -€1,035 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,477 | €13,908 | -€569 | -3.9% |
| Other operating charges | 640/8 | €522 | €793 | +€270 | +51.7% |
| Gross operating margin | 9900 | €44,789 | €52,352 | +€7,563 | +16.9% |
| Operating profit (loss) | 9901 | €29,789 | €37,651 | +€7,862 | +26.4% |
| Financial income | 75/76B | €15 | €2 | -€13 | -87.0% |
| Recurring financial income | 75 | €15 | €2 | -€13 | -87.0% |
| Financial charges | 65/66B | €1,290 | €1,703 | +€414 | +32.1% |
| Recurring financial charges | 65 | €1,290 | €1,703 | +€414 | +32.1% |
| Profit (loss) for the period before taxes | 9903 | €28,515 | €35,950 | +€7,435 | +26.1% |
| Income taxes | 67/77 | €6,877 | €8,329 | +€1,452 | +21.1% |
| Profit (loss) for the period | 9904 | €21,638 | €27,621 | +€5,983 | +27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,638 | €27,621 | +€5,983 | +27.7% |
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 24 October 2026 via checked.be.