MAXIMAR: what changed
MAXIMAR
Largest movements
- Tangible fixed assets -€7,093
down €7,093 (-4.9%), from €145,647 to €138,554
of which Land and buildings: -€6,061
- Cash -€2,602
down €2,602 (-64.3%), from €4,048 to €1,446
mainly Debts after one year (-€6,466) and Current portion of long-term debt (-€5,619)
- Other debts +€7,436
up €7,436 (+18.8%), from €39,456 to €46,892
- Debts after one year -€6,466
down €6,466 (-35.5%), from €18,231 to €11,765
- Current portion of long-term debt -€5,619
down €5,619 (-46.5%), from €12,085 to €6,466
- Advances received -€5,127
no longer reported in 2025 (was €5,127)
- Purchases and services +€3,216
new in 2025: €3,216
- Gross operating margin -€1,291
down €1,291 (-12.0%), from €10,773 to €9,482
- Taxes -€592
down €592 (-95.3%), from €621 to €29
- Financial charges -€369
down €369 (-31.2%), from €1,183 to €814
- Other operating charges +€164
up €164 (+12.3%), from €1,329 to €1,493
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €149,695 | €140,000 | -€9,695 | -6.5% |
| Fixed assets | 21/28 | €145,647 | €138,554 | -€7,093 | -4.9% |
| Tangible fixed assets | 22/27 | €145,647 | €138,554 | -€7,093 | -4.9% |
| Land and buildings | 22 | €142,552 | €136,491 | -€6,061 | -4.3% |
| Other tangible fixed assets | 26 | €3,095 | €2,063 | -€1,032 | -33.3% |
| Current assets | 29/58 | €4,048 | €1,446 | -€2,602 | -64.3% |
| Cash at bank and in hand | 54/58 | €4,048 | €1,446 | -€2,602 | -64.3% |
| Total equity and liabilities | 10/49 | €149,695 | €140,000 | -€9,695 | -6.5% |
| Equity | 10/15 | €74,484 | €74,537 | +€53 | +0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,604 | €16,604 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,150 | €2,150 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,150 | €2,150 | = | 0.0% |
| Distributable reserves | 133 | €14,454 | €14,454 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,280 | €39,333 | +€53 | +0.1% |
| Amounts payable | 17/49 | €75,211 | €65,463 | -€9,748 | -13.0% |
| Amounts payable after more than one year | 17 | €18,231 | €11,765 | -€6,466 | -35.5% |
| Other amounts payable | 178/9 | €18,231 | €11,765 | -€6,466 | -35.5% |
| Amounts payable within one year | 42/48 | €56,980 | €53,698 | -€3,282 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €12,085 | €6,466 | -€5,619 | -46.5% |
| Advances received on contracts in progress | 46 | €5,127 | - | -€5,127 | |
| Taxes, remuneration and social security | 45 | €312 | €340 | +€28 | +9.0% |
| Taxes | 450/3 | €312 | €340 | +€28 | +9.0% |
| Other amounts payable | 47/48 | €39,456 | €46,892 | +€7,436 | +18.8% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €3,216 | +€3,216 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,093 | €7,093 | = | 0.0% |
| Other operating charges | 640/8 | €1,329 | €1,493 | +€164 | +12.3% |
| Gross operating margin | 9900 | €10,773 | €9,482 | -€1,291 | -12.0% |
| Operating profit (loss) | 9901 | €2,351 | €896 | -€1,455 | -61.9% |
| Financial charges | 65/66B | €1,183 | €814 | -€369 | -31.2% |
| Recurring financial charges | 65 | €1,183 | €814 | -€369 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €1,168 | €82 | -€1,086 | -93.0% |
| Income taxes | 67/77 | €621 | €29 | -€592 | -95.3% |
| Profit (loss) for the period | 9904 | €547 | €53 | -€494 | -90.3% |
| Profit (loss) for the period to be appropriated | 9905 | €547 | €53 | -€494 | -90.3% |
Next steps
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 7 November 2026 via checked.be.