ADOLPHE MAX 28: 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.
ADOLPHE MAX 28
Largest movements
- Tangible fixed assets +€868,015
new in 2025: €868,015
of which Land and buildings: +€811,440
- Stocks and contracts -€792,356
down €792,356 (-37.3%), from €2.1m to €1.3m
- Cash +€25,979
new in 2025: €25,979
mainly Other debts (+€816,860) and Stocks and contracts (+€792,356)
- Current portion of long-term debt -€864,591
no longer reported in 2025 (was €864,591)
- Other debts +€816,860
up €816,860 (+1,613%), from €50,640 to €867,500
- Debts after one year +€313,451
up €313,451 (+23.4%), from €1.3m to €1.7m
of which Other amounts payable: +€268,482
- Profit (loss) carried forward -€118,694
down €118,694 (-49.4%), from -€240,285 to -€358,979
- Trade debts -€36,635
down €36,635 (-40.1%), from €91,360 to €54,725
- Gross operating margin -€39,149
down €39,149 (-215%), from -€18,174 to -€57,323
- Other operating charges +€21,036
up €21,036 (+2,174%), from €968 to €22,003
- Financial charges -€3,707
down €3,707 (-8.6%), from €43,075 to €39,368
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 | €2,123,616 | €2,234,008 | +€110,392 | +5.2% |
| Fixed assets | 21/28 | - | €868,015 | +€868,015 | |
| Tangible fixed assets | 22/27 | - | €868,015 | +€868,015 | |
| Land and buildings | 22 | - | €811,440 | +€811,440 | |
| Assets under construction and advance payments | 27 | - | €56,575 | +€56,575 | |
| Current assets | 29/58 | €2,123,616 | €1,365,994 | -€757,623 | -35.7% |
| Stocks and contracts in progress | 3 | €2,122,521 | €1,330,164 | -€792,356 | -37.3% |
| Stocks | 30/36 | €2,122,521 | €1,330,164 | -€792,356 | -37.3% |
| Amounts receivable within one year | 40/41 | - | €9,850 | +€9,850 | |
| Other amounts receivable | 41 | - | €9,850 | +€9,850 | |
| Cash at bank and in hand | 54/58 | - | €25,979 | +€25,979 | |
| Deferred charges and accrued income | 490/1 | €1,096 | - | -€1,096 | |
| Total equity and liabilities | 10/49 | €2,123,616 | €2,234,008 | +€110,392 | +5.2% |
| Equity | 10/15 | -€221,685 | -€340,379 | -€118,694 | -53.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€240,285 | -€358,979 | -€118,694 | -49.4% |
| Amounts payable | 17/49 | €2,345,301 | €2,574,387 | +€229,086 | +9.8% |
| Amounts payable after more than one year | 17 | €1,338,711 | €1,652,162 | +€313,451 | +23.4% |
| Financial debts | 170/4 | - | €44,969 | +€44,969 | |
| Other amounts payable | 178/9 | €1,338,711 | €1,607,193 | +€268,482 | +20.1% |
| Amounts payable within one year | 42/48 | €1,006,591 | €922,225 | -€84,365 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €864,591 | - | -€864,591 | |
| Trade debts | 44 | €91,360 | €54,725 | -€36,635 | -40.1% |
| Suppliers | 440/4 | €91,360 | €54,725 | -€36,635 | -40.1% |
| Other amounts payable | 47/48 | €50,640 | €867,500 | +€816,860 | +1,613% |
| Other operating charges | 640/8 | €968 | €22,003 | +€21,036 | +2,174% |
| Gross operating margin | 9900 | -€18,174 | -€57,323 | -€39,149 | -215% |
| Operating profit (loss) | 9901 | -€19,142 | -€79,326 | -€60,185 | -314% |
| Financial charges | 65/66B | €43,075 | €39,368 | -€3,707 | -8.6% |
| Recurring financial charges | 65 | €43,075 | €39,368 | -€3,707 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | -€62,217 | -€118,694 | -€56,477 | -90.8% |
| Profit (loss) for the period | 9904 | -€62,217 | -€118,694 | -€56,477 | -90.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€62,217 | -€118,694 | -€56,477 | -90.8% |
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 22 October 2026 via checked.be.