AG MAX: 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.
AG MAX
Largest movements
- Receivables within one year +€57,459
up €57,459 (+51.9%), from €110,622 to €168,081
of which Trade receivables: +€30,997
- Stocks and contracts -€54,501
down €54,501 (-72.5%), from €75,154 to €20,653
- Deferred charges and accrued income +€13,315
up €13,315 (+210.6%), from €6,322 to €19,637
- Cash +€4,435
up €4,435 (+72.9%), from €6,085 to €10,520
mainly Stocks and contracts (+€54,501) and Other debts (+€13,969)
- Other debts +€13,969
up €13,969 (+7.8%), from €178,205 to €192,174
- Profit (loss) carried forward +€6,911
up €6,911 (+45.3%), from €15,243 to €22,154
- Trade debts -€6,909
down €6,909 (-29.2%), from €23,651 to €16,742
- Tax, wage and social debts +€6,762
up €6,762 (+45.8%), from €14,779 to €21,541
of which Taxes: +€5,511
- Staff costs +€10,904
up €10,904 (+203.4%), from €5,361 to €16,265
- Other operating charges -€5,489
down €5,489 (-51.9%), from €10,575 to €5,086
- Taxes -€3,615
down €3,615 (-55.3%), from €6,539 to €2,924
- Gross operating margin +€1,955
up €1,955 (+5.2%), from €37,482 to €39,437
- Depreciation +€495
up €495 (+10.9%), from €4,526 to €5,021
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.
Cash bridge derived
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 | €250,478 | €271,611 | +€21,132 | +8.4% |
| Fixed assets | 21/28 | €52,296 | €52,720 | +€424 | +0.8% |
| Tangible fixed assets | 22/27 | €52,296 | €52,720 | +€424 | +0.8% |
| Land and buildings | 22 | €42,370 | €44,757 | +€2,387 | +5.6% |
| Plant, machinery and equipment | 23 | €5,125 | €3,213 | -€1,912 | -37.3% |
| Furniture and vehicles | 24 | €85 | €994 | +€909 | +1074.0% |
| Other tangible fixed assets | 26 | €4,716 | €3,756 | -€960 | -20.4% |
| Current assets | 29/58 | €198,182 | €218,891 | +€20,708 | +10.4% |
| Stocks and contracts in progress | 3 | €75,154 | €20,653 | -€54,501 | -72.5% |
| Stocks | 30/36 | €75,154 | €20,653 | -€54,501 | -72.5% |
| Amounts receivable within one year | 40/41 | €110,622 | €168,081 | +€57,459 | +51.9% |
| Trade receivables | 40 | €30,155 | €61,152 | +€30,997 | +102.8% |
| Other amounts receivable | 41 | €80,467 | €106,929 | +€26,462 | +32.9% |
| Cash at bank and in hand | 54/58 | €6,085 | €10,520 | +€4,435 | +72.9% |
| Deferred charges and accrued income | 490/1 | €6,322 | €19,637 | +€13,315 | +210.6% |
| Total equity and liabilities | 10/49 | €250,478 | €271,611 | +€21,132 | +8.4% |
| Equity | 10/15 | €33,843 | €40,754 | +€6,911 | +20.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,243 | €22,154 | +€6,911 | +45.3% |
| Amounts payable | 17/49 | €216,635 | €230,857 | +€14,222 | +6.6% |
| Amounts payable within one year | 42/48 | €216,635 | €230,457 | +€13,822 | +6.4% |
| Trade debts | 44 | €23,651 | €16,742 | -€6,909 | -29.2% |
| Suppliers | 440/4 | €23,651 | €16,742 | -€6,909 | -29.2% |
| Taxes, remuneration and social security | 45 | €14,779 | €21,541 | +€6,762 | +45.8% |
| Taxes | 450/3 | €14,334 | €19,845 | +€5,511 | +38.4% |
| Remuneration and social security | 454/9 | €445 | €1,696 | +€1,251 | +281.3% |
| Other amounts payable | 47/48 | €178,205 | €192,174 | +€13,969 | +7.8% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Non-recurring operating income | 76A | €3,306 | - | -€3,306 | |
| Remuneration, social security and pensions | 62 | €5,361 | €16,265 | +€10,904 | +203.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,526 | €5,021 | +€495 | +10.9% |
| Other operating charges | 640/8 | €10,575 | €5,086 | -€5,489 | -51.9% |
| Non-recurring operating charges | 66A | - | €2,363 | +€2,363 | |
| Gross operating margin | 9900 | €37,482 | €39,437 | +€1,955 | +5.2% |
| Operating profit (loss) | 9901 | €17,020 | €10,702 | -€6,318 | -37.1% |
| Financial income | 75/76B | €627 | €262 | -€365 | -58.2% |
| Recurring financial income | 75 | €627 | €262 | -€365 | -58.2% |
| Financial charges | 65/66B | €889 | €1,129 | +€240 | +27.0% |
| Recurring financial charges | 65 | €889 | €1,129 | +€240 | +27.0% |
| Profit (loss) for the period before taxes | 9903 | €16,758 | €9,834 | -€6,923 | -41.3% |
| Income taxes | 67/77 | €6,539 | €2,924 | -€3,615 | -55.3% |
| Profit (loss) for the period | 9904 | €10,219 | €6,911 | -€3,308 | -32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €10,219 | €6,911 | -€3,308 | -32.4% |
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 12 October 2026 via checked.be.