BC-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.
BC-MAX
Largest movements
- Tangible fixed assets -€225,774
down €225,774 (-17.5%), from €1.3m to €1.1m
of which Land and buildings: -€201,934
- Cash +€23,953
up €23,953 (+199%), from €12,047 to €36,000
mainly Investment in fixed assets (net) (+€155,433) and Depreciation (+€70,341)
- Receivables within one year -€17,973
down €17,973 (-45.5%), from €39,483 to €21,510
of which Other amounts receivable: -€10,353
- Other debts -€127,092
down €127,092 (-81.1%), from €156,749 to €29,657
- Debts after one year -€113,605
down €113,605 (-15.5%), from €731,167 to €617,562
- Reserves +€44,864
up €44,864 (+16.7%), from €268,937 to €313,801
of which Distributable reserves: +€49,951
- Current portion of long-term debt -€18,334
down €18,334 (-15.8%), from €116,141 to €97,807
- Gross operating margin +€39,286
up €39,286 (+24.7%), from €159,057 to €198,343
- Depreciation -€24,767
down €24,767 (-26.0%), from €95,108 to €70,341
- Taxes +€21,554
up €21,554 (+244%), from €8,829 to €30,383
- Other operating charges -€8,617
down €8,617 (-49.6%), from €17,382 to €8,765
- Financial charges +€4,627
up €4,627 (+11.2%), from €41,481 to €46,108
of which Non-recurring financial charges: +€10,131
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 | €1,342,508 | €1,129,995 | -€212,513 | -15.8% |
| Fixed assets | 21/28 | €1,289,487 | €1,063,713 | -€225,774 | -17.5% |
| Tangible fixed assets | 22/27 | €1,289,487 | €1,063,713 | -€225,774 | -17.5% |
| Land and buildings | 22 | €1,141,186 | €939,252 | -€201,934 | -17.7% |
| Plant, machinery and equipment | 23 | €5,785 | €7,489 | +€1,704 | +29.5% |
| Furniture and vehicles | 24 | €142,516 | €116,972 | -€25,544 | -17.9% |
| Current assets | 29/58 | €53,021 | €66,282 | +€13,261 | +25.0% |
| Amounts receivable within one year | 40/41 | €39,483 | €21,510 | -€17,973 | -45.5% |
| Trade receivables | 40 | €18,117 | €10,497 | -€7,620 | -42.1% |
| Other amounts receivable | 41 | €21,366 | €11,013 | -€10,353 | -48.5% |
| Cash at bank and in hand | 54/58 | €12,047 | €36,000 | +€23,953 | +199% |
| Deferred charges and accrued income | 490/1 | €1,491 | €8,772 | +€7,281 | +488% |
| Total equity and liabilities | 10/49 | €1,342,508 | €1,129,995 | -€212,513 | -15.8% |
| Equity | 10/15 | €278,937 | €323,801 | +€44,864 | +16.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €268,937 | €313,801 | +€44,864 | +16.7% |
| Tax-exempt reserves | 132 | €100,816 | €95,729 | -€5,087 | -5.0% |
| Distributable reserves | 133 | €168,121 | €218,072 | +€49,951 | +29.7% |
| Provisions and deferred taxes | 16 | €27,097 | €25,401 | -€1,696 | -6.3% |
| Deferred taxes | 168 | €27,097 | €25,401 | -€1,696 | -6.3% |
| Amounts payable | 17/49 | €1,036,474 | €780,793 | -€255,681 | -24.7% |
| Amounts payable after more than one year | 17 | €731,167 | €617,562 | -€113,605 | -15.5% |
| Financial debts | 170/4 | €731,167 | €617,562 | -€113,605 | -15.5% |
| Amounts payable within one year | 42/48 | €299,924 | €157,848 | -€142,076 | -47.4% |
| Current portion of amounts payable after more than one year | 42 | €116,141 | €97,807 | -€18,334 | -15.8% |
| Financial debts | 43 | €2,083 | €2,083 | = | 0.0% |
| Credit institutions | 430/8 | €2,083 | €2,083 | = | 0.0% |
| Trade debts | 44 | €11,803 | €16,880 | +€5,077 | +43.0% |
| Suppliers | 440/4 | €11,803 | €16,880 | +€5,077 | +43.0% |
| Taxes, remuneration and social security | 45 | €13,148 | €11,421 | -€1,727 | -13.1% |
| Taxes | 450/3 | €13,148 | €11,421 | -€1,727 | -13.1% |
| Other amounts payable | 47/48 | €156,749 | €29,657 | -€127,092 | -81.1% |
| Accrued charges and deferred income | 492/3 | €5,383 | €5,383 | = | 0.0% |
| Non-recurring operating income | 76A | €114,086 | €164,230 | +€50,144 | +44.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,108 | €70,341 | -€24,767 | -26.0% |
| Other operating charges | 640/8 | €17,382 | €8,765 | -€8,617 | -49.6% |
| Gross operating margin | 9900 | €159,057 | €198,343 | +€39,286 | +24.7% |
| Operating profit (loss) | 9901 | €46,567 | €119,237 | +€72,670 | +156% |
| Financial income | 75/76B | €440 | €422 | -€18 | -4.1% |
| Recurring financial income | 75 | €440 | €422 | -€18 | -4.1% |
| Financial charges | 65/66B | €41,481 | €46,108 | +€4,627 | +11.2% |
| Recurring financial charges | 65 | €41,481 | €35,977 | -€5,504 | -13.3% |
| Non-recurring financial charges | 66B | - | €10,131 | +€10,131 | |
| Profit (loss) for the period before taxes | 9903 | €5,526 | €73,551 | +€68,025 | +1,231% |
| Transfer from deferred taxes | 780 | €3,189 | €1,696 | -€1,493 | -46.8% |
| Income taxes | 67/77 | €8,829 | €30,383 | +€21,554 | +244% |
| Profit (loss) for the period | 9904 | -€114 | €44,864 | +€44,978 | |
| Transfer from tax-exempt reserves | 789 | €9,568 | €5,088 | -€4,480 | -46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,454 | €49,952 | +€40,498 | +428% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.