C-MAX: what changed
Two fiscal 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.
C-MAX
Largest movements
- Cash +€25,020
up €25,020 (+343.7%), from €7,281 to €32,301
mainly Depreciation (+€59,125) and Other debts (+€33,124)
- Other debts +€33,124
up €33,124 (+4.3%), from €764,632 to €797,756
- Profit (loss) carried forward -€32,818
down €32,818 (-28.7%), from -€114,275 to -€147,094
- Trade debts +€28,089
up €28,089 (+323.0%), from €8,695 to €36,784
- Depreciation +€4,329
up €4,329 (+7.9%), from €54,796 to €59,125
- Gross operating margin +€3,355
up €3,355 (+12.0%), from €27,844 to €31,199
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 | €802,925 | €834,160 | +€31,235 | +3.9% |
| Fixed assets | 21/28 | €795,644 | €800,919 | +€5,274 | +0.7% |
| Tangible fixed assets | 22/27 | €795,644 | €800,919 | +€5,274 | +0.7% |
| Land and buildings | 22 | €795,644 | €800,919 | +€5,274 | +0.7% |
| Current assets | 29/58 | €7,281 | €33,241 | +€25,961 | +356.6% |
| Amounts receivable within one year | 40/41 | - | €940 | +€940 | |
| Trade receivables | 40 | - | €940 | +€940 | |
| Cash at bank and in hand | 54/58 | €7,281 | €32,301 | +€25,020 | +343.7% |
| Total equity and liabilities | 10/49 | €802,925 | €834,160 | +€31,235 | +3.9% |
| Equity | 10/15 | €29,598 | -€3,220 | -€32,818 | |
| Contributions | 10/11 | €112,000 | €112,000 | = | 0.0% |
| Reserves | 13 | €31,873 | €31,873 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,320 | €2,320 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,320 | €2,320 | = | 0.0% |
| Distributable reserves | 133 | €29,553 | €29,553 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€114,275 | -€147,094 | -€32,818 | -28.7% |
| Amounts payable | 17/49 | €773,327 | €837,380 | +€64,053 | +8.3% |
| Amounts payable within one year | 42/48 | €773,327 | €834,540 | +€61,213 | +7.9% |
| Trade debts | 44 | €8,695 | €36,784 | +€28,089 | +323.0% |
| Suppliers | 440/4 | €8,695 | €36,784 | +€28,089 | +323.0% |
| Other amounts payable | 47/48 | €764,632 | €797,756 | +€33,124 | +4.3% |
| Accrued charges and deferred income | 492/3 | - | €2,840 | +€2,840 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,796 | €59,125 | +€4,329 | +7.9% |
| Other operating charges | 640/8 | €4,522 | €4,663 | +€141 | +3.1% |
| Gross operating margin | 9900 | €27,844 | €31,199 | +€3,355 | +12.0% |
| Operating profit (loss) | 9901 | -€31,473 | -€32,589 | -€1,116 | -3.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €232 | €229 | -€3 | -1.2% |
| Recurring financial charges | 65 | €232 | €229 | -€3 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | -€31,705 | -€32,818 | -€1,113 | -3.5% |
| Profit (loss) for the period | 9904 | -€31,705 | -€32,818 | -€1,113 | -3.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,705 | -€32,818 | -€1,113 | -3.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.