D-Max Solutions: 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.
D-Max Solutions
Largest movements
- Cash -€37,373
down €37,373 (-10.5%), from €356,314 to €318,941
mainly Receivables within one year (-€29,720) and Investment in fixed assets (net) (-€21,947)
- Receivables within one year +€29,720
up €29,720 (+325.8%), from €9,122 to €38,842
of which Trade receivables: +€35,884
- Stocks and contracts +€13,511
up €13,511 (+22.3%), from €60,605 to €74,115
- Debts after one year -€17,241
down €17,241 (-26.6%), from €64,901 to €47,660
- Reserves +€10,643
up €10,643 (+2.2%), from €490,729 to €501,372
- Accrued charges and deferred income +€8,866
new in 2025: €8,866
- Gross operating margin -€36,784
down €36,784 (-26.1%), from €140,873 to €104,088
- Taxes -€11,129
down €11,129 (-62.2%), from €17,888 to €6,760
- Depreciation +€3,151
up €3,151 (+15.7%), from €20,081 to €23,232
- Other operating charges +€1,719
up €1,719 (+80.8%), from €2,128 to €3,847
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 | €618,277 | €622,714 | +€4,437 | +0.7% |
| Fixed assets | 21/28 | €185,782 | €184,497 | -€1,285 | -0.7% |
| Tangible fixed assets | 22/27 | €185,632 | €184,347 | -€1,285 | -0.7% |
| Land and buildings | 22 | €156,916 | €149,185 | -€7,731 | -4.9% |
| Plant, machinery and equipment | 23 | €7,397 | €3,599 | -€3,798 | -51.3% |
| Furniture and vehicles | 24 | €21,319 | €31,563 | +€10,244 | +48.1% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €432,495 | €438,217 | +€5,722 | +1.3% |
| Stocks and contracts in progress | 3 | €60,605 | €74,115 | +€13,511 | +22.3% |
| Stocks | 30/36 | €60,605 | €74,115 | +€13,511 | +22.3% |
| Amounts receivable within one year | 40/41 | €9,122 | €38,842 | +€29,720 | +325.8% |
| Trade receivables | 40 | €2,740 | €38,624 | +€35,884 | +1309.6% |
| Other amounts receivable | 41 | €6,382 | €218 | -€6,164 | -96.6% |
| Cash at bank and in hand | 54/58 | €356,314 | €318,941 | -€37,373 | -10.5% |
| Deferred charges and accrued income | 490/1 | €6,454 | €6,319 | -€135 | -2.1% |
| Total equity and liabilities | 10/49 | €618,277 | €622,714 | +€4,437 | +0.7% |
| Equity | 10/15 | €503,129 | €513,772 | +€10,643 | +2.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €490,729 | €501,372 | +€10,643 | +2.2% |
| Distributable reserves | 133 | €490,729 | €501,372 | +€10,643 | +2.2% |
| Amounts payable | 17/49 | €115,148 | €108,942 | -€6,205 | -5.4% |
| Amounts payable after more than one year | 17 | €64,901 | €47,660 | -€17,241 | -26.6% |
| Financial debts | 170/4 | €64,901 | €47,660 | -€17,241 | -26.6% |
| Amounts payable within one year | 42/48 | €50,247 | €52,416 | +€2,169 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €16,936 | €17,241 | +€305 | +1.8% |
| Trade debts | 44 | €2,319 | €1,515 | -€804 | -34.7% |
| Suppliers | 440/4 | €2,319 | €1,515 | -€804 | -34.7% |
| Taxes, remuneration and social security | 45 | €30,991 | €33,660 | +€2,669 | +8.6% |
| Taxes | 450/3 | €24,709 | €29,013 | +€4,304 | +17.4% |
| Remuneration and social security | 454/9 | €6,283 | €4,647 | -€1,635 | -26.0% |
| Accrued charges and deferred income | 492/3 | - | €8,866 | +€8,866 | |
| Non-recurring operating income | 76A | €1,218 | - | -€1,218 | |
| Remuneration, social security and pensions | 62 | €54,822 | €55,746 | +€924 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,081 | €23,232 | +€3,151 | +15.7% |
| Other operating charges | 640/8 | €2,128 | €3,847 | +€1,719 | +80.8% |
| Non-recurring operating charges | 66A | - | €2,239 | +€2,239 | |
| Gross operating margin | 9900 | €140,873 | €104,088 | -€36,784 | -26.1% |
| Operating profit (loss) | 9901 | €63,841 | €19,024 | -€44,818 | -70.2% |
| Financial income | 75/76B | €60 | €604 | +€545 | +910.0% |
| Recurring financial income | 75 | €60 | €604 | +€545 | +910.0% |
| Financial charges | 65/66B | €3,311 | €2,226 | -€1,085 | -32.8% |
| Recurring financial charges | 65 | €3,311 | €2,226 | -€1,085 | -32.8% |
| Profit (loss) for the period before taxes | 9903 | €60,590 | €17,402 | -€43,188 | -71.3% |
| Income taxes | 67/77 | €17,888 | €6,760 | -€11,129 | -62.2% |
| Profit (loss) for the period | 9904 | €42,702 | €10,643 | -€32,059 | -75.1% |
| Profit (loss) for the period to be appropriated | 9905 | €42,702 | €10,643 | -€32,059 | -75.1% |
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 7 October 2026 via checked.be.