De 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.
De MAX
Largest movements
- Receivables within one year +€25,350
up €25,350 (+412.3%), from €6,148 to €31,498
of which Other amounts receivable: +€29,902
- Cash -€15,513
down €15,513 (-28.7%), from €54,028 to €38,516
mainly Receivables within one year (-€25,350) and Accrued charges and deferred income (-€3,840)
- Tangible fixed assets +€832
up €832 (+279.3%), from €298 to €1,130
- Reserves +€10,071
up €10,071 (+23.8%), from €42,311 to €52,382
- Tax, wage and social debts +€6,630
up €6,630 (+112.5%), from €5,895 to €12,525
of which Taxes: +€5,130
- Accrued charges and deferred income -€3,840
down €3,840 (-100.0%), from €3,840 to €0
- Trade debts -€1,415
down €1,415 (-52.9%), from €2,676 to €1,261
- Other debts -€934
down €934 (-48.9%), from €1,910 to €976
- Gross operating margin -€12,945
down €12,945 (-45.5%), from €28,441 to €15,495
- Taxes -€3,465
down €3,465 (-45.4%), from €7,634 to €4,169
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 | €60,631 | €71,144 | +€10,513 | +17.3% |
| Fixed assets | 21/28 | €298 | €1,130 | +€832 | +279.3% |
| Tangible fixed assets | 22/27 | €298 | €1,130 | +€832 | +279.3% |
| Furniture and vehicles | 24 | €298 | €1,130 | +€832 | +279.3% |
| Current assets | 29/58 | €60,333 | €70,014 | +€9,681 | +16.0% |
| Amounts receivable within one year | 40/41 | €6,148 | €31,498 | +€25,350 | +412.3% |
| Trade receivables | 40 | €6,050 | €1,498 | -€4,552 | -75.2% |
| Other amounts receivable | 41 | €98 | €30,000 | +€29,902 | +30521.6% |
| Cash at bank and in hand | 54/58 | €54,028 | €38,516 | -€15,513 | -28.7% |
| Deferred charges and accrued income | 490/1 | €157 | €0 | -€157 | -100.0% |
| Total equity and liabilities | 10/49 | €60,631 | €71,144 | +€10,513 | +17.3% |
| Equity | 10/15 | €46,311 | €56,382 | +€10,071 | +21.7% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €42,311 | €52,382 | +€10,071 | +23.8% |
| Distributable reserves | 133 | €42,311 | €52,382 | +€10,071 | +23.8% |
| Amounts payable | 17/49 | €14,320 | €14,762 | +€442 | +3.1% |
| Amounts payable within one year | 42/48 | €10,480 | €14,762 | +€4,282 | +40.9% |
| Trade debts | 44 | €2,676 | €1,261 | -€1,415 | -52.9% |
| Suppliers | 440/4 | €2,676 | €1,261 | -€1,415 | -52.9% |
| Taxes, remuneration and social security | 45 | €5,895 | €12,525 | +€6,630 | +112.5% |
| Taxes | 450/3 | €5,895 | €11,025 | +€5,130 | +87.0% |
| Remuneration and social security | 454/9 | - | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | €1,910 | €976 | -€934 | -48.9% |
| Accrued charges and deferred income | 492/3 | €3,840 | €0 | -€3,840 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €385 | €406 | +€21 | +5.4% |
| Other operating charges | 640/8 | €449 | €500 | +€50 | +11.2% |
| Gross operating margin | 9900 | €28,441 | €15,495 | -€12,945 | -45.5% |
| Operating profit (loss) | 9901 | €27,606 | €14,589 | -€13,016 | -47.2% |
| Financial charges | 65/66B | €141 | €349 | +€208 | +147.6% |
| Recurring financial charges | 65 | €141 | €349 | +€208 | +147.6% |
| Profit (loss) for the period before taxes | 9903 | €27,465 | €14,240 | -€13,225 | -48.2% |
| Income taxes | 67/77 | €7,634 | €4,169 | -€3,465 | -45.4% |
| Profit (loss) for the period | 9904 | €19,831 | €10,071 | -€9,760 | -49.2% |
| Profit (loss) for the period to be appropriated | 9905 | €19,831 | €10,071 | -€9,760 | -49.2% |
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 11 October 2026 via checked.be.