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
- Financial fixed assets -€308,433
down €308,433 (-34.2%), from €902,925 to €594,492
- Cash +€89,594
up €89,594 (+119%), from €75,594 to €165,188
mainly Investment in fixed assets (net) (+€148,820) and Depreciation (+€84,637)
- Tangible fixed assets +€74,976
up €74,976 (+36.6%), from €205,074 to €280,050
of which Plant, machinery and equipment: +€102,922
- Receivables within one year -€31,062
down €31,062 (-35.9%), from €86,420 to €55,358
of which Other amounts receivable: -€35,940
- Reserves -€145,227
down €145,227 (-66.1%), from €219,810 to €74,582
of which Distributable reserves: -€148,250
- Trade debts -€38,555
down €38,555 (-17.2%), from €224,625 to €186,070
- Debts after one year +€26,921
up €26,921 (+764%), from €3,524 to €30,445
- Accrued charges and deferred income -€16,787
down €16,787 (-57.3%), from €29,287 to €12,500
- Gross operating margin -€35,164
down €35,164 (-8.5%), from €415,972 to €380,808
- Staff costs +€35,103
up €35,103 (+18.5%), from €189,769 to €224,873
- Financial income +€18,554
up €18,554 (+125%), from €14,884 to €33,438
- Taxes -€15,743
down €15,743 (-45.5%), from €34,562 to €18,820
- Depreciation +€6,736
up €6,736 (+8.6%), from €77,901 to €84,637
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 | €1,323,038 | €1,142,438 | -€180,599 | -13.7% |
| Fixed assets | 21/28 | €1,107,999 | €874,542 | -€233,458 | -21.1% |
| Tangible fixed assets | 22/27 | €205,074 | €280,050 | +€74,976 | +36.6% |
| Plant, machinery and equipment | 23 | €30,175 | €133,097 | +€102,922 | +341% |
| Furniture and vehicles | 24 | €21,480 | €55,995 | +€34,516 | +161% |
| Other tangible fixed assets | 26 | €153,420 | €90,958 | -€62,462 | -40.7% |
| Financial fixed assets | 28 | €902,925 | €594,492 | -€308,433 | -34.2% |
| Current assets | 29/58 | €215,038 | €267,896 | +€52,858 | +24.6% |
| Stocks and contracts in progress | 3 | €43,487 | €39,455 | -€4,032 | -9.3% |
| Stocks | 30/36 | €43,487 | €39,455 | -€4,032 | -9.3% |
| Amounts receivable within one year | 40/41 | €86,420 | €55,358 | -€31,062 | -35.9% |
| Trade receivables | 40 | €15,188 | €20,066 | +€4,878 | +32.1% |
| Other amounts receivable | 41 | €71,232 | €35,292 | -€35,940 | -50.5% |
| Cash at bank and in hand | 54/58 | €75,594 | €165,188 | +€89,594 | +119% |
| Deferred charges and accrued income | 490/1 | €9,538 | €7,896 | -€1,642 | -17.2% |
| Total equity and liabilities | 10/49 | €1,323,038 | €1,142,438 | -€180,599 | -13.7% |
| Equity | 10/15 | €1,019,810 | €874,582 | -€145,227 | -14.2% |
| Contributions | 10/11 | €800,000 | €800,000 | = | 0.0% |
| Capital | 10 | €800,000 | €800,000 | = | 0.0% |
| Issued capital | 100 | €800,000 | €800,000 | = | 0.0% |
| Reserves | 13 | €219,810 | €74,582 | -€145,227 | -66.1% |
| Non-distributable reserves | 130/1 | €14,122 | €17,145 | +€3,023 | +21.4% |
| Legal reserve | 130 | €14,122 | €17,145 | +€3,023 | +21.4% |
| Distributable reserves | 133 | €205,688 | €57,438 | -€148,250 | -72.1% |
| Amounts payable | 17/49 | €303,228 | €267,856 | -€35,372 | -11.7% |
| Amounts payable after more than one year | 17 | €3,524 | €30,445 | +€26,921 | +764% |
| Financial debts | 170/4 | €3,524 | €30,445 | +€26,921 | +764% |
| Amounts payable within one year | 42/48 | €270,417 | €224,911 | -€45,506 | -16.8% |
| Current portion of amounts payable after more than one year | 42 | €21,145 | €11,900 | -€9,245 | -43.7% |
| Trade debts | 44 | €224,625 | €186,070 | -€38,555 | -17.2% |
| Suppliers | 440/4 | €224,625 | €186,070 | -€38,555 | -17.2% |
| Taxes, remuneration and social security | 45 | €24,646 | €23,715 | -€931 | -3.8% |
| Taxes | 450/3 | €5,381 | €7,278 | +€1,896 | +35.2% |
| Remuneration and social security | 454/9 | €19,265 | €16,438 | -€2,827 | -14.7% |
| Other amounts payable | 47/48 | - | €3,226 | +€3,226 | |
| Accrued charges and deferred income | 492/3 | €29,287 | €12,500 | -€16,787 | -57.3% |
| Non-recurring operating income | 76A | - | €65,660 | +€65,660 | |
| Remuneration, social security and pensions | 62 | €189,769 | €224,873 | +€35,103 | +18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,901 | €84,637 | +€6,736 | +8.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,223 | - | -€3,223 | |
| Other operating charges | 640/8 | €9,619 | €8,960 | -€659 | -6.8% |
| Non-recurring operating charges | 66A | €21 | €417 | +€396 | +1,911% |
| Gross operating margin | 9900 | €415,972 | €380,808 | -€35,164 | -8.5% |
| Operating profit (loss) | 9901 | €135,440 | €61,921 | -€73,519 | -54.3% |
| Financial income | 75/76B | €14,884 | €33,438 | +€18,554 | +125% |
| Recurring financial income | 75 | €14,884 | €33,438 | +€18,554 | +125% |
| Financial charges | 65/66B | €16,097 | €16,079 | -€19 | -0.1% |
| Recurring financial charges | 65 | €16,097 | €16,079 | -€19 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €134,227 | €79,280 | -€54,946 | -40.9% |
| Income taxes | 67/77 | €34,562 | €18,820 | -€15,743 | -45.5% |
| Profit (loss) for the period | 9904 | €99,664 | €60,461 | -€39,204 | -39.3% |
| Profit (loss) for the period to be appropriated | 9905 | €99,664 | €60,461 | -€39,204 | -39.3% |
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 18 October 2026 via checked.be.