Key-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.
Key-MaX
Largest movements
- Cash -€24,084
down €24,084 (-27.6%), from €87,274 to €63,190
mainly Contributions, distributions and other (-€72,500) and Investment in fixed assets (net) (-€9,256)
- Receivables within one year -€17,984
down €17,984 (-18.2%), from €98,952 to €80,968
of which Other amounts receivable: -€11,462
- Tangible fixed assets +€6,669
up €6,669 (+86.6%), from €7,704 to €14,374
of which Plant, machinery and equipment: +€3,487
- Profit (loss) carried forward -€59,948
down €59,948 (-99.8%), from €60,048 to €99
- Tax, wage and social debts +€10,335
up €10,335 (+203.1%), from €5,089 to €15,424
- Accrued charges and deferred income +€8,439
up €8,439 (+7.9%), from €106,567 to €115,005
- Other debts +€5,754
up €5,754 (+57.4%), from €10,016 to €15,770
- Financial income -€405
down €405 (-72.9%), from €556 to €150
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 | €196,828 | €161,093 | -€35,735 | -18.2% |
| Fixed assets | 21/28 | €7,704 | €14,374 | +€6,669 | +86.6% |
| Tangible fixed assets | 22/27 | €7,704 | €14,374 | +€6,669 | +86.6% |
| Plant, machinery and equipment | 23 | €7,364 | €10,852 | +€3,487 | +47.4% |
| Furniture and vehicles | 24 | €340 | €1,752 | +€1,412 | +415.5% |
| Other tangible fixed assets | 26 | - | €1,770 | +€1,770 | |
| Current assets | 29/58 | €189,124 | €146,720 | -€42,404 | -22.4% |
| Amounts receivable within one year | 40/41 | €98,952 | €80,968 | -€17,984 | -18.2% |
| Trade receivables | 40 | €87,264 | €80,742 | -€6,522 | -7.5% |
| Other amounts receivable | 41 | €11,688 | €226 | -€11,462 | -98.1% |
| Cash at bank and in hand | 54/58 | €87,274 | €63,190 | -€24,084 | -27.6% |
| Deferred charges and accrued income | 490/1 | €2,898 | €2,561 | -€336 | -11.6% |
| Total equity and liabilities | 10/49 | €196,828 | €161,093 | -€35,735 | -18.2% |
| Equity | 10/15 | €70,048 | €10,099 | -€59,948 | -85.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,048 | €99 | -€59,948 | -99.8% |
| Amounts payable | 17/49 | €126,780 | €150,994 | +€24,214 | +19.1% |
| Amounts payable within one year | 42/48 | €20,214 | €35,988 | +€15,775 | +78.0% |
| Trade debts | 44 | €5,109 | €4,795 | -€314 | -6.1% |
| Suppliers | 440/4 | €5,109 | €4,795 | -€314 | -6.1% |
| Taxes, remuneration and social security | 45 | €5,089 | €15,424 | +€10,335 | +203.1% |
| Taxes | 450/3 | €5,089 | €15,424 | +€10,335 | +203.1% |
| Other amounts payable | 47/48 | €10,016 | €15,770 | +€5,754 | +57.4% |
| Accrued charges and deferred income | 492/3 | €106,567 | €115,005 | +€8,439 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,574 | €2,587 | +€13 | +0.5% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €19,144 | €19,249 | +€105 | +0.5% |
| Operating profit (loss) | 9901 | €16,183 | €16,262 | +€80 | +0.5% |
| Financial income | 75/76B | €556 | €150 | -€405 | -72.9% |
| Recurring financial income | 75 | €556 | €150 | -€405 | -72.9% |
| Financial charges | 65/66B | €40 | €42 | +€2 | +6.0% |
| Recurring financial charges | 65 | €40 | €42 | +€2 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | €16,698 | €16,370 | -€328 | -2.0% |
| Income taxes | 67/77 | €4,002 | €3,819 | -€183 | -4.6% |
| Profit (loss) for the period | 9904 | €12,697 | €12,552 | -€145 | -1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €12,697 | €12,552 | -€145 | -1.1% |
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 10 October 2026 via checked.be.