M.A.X.: 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.
M.A.X.
Largest movements
- Receivables within one year -€23,212
no longer reported in 2025 (was €23,212)
- Tangible fixed assets -€6,004
down €6,004 (-2.5%), from €236,264 to €230,260
of which Land and buildings: -€4,660
- Profit (loss) carried forward -€27,639
down €27,639 (-16.8%), from -€164,620 to -€192,259
- Gross operating margin -€9,003
down €9,003, from €3,173 to -€5,830
- Depreciation +€6,004
new in 2025: €6,004
- Other operating charges +€2,284
up €2,284 (+405.0%), from €564 to €2,848
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 | €262,377 | €232,627 | -€29,750 | -11.3% |
| Fixed assets | 21/28 | €236,264 | €230,260 | -€6,004 | -2.5% |
| Tangible fixed assets | 22/27 | €236,264 | €230,260 | -€6,004 | -2.5% |
| Land and buildings | 22 | €230,889 | €226,229 | -€4,660 | -2.0% |
| Plant, machinery and equipment | 23 | €5,375 | €4,031 | -€1,344 | -25.0% |
| Current assets | 29/58 | €26,113 | €2,367 | -€23,746 | -90.9% |
| Amounts receivable within one year | 40/41 | €23,212 | - | -€23,212 | |
| Other amounts receivable | 41 | €23,212 | - | -€23,212 | |
| Cash at bank and in hand | 54/58 | €2,901 | €2,367 | -€534 | -18.4% |
| Total equity and liabilities | 10/49 | €262,377 | €232,627 | -€29,750 | -11.3% |
| Equity | 10/15 | €257,627 | €229,988 | -€27,639 | -10.7% |
| Contributions | 10/11 | €124,752 | €124,752 | = | 0.0% |
| Outside capital | 11 | €124,752 | €124,752 | = | 0.0% |
| Other | 1109/19 | €124,752 | €124,752 | = | 0.0% |
| Revaluation surpluses | 12 | €297,495 | €297,495 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€164,620 | -€192,259 | -€27,639 | -16.8% |
| Amounts payable | 17/49 | €4,750 | €2,639 | -€2,111 | -44.4% |
| Amounts payable within one year | 42/48 | €4,750 | €2,639 | -€2,111 | -44.4% |
| Other amounts payable | 47/48 | €4,750 | €2,639 | -€2,111 | -44.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €6,004 | +€6,004 | |
| Other operating charges | 640/8 | €564 | €2,848 | +€2,284 | +405.0% |
| Non-recurring operating charges | 66A | €26,895 | €12,881 | -€14,014 | -52.1% |
| Gross operating margin | 9900 | €3,173 | -€5,830 | -€9,003 | |
| Operating profit (loss) | 9901 | -€24,286 | -€27,563 | -€3,277 | -13.5% |
| Financial charges | 65/66B | €45 | €76 | +€31 | +68.9% |
| Recurring financial charges | 65 | €45 | €76 | +€31 | +68.9% |
| Profit (loss) for the period before taxes | 9903 | -€24,331 | -€27,639 | -€3,308 | -13.6% |
| Profit (loss) for the period | 9904 | -€24,331 | -€27,639 | -€3,308 | -13.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,331 | -€27,639 | -€3,308 | -13.6% |
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 2 October 2026 via checked.be.