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
- Cash -€9,182
down €9,182 (-59.3%), from €15,476 to €6,294
mainly Contributions, distributions and other (-€46,441) and Tax, wage and social debts (-€7,528)
- Receivables within one year +€3,860
up €3,860 (+10.6%), from €36,482 to €40,343
of which Trade receivables: +€21,957
- Deferred charges and accrued income +€3,079
up €3,079 (+217.6%), from €1,415 to €4,493
- Profit (loss) carried forward -€17,201
down €17,201 (-100.0%), from €17,201 to €0
- Other debts +€17,015
up €17,015 (+225.1%), from €7,558 to €24,572
- Tax, wage and social debts -€7,528
down €7,528 (-47.6%), from €15,820 to €8,292
- Short-term financial debts +€3,333
new in 2025: €3,333
- Trade debts +€1,850
up €1,850 (+14.2%), from €13,043 to €14,892
- Gross operating margin +€37,192
up €37,192 (+499.4%), from €7,448 to €44,640
- Taxes +€7,683
up €7,683 (+311.6%), from €2,465 to €10,149
- Other operating charges -€598
down €598 (-26.9%), from €2,224 to €1,626
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 | €55,519 | €52,837 | -€2,682 | -4.8% |
| Fixed assets | 21/28 | €2,147 | €1,707 | -€440 | -20.5% |
| Tangible fixed assets | 22/27 | €2,147 | €1,707 | -€440 | -20.5% |
| Furniture and vehicles | 24 | €2,147 | €1,707 | -€440 | -20.5% |
| Current assets | 29/58 | €53,372 | €51,130 | -€2,242 | -4.2% |
| Amounts receivable within one year | 40/41 | €36,482 | €40,343 | +€3,860 | +10.6% |
| Trade receivables | 40 | €16,418 | €38,375 | +€21,957 | +133.7% |
| Other amounts receivable | 41 | €20,064 | €1,968 | -€18,096 | -90.2% |
| Cash at bank and in hand | 54/58 | €15,476 | €6,294 | -€9,182 | -59.3% |
| Deferred charges and accrued income | 490/1 | €1,415 | €4,493 | +€3,079 | +217.6% |
| Total equity and liabilities | 10/49 | €55,519 | €52,837 | -€2,682 | -4.8% |
| Equity | 10/15 | €18,201 | €1,000 | -€17,201 | -94.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,201 | €0 | -€17,201 | -100.0% |
| Amounts payable | 17/49 | €37,318 | €51,837 | +€14,519 | +38.9% |
| Amounts payable within one year | 42/48 | €36,420 | €51,090 | +€14,670 | +40.3% |
| Financial debts | 43 | - | €3,333 | +€3,333 | |
| Credit institutions | 430/8 | - | €3,333 | +€3,333 | |
| Trade debts | 44 | €13,043 | €14,892 | +€1,850 | +14.2% |
| Suppliers | 440/4 | €13,043 | €14,892 | +€1,850 | +14.2% |
| Taxes, remuneration and social security | 45 | €15,820 | €8,292 | -€7,528 | -47.6% |
| Taxes | 450/3 | €15,820 | €8,292 | -€7,528 | -47.6% |
| Other amounts payable | 47/48 | €7,558 | €24,572 | +€17,015 | +225.1% |
| Accrued charges and deferred income | 492/3 | €898 | €747 | -€151 | -16.8% |
| Non-recurring operating income | 76A | €628 | €0 | -€628 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53 | €440 | +€387 | +729.6% |
| Other operating charges | 640/8 | €2,224 | €1,626 | -€598 | -26.9% |
| Gross operating margin | 9900 | €7,448 | €44,640 | +€37,192 | +499.4% |
| Operating profit (loss) | 9901 | €5,171 | €42,574 | +€37,403 | +723.3% |
| Financial income | 75/76B | €418 | €98 | -€319 | -76.4% |
| Recurring financial income | 75 | €418 | €98 | -€319 | -76.4% |
| Financial charges | 65/66B | €3,411 | €3,284 | -€127 | -3.7% |
| Recurring financial charges | 65 | €3,411 | €3,284 | -€127 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €2,178 | €39,389 | +€37,211 | +1708.4% |
| Income taxes | 67/77 | €2,465 | €10,149 | +€7,683 | +311.6% |
| Profit (loss) for the period | 9904 | -€287 | €29,240 | +€29,528 | |
| Profit (loss) for the period to be appropriated | 9905 | -€287 | €29,240 | +€29,528 |
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 6 October 2026 via checked.be.