MadMax: 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.
MadMax
Largest movements
- Receivables within one year +€13,237
up €13,237 (+50.8%), from €26,061 to €39,297
of which Trade receivables: +€22,147
- Cash -€8,326
down €8,326 (-58.9%), from €14,139 to €5,813
mainly Trade debts (-€25,308) and Receivables within one year (-€13,237)
- Stocks and contracts +€7,529
up €7,529 (+14.8%), from €50,942 to €58,471
- Intangible fixed assets -€1,815
down €1,815 (-17.3%), from €10,520 to €8,705
- Trade debts -€25,308
down €25,308 (-74.8%), from €33,832 to €8,525
- Profit (loss) carried forward +€17,806
up €17,806 (+54.5%), from -€32,682 to -€14,877
- Short-term financial debts +€15,837
up €15,837 (+19.0%), from €83,550 to €99,387
- Accrued charges and deferred income +€1,325
new in 2025: €1,325
- Tax, wage and social debts +€1,180
new in 2025: €1,180
- Gross operating margin +€57,508
up €57,508, from -€29,191 to €28,317
- Financial charges +€5,315
up €5,315 (+222.3%), from €2,391 to €7,706
- Depreciation +€1,815
up €1,815 (+183.4%), from €990 to €2,805
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 | €101,661 | €112,501 | +€10,840 | +10.7% |
| Fixed assets | 21/28 | €10,520 | €8,705 | -€1,815 | -17.3% |
| Intangible fixed assets | 21 | €10,520 | €8,705 | -€1,815 | -17.3% |
| Current assets | 29/58 | €91,141 | €103,796 | +€12,655 | +13.9% |
| Stocks and contracts in progress | 3 | €50,942 | €58,471 | +€7,529 | +14.8% |
| Stocks | 30/36 | €50,942 | €58,471 | +€7,529 | +14.8% |
| Amounts receivable within one year | 40/41 | €26,061 | €39,297 | +€13,237 | +50.8% |
| Trade receivables | 40 | €14,913 | €37,061 | +€22,147 | +148.5% |
| Other amounts receivable | 41 | €11,147 | €2,237 | -€8,911 | -79.9% |
| Cash at bank and in hand | 54/58 | €14,139 | €5,813 | -€8,326 | -58.9% |
| Deferred charges and accrued income | 490/1 | - | €215 | +€215 | |
| Total equity and liabilities | 10/49 | €101,661 | €112,501 | +€10,840 | +10.7% |
| Equity | 10/15 | -€15,721 | €2,085 | +€17,806 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €6,961 | €6,961 | = | 0.0% |
| Distributable reserves | 133 | €6,961 | €6,961 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,682 | -€14,877 | +€17,806 | +54.5% |
| Amounts payable | 17/49 | €117,382 | €110,417 | -€6,966 | -5.9% |
| Amounts payable within one year | 42/48 | €117,382 | €109,092 | -€8,291 | -7.1% |
| Financial debts | 43 | €83,550 | €99,387 | +€15,837 | +19.0% |
| Other loans | 439 | €83,550 | €99,387 | +€15,837 | +19.0% |
| Trade debts | 44 | €33,832 | €8,525 | -€25,308 | -74.8% |
| Suppliers | 440/4 | €33,832 | €8,525 | -€25,308 | -74.8% |
| Taxes, remuneration and social security | 45 | - | €1,180 | +€1,180 | |
| Taxes | 450/3 | - | €1,180 | +€1,180 | |
| Accrued charges and deferred income | 492/3 | - | €1,325 | +€1,325 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €990 | €2,805 | +€1,815 | +183.4% |
| Other operating charges | 640/8 | €111 | - | -€111 | |
| Gross operating margin | 9900 | -€29,191 | €28,317 | +€57,508 | |
| Operating profit (loss) | 9901 | -€30,291 | €25,512 | +€55,803 | |
| Financial charges | 65/66B | €2,391 | €7,706 | +€5,315 | +222.3% |
| Recurring financial charges | 65 | €2,391 | €7,706 | +€5,315 | +222.3% |
| Profit (loss) for the period before taxes | 9903 | -€32,682 | €17,806 | +€50,488 | |
| Profit (loss) for the period | 9904 | -€32,682 | €17,806 | +€50,488 | |
| Profit (loss) for the period to be appropriated | 9905 | -€32,682 | €17,806 | +€50,488 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.