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.
Max
Largest movements
- Tangible fixed assets -€111,238
down €111,238 (-41.9%), from €265,784 to €154,546
of which Land and buildings: -€109,957
- Financial fixed assets +€35,000
up €35,000 (+17500.0%), from €200 to €35,200
- Cash -€20,242
down €20,242 (-90.3%), from €22,419 to €2,176
mainly Tax, wage and social debts (-€97,488) and Net result for the year (-€1,354)
- Tax, wage and social debts -€97,488
down €97,488 (-98.1%), from €99,376 to €1,889
- Taxes -€97,469
down €97,469 (-98.5%), from €98,960 to €1,491
- Gross operating margin -€18,388
down €18,388 (-51.5%), from €35,695 to €17,307
- Financial charges -€6,866
down €6,866 (-99.2%), from €6,925 to €58
- Depreciation -€3,661
down €3,661 (-26.3%), from €13,907 to €10,246
- Other operating charges -€1,609
down €1,609 (-18.0%), from €8,962 to €7,353
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 | €310,960 | €215,107 | -€95,854 | -30.8% |
| Fixed assets | 21/28 | €265,984 | €189,746 | -€76,238 | -28.7% |
| Tangible fixed assets | 22/27 | €265,784 | €154,546 | -€111,238 | -41.9% |
| Land and buildings | 22 | €257,372 | €147,415 | -€109,957 | -42.7% |
| Plant, machinery and equipment | 23 | €72 | €0 | -€72 | -100.0% |
| Furniture and vehicles | 24 | €7,221 | €6,318 | -€902 | -12.5% |
| Other tangible fixed assets | 26 | €1,120 | €813 | -€307 | -27.4% |
| Financial fixed assets | 28 | €200 | €35,200 | +€35,000 | +17500.0% |
| Current assets | 29/58 | €44,977 | €25,361 | -€19,616 | -43.6% |
| Amounts receivable within one year | 40/41 | €22,558 | €23,096 | +€538 | +2.4% |
| Trade receivables | 40 | €15,611 | €18,504 | +€2,893 | +18.5% |
| Other amounts receivable | 41 | €6,947 | €4,592 | -€2,355 | -33.9% |
| Cash at bank and in hand | 54/58 | €22,419 | €2,176 | -€20,242 | -90.3% |
| Deferred charges and accrued income | 490/1 | - | €88 | +€88 | |
| Total equity and liabilities | 10/49 | €310,960 | €215,107 | -€95,854 | -30.8% |
| Equity | 10/15 | €208,096 | €206,742 | -€1,354 | -0.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €189,546 | €188,192 | -€1,354 | -0.7% |
| Non-distributable reserves | 130/1 | €2,808 | €2,808 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,808 | €2,808 | = | 0.0% |
| Distributable reserves | 133 | €186,737 | €185,384 | -€1,354 | -0.7% |
| Amounts payable | 17/49 | €102,864 | €8,364 | -€94,500 | -91.9% |
| Amounts payable within one year | 42/48 | €102,864 | €8,240 | -€94,624 | -92.0% |
| Trade debts | 44 | €465 | €2,831 | +€2,366 | +509.0% |
| Suppliers | 440/4 | €465 | €2,831 | +€2,366 | +509.0% |
| Advances received on contracts in progress | 46 | €523 | €1,020 | +€497 | +95.0% |
| Taxes, remuneration and social security | 45 | €99,376 | €1,889 | -€97,488 | -98.1% |
| Taxes | 450/3 | €99,376 | €1,889 | -€97,488 | -98.1% |
| Other amounts payable | 47/48 | €2,500 | €2,500 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €124 | +€124 | |
| Non-recurring operating income | 76A | €23,906 | €30,627 | +€6,721 | +28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,907 | €10,246 | -€3,661 | -26.3% |
| Other operating charges | 640/8 | €8,962 | €7,353 | -€1,609 | -18.0% |
| Gross operating margin | 9900 | €35,695 | €17,307 | -€18,388 | -51.5% |
| Operating profit (loss) | 9901 | €12,826 | -€292 | -€13,118 | |
| Financial income | 75/76B | €1 | €487 | +€486 | +83862.1% |
| Recurring financial income | 75 | €1 | €487 | +€486 | +83862.1% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €6,925 | €58 | -€6,866 | -99.2% |
| Recurring financial charges | 65 | €6,925 | €58 | -€6,866 | -99.2% |
| Profit (loss) for the period before taxes | 9903 | €5,902 | €137 | -€5,765 | -97.7% |
| Transfer from deferred taxes | 780 | €123,990 | - | -€123,990 | |
| Income taxes | 67/77 | €98,960 | €1,491 | -€97,469 | -98.5% |
| Profit (loss) for the period | 9904 | €30,932 | -€1,354 | -€32,286 | |
| Transfer from tax-exempt reserves | 789 | €240,793 | - | -€240,793 | |
| Profit (loss) for the period to be appropriated | 9905 | €271,725 | -€1,354 | -€273,079 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.