MAX: what changed
MAX
Largest movements
- Cash -€23,669
down €23,669 (-96.4%), from €24,542 to €874
mainly Deferred charges and accrued income (-€18,214) and Tax, wage and social debts (-€11,496)
- Deferred charges and accrued income +€18,214
new in 2025: €18,214
- Receivables within one year -€16,549
down €16,549 (-100%), from €16,549 to €0
of which Other amounts receivable: -€16,549
- Tangible fixed assets -€7,916
down €7,916 (-25.3%), from €31,304 to €23,388
of which Plant, machinery and equipment: -€4,599
- Stocks and contracts +€3,433
up €3,433 (+122%), from €2,816 to €6,249
- Tax, wage and social debts -€11,496
down €11,496 (-47.9%), from €23,997 to €12,501
of which Taxes: -€11,352
- Reserves -€10,000
down €10,000 (-19.3%), from €51,859 to €41,859
of which Distributable reserves: -€10,000
- Short-term financial debts +€6,043
up €6,043 (+324%), from €1,864 to €7,907
- Profit (loss) carried forward -€5,433
down €5,433 (-7,844%), from -€69 to -€5,502
- Debts after one year -€5,097
down €5,097 (-33.7%), from €15,132 to €10,036
- Gross operating margin -€31,839
down €31,839 (-65.2%), from €48,832 to €16,993
- Taxes -€7,703
down €7,703 (-98.6%), from €7,809 to €106
- Other operating charges -€2,393
down €2,393 (-45.2%), from €5,298 to €2,905
- Financial charges +€2,226
up €2,226 (+65.4%), from €3,406 to €5,632
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €127,464 | €100,977 | -€26,487 | -20.8% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €35,264 | €27,348 | -€7,916 | -22.4% |
| Tangible fixed assets | 22/27 | €31,304 | €23,388 | -€7,916 | -25.3% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €27,863 | €23,264 | -€4,599 | -16.5% |
| Furniture and vehicles | 24 | €893 | €83 | -€810 | -90.7% |
| Leasing and similar rights | 25 | - | €0 | = | |
| Other tangible fixed assets | 26 | €2,548 | €42 | -€2,506 | -98.4% |
| Financial fixed assets | 28 | €3,960 | €3,960 | = | 0.0% |
| Current assets | 29/58 | €92,200 | €73,629 | -€18,571 | -20.1% |
| Amounts receivable after more than one year | 29 | €48,292 | €48,292 | = | 0.0% |
| Other amounts receivable | 291 | €48,292 | €48,292 | = | 0.0% |
| Stocks and contracts in progress | 3 | €2,816 | €6,249 | +€3,433 | +122% |
| Stocks | 30/36 | €2,816 | €6,249 | +€3,433 | +122% |
| Amounts receivable within one year | 40/41 | €16,549 | €0 | -€16,549 | -100% |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €16,549 | €0 | -€16,549 | -100% |
| Cash at bank and in hand | 54/58 | €24,542 | €874 | -€23,669 | -96.4% |
| Deferred charges and accrued income | 490/1 | - | €18,214 | +€18,214 | |
| Total equity and liabilities | 10/49 | €127,464 | €100,977 | -€26,487 | -20.8% |
| Equity | 10/15 | €70,382 | €54,949 | -€15,433 | -21.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €51,859 | €41,859 | -€10,000 | -19.3% |
| Non-distributable reserves | 130/1 | - | €0 | = | |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Tax-exempt reserves | 132 | - | €0 | = | |
| Distributable reserves | 133 | €51,859 | €41,859 | -€10,000 | -19.3% |
| Profit (loss) carried forward | 14 | -€69 | -€5,502 | -€5,433 | -7,844% |
| Amounts payable | 17/49 | €57,082 | €46,028 | -€11,054 | -19.4% |
| Amounts payable after more than one year | 17 | €15,132 | €10,036 | -€5,097 | -33.7% |
| Financial debts | 170/4 | €15,132 | €10,036 | -€5,097 | -33.7% |
| Amounts payable within one year | 42/48 | €41,854 | €35,711 | -€6,143 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | €4,847 | €5,097 | +€250 | +5.2% |
| Financial debts | 43 | €1,864 | €7,907 | +€6,043 | +324% |
| Credit institutions | 430/8 | €1,864 | €7,907 | +€6,043 | +324% |
| Trade debts | 44 | €6,146 | €8,087 | +€1,941 | +31.6% |
| Suppliers | 440/4 | €6,146 | €8,087 | +€1,941 | +31.6% |
| Taxes, remuneration and social security | 45 | €23,997 | €12,501 | -€11,496 | -47.9% |
| Taxes | 450/3 | €23,473 | €12,121 | -€11,352 | -48.4% |
| Remuneration and social security | 454/9 | €524 | €380 | -€145 | -27.6% |
| Other amounts payable | 47/48 | €5,000 | €2,119 | -€2,881 | -57.6% |
| Accrued charges and deferred income | 492/3 | €96 | €281 | +€185 | +192% |
| Remuneration, social security and pensions | 62 | €5,568 | €5,872 | +€304 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,699 | €7,916 | +€217 | +2.8% |
| Other operating charges | 640/8 | €5,298 | €2,905 | -€2,393 | -45.2% |
| Gross operating margin | 9900 | €48,832 | €16,993 | -€31,839 | -65.2% |
| Operating profit (loss) | 9901 | €30,268 | €300 | -€29,968 | -99.0% |
| Financial income | 75/76B | €2 | €5 | +€2 | +99.2% |
| Recurring financial income | 75 | €2 | €5 | +€2 | +99.2% |
| Financial charges | 65/66B | €3,406 | €5,632 | +€2,226 | +65.4% |
| Recurring financial charges | 65 | €3,406 | €5,632 | +€2,226 | +65.4% |
| Profit (loss) for the period before taxes | 9903 | €26,865 | -€5,327 | -€32,192 | |
| Income taxes | 67/77 | €7,809 | €106 | -€7,703 | -98.6% |
| Profit (loss) for the period | 9904 | €19,056 | -€5,433 | -€24,489 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,056 | -€5,433 | -€24,489 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.