MAX: 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.
MAX
Largest movements
- Cash +€47,854
up €47,854 (+118.3%), from €40,446 to €88,300
mainly Trade debts (+€60,138) and Tax, wage and social debts (+€28,249)
- Receivables within one year +€19,724
up €19,724 (+233.4%), from €8,452 to €28,176
of which Trade receivables: +€20,309
- Stocks and contracts +€9,763
up €9,763 (+21.1%), from €46,325 to €56,088
- Tangible fixed assets +€9,151
new in 2025: €9,151
- Trade debts +€60,138
up €60,138 (+1393.3%), from €4,316 to €64,455
- Tax, wage and social debts +€28,249
up €28,249 (+421.1%), from €6,709 to €34,958
of which Remuneration and social security: +€18,213
- Profit (loss) carried forward -€1,977
down €1,977, from €1,702 to -€275
- Staff costs +€54,471
new in 2025: €54,471
- Gross operating margin +€39,667
up €39,667 (+225.0%), from €17,628 to €57,295
- Taxes -€2,467
no longer reported in 2025 (was €2,467)
- Financial charges -€1,675
down €1,675 (-29.3%), from €5,710 to €4,035
- Other operating charges -€1,498
down €1,498 (-83.2%), from €1,800 to €302
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 | €98,862 | €185,355 | +€86,492 | +87.5% |
| Fixed assets | 21/28 | €3,639 | €12,791 | +€9,151 | +251.5% |
| Tangible fixed assets | 22/27 | - | €9,151 | +€9,151 | |
| Land and buildings | 22 | - | €9,151 | +€9,151 | |
| Financial fixed assets | 28 | €3,639 | €3,639 | = | 0.0% |
| Current assets | 29/58 | €95,223 | €172,564 | +€77,341 | +81.2% |
| Stocks and contracts in progress | 3 | €46,325 | €56,088 | +€9,763 | +21.1% |
| Stocks | 30/36 | €46,325 | €56,088 | +€9,763 | +21.1% |
| Amounts receivable within one year | 40/41 | €8,452 | €28,176 | +€19,724 | +233.4% |
| Trade receivables | 40 | €5,721 | €26,030 | +€20,309 | +355.0% |
| Other amounts receivable | 41 | €2,731 | €2,146 | -€585 | -21.4% |
| Cash at bank and in hand | 54/58 | €40,446 | €88,300 | +€47,854 | +118.3% |
| Total equity and liabilities | 10/49 | €98,862 | €185,355 | +€86,492 | +87.5% |
| Equity | 10/15 | €37,152 | €35,175 | -€1,977 | -5.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €16,900 | €16,900 | = | 0.0% |
| Distributable reserves | 133 | €16,900 | €16,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,702 | -€275 | -€1,977 | |
| Amounts payable | 17/49 | €61,710 | €150,179 | +€88,469 | +143.4% |
| Amounts payable after more than one year | 17 | €50,685 | €49,642 | -€1,043 | -2.1% |
| Financial debts | 170/4 | €50,685 | €49,642 | -€1,043 | -2.1% |
| Amounts payable within one year | 42/48 | €11,025 | €100,537 | +€89,512 | +811.9% |
| Trade debts | 44 | €4,316 | €64,455 | +€60,138 | +1393.3% |
| Suppliers | 440/4 | €4,316 | €64,455 | +€60,138 | +1393.3% |
| Taxes, remuneration and social security | 45 | €6,709 | €34,958 | +€28,249 | +421.1% |
| Taxes | 450/3 | €6,709 | €16,746 | +€10,037 | +149.6% |
| Remuneration and social security | 454/9 | - | €18,213 | +€18,213 | |
| Other amounts payable | 47/48 | - | €1,125 | +€1,125 | |
| Remuneration, social security and pensions | 62 | - | €54,471 | +€54,471 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €683 | €126 | -€557 | -81.5% |
| Other operating charges | 640/8 | €1,800 | €302 | -€1,498 | -83.2% |
| Gross operating margin | 9900 | €17,628 | €57,295 | +€39,667 | +225.0% |
| Operating profit (loss) | 9901 | €15,144 | €2,396 | -€12,749 | -84.2% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €5,710 | €4,035 | -€1,675 | -29.3% |
| Recurring financial charges | 65 | €5,710 | €4,035 | -€1,675 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | €9,434 | -€1,638 | -€11,072 | |
| Income taxes | 67/77 | €2,467 | - | -€2,467 | |
| Profit (loss) for the period | 9904 | €6,967 | -€1,638 | -€8,605 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,967 | -€1,638 | -€8,605 |
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.