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 +€30,322
up €30,322 (+192.5%), from €15,755 to €46,077
mainly Investment in fixed assets (net) (+€11,266) and Other debts (+€10,575)
- Intangible fixed assets -€13,309
down €13,309 (-62.4%), from €21,311 to €8,003
- Deferred charges and accrued income -€8,036
down €8,036 (-63.5%), from €12,656 to €4,620
- Receivables within one year -€4,865
down €4,865 (-2.6%), from €184,410 to €179,545
of which Trade receivables: -€5,640
- Tangible fixed assets -€3,659
down €3,659 (-21.9%), from €16,677 to €13,019
of which Furniture and vehicles: -€1,843
- Trade debts -€14,208
down €14,208 (-8.9%), from €160,514 to €146,306
of which Suppliers: -€29,246
- Other debts +€10,575
up €10,575 (+9.5%), from €111,653 to €122,228
- Write-downs +€3,261
new in 2025: €3,261
- Financial charges -€3,199
down €3,199 (-32.4%), from €9,879 to €6,680
- Depreciation -€3,183
down €3,183 (-35.8%), from €8,884 to €5,701
- Financial income -€2,184
down €2,184 (-26.2%), from €8,334 to €6,151
- Gross operating margin -€1,280
down €1,280 (-9.3%), from €13,742 to €12,463
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 | €330,896 | €329,605 | -€1,291 | -0.4% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €37,989 | €21,022 | -€16,967 | -44.7% |
| Intangible fixed assets | 21 | €21,311 | €8,003 | -€13,309 | -62.4% |
| Tangible fixed assets | 22/27 | €16,677 | €13,019 | -€3,659 | -21.9% |
| Furniture and vehicles | 24 | €6,816 | €4,972 | -€1,843 | -27.0% |
| Other tangible fixed assets | 26 | €9,862 | €8,047 | -€1,815 | -18.4% |
| Current assets | 29/58 | €292,907 | €308,583 | +€15,677 | +5.4% |
| Stocks and contracts in progress | 3 | €80,086 | €78,341 | -€1,745 | -2.2% |
| Stocks | 30/36 | €80,086 | €78,341 | -€1,745 | -2.2% |
| Amounts receivable within one year | 40/41 | €184,410 | €179,545 | -€4,865 | -2.6% |
| Trade receivables | 40 | €179,556 | €173,916 | -€5,640 | -3.1% |
| Other amounts receivable | 41 | €4,854 | €5,629 | +€775 | +16.0% |
| Cash at bank and in hand | 54/58 | €15,755 | €46,077 | +€30,322 | +192.5% |
| Deferred charges and accrued income | 490/1 | €12,656 | €4,620 | -€8,036 | -63.5% |
| Total equity and liabilities | 10/49 | €330,896 | €329,605 | -€1,291 | -0.4% |
| Equity | 10/15 | €28,534 | €28,183 | -€350 | -1.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €16,134 | €15,783 | -€350 | -2.2% |
| Distributable reserves | 133 | €16,134 | €15,783 | -€350 | -2.2% |
| Amounts payable | 17/49 | €302,362 | €301,422 | -€940 | -0.3% |
| Amounts payable within one year | 42/48 | €302,129 | €301,422 | -€707 | -0.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €160,514 | €146,306 | -€14,208 | -8.9% |
| Suppliers | 440/4 | €160,514 | €131,268 | -€29,246 | -18.2% |
| Bills of exchange payable | 441 | - | €15,038 | +€15,038 | |
| Taxes, remuneration and social security | 45 | €29,962 | €32,888 | +€2,926 | +9.8% |
| Taxes | 450/3 | €29,962 | €32,888 | +€2,926 | +9.8% |
| Other amounts payable | 47/48 | €111,653 | €122,228 | +€10,575 | +9.5% |
| Accrued charges and deferred income | 492/3 | €233 | €0 | -€233 | -100.0% |
| Non-recurring operating income | 76A | €0 | €38,734 | +€38,734 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,884 | €5,701 | -€3,183 | -35.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,261 | +€3,261 | |
| Other operating charges | 640/8 | €1,285 | €2,484 | +€1,199 | +93.3% |
| Gross operating margin | 9900 | €13,742 | €12,463 | -€1,280 | -9.3% |
| Operating profit (loss) | 9901 | €3,573 | €1,016 | -€2,557 | -71.6% |
| Financial income | 75/76B | €8,334 | €6,151 | -€2,184 | -26.2% |
| Recurring financial income | 75 | €8,334 | €6,151 | -€2,184 | -26.2% |
| Financial charges | 65/66B | €9,879 | €6,680 | -€3,199 | -32.4% |
| Recurring financial charges | 65 | €9,879 | €6,680 | -€3,199 | -32.4% |
| Profit (loss) for the period before taxes | 9903 | €2,028 | €487 | -€1,541 | -76.0% |
| Income taxes | 67/77 | €1,707 | €837 | -€870 | -50.9% |
| Profit (loss) for the period | 9904 | €321 | -€350 | -€672 | |
| Profit (loss) for the period to be appropriated | 9905 | €321 | -€350 | -€672 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.