Max 20 20: 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 20 20
Largest movements
- Receivables within one year -€44,881
down €44,881 (-84.0%), from €53,448 to €8,567
of which Trade receivables: -€44,602
- Tangible fixed assets +€18,015
up €18,015 (+7.2%), from €251,513 to €269,529
of which Furniture and vehicles: +€37,297
- Stocks and contracts -€17,071
down €17,071 (-52.4%), from €32,598 to €15,527
- Profit (loss) carried forward -€85,589
down €85,589 (-948.9%), from -€9,020 to -€94,609
- Short-term financial debts +€76,848
new in 2025: €76,848
- Debts after one year -€20,864
down €20,864 (-12.4%), from €167,689 to €146,826
- Other debts -€13,268
down €13,268 (-16.8%), from €79,153 to €65,886
- Current portion of long-term debt -€4,881
down €4,881 (-17.5%), from €27,845 to €22,964
- Gross operating margin +€14,315
up €14,315 (+43.5%), from -€32,929 to -€18,614
- Depreciation +€4,598
up €4,598 (+9.6%), from €47,697 to €52,295
- Financial charges +€2,621
up €2,621 (+36.4%), from €7,196 to €9,817
- Other operating charges +€2,003
up €2,003 (+76.4%), from €2,621 to €4,624
- Taxes -€844
down €844 (-76.5%), from €1,103 to €259
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 | €346,196 | €297,820 | -€48,376 | -14.0% |
| Fixed assets | 21/28 | €255,194 | €272,049 | +€16,855 | +6.6% |
| Intangible fixed assets | 21 | €2,296 | €1,135 | -€1,161 | -50.6% |
| Tangible fixed assets | 22/27 | €251,513 | €269,529 | +€18,015 | +7.2% |
| Land and buildings | 22 | €128,498 | €118,083 | -€10,415 | -8.1% |
| Plant, machinery and equipment | 23 | €78,627 | €69,761 | -€8,866 | -11.3% |
| Furniture and vehicles | 24 | €44,388 | €81,685 | +€37,297 | +84.0% |
| Financial fixed assets | 28 | €1,385 | €1,385 | = | 0.0% |
| Current assets | 29/58 | €91,002 | €25,771 | -€65,231 | -71.7% |
| Stocks and contracts in progress | 3 | €32,598 | €15,527 | -€17,071 | -52.4% |
| Stocks | 30/36 | €32,598 | €15,527 | -€17,071 | -52.4% |
| Amounts receivable within one year | 40/41 | €53,448 | €8,567 | -€44,881 | -84.0% |
| Trade receivables | 40 | €53,169 | €8,567 | -€44,602 | -83.9% |
| Other amounts receivable | 41 | €279 | - | -€279 | |
| Cash at bank and in hand | 54/58 | €1,496 | €247 | -€1,249 | -83.5% |
| Deferred charges and accrued income | 490/1 | €3,460 | €1,430 | -€2,030 | -58.7% |
| Total equity and liabilities | 10/49 | €346,196 | €297,820 | -€48,376 | -14.0% |
| Equity | 10/15 | €9,389 | -€76,199 | -€85,589 | |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €10,350 | €10,350 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €4,350 | €4,350 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,020 | -€94,609 | -€85,589 | -948.9% |
| Amounts payable | 17/49 | €336,807 | €374,019 | +€37,213 | +11.0% |
| Amounts payable after more than one year | 17 | €167,689 | €146,826 | -€20,864 | -12.4% |
| Financial debts | 170/4 | €167,689 | €146,826 | -€20,864 | -12.4% |
| Amounts payable within one year | 42/48 | €169,117 | €227,194 | +€58,076 | +34.3% |
| Current portion of amounts payable after more than one year | 42 | €27,845 | €22,964 | -€4,881 | -17.5% |
| Financial debts | 43 | - | €76,848 | +€76,848 | |
| Credit institutions | 430/8 | - | €76,848 | +€76,848 | |
| Trade debts | 44 | €56,032 | €60,276 | +€4,244 | +7.6% |
| Suppliers | 440/4 | €56,032 | €60,276 | +€4,244 | +7.6% |
| Taxes, remuneration and social security | 45 | €6,087 | €1,219 | -€4,868 | -80.0% |
| Taxes | 450/3 | €6,047 | €1,219 | -€4,827 | -79.8% |
| Remuneration and social security | 454/9 | €41 | - | -€41 | |
| Other amounts payable | 47/48 | €79,153 | €65,886 | -€13,268 | -16.8% |
| Non-recurring operating income | 76A | €6,278 | - | -€6,278 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,697 | €52,295 | +€4,598 | +9.6% |
| Other operating charges | 640/8 | €2,621 | €4,624 | +€2,003 | +76.4% |
| Gross operating margin | 9900 | -€32,929 | -€18,614 | +€14,315 | +43.5% |
| Operating profit (loss) | 9901 | -€83,247 | -€75,533 | +€7,714 | +9.3% |
| Financial income | 75/76B | - | €20 | +€20 | |
| Recurring financial income | 75 | - | €20 | +€20 | |
| Financial charges | 65/66B | €7,196 | €9,817 | +€2,621 | +36.4% |
| Recurring financial charges | 65 | €7,196 | €9,817 | +€2,621 | +36.4% |
| Profit (loss) for the period before taxes | 9903 | -€90,442 | -€85,330 | +€5,113 | +5.7% |
| Income taxes | 67/77 | €1,103 | €259 | -€844 | -76.5% |
| Profit (loss) for the period | 9904 | -€91,545 | -€85,589 | +€5,957 | +6.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€91,545 | -€85,589 | +€5,957 | +6.5% |
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 8 October 2026 via checked.be.