MAX 26: 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 26
Largest movements
- Stocks and contracts +€15,606
up €15,606 (+6.0%), from €261,396 to €277,002
- Receivables within one year -€7,340
down €7,340 (-18.0%), from €40,858 to €33,517
of which Other amounts receivable: -€6,863
- Tangible fixed assets -€5,507
down €5,507 (-21.4%), from €25,702 to €20,195
of which Plant, machinery and equipment: -€3,563
- Cash -€3,940
down €3,940 (-88.5%), from €4,453 to €514
mainly Stocks and contracts (-€15,606) and Tax, wage and social debts (-€15,165)
- Trade debts +€15,856
up €15,856 (+94.9%), from €16,704 to €32,560
- Tax, wage and social debts -€15,165
down €15,165 (-84.9%), from €17,863 to €2,699
- Debts after one year -€10,032
down €10,032 (-6.0%), from €166,013 to €155,981
- Profit (loss) carried forward +€5,414
up €5,414 (+18.7%), from -€28,881 to -€23,466
- Other debts +€4,092
up €4,092 (+3.2%), from €128,261 to €132,352
- Gross operating margin +€106,343
up €106,343, from -€57,992 to €48,351
- Other operating charges -€27,583
down €27,583 (-89.7%), from €30,745 to €3,162
- Staff costs +€22,517
new in 2024: €22,517
- Depreciation -€4,198
down €4,198 (-43.3%), from €9,705 to €5,507
- Financial charges +€1,987
up €1,987 (+24.2%), from €8,201 to €10,188
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €333,953 | €335,140 | +€1,187 | +0.4% |
| Fixed assets | 21/28 | €26,202 | €20,695 | -€5,507 | -21.0% |
| Tangible fixed assets | 22/27 | €25,702 | €20,195 | -€5,507 | -21.4% |
| Plant, machinery and equipment | 23 | €19,870 | €16,307 | -€3,563 | -17.9% |
| Furniture and vehicles | 24 | €5,832 | €3,888 | -€1,944 | -33.3% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €307,751 | €314,445 | +€6,694 | +2.2% |
| Stocks and contracts in progress | 3 | €261,396 | €277,002 | +€15,606 | +6.0% |
| Stocks | 30/36 | €261,396 | €277,002 | +€15,606 | +6.0% |
| Amounts receivable within one year | 40/41 | €40,858 | €33,517 | -€7,340 | -18.0% |
| Trade receivables | 40 | €33,994 | €33,517 | -€477 | -1.4% |
| Other amounts receivable | 41 | €6,863 | - | -€6,863 | |
| Cash at bank and in hand | 54/58 | €4,453 | €514 | -€3,940 | -88.5% |
| Deferred charges and accrued income | 490/1 | €1,044 | €3,412 | +€2,369 | +227.0% |
| Total equity and liabilities | 10/49 | €333,953 | €335,140 | +€1,187 | +0.4% |
| Equity | 10/15 | -€8,421 | -€3,006 | +€5,414 | +64.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,881 | -€23,466 | +€5,414 | +18.7% |
| Amounts payable | 17/49 | €342,374 | €338,147 | -€4,227 | -1.2% |
| Amounts payable after more than one year | 17 | €166,013 | €155,981 | -€10,032 | -6.0% |
| Financial debts | 170/4 | €166,013 | €155,981 | -€10,032 | -6.0% |
| Amounts payable within one year | 42/48 | €176,361 | €182,166 | +€5,805 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €11,810 | €10,032 | -€1,777 | -15.0% |
| Financial debts | 43 | €1,723 | €4,523 | +€2,800 | +162.5% |
| Credit institutions | 430/8 | €1,723 | €4,523 | +€2,800 | +162.5% |
| Trade debts | 44 | €16,704 | €32,560 | +€15,856 | +94.9% |
| Suppliers | 440/4 | €16,704 | €32,560 | +€15,856 | +94.9% |
| Taxes, remuneration and social security | 45 | €17,863 | €2,699 | -€15,165 | -84.9% |
| Taxes | 450/3 | €17,863 | €2,699 | -€15,165 | -84.9% |
| Other amounts payable | 47/48 | €128,261 | €132,352 | +€4,092 | +3.2% |
| Remuneration, social security and pensions | 62 | - | €22,517 | +€22,517 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,705 | €5,507 | -€4,198 | -43.3% |
| Other operating charges | 640/8 | €30,745 | €3,162 | -€27,583 | -89.7% |
| Gross operating margin | 9900 | -€57,992 | €48,351 | +€106,343 | |
| Operating profit (loss) | 9901 | -€98,442 | €17,165 | +€115,607 | |
| Financial income | 75/76B | €2 | €0 | -€2 | -99.5% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -99.5% |
| Financial charges | 65/66B | €8,201 | €10,188 | +€1,987 | +24.2% |
| Recurring financial charges | 65 | €8,201 | €10,188 | +€1,987 | +24.2% |
| Profit (loss) for the period before taxes | 9903 | -€106,641 | €6,978 | +€113,618 | |
| Income taxes | 67/77 | €348 | €1,563 | +€1,215 | +348.8% |
| Profit (loss) for the period | 9904 | -€106,989 | €5,414 | +€112,403 | |
| Profit (loss) for the period to be appropriated | 9905 | -€106,989 | €5,414 | +€112,403 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2023 and 30 September 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.