MAX 35: 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 35
Largest movements
- Receivables within one year +€83,880
up €83,880 (+118.8%), from €70,618 to €154,497
of which Other amounts receivable: +€64,380
- Cash -€21,065
down €21,065 (-96.9%), from €21,742 to €677
mainly Receivables within one year (-€83,880) and Trade debts (-€6,246)
- Debts after one year +€45,000
up €45,000 (+121.6%), from €37,000 to €82,000
- Other debts +€10,397
up €10,397 (+35.0%), from €29,746 to €40,143
- Profit (loss) carried forward +€7,030
up €7,030 (+1.8%), from -€389,901 to -€382,871
- Tax, wage and social debts +€6,635
up €6,635 (+54.9%), from €12,082 to €18,718
- Trade debts -€6,246
down €6,246 (-10.8%), from €58,016 to €51,770
- Gross operating margin +€9,748
up €9,748 (+3017.6%), from €323 to €10,071
- Taxes +€2,175
up €2,175 (+198.0%), from €1,098 to €3,273
- Financial income +€1,012
up €1,012 (+177.0%), from €571 to €1,583
- Other operating charges +€904
new in 2025: €904
- Financial charges +€320
up €320 (+251.6%), from €127 to €447
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 | €178,917 | €241,733 | +€62,816 | +35.1% |
| Fixed assets | 21/28 | €86,558 | €86,559 | +€1 | 0.0% |
| Financial fixed assets | 28 | €86,558 | €86,559 | +€1 | 0.0% |
| Current assets | 29/58 | €92,359 | €155,174 | +€62,815 | +68.0% |
| Amounts receivable within one year | 40/41 | €70,618 | €154,497 | +€83,880 | +118.8% |
| Trade receivables | 40 | €39,900 | €59,400 | +€19,500 | +48.9% |
| Other amounts receivable | 41 | €30,718 | €95,097 | +€64,380 | +209.6% |
| Cash at bank and in hand | 54/58 | €21,742 | €677 | -€21,065 | -96.9% |
| Total equity and liabilities | 10/49 | €178,917 | €241,733 | +€62,816 | +35.1% |
| Equity | 10/15 | -€39,441 | -€32,411 | +€7,030 | +17.8% |
| Contributions | 10/11 | €348,600 | €348,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€389,901 | -€382,871 | +€7,030 | +1.8% |
| Provisions and deferred taxes | 16 | €81,513 | €81,513 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €81,513 | €81,513 | = | 0.0% |
| Other liabilities and charges | 164/5 | €81,513 | €81,513 | = | 0.0% |
| Amounts payable | 17/49 | €136,844 | €192,630 | +€55,786 | +40.8% |
| Amounts payable after more than one year | 17 | €37,000 | €82,000 | +€45,000 | +121.6% |
| Other amounts payable | 178/9 | €37,000 | €82,000 | +€45,000 | +121.6% |
| Amounts payable within one year | 42/48 | €99,844 | €110,630 | +€10,786 | +10.8% |
| Trade debts | 44 | €58,016 | €51,770 | -€6,246 | -10.8% |
| Suppliers | 440/4 | €58,016 | €51,770 | -€6,246 | -10.8% |
| Taxes, remuneration and social security | 45 | €12,082 | €18,718 | +€6,635 | +54.9% |
| Taxes | 450/3 | €12,082 | €18,718 | +€6,635 | +54.9% |
| Other amounts payable | 47/48 | €29,746 | €40,143 | +€10,397 | +35.0% |
| Other operating charges | 640/8 | - | €904 | +€904 | |
| Gross operating margin | 9900 | €323 | €10,071 | +€9,748 | +3017.6% |
| Operating profit (loss) | 9901 | €323 | €9,167 | +€8,844 | +2737.6% |
| Financial income | 75/76B | €571 | €1,583 | +€1,012 | +177.0% |
| Recurring financial income | 75 | €571 | €1,583 | +€1,012 | +177.0% |
| Financial charges | 65/66B | €127 | €447 | +€320 | +251.6% |
| Recurring financial charges | 65 | €127 | €447 | +€320 | +251.6% |
| Profit (loss) for the period before taxes | 9903 | €767 | €10,303 | +€9,536 | +1242.7% |
| Income taxes | 67/77 | €1,098 | €3,273 | +€2,175 | +198.0% |
| Profit (loss) for the period | 9904 | -€331 | €7,030 | +€7,361 | |
| Profit (loss) for the period to be appropriated | 9905 | -€331 | €7,030 | +€7,361 |
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 5 October 2026 via checked.be.