Max Agency: what changed
Two financial 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 Agency
Largest movements
- Receivables within one year +€79,365
up €79,365 (+54.7%), from €145,019 to €224,384
of which Trade receivables: +€80,037
- Cash -€22,905
down €22,905 (-93.2%), from €24,566 to €1,661
mainly Receivables within one year (-€79,365) and Contributions, distributions and other (-€65,000)
- Other debts +€26,688
up €26,688 (+66.2%), from €40,321 to €67,008
- Trade debts +€23,387
up €23,387 (+30.8%), from €76,009 to €99,396
- Reserves +€7,198
up €7,198 (+21.9%), from €32,810 to €40,007
- Accrued charges and deferred income -€2,451
down €2,451 (-96.9%), from €2,531 to €80
- Gross operating margin +€35,534
up €35,534 (+67.0%), from €53,028 to €88,561
- Other operating charges +€10,516
up €10,516 (+1,992%), from €528 to €11,044
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.
Derived cash bridge
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 | €169,584 | €226,362 | +€56,777 | +33.5% |
| Fixed assets | 21/28 | €0 | - | = | |
| Intangible fixed assets | 21 | €0 | - | = | |
| Current assets | 29/58 | €169,584 | €226,362 | +€56,777 | +33.5% |
| Amounts receivable within one year | 40/41 | €145,019 | €224,384 | +€79,365 | +54.7% |
| Trade receivables | 40 | €137,046 | €217,084 | +€80,037 | +58.4% |
| Other amounts receivable | 41 | €7,972 | €7,300 | -€672 | -8.4% |
| Cash at bank and in hand | 54/58 | €24,566 | €1,661 | -€22,905 | -93.2% |
| Deferred charges and accrued income | 490/1 | - | €317 | +€317 | |
| Total equity and liabilities | 10/49 | €169,584 | €226,362 | +€56,777 | +33.5% |
| Equity | 10/15 | €42,810 | €50,007 | +€7,198 | +16.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €32,810 | €40,007 | +€7,198 | +21.9% |
| Distributable reserves | 133 | €32,810 | €40,007 | +€7,198 | +21.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €126,775 | €176,354 | +€49,580 | +39.1% |
| Amounts payable within one year | 42/48 | €124,244 | €176,275 | +€52,031 | +41.9% |
| Financial debts | 43 | €1,614 | €2,668 | +€1,054 | +65.3% |
| Credit institutions | 430/8 | €1,614 | €2,668 | +€1,054 | +65.3% |
| Trade debts | 44 | €76,009 | €99,396 | +€23,387 | +30.8% |
| Suppliers | 440/4 | €76,009 | €99,396 | +€23,387 | +30.8% |
| Taxes, remuneration and social security | 45 | €6,300 | €7,202 | +€902 | +14.3% |
| Taxes | 450/3 | €6,300 | €7,202 | +€902 | +14.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €40,321 | €67,008 | +€26,688 | +66.2% |
| Accrued charges and deferred income | 492/3 | €2,531 | €80 | -€2,451 | -96.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88 | €0 | -€88 | -100% |
| Other operating charges | 640/8 | €528 | €11,044 | +€10,516 | +1,992% |
| Gross operating margin | 9900 | €53,028 | €88,561 | +€35,534 | +67.0% |
| Operating profit (loss) | 9901 | €52,412 | €77,518 | +€25,106 | +47.9% |
| Financial income | 75/76B | €25 | €65 | +€41 | +166% |
| Recurring financial income | 75 | €25 | €65 | +€41 | +166% |
| Financial charges | 65/66B | €1,141 | €1,395 | +€254 | +22.3% |
| Recurring financial charges | 65 | €1,141 | €1,395 | +€254 | +22.3% |
| Profit (loss) for the period before taxes | 9903 | €51,296 | €76,188 | +€24,893 | +48.5% |
| Income taxes | 67/77 | €3,212 | €3,990 | +€778 | +24.2% |
| Profit (loss) for the period | 9904 | €48,084 | €72,198 | +€24,114 | +50.2% |
| Profit (loss) for the period to be appropriated | 9905 | €48,084 | €72,198 | +€24,114 | +50.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.