MAX AND MORE: 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 AND MORE
Largest movements
- Receivables within one year -€5,008
down €5,008 (-28.6%), from €17,538 to €12,530
of which Trade receivables: -€6,380
- Tangible fixed assets -€3,921
down €3,921 (-40.7%), from €9,642 to €5,721
of which Furniture and vehicles: -€2,887
- Cash -€335
down €335 (-14.5%), from €2,312 to €1,977
mainly Other debts (-€5,190) and Tax, wage and social debts (-€1,844)
- Deferred charges and accrued income +€324
new in 2025: €324
- Other debts -€5,190
down €5,190 (-66.9%), from €7,763 to €2,573
- Tax, wage and social debts -€1,844
down €1,844 (-21.3%), from €8,660 to €6,816
- Debts after one year -€1,762
down €1,762 (-41.4%), from €4,256 to €2,494
- Profit (loss) carried forward -€1,404
down €1,404 (-19.2%), from €7,315 to €5,911
- Trade debts +€1,173
up €1,173 (+72.2%), from €1,624 to €2,797
- Gross operating margin -€5,454
down €5,454 (-47.7%), from €11,430 to €5,976
- Taxes -€1,497
down €1,497 (-47.9%), from €3,126 to €1,629
- Depreciation +€721
up €721 (+22.5%), from €3,200 to €3,921
- Other operating charges -€188
down €188 (-31.9%), from €587 to €400
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 | €31,392 | €22,452 | -€8,940 | -28.5% |
| Fixed assets | 21/28 | €11,542 | €7,621 | -€3,921 | -34.0% |
| Tangible fixed assets | 22/27 | €9,642 | €5,721 | -€3,921 | -40.7% |
| Plant, machinery and equipment | 23 | €2,912 | €1,877 | -€1,034 | -35.5% |
| Furniture and vehicles | 24 | €6,730 | €3,843 | -€2,887 | -42.9% |
| Financial fixed assets | 28 | €1,900 | €1,900 | = | 0.0% |
| Current assets | 29/58 | €19,851 | €14,832 | -€5,019 | -25.3% |
| Amounts receivable within one year | 40/41 | €17,538 | €12,530 | -€5,008 | -28.6% |
| Trade receivables | 40 | €17,533 | €11,153 | -€6,380 | -36.4% |
| Other amounts receivable | 41 | €5 | €1,377 | +€1,372 | +26,647% |
| Cash at bank and in hand | 54/58 | €2,312 | €1,977 | -€335 | -14.5% |
| Deferred charges and accrued income | 490/1 | - | €324 | +€324 | |
| Total equity and liabilities | 10/49 | €31,392 | €22,452 | -€8,940 | -28.5% |
| Equity | 10/15 | €7,415 | €6,011 | -€1,404 | -18.9% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,315 | €5,911 | -€1,404 | -19.2% |
| Amounts payable | 17/49 | €23,977 | €16,442 | -€7,536 | -31.4% |
| Amounts payable after more than one year | 17 | €4,256 | €2,494 | -€1,762 | -41.4% |
| Financial debts | 170/4 | €4,256 | €2,494 | -€1,762 | -41.4% |
| Amounts payable within one year | 42/48 | €19,722 | €13,948 | -€5,774 | -29.3% |
| Current portion of amounts payable after more than one year | 42 | €1,674 | €1,762 | +€88 | +5.2% |
| Trade debts | 44 | €1,624 | €2,797 | +€1,173 | +72.2% |
| Suppliers | 440/4 | €1,624 | €2,797 | +€1,173 | +72.2% |
| Taxes, remuneration and social security | 45 | €8,660 | €6,816 | -€1,844 | -21.3% |
| Taxes | 450/3 | €8,660 | €6,816 | -€1,844 | -21.3% |
| Other amounts payable | 47/48 | €7,763 | €2,573 | -€5,190 | -66.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,200 | €3,921 | +€721 | +22.5% |
| Other operating charges | 640/8 | €587 | €400 | -€188 | -31.9% |
| Gross operating margin | 9900 | €11,430 | €5,976 | -€5,454 | -47.7% |
| Operating profit (loss) | 9901 | €7,642 | €1,655 | -€5,987 | -78.3% |
| Financial income | 75/76B | €7 | - | -€7 | |
| Recurring financial income | 75 | €7 | - | -€7 | |
| Financial charges | 65/66B | €664 | €571 | -€93 | -14.0% |
| Recurring financial charges | 65 | €664 | €571 | -€93 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €6,986 | €1,084 | -€5,901 | -84.5% |
| Income taxes | 67/77 | €3,126 | €1,629 | -€1,497 | -47.9% |
| Profit (loss) for the period | 9904 | €3,860 | -€545 | -€4,405 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,860 | -€545 | -€4,405 |
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 18 October 2026 via checked.be.