MAX AND PARTNERS: 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 PARTNERS
Largest movements
- Tangible fixed assets -€164,404
down €164,404 (-8.9%), from €1.9m to €1.7m
of which Other tangible fixed assets: -€175,802
- Receivables within one year +€61,495
up €61,495 (+27.9%), from €220,761 to €282,256
of which Other amounts receivable: +€34,485
- Debts after one year -€253,993
down €253,993 (-22.4%), from €1.1m to €881,449
- Reserves +€168,893
up €168,893 (+29.3%), from €576,050 to €744,943
of which Distributable reserves: +€180,000
- Current portion of long-term debt -€52,477
down €52,477 (-17.1%), from €306,470 to €253,993
- Tax, wage and social debts +€38,829
up €38,829 (+73.5%), from €52,842 to €91,671
of which Taxes: +€19,574
- Gross operating margin +€183,888
up €183,888 (+46.4%), from €396,698 to €580,587
- Taxes +€58,098
up €58,098 (+233%), from €24,904 to €83,002
- Other operating charges -€17,755
down €17,755 (-35.4%), from €50,220 to €32,465
- Financial income -€17,234
down €17,234 (-90.4%), from €19,060 to €1,826
- Financial charges -€10,494
down €10,494 (-20.9%), from €50,134 to €39,640
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 | €2,746,554 | €2,670,543 | -€76,011 | -2.8% |
| Fixed assets | 21/28 | €1,883,734 | €1,719,331 | -€164,404 | -8.7% |
| Tangible fixed assets | 22/27 | €1,852,036 | €1,687,633 | -€164,404 | -8.9% |
| Land and buildings | 22 | - | €4,701 | +€4,701 | |
| Furniture and vehicles | 24 | - | €6,698 | +€6,698 | |
| Other tangible fixed assets | 26 | €1,852,036 | €1,676,234 | -€175,802 | -9.5% |
| Financial fixed assets | 28 | €31,698 | €31,698 | = | 0.0% |
| Current assets | 29/58 | €862,820 | €951,212 | +€88,392 | +10.2% |
| Stocks and contracts in progress | 3 | €261,409 | €264,896 | +€3,486 | +1.3% |
| Stocks | 30/36 | €261,409 | €264,896 | +€3,486 | +1.3% |
| Amounts receivable within one year | 40/41 | €220,761 | €282,256 | +€61,495 | +27.9% |
| Trade receivables | 40 | €69,804 | €96,815 | +€27,010 | +38.7% |
| Other amounts receivable | 41 | €150,956 | €185,441 | +€34,485 | +22.8% |
| Current investments | 50/53 | €335,976 | €335,976 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €37,166 | €60,081 | +€22,916 | +61.7% |
| Deferred charges and accrued income | 490/1 | €7,508 | €8,002 | +€495 | +6.6% |
| Total equity and liabilities | 10/49 | €2,746,554 | €2,670,543 | -€76,011 | -2.8% |
| Equity | 10/15 | €946,543 | €1,117,492 | +€170,949 | +18.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €576,050 | €744,943 | +€168,893 | +29.3% |
| Non-distributable reserves | 130/1 | €23,300 | €23,300 | = | 0.0% |
| Legal reserve | 130 | €23,300 | €23,300 | = | 0.0% |
| Tax-exempt reserves | 132 | €77,750 | €66,643 | -€11,107 | -14.3% |
| Distributable reserves | 133 | €475,000 | €655,000 | +€180,000 | +37.9% |
| Profit (loss) carried forward | 14 | €308,493 | €310,549 | +€2,056 | +0.7% |
| Provisions and deferred taxes | 16 | €40,095 | €34,331 | -€5,764 | -14.4% |
| Deferred taxes | 168 | €40,095 | €34,331 | -€5,764 | -14.4% |
| Amounts payable | 17/49 | €1,759,916 | €1,518,719 | -€241,197 | -13.7% |
| Amounts payable after more than one year | 17 | €1,135,441 | €881,449 | -€253,993 | -22.4% |
| Financial debts | 170/4 | €1,135,441 | €881,449 | -€253,993 | -22.4% |
| Amounts payable within one year | 42/48 | €582,722 | €591,085 | +€8,363 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €306,470 | €253,993 | -€52,477 | -17.1% |
| Trade debts | 44 | €12,683 | €24,392 | +€11,710 | +92.3% |
| Suppliers | 440/4 | €12,683 | €24,392 | +€11,710 | +92.3% |
| Advances received on contracts in progress | 46 | - | €14,684 | +€14,684 | |
| Taxes, remuneration and social security | 45 | €52,842 | €91,671 | +€38,829 | +73.5% |
| Taxes | 450/3 | €52,842 | €72,416 | +€19,574 | +37.0% |
| Remuneration and social security | 454/9 | - | €19,255 | +€19,255 | |
| Other amounts payable | 47/48 | €210,728 | €206,346 | -€4,382 | -2.1% |
| Accrued charges and deferred income | 492/3 | €41,752 | €46,185 | +€4,433 | +10.6% |
| Remuneration, social security and pensions | 62 | €88,545 | €97,717 | +€9,172 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164,585 | €164,404 | -€182 | -0.1% |
| Other operating charges | 640/8 | €50,220 | €32,465 | -€17,755 | -35.4% |
| Gross operating margin | 9900 | €396,698 | €580,587 | +€183,888 | +46.4% |
| Operating profit (loss) | 9901 | €93,348 | €286,001 | +€192,654 | +206% |
| Financial income | 75/76B | €19,060 | €1,826 | -€17,234 | -90.4% |
| Recurring financial income | 75 | €19,060 | €1,826 | -€17,234 | -90.4% |
| Financial charges | 65/66B | €50,134 | €39,640 | -€10,494 | -20.9% |
| Recurring financial charges | 65 | €50,134 | €39,640 | -€10,494 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €62,274 | €248,188 | +€185,914 | +299% |
| Transfer from deferred taxes | 780 | €5,944 | €5,764 | -€181 | -3.0% |
| Income taxes | 67/77 | €24,904 | €83,002 | +€58,098 | +233% |
| Profit (loss) for the period | 9904 | €43,314 | €170,949 | +€127,635 | +295% |
| Transfer from tax-exempt reserves | 789 | €11,107 | €11,107 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,422 | €182,056 | +€127,635 | +235% |
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 29 October 2026 via checked.be.