MAX ARTHUR: 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 ARTHUR
Largest movements
- Tangible fixed assets -€36,329
down €36,329 (-4.1%), from €889,542 to €853,213
- Receivables within one year -€28,246
down €28,246 (-47.4%), from €59,557 to €31,311
of which Other amounts receivable: -€16,579
- Other debts +€75,000
new in 2025: €75,000
- Debts after one year -€71,554
down €71,554 (-9.3%), from €770,791 to €699,238
- Profit (loss) carried forward -€45,373
down €45,373 (-24.0%), from -€189,275 to -€234,648
- Financial income -€61,629
down €61,629 (-100.0%), from €61,629 to €0
- Gross operating margin +€10,035
up €10,035 (+206.2%), from €4,866 to €14,900
- Financial charges +€1,486
up €1,486 (+357.3%), from €416 to €1,902
- Other operating charges +€1,130
up €1,130 (+5.9%), from €19,299 to €20,429
- Depreciation +€526
up €526 (+1.4%), from €37,211 to €37,737
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 | €979,018 | €919,936 | -€59,082 | -6.0% |
| Formation expenses | 20 | €7,037 | €5,628 | -€1,408 | -20.0% |
| Fixed assets | 21/28 | €890,162 | €853,833 | -€36,329 | -4.1% |
| Tangible fixed assets | 22/27 | €889,542 | €853,213 | -€36,329 | -4.1% |
| Land and buildings | 22 | €824,703 | €807,768 | -€16,935 | -2.1% |
| Plant, machinery and equipment | 23 | €42,075 | €32,825 | -€9,250 | -22.0% |
| Furniture and vehicles | 24 | €22,764 | €12,621 | -€10,143 | -44.6% |
| Financial fixed assets | 28 | €620 | €620 | = | 0.0% |
| Current assets | 29/58 | €81,820 | €60,475 | -€21,345 | -26.1% |
| Stocks and contracts in progress | 3 | €16,418 | €16,418 | = | 0.0% |
| Stocks | 30/36 | €16,418 | €16,418 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €59,557 | €31,311 | -€28,246 | -47.4% |
| Trade receivables | 40 | €28,532 | €16,864 | -€11,668 | -40.9% |
| Other amounts receivable | 41 | €31,025 | €14,447 | -€16,579 | -53.4% |
| Cash at bank and in hand | 54/58 | €5,457 | €12,746 | +€7,289 | +133.6% |
| Deferred charges and accrued income | 490/1 | €387 | €0 | -€387 | -100.0% |
| Total equity and liabilities | 10/49 | €979,018 | €919,936 | -€59,082 | -6.0% |
| Equity | 10/15 | €183,727 | €138,354 | -€45,373 | -24.7% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €73,002 | €73,002 | = | 0.0% |
| Non-distributable reserves | 130/1 | €73,002 | €73,002 | = | 0.0% |
| Legal reserve | 130 | €2,556 | €2,556 | = | 0.0% |
| Other | 1319 | €70,446 | €70,446 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€189,275 | -€234,648 | -€45,373 | -24.0% |
| Amounts payable | 17/49 | €795,291 | €781,583 | -€13,709 | -1.7% |
| Amounts payable after more than one year | 17 | €770,791 | €699,238 | -€71,554 | -9.3% |
| Other amounts payable | 178/9 | €770,791 | €699,238 | -€71,554 | -9.3% |
| Amounts payable within one year | 42/48 | €24,500 | €82,345 | +€57,845 | +236.1% |
| Trade debts | 44 | €11,832 | €5,796 | -€6,035 | -51.0% |
| Suppliers | 440/4 | €11,832 | €5,796 | -€6,035 | -51.0% |
| Advances received on contracts in progress | 46 | €5,629 | €0 | -€5,629 | -100.0% |
| Taxes, remuneration and social security | 45 | €7,040 | €1,548 | -€5,491 | -78.0% |
| Taxes | 450/3 | €7,040 | €1,548 | -€5,491 | -78.0% |
| Other amounts payable | 47/48 | - | €75,000 | +€75,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,211 | €37,737 | +€526 | +1.4% |
| Other operating charges | 640/8 | €19,299 | €20,429 | +€1,130 | +5.9% |
| Gross operating margin | 9900 | €4,866 | €14,900 | +€10,035 | +206.2% |
| Operating profit (loss) | 9901 | -€51,644 | -€43,265 | +€8,379 | +16.2% |
| Financial income | 75/76B | €61,629 | €0 | -€61,629 | -100.0% |
| Recurring financial income | 75 | €61,629 | €0 | -€61,629 | -100.0% |
| Financial charges | 65/66B | €416 | €1,902 | +€1,486 | +357.3% |
| Recurring financial charges | 65 | €416 | €1,902 | +€1,486 | +357.3% |
| Profit (loss) for the period before taxes | 9903 | €9,568 | -€45,168 | -€54,736 | |
| Income taxes | 67/77 | €360 | €206 | -€154 | -42.9% |
| Profit (loss) for the period | 9904 | €9,209 | -€45,373 | -€54,582 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €9,209 | -€45,373 | -€54,582 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.