MAX & BO: 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 & BO
Largest movements
- Tangible fixed assets +€383,215
up €383,215 (+23.4%), from €1.6m to €2.0m
- Cash +€330,521
up €330,521 (+567.7%), from €58,222 to €388,743
mainly Debts after one year (+€432,870) and Receivables within one year (+€277,094)
- Receivables within one year -€277,094
down €277,094 (-46.2%), from €599,529 to €322,435
of which Other amounts receivable: -€241,094
- Debts after one year +€432,870
up €432,870 (+58.8%), from €735,939 to €1.2m
- Current portion of long-term debt +€43,929
up €43,929 (+50.2%), from €87,500 to €131,429
- Gross operating margin +€63,975
up €63,975 (+16.2%), from €396,104 to €460,078
- Financial charges +€24,956
up €24,956 (+303.7%), from €8,218 to €33,175
- Financial income +€23,812
up €23,812 (+122.4%), from €19,451 to €43,263
- Staff costs +€21,271
up €21,271 (+41.4%), from €51,322 to €72,593
- Depreciation +€8,653
up €8,653 (+3.9%), from €221,457 to €230,109
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 | €2,794,752 | €3,231,394 | +€436,642 | +15.6% |
| Fixed assets | 21/28 | €1,635,112 | €2,018,327 | +€383,215 | +23.4% |
| Tangible fixed assets | 22/27 | €1,635,112 | €2,018,327 | +€383,215 | +23.4% |
| Land and buildings | 22 | €1,635,112 | €2,018,327 | +€383,215 | +23.4% |
| Current assets | 29/58 | €1,159,640 | €1,213,067 | +€53,426 | +4.6% |
| Amounts receivable within one year | 40/41 | €599,529 | €322,435 | -€277,094 | -46.2% |
| Trade receivables | 40 | €65,000 | €29,000 | -€36,000 | -55.4% |
| Other amounts receivable | 41 | €534,529 | €293,435 | -€241,094 | -45.1% |
| Current investments | 50/53 | €501,889 | €501,889 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €58,222 | €388,743 | +€330,521 | +567.7% |
| Total equity and liabilities | 10/49 | €2,794,752 | €3,231,394 | +€436,642 | +15.6% |
| Equity | 10/15 | €1,917,694 | €1,889,409 | -€28,285 | -1.5% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €1,892,748 | €1,879,148 | -€13,599 | -0.7% |
| Distributable reserves | 133 | €1,892,748 | €1,879,148 | -€13,599 | -0.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €18,741 | €4,056 | -€14,685 | -78.4% |
| Provisions and deferred taxes | 16 | €6,247 | €1,352 | -€4,895 | -78.4% |
| Deferred taxes | 168 | €6,247 | €1,352 | -€4,895 | -78.4% |
| Amounts payable | 17/49 | €870,811 | €1,340,633 | +€469,821 | +54.0% |
| Amounts payable after more than one year | 17 | €735,939 | €1,168,810 | +€432,870 | +58.8% |
| Financial debts | 170/4 | €735,939 | €1,168,810 | +€432,870 | +58.8% |
| Amounts payable within one year | 42/48 | €134,872 | €171,823 | +€36,951 | +27.4% |
| Current portion of amounts payable after more than one year | 42 | €87,500 | €131,429 | +€43,929 | +50.2% |
| Trade debts | 44 | €1,312 | €8,548 | +€7,236 | +551.7% |
| Suppliers | 440/4 | €1,312 | €8,548 | +€7,236 | +551.7% |
| Taxes, remuneration and social security | 45 | €46,061 | €31,847 | -€14,214 | -30.9% |
| Taxes | 450/3 | €42,339 | €22,801 | -€19,538 | -46.1% |
| Remuneration and social security | 454/9 | €3,722 | €9,046 | +€5,325 | +143.1% |
| Remuneration, social security and pensions | 62 | €51,322 | €72,593 | +€21,271 | +41.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €221,457 | €230,109 | +€8,653 | +3.9% |
| Other operating charges | 640/8 | €35,245 | €36,007 | +€761 | +2.2% |
| Gross operating margin | 9900 | €396,104 | €460,078 | +€63,975 | +16.2% |
| Operating profit (loss) | 9901 | €88,079 | €121,370 | +€33,290 | +37.8% |
| Financial income | 75/76B | €19,451 | €43,263 | +€23,812 | +122.4% |
| Recurring financial income | 75 | €19,451 | €43,263 | +€23,812 | +122.4% |
| Financial charges | 65/66B | €8,218 | €33,175 | +€24,956 | +303.7% |
| Recurring financial charges | 65 | €8,218 | €33,175 | +€24,956 | +303.7% |
| Profit (loss) for the period before taxes | 9903 | €99,312 | €131,457 | +€32,146 | +32.4% |
| Transfer from deferred taxes | 780 | €4,895 | €4,895 | = | 0.0% |
| Income taxes | 67/77 | €23,769 | €19,952 | -€3,817 | -16.1% |
| Profit (loss) for the period | 9904 | €80,438 | €116,401 | +€35,963 | +44.7% |
| Profit (loss) for the period to be appropriated | 9905 | €80,438 | €116,401 | +€35,963 | +44.7% |
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 11 October 2026 via checked.be.