MAX BROTHERS: 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 BROTHERS
Largest movements
- Receivables within one year +€13,304
up €13,304 (+187.0%), from €7,113 to €20,416
of which Trade receivables: +€13,492
- Cash -€2,829
down €2,829 (-29.7%), from €9,515 to €6,686
mainly Receivables within one year (-€13,304) and Stocks and contracts (-€110)
- Deferred charges and accrued income -€1,647
down €1,647 (-100.0%), from €1,647 to €0
- Tangible fixed assets -€676
down €676 (-36.2%), from €1,866 to €1,190
of which Plant, machinery and equipment: -€418
- Tax, wage and social debts +€4,190
up €4,190 (+96.5%), from €4,341 to €8,532
of which Taxes: +€4,191
- Trade debts +€1,748
up €1,748 (+9.0%), from €19,364 to €21,111
- Profit (loss) carried forward +€1,645
up €1,645 (+10.4%), from -€15,769 to -€14,124
- Other debts +€680
up €680 (+39.5%), from €1,720 to €2,400
- Gross operating margin +€20,955
up €20,955 (+114.2%), from €18,349 to €39,304
- Financial charges -€3,941
down €3,941 (-77.9%), from €5,062 to €1,120
- Financial income -€773
down €773 (-95.9%), from €806 to €33
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 | €23,915 | €32,178 | +€8,263 | +34.5% |
| Fixed assets | 21/28 | €4,406 | €3,730 | -€676 | -15.3% |
| Tangible fixed assets | 22/27 | €1,866 | €1,190 | -€676 | -36.2% |
| Plant, machinery and equipment | 23 | €884 | €467 | -€418 | -47.2% |
| Furniture and vehicles | 24 | €981 | €723 | -€258 | -26.3% |
| Financial fixed assets | 28 | €2,540 | €2,540 | = | 0.0% |
| Current assets | 29/58 | €19,509 | €28,448 | +€8,938 | +45.8% |
| Stocks and contracts in progress | 3 | €1,235 | €1,345 | +€110 | +8.9% |
| Stocks | 30/36 | €1,235 | €1,345 | +€110 | +8.9% |
| Amounts receivable within one year | 40/41 | €7,113 | €20,416 | +€13,304 | +187.0% |
| Trade receivables | 40 | €5,341 | €18,833 | +€13,492 | +252.6% |
| Other amounts receivable | 41 | €1,772 | €1,584 | -€188 | -10.6% |
| Cash at bank and in hand | 54/58 | €9,515 | €6,686 | -€2,829 | -29.7% |
| Deferred charges and accrued income | 490/1 | €1,647 | €0 | -€1,647 | -100.0% |
| Total equity and liabilities | 10/49 | €23,915 | €32,178 | +€8,263 | +34.5% |
| Equity | 10/15 | -€1,510 | €135 | +€1,645 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,769 | -€14,124 | +€1,645 | +10.4% |
| Amounts payable | 17/49 | €25,425 | €32,043 | +€6,617 | +26.0% |
| Amounts payable within one year | 42/48 | €25,425 | €32,043 | +€6,617 | +26.0% |
| Trade debts | 44 | €19,364 | €21,111 | +€1,748 | +9.0% |
| Suppliers | 440/4 | €19,364 | €21,111 | +€1,748 | +9.0% |
| Taxes, remuneration and social security | 45 | €4,341 | €8,532 | +€4,190 | +96.5% |
| Taxes | 450/3 | €3,078 | €7,269 | +€4,191 | +136.2% |
| Remuneration and social security | 454/9 | €1,263 | €1,263 | -€1 | -0.1% |
| Other amounts payable | 47/48 | €1,720 | €2,400 | +€680 | +39.5% |
| Remuneration, social security and pensions | 62 | €26,594 | €26,966 | +€372 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €676 | €676 | = | 0.0% |
| Other operating charges | 640/8 | €5,942 | €6,253 | +€311 | +5.2% |
| Non-recurring operating charges | 66A | €173 | €2,500 | +€2,327 | +1342.6% |
| Gross operating margin | 9900 | €18,349 | €39,304 | +€20,955 | +114.2% |
| Operating profit (loss) | 9901 | -€15,036 | €2,909 | +€17,946 | |
| Financial income | 75/76B | €806 | €33 | -€773 | -95.9% |
| Recurring financial income | 75 | €806 | €33 | -€773 | -95.9% |
| Financial charges | 65/66B | €5,062 | €1,120 | -€3,941 | -77.9% |
| Recurring financial charges | 65 | €5,062 | €1,120 | -€3,941 | -77.9% |
| Profit (loss) for the period before taxes | 9903 | -€19,292 | €1,822 | +€21,114 | |
| Income taxes | 67/77 | €132 | €177 | +€45 | +34.2% |
| Profit (loss) for the period | 9904 | -€19,424 | €1,645 | +€21,069 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,424 | €1,645 | +€21,069 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.