MAX CLARO: 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 CLARO
Largest movements
- Cash +€69,820
up €69,820 (+42.4%), from €164,639 to €234,459
mainly Receivables within one year (+€41,132) and Depreciation (+€39,294)
- Receivables within one year -€41,132
down €41,132 (-95.6%), from €43,016 to €1,884
- Tangible fixed assets -€33,512
down €33,512 (-1.4%), from €2.4m to €2.4m
of which Other tangible fixed assets: -€32,738
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€7,333
up €7,333 (+24.1%), from €30,399 to €37,732
- Other operating charges -€785
down €785 (-8.7%), from €8,974 to €8,189
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 | €2,642,353 | €2,637,375 | -€4,979 | -0.2% |
| Fixed assets | 21/28 | €2,432,911 | €2,399,399 | -€33,512 | -1.4% |
| Tangible fixed assets | 22/27 | €2,432,911 | €2,399,399 | -€33,512 | -1.4% |
| Land and buildings | 22 | €1,999,779 | €1,999,005 | -€774 | 0.0% |
| Other tangible fixed assets | 26 | €433,132 | €400,394 | -€32,738 | -7.6% |
| Current assets | 29/58 | €209,443 | €237,976 | +€28,533 | +13.6% |
| Amounts receivable within one year | 40/41 | €43,016 | €1,884 | -€41,132 | -95.6% |
| Other amounts receivable | 41 | €43,016 | €1,884 | -€41,132 | -95.6% |
| Cash at bank and in hand | 54/58 | €164,639 | €234,459 | +€69,820 | +42.4% |
| Deferred charges and accrued income | 490/1 | €1,788 | €1,633 | -€155 | -8.7% |
| Total equity and liabilities | 10/49 | €2,642,353 | €2,637,375 | -€4,979 | -0.2% |
| Equity | 10/15 | €1,843,075 | €1,833,114 | -€9,961 | -0.5% |
| Contributions | 10/11 | €2,040,000 | €2,040,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€196,925 | -€206,886 | -€9,961 | -5.1% |
| Amounts payable | 17/49 | €799,278 | €804,261 | +€4,983 | +0.6% |
| Amounts payable within one year | 42/48 | €758,048 | €761,903 | +€3,855 | +0.5% |
| Trade debts | 44 | €266 | €10,246 | +€9,980 | +3744.9% |
| Suppliers | 440/4 | €266 | €10,246 | +€9,980 | +3744.9% |
| Taxes, remuneration and social security | 45 | €3,569 | €4,704 | +€1,135 | +31.8% |
| Taxes | 450/3 | €3,569 | €4,704 | +€1,135 | +31.8% |
| Other amounts payable | 47/48 | €754,212 | €746,952 | -€7,260 | -1.0% |
| Accrued charges and deferred income | 492/3 | €41,230 | €42,358 | +€1,128 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,172 | €39,294 | +€122 | +0.3% |
| Other operating charges | 640/8 | €8,974 | €8,189 | -€785 | -8.7% |
| Gross operating margin | 9900 | €30,399 | €37,732 | +€7,333 | +24.1% |
| Operating profit (loss) | 9901 | -€17,747 | -€9,752 | +€7,995 | +45.1% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €29 | €45 | +€16 | +57.3% |
| Recurring financial charges | 65 | €29 | €45 | +€16 | +57.3% |
| Profit (loss) for the period before taxes | 9903 | -€17,775 | -€9,796 | +€7,978 | +44.9% |
| Income taxes | 67/77 | €160 | €165 | +€5 | +3.1% |
| Profit (loss) for the period | 9904 | -€17,935 | -€9,961 | +€7,973 | +44.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,935 | -€9,961 | +€7,973 | +44.5% |
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 12 October 2026 via checked.be.