MAX & CO: 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 & CO
Largest movements
- Tangible fixed assets -€19,452
down €19,452 (-54.1%), from €35,981 to €16,529
of which Furniture and vehicles: -€19,452
- Receivables within one year -€2,367
down €2,367 (-30.3%), from €7,799 to €5,433
of which Other amounts receivable: -€2,367
- Other debts -€45,236
no longer reported in 2025 (was €45,236)
- Profit (loss) carried forward +€19,881
up €19,881, from -€5,640 to €14,241
- Trade debts +€3,093
up €3,093 (+93.9%), from €3,295 to €6,387
- Tax, wage and social debts +€477
new in 2025: €477
- Gross operating margin +€11,198
up €11,198 (+43.7%), from €25,600 to €36,799
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 | €44,591 | €22,806 | -€21,785 | -48.9% |
| Fixed assets | 21/28 | €35,981 | €16,529 | -€19,452 | -54.1% |
| Tangible fixed assets | 22/27 | €35,981 | €16,529 | -€19,452 | -54.1% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €35,981 | €16,529 | -€19,452 | -54.1% |
| Current assets | 29/58 | €8,610 | €6,277 | -€2,333 | -27.1% |
| Amounts receivable within one year | 40/41 | €7,799 | €5,433 | -€2,367 | -30.3% |
| Trade receivables | 40 | €2,524 | €2,524 | = | 0.0% |
| Other amounts receivable | 41 | €5,275 | €2,909 | -€2,367 | -44.9% |
| Cash at bank and in hand | 54/58 | €811 | €844 | +€34 | +4.2% |
| Total equity and liabilities | 10/49 | €44,591 | €22,806 | -€21,785 | -48.9% |
| Equity | 10/15 | -€3,940 | €15,941 | +€19,881 | |
| Contributions | 10/11 | €1,700 | €1,700 | = | 0.0% |
| Outside capital | 11 | €1,700 | €1,700 | = | 0.0% |
| Other | 1109/19 | €1,700 | €1,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,640 | €14,241 | +€19,881 | |
| Amounts payable | 17/49 | €48,531 | €6,865 | -€41,666 | -85.9% |
| Amounts payable within one year | 42/48 | €48,531 | €6,865 | -€41,666 | -85.9% |
| Trade debts | 44 | €3,295 | €6,387 | +€3,093 | +93.9% |
| Suppliers | 440/4 | €3,295 | €6,387 | +€3,093 | +93.9% |
| Taxes, remuneration and social security | 45 | - | €477 | +€477 | |
| Taxes | 450/3 | - | €477 | +€477 | |
| Other amounts payable | 47/48 | €45,236 | - | -€45,236 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,518 | €4,518 | = | 0.0% |
| Other operating charges | 640/8 | €340 | €302 | -€38 | -11.2% |
| Non-recurring operating charges | 66A | - | €11,980 | +€11,980 | |
| Gross operating margin | 9900 | €25,600 | €36,799 | +€11,198 | +43.7% |
| Operating profit (loss) | 9901 | €20,743 | €19,999 | -€744 | -3.6% |
| Financial income | 75/76B | - | €195 | +€195 | |
| Recurring financial income | 75 | - | €195 | +€195 | |
| Non-recurring financial income | 76B | - | €195 | +€195 | |
| Financial charges | 65/66B | €78 | €313 | +€235 | +300.8% |
| Recurring financial charges | 65 | €78 | €158 | +€80 | +102.8% |
| Non-recurring financial charges | 66B | - | €154 | +€154 | |
| Profit (loss) for the period before taxes | 9903 | €20,664 | €19,881 | -€783 | -3.8% |
| Income taxes | 67/77 | €165 | - | -€165 | |
| Profit (loss) for the period | 9904 | €20,499 | €19,881 | -€618 | -3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,499 | €19,881 | -€618 | -3.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.