Max De Decker: 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 De Decker
Largest movements
- Tangible fixed assets +€43,378
up €43,378 (+96.8%), from €44,829 to €88,207
of which Other tangible fixed assets: +€51,803
- Receivables within one year +€10,285
up €10,285 (+175%), from €5,872 to €16,157
- Cash -€3,459
down €3,459 (-24.6%), from €14,073 to €10,614
mainly Investment in fixed assets (net) (-€59,874) and Receivables within one year (-€10,285)
- Other debts +€65,368
up €65,368 (+129%), from €50,826 to €116,194
- Profit (loss) carried forward -€9,743
new in 2025: -€9,743
- Trade debts -€4,077
down €4,077 (-79.8%), from €5,111 to €1,034
- Tax, wage and social debts -€1,196
down €1,196 (-27.8%), from €4,295 to €3,099
- Gross operating margin -€14,029
down €14,029 (-63.1%), from €22,218 to €8,189
- Depreciation +€7,800
up €7,800 (+89.7%), from €8,696 to €16,495
- Taxes -€2,762
down €2,762 (-92.5%), from €2,987 to €225
- Other operating charges +€390
up €390 (+52.1%), from €748 to €1,138
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.
Derived cash bridge
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 | €65,842 | €116,143 | +€50,301 | +76.4% |
| Fixed assets | 21/28 | €44,829 | €88,207 | +€43,378 | +96.8% |
| Tangible fixed assets | 22/27 | €44,829 | €88,207 | +€43,378 | +96.8% |
| Plant, machinery and equipment | 23 | €6,043 | €4,100 | -€1,943 | -32.1% |
| Furniture and vehicles | 24 | €8,492 | €2,011 | -€6,482 | -76.3% |
| Other tangible fixed assets | 26 | €30,293 | €82,096 | +€51,803 | +171% |
| Current assets | 29/58 | €21,013 | €27,936 | +€6,923 | +32.9% |
| Amounts receivable within one year | 40/41 | €5,872 | €16,157 | +€10,285 | +175% |
| Trade receivables | 40 | €5,872 | €16,157 | +€10,285 | +175% |
| Cash at bank and in hand | 54/58 | €14,073 | €10,614 | -€3,459 | -24.6% |
| Deferred charges and accrued income | 490/1 | €1,068 | €1,166 | +€97 | +9.1% |
| Total equity and liabilities | 10/49 | €65,842 | €116,143 | +€50,301 | +76.4% |
| Equity | 10/15 | €5,559 | -€4,184 | -€9,743 | |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €4,559 | €4,559 | = | 0.0% |
| Distributable reserves | 133 | €4,559 | €4,559 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€9,743 | -€9,743 | |
| Amounts payable | 17/49 | €60,283 | €120,327 | +€60,044 | +99.6% |
| Amounts payable within one year | 42/48 | €60,231 | €120,327 | +€60,096 | +99.8% |
| Trade debts | 44 | €5,111 | €1,034 | -€4,077 | -79.8% |
| Suppliers | 440/4 | €5,111 | €1,034 | -€4,077 | -79.8% |
| Taxes, remuneration and social security | 45 | €4,295 | €3,099 | -€1,196 | -27.8% |
| Taxes | 450/3 | €4,295 | €3,099 | -€1,196 | -27.8% |
| Other amounts payable | 47/48 | €50,826 | €116,194 | +€65,368 | +129% |
| Accrued charges and deferred income | 492/3 | €51 | - | -€51 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,696 | €16,495 | +€7,800 | +89.7% |
| Other operating charges | 640/8 | €748 | €1,138 | +€390 | +52.1% |
| Gross operating margin | 9900 | €22,218 | €8,189 | -€14,029 | -63.1% |
| Operating profit (loss) | 9901 | €12,775 | -€9,444 | -€22,218 | |
| Financial charges | 65/66B | €81 | €74 | -€7 | -8.4% |
| Recurring financial charges | 65 | €81 | €74 | -€7 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €12,694 | -€9,518 | -€22,211 | |
| Income taxes | 67/77 | €2,987 | €225 | -€2,762 | -92.5% |
| Profit (loss) for the period | 9904 | €9,706 | -€9,743 | -€19,449 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,706 | -€9,743 | -€19,449 |
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 18 October 2026 via checked.be.