MAX DE TWEEDE: 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 TWEEDE
Largest movements
- Tangible fixed assets -€113,250
down €113,250 (-18.4%), from €614,688 to €501,438
- Cash +€28,403
up €28,403 (+18.3%), from €155,083 to €183,486
mainly Trade debts (+€123,299) and Depreciation (+€90,522)
- Receivables within one year +€27,139
up €27,139 (+32.5%), from €83,426 to €110,565
of which Trade receivables: +€15,488
- Deferred charges and accrued income +€13,771
up €13,771 (+56.0%), from €24,579 to €38,350
- Trade debts +€123,299
up €123,299 (+26.9%), from €458,354 to €581,652
- Debts after one year -€118,583
down €118,583 (-34.1%), from €347,774 to €229,191
- Profit (loss) carried forward -€59,114
down €59,114 (-16.7%), from -€354,904 to -€414,018
- Tax, wage and social debts +€9,432
up €9,432 (+18.6%), from €50,596 to €60,028
of which Remuneration and social security: +€9,331
- Staff costs +€80,376
up €80,376 (+16.9%), from €476,220 to €556,596
- Gross operating margin +€52,557
up €52,557 (+9.1%), from €576,408 to €628,966
- Other operating charges +€28,847
up €28,847 (+704%), from €4,098 to €32,945
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 | €895,485 | €851,801 | -€43,685 | -4.9% |
| Fixed assets | 21/28 | €615,283 | €502,033 | -€113,250 | -18.4% |
| Tangible fixed assets | 22/27 | €614,688 | €501,438 | -€113,250 | -18.4% |
| Plant, machinery and equipment | 23 | €614,688 | €501,438 | -€113,250 | -18.4% |
| Financial fixed assets | 28 | €595 | €595 | = | 0.0% |
| Current assets | 29/58 | €280,202 | €349,767 | +€69,565 | +24.8% |
| Stocks and contracts in progress | 3 | €17,115 | €17,366 | +€252 | +1.5% |
| Stocks | 30/36 | €17,115 | €17,366 | +€252 | +1.5% |
| Amounts receivable within one year | 40/41 | €83,426 | €110,565 | +€27,139 | +32.5% |
| Trade receivables | 40 | €68,818 | €84,307 | +€15,488 | +22.5% |
| Other amounts receivable | 41 | €14,607 | €26,258 | +€11,651 | +79.8% |
| Cash at bank and in hand | 54/58 | €155,083 | €183,486 | +€28,403 | +18.3% |
| Deferred charges and accrued income | 490/1 | €24,579 | €38,350 | +€13,771 | +56.0% |
| Total equity and liabilities | 10/49 | €895,485 | €851,801 | -€43,685 | -4.9% |
| Equity | 10/15 | -€79,904 | -€139,018 | -€59,114 | -74.0% |
| Contributions | 10/11 | €275,000 | €275,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€354,904 | -€414,018 | -€59,114 | -16.7% |
| Amounts payable | 17/49 | €975,389 | €990,819 | +€15,430 | +1.6% |
| Amounts payable after more than one year | 17 | €347,774 | €229,191 | -€118,583 | -34.1% |
| Financial debts | 170/4 | €347,774 | €229,191 | -€118,583 | -34.1% |
| Amounts payable within one year | 42/48 | €627,615 | €760,757 | +€133,142 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €117,906 | €118,583 | +€677 | +0.6% |
| Trade debts | 44 | €458,354 | €581,652 | +€123,299 | +26.9% |
| Suppliers | 440/4 | €458,354 | €581,652 | +€123,299 | +26.9% |
| Taxes, remuneration and social security | 45 | €50,596 | €60,028 | +€9,432 | +18.6% |
| Taxes | 450/3 | - | €101 | +€101 | |
| Remuneration and social security | 454/9 | €50,596 | €59,927 | +€9,331 | +18.4% |
| Other amounts payable | 47/48 | €760 | €494 | -€266 | -35.0% |
| Accrued charges and deferred income | 492/3 | - | €871 | +€871 | |
| Remuneration, social security and pensions | 62 | €476,220 | €556,596 | +€80,376 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,984 | €90,522 | +€538 | +0.6% |
| Other operating charges | 640/8 | €4,098 | €32,945 | +€28,847 | +704% |
| Gross operating margin | 9900 | €576,408 | €628,966 | +€52,557 | +9.1% |
| Operating profit (loss) | 9901 | €6,106 | -€51,097 | -€57,204 | |
| Financial income | 75/76B | €506 | - | -€506 | |
| Recurring financial income | 75 | €506 | - | -€506 | |
| Financial charges | 65/66B | €8,075 | €7,852 | -€224 | -2.8% |
| Recurring financial charges | 65 | €8,075 | €7,852 | -€224 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,463 | -€58,949 | -€57,486 | -3,930% |
| Income taxes | 67/77 | €160 | €165 | +€5 | +3.1% |
| Profit (loss) for the period | 9904 | -€1,623 | -€59,114 | -€57,491 | -3,543% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,623 | -€59,114 | -€57,491 | -3,543% |
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 24 October 2026 via checked.be.