MAX DELIVERY: 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 DELIVERY
Largest movements
- Cash -€12,491
down €12,491 (-82.2%), from €15,193 to €2,703
mainly Contributions, distributions and other (-€76,520) and Deferred charges and accrued income (-€10,655)
- Deferred charges and accrued income +€10,655
up €10,655 (+396.3%), from €2,689 to €13,344
- Receivables within one year +€2,697
up €2,697 (+8.1%), from €33,421 to €36,118
of which Trade receivables: +€4,407
- Tangible fixed assets -€587
down €587 (-17.0%), from €3,458 to €2,870
- Reserves -€39,728
no longer reported in 2025 (was €39,728)
- Other debts +€30,228
up €30,228 (+640.0%), from €4,723 to €34,951
- Tax, wage and social debts +€7,280
up €7,280 (+178.7%), from €4,074 to €11,353
of which Taxes: +€5,375
- Trade debts +€2,842
up €2,842 (+319.7%), from €889 to €3,731
- Gross operating margin +€44,466
up €44,466 (+200.0%), from €22,228 to €66,694
- Staff costs +€16,008
new in 2025: €16,008
- Taxes +€6,321
up €6,321 (+160.5%), from €3,937 to €10,258
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 | €54,761 | €55,035 | +€274 | +0.5% |
| Fixed assets | 21/28 | €3,458 | €2,870 | -€587 | -17.0% |
| Tangible fixed assets | 22/27 | €3,458 | €2,870 | -€587 | -17.0% |
| Furniture and vehicles | 24 | €3,458 | €2,870 | -€587 | -17.0% |
| Current assets | 29/58 | €51,303 | €52,165 | +€862 | +1.7% |
| Amounts receivable within one year | 40/41 | €33,421 | €36,118 | +€2,697 | +8.1% |
| Trade receivables | 40 | €28,411 | €32,818 | +€4,407 | +15.5% |
| Other amounts receivable | 41 | €5,010 | €3,300 | -€1,710 | -34.1% |
| Cash at bank and in hand | 54/58 | €15,193 | €2,703 | -€12,491 | -82.2% |
| Deferred charges and accrued income | 490/1 | €2,689 | €13,344 | +€10,655 | +396.3% |
| Total equity and liabilities | 10/49 | €54,761 | €55,035 | +€274 | +0.5% |
| Equity | 10/15 | €44,728 | €5,000 | -€39,728 | -88.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €39,728 | - | -€39,728 | |
| Distributable reserves | 133 | €39,728 | - | -€39,728 | |
| Amounts payable | 17/49 | €10,033 | €50,035 | +€40,003 | +398.7% |
| Amounts payable within one year | 42/48 | €9,686 | €50,035 | +€40,349 | +416.6% |
| Trade debts | 44 | €889 | €3,731 | +€2,842 | +319.7% |
| Suppliers | 440/4 | €889 | €3,731 | +€2,842 | +319.7% |
| Taxes, remuneration and social security | 45 | €4,074 | €11,353 | +€7,280 | +178.7% |
| Taxes | 450/3 | €4,074 | €9,449 | +€5,375 | +131.9% |
| Remuneration and social security | 454/9 | - | €1,904 | +€1,904 | |
| Other amounts payable | 47/48 | €4,723 | €34,951 | +€30,228 | +640.0% |
| Accrued charges and deferred income | 492/3 | €346 | - | -€346 | |
| Remuneration, social security and pensions | 62 | - | €16,008 | +€16,008 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,572 | €2,636 | +€64 | +2.5% |
| Other operating charges | 640/8 | €752 | €914 | +€162 | +21.5% |
| Gross operating margin | 9900 | €22,228 | €66,694 | +€44,466 | +200.0% |
| Operating profit (loss) | 9901 | €18,903 | €47,136 | +€28,232 | +149.4% |
| Financial income | 75/76B | €456 | €280 | -€176 | -38.7% |
| Recurring financial income | 75 | €456 | €280 | -€176 | -38.7% |
| Financial charges | 65/66B | €899 | €366 | -€533 | -59.3% |
| Recurring financial charges | 65 | €899 | €366 | -€533 | -59.3% |
| Profit (loss) for the period before taxes | 9903 | €18,460 | €47,050 | +€28,589 | +154.9% |
| Income taxes | 67/77 | €3,937 | €10,258 | +€6,321 | +160.5% |
| Profit (loss) for the period | 9904 | €14,523 | €36,791 | +€22,269 | +153.3% |
| Profit (loss) for the period to be appropriated | 9905 | €14,523 | €36,791 | +€22,269 | +153.3% |
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.