Max-Estate: 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-Estate
Largest movements
- Receivables after one year -€7,500
down €7,500 (-16.9%), from €44,500 to €37,000
- Receivables within one year -€4,850
down €4,850 (-60.9%), from €7,961 to €3,111
of which Trade receivables: -€5,493
- Deferred charges and accrued income -€4,398
down €4,398 (-74.1%), from €5,938 to €1,540
- Cash -€1,227
down €1,227 (-61.8%), from €1,985 to €758
mainly Contributions, distributions and other (-€9,000) and Tax, wage and social debts (-€8,317)
- Tax, wage and social debts -€8,317
down €8,317 (-72.0%), from €11,550 to €3,233
of which Taxes: -€7,318
- Reserves -€6,481
down €6,481 (-15.9%), from €40,704 to €34,223
- Trade debts -€6,301
down €6,301 (-89.9%), from €7,006 to €705
- Short-term financial debts +€2,655
up €2,655 (+314.4%), from €845 to €3,500
- Gross operating margin -€4,192
down €4,192 (-33.4%), from €12,555 to €8,362
- Taxes -€1,288
down €1,288 (-31.1%), from €4,147 to €2,859
- Financial charges +€1,119
up €1,119 (+114.5%), from €977 to €2,095
- Depreciation +€395
up €395 (+51.9%), from €760 to €1,155
- Other operating charges -€284
down €284 (-25.6%), from €1,112 to €827
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 | €62,459 | €44,690 | -€17,770 | -28.5% |
| Fixed assets | 21/28 | €2,076 | €2,280 | +€204 | +9.8% |
| Tangible fixed assets | 22/27 | €2,076 | €2,280 | +€204 | +9.8% |
| Land and buildings | 22 | €2,076 | €1,316 | -€760 | -36.6% |
| Plant, machinery and equipment | 23 | - | €964 | +€964 | |
| Current assets | 29/58 | €60,384 | €42,409 | -€17,974 | -29.8% |
| Amounts receivable after more than one year | 29 | €44,500 | €37,000 | -€7,500 | -16.9% |
| Other amounts receivable | 291 | €44,500 | €37,000 | -€7,500 | -16.9% |
| Amounts receivable within one year | 40/41 | €7,961 | €3,111 | -€4,850 | -60.9% |
| Trade receivables | 40 | €7,961 | €2,468 | -€5,493 | -69.0% |
| Other amounts receivable | 41 | - | €643 | +€643 | |
| Cash at bank and in hand | 54/58 | €1,985 | €758 | -€1,227 | -61.8% |
| Deferred charges and accrued income | 490/1 | €5,938 | €1,540 | -€4,398 | -74.1% |
| Total equity and liabilities | 10/49 | €62,459 | €44,690 | -€17,770 | -28.5% |
| Equity | 10/15 | €42,704 | €36,223 | -€6,481 | -15.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €40,704 | €34,223 | -€6,481 | -15.9% |
| Distributable reserves | 133 | €40,704 | €34,223 | -€6,481 | -15.9% |
| Amounts payable | 17/49 | €19,755 | €8,467 | -€11,288 | -57.1% |
| Amounts payable within one year | 42/48 | €19,483 | €8,126 | -€11,357 | -58.3% |
| Financial debts | 43 | €845 | €3,500 | +€2,655 | +314.4% |
| Credit institutions | 430/8 | €845 | €3,500 | +€2,655 | +314.4% |
| Trade debts | 44 | €7,006 | €705 | -€6,301 | -89.9% |
| Suppliers | 440/4 | €7,006 | €705 | -€6,301 | -89.9% |
| Taxes, remuneration and social security | 45 | €11,550 | €3,233 | -€8,317 | -72.0% |
| Taxes | 450/3 | €9,124 | €1,806 | -€7,318 | -80.2% |
| Remuneration and social security | 454/9 | €2,426 | €1,427 | -€999 | -41.2% |
| Other amounts payable | 47/48 | €82 | €688 | +€606 | +735.7% |
| Accrued charges and deferred income | 492/3 | €272 | €340 | +€68 | +25.1% |
| Non-recurring operating income | 76A | - | €13,591 | +€13,591 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €760 | €1,155 | +€395 | +51.9% |
| Other operating charges | 640/8 | €1,112 | €827 | -€284 | -25.6% |
| Gross operating margin | 9900 | €12,555 | €8,362 | -€4,192 | -33.4% |
| Operating profit (loss) | 9901 | €10,683 | €6,381 | -€4,303 | -40.3% |
| Financial income | 75/76B | €1,298 | €1,092 | -€206 | -15.9% |
| Recurring financial income | 75 | €1,298 | €1,092 | -€206 | -15.9% |
| Financial charges | 65/66B | €977 | €2,095 | +€1,119 | +114.5% |
| Recurring financial charges | 65 | €977 | €2,095 | +€1,119 | +114.5% |
| Profit (loss) for the period before taxes | 9903 | €11,005 | €5,378 | -€5,627 | -51.1% |
| Income taxes | 67/77 | €4,147 | €2,859 | -€1,288 | -31.1% |
| Profit (loss) for the period | 9904 | €6,858 | €2,519 | -€4,339 | -63.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,858 | €2,519 | -€4,339 | -63.3% |
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 7 October 2026 via checked.be.