MAX ET LOLA: 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 ET LOLA
Largest movements
- Deferred charges and accrued income -€79,231
down €79,231 (-98.2%), from €80,701 to €1,471
- Stocks and contracts -€47,049
down €47,049 (-24.2%), from €194,105 to €147,056
- Receivables within one year +€15,345
up €15,345 (+139%), from €11,069 to €26,414
of which Trade receivables: +€9,679
- Cash +€12,508
new in 2026: €12,508
mainly Deferred charges and accrued income (+€79,231) and Stocks and contracts (+€47,049)
- Tangible fixed assets -€7,314
down €7,314 (-5.5%), from €132,151 to €124,837
of which Land and buildings: -€7,004
- Short-term financial debts -€70,414
down €70,414 (-100.0%), from €70,419 to €5
- Trade debts -€69,866
down €69,866 (-41.2%), from €169,474 to €99,608
- Debts after one year +€42,738
new in 2026: €42,738
- Accrued charges and deferred income -€40,647
down €40,647 (-38.8%), from €104,704 to €64,057
- Current portion of long-term debt +€22,225
up €22,225 (+1,041%), from €2,134 to €24,359
- Gross operating margin -€64,391
down €64,391 (-80.6%), from €79,895 to €15,503
- Write-downs -€15,822
new in 2026: -€15,822
- Depreciation -€4,611
down €4,611 (-38.7%), from €11,925 to €7,314
- Financial charges -€3,253
down €3,253 (-22.6%), from €14,373 to €11,120
- Other operating charges +€995
up €995 (+9.2%), from €10,870 to €11,865
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €418,176 | €312,435 | -€105,740 | -25.3% |
| Fixed assets | 21/28 | €132,301 | €124,987 | -€7,314 | -5.5% |
| Tangible fixed assets | 22/27 | €132,151 | €124,837 | -€7,314 | -5.5% |
| Land and buildings | 22 | €131,265 | €124,261 | -€7,004 | -5.3% |
| Plant, machinery and equipment | 23 | €459 | €406 | -€53 | -11.5% |
| Furniture and vehicles | 24 | €427 | €170 | -€257 | -60.1% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €285,875 | €187,449 | -€98,426 | -34.4% |
| Stocks and contracts in progress | 3 | €194,105 | €147,056 | -€47,049 | -24.2% |
| Stocks | 30/36 | €194,105 | €147,056 | -€47,049 | -24.2% |
| Amounts receivable within one year | 40/41 | €11,069 | €26,414 | +€15,345 | +139% |
| Trade receivables | 40 | €11,069 | €20,747 | +€9,679 | +87.4% |
| Other amounts receivable | 41 | - | €5,667 | +€5,667 | |
| Cash at bank and in hand | 54/58 | - | €12,508 | +€12,508 | |
| Deferred charges and accrued income | 490/1 | €80,701 | €1,471 | -€79,231 | -98.2% |
| Total equity and liabilities | 10/49 | €418,176 | €312,435 | -€105,740 | -25.3% |
| Equity | 10/15 | -€64,127 | -€70,517 | -€6,389 | -10.0% |
| Contributions | 10/11 | €37,192 | €37,192 | = | 0.0% |
| Revaluation surpluses | 12 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €15,819 | €15,819 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,960 | €13,960 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€207,139 | -€213,528 | -€6,389 | -3.1% |
| Amounts payable | 17/49 | €482,303 | €382,952 | -€99,351 | -20.6% |
| Amounts payable after more than one year | 17 | - | €42,738 | +€42,738 | |
| Financial debts | 170/4 | - | €42,738 | +€42,738 | |
| Amounts payable within one year | 42/48 | €377,599 | €276,156 | -€101,442 | -26.9% |
| Current portion of amounts payable after more than one year | 42 | €2,134 | €24,359 | +€22,225 | +1,041% |
| Financial debts | 43 | €70,419 | €5 | -€70,414 | -100.0% |
| Credit institutions | 430/8 | €70,419 | €5 | -€70,414 | -100.0% |
| Trade debts | 44 | €169,474 | €99,608 | -€69,866 | -41.2% |
| Suppliers | 440/4 | €169,474 | €99,608 | -€69,866 | -41.2% |
| Taxes, remuneration and social security | 45 | €22,305 | €20,618 | -€1,687 | -7.6% |
| Taxes | 450/3 | €22,305 | €20,575 | -€1,730 | -7.8% |
| Remuneration and social security | 454/9 | - | €44 | +€44 | |
| Other amounts payable | 47/48 | €113,266 | €131,566 | +€18,300 | +16.2% |
| Accrued charges and deferred income | 492/3 | €104,704 | €64,057 | -€40,647 | -38.8% |
| Non-recurring operating income | 76A | - | €27,747 | +€27,747 | |
| Remuneration, social security and pensions | 62 | €6,866 | €7,132 | +€266 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,925 | €7,314 | -€4,611 | -38.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€15,822 | -€15,822 | |
| Other operating charges | 640/8 | €10,870 | €11,865 | +€995 | +9.2% |
| Gross operating margin | 9900 | €79,895 | €15,503 | -€64,391 | -80.6% |
| Operating profit (loss) | 9901 | €50,233 | €5,014 | -€45,220 | -90.0% |
| Financial income | 75/76B | €96 | €0 | -€96 | -100.0% |
| Recurring financial income | 75 | €96 | €0 | -€96 | -100.0% |
| Financial charges | 65/66B | €14,373 | €11,120 | -€3,253 | -22.6% |
| Recurring financial charges | 65 | €14,373 | €11,120 | -€3,253 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | €35,956 | -€6,106 | -€42,063 | |
| Income taxes | 67/77 | €233 | €283 | +€50 | +21.7% |
| Profit (loss) for the period | 9904 | €35,724 | -€6,389 | -€42,113 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,724 | -€6,389 | -€42,113 |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.