Max Holding: 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 Holding
Largest movements
- Receivables within one year -€23,601
down €23,601 (-25.3%), from €93,335 to €69,734
of which Trade receivables: -€24,000
- Financial fixed assets -€2,980
down €2,980 (-8.9%), from €33,344 to €30,364
- Debts after one year -€68,190
down €68,190 (-53.0%), from €128,570 to €60,380
- Profit (loss) carried forward +€29,813
up €29,813, from -€20,668 to €9,145
- Tax, wage and social debts +€11,478
up €11,478 (+1909.8%), from €601 to €12,079
- Gross operating margin +€30,414
up €30,414 (+3029.3%), from €1,004 to €31,418
- Taxes +€3,618
new in 2025: €3,618
- Other operating charges -€1,551
down €1,551 (-69.2%), from €2,240 to €689
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €126,679 | €100,098 | -€26,581 | -21.0% |
| Fixed assets | 21/28 | €33,344 | €30,364 | -€2,980 | -8.9% |
| Financial fixed assets | 28 | €33,344 | €30,364 | -€2,980 | -8.9% |
| Current assets | 29/58 | €93,335 | €69,734 | -€23,601 | -25.3% |
| Amounts receivable within one year | 40/41 | €93,335 | €69,734 | -€23,601 | -25.3% |
| Trade receivables | 40 | €24,000 | €0 | -€24,000 | -100.0% |
| Other amounts receivable | 41 | €69,335 | €69,734 | +€399 | +0.6% |
| Total equity and liabilities | 10/49 | €126,679 | €100,098 | -€26,581 | -21.0% |
| Equity | 10/15 | -€8,268 | €21,545 | +€29,813 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,668 | €9,145 | +€29,813 | |
| Amounts payable | 17/49 | €134,947 | €78,553 | -€56,394 | -41.8% |
| Amounts payable after more than one year | 17 | €128,570 | €60,380 | -€68,190 | -53.0% |
| Other amounts payable | 178/9 | €128,570 | €60,380 | -€68,190 | -53.0% |
| Amounts payable within one year | 42/48 | €6,377 | €18,172 | +€11,795 | +185.0% |
| Financial debts | 43 | €4,792 | €5,090 | +€298 | +6.2% |
| Credit institutions | 430/8 | €4,792 | €5,090 | +€298 | +6.2% |
| Trade debts | 44 | €984 | €1,003 | +€19 | +2.0% |
| Suppliers | 440/4 | €984 | €1,003 | +€19 | +2.0% |
| Taxes, remuneration and social security | 45 | €601 | €12,079 | +€11,478 | +1909.8% |
| Taxes | 450/3 | €601 | €12,079 | +€11,478 | +1909.8% |
| Other operating charges | 640/8 | €2,240 | €689 | -€1,551 | -69.2% |
| Gross operating margin | 9900 | €1,004 | €31,418 | +€30,414 | +3029.3% |
| Operating profit (loss) | 9901 | -€1,236 | €30,728 | +€31,964 | |
| Financial income | 75/76B | €3,185 | €3,370 | +€185 | +5.8% |
| Recurring financial income | 75 | €3,185 | €3,370 | +€185 | +5.8% |
| Financial charges | 65/66B | €846 | €668 | -€178 | -21.1% |
| Recurring financial charges | 65 | €846 | €668 | -€178 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | €1,103 | €33,431 | +€32,328 | +2930.9% |
| Income taxes | 67/77 | - | €3,618 | +€3,618 | |
| Profit (loss) for the period | 9904 | €1,103 | €29,813 | +€28,710 | +2602.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,103 | €29,813 | +€28,710 | +2602.9% |
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 3 October 2026 via checked.be.