Max & Hugo: 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 & Hugo
Largest movements
- Cash -€8,354
down €8,354 (-8.2%), from €101,608 to €93,254
mainly Debts after one year (-€21,093) and Contributions, distributions and other (-€12,000)
- Tangible fixed assets -€7,877
down €7,877 (-11.6%), from €68,037 to €60,161
of which Plant, machinery and equipment: -€13,225
- Debts after one year -€21,093
down €21,093 (-85.4%), from €24,709 to €3,616
- Accrued charges and deferred income -€6,166
down €6,166 (-92.7%), from €6,654 to €488
- Tax, wage and social debts +€4,262
up €4,262 (+16.8%), from €25,443 to €29,705
of which Taxes: +€4,209
- Profit (loss) carried forward +€3,905
up €3,905 (+3.9%), from €100,284 to €104,190
- Gross operating margin +€51,110
up €51,110 (+30.4%), from €168,110 to €219,220
- Staff costs +€50,173
up €50,173 (+39.7%), from €126,337 to €176,509
- Depreciation +€2,344
up €2,344 (+17.6%), from €13,314 to €15,658
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 | €204,471 | €188,385 | -€16,086 | -7.9% |
| Fixed assets | 21/28 | €74,857 | €66,981 | -€7,877 | -10.5% |
| Tangible fixed assets | 22/27 | €68,037 | €60,161 | -€7,877 | -11.6% |
| Plant, machinery and equipment | 23 | €56,670 | €43,445 | -€13,225 | -23.3% |
| Furniture and vehicles | 24 | - | €6,899 | +€6,899 | |
| Other tangible fixed assets | 26 | €11,367 | €9,817 | -€1,550 | -13.6% |
| Financial fixed assets | 28 | €6,820 | €6,820 | = | 0.0% |
| Current assets | 29/58 | €129,614 | €121,404 | -€8,210 | -6.3% |
| Stocks and contracts in progress | 3 | €7,163 | €7,285 | +€121 | +1.7% |
| Stocks | 30/36 | €7,163 | €7,285 | +€121 | +1.7% |
| Amounts receivable within one year | 40/41 | €17,112 | €18,893 | +€1,780 | +10.4% |
| Trade receivables | 40 | €8,259 | €9,282 | +€1,023 | +12.4% |
| Other amounts receivable | 41 | €8,853 | €9,610 | +€757 | +8.6% |
| Cash at bank and in hand | 54/58 | €101,608 | €93,254 | -€8,354 | -8.2% |
| Deferred charges and accrued income | 490/1 | €3,730 | €1,973 | -€1,757 | -47.1% |
| Total equity and liabilities | 10/49 | €204,471 | €188,385 | -€16,086 | -7.9% |
| Equity | 10/15 | €110,284 | €114,190 | +€3,905 | +3.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €100,284 | €104,190 | +€3,905 | +3.9% |
| Amounts payable | 17/49 | €94,187 | €74,195 | -€19,992 | -21.2% |
| Amounts payable after more than one year | 17 | €24,709 | €3,616 | -€21,093 | -85.4% |
| Financial debts | 170/4 | €24,709 | €3,616 | -€21,093 | -85.4% |
| Amounts payable within one year | 42/48 | €62,823 | €70,091 | +€7,268 | +11.6% |
| Current portion of amounts payable after more than one year | 42 | €21,105 | €21,138 | +€33 | +0.2% |
| Trade debts | 44 | €6,432 | €7,381 | +€949 | +14.8% |
| Suppliers | 440/4 | €6,432 | €7,381 | +€949 | +14.8% |
| Taxes, remuneration and social security | 45 | €25,443 | €29,705 | +€4,262 | +16.8% |
| Taxes | 450/3 | €2,936 | €7,145 | +€4,209 | +143.4% |
| Remuneration and social security | 454/9 | €22,507 | €22,560 | +€52 | +0.2% |
| Other amounts payable | 47/48 | €9,844 | €11,868 | +€2,024 | +20.6% |
| Accrued charges and deferred income | 492/3 | €6,654 | €488 | -€6,166 | -92.7% |
| Remuneration, social security and pensions | 62 | €126,337 | €176,509 | +€50,173 | +39.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,314 | €15,658 | +€2,344 | +17.6% |
| Other operating charges | 640/8 | €1,338 | €1,031 | -€307 | -23.0% |
| Gross operating margin | 9900 | €168,110 | €219,220 | +€51,110 | +30.4% |
| Operating profit (loss) | 9901 | €27,122 | €26,023 | -€1,099 | -4.1% |
| Financial income | 75/76B | €255 | €252 | -€3 | -1.1% |
| Recurring financial income | 75 | €255 | €252 | -€3 | -1.1% |
| Financial charges | 65/66B | €3,602 | €4,268 | +€667 | +18.5% |
| Recurring financial charges | 65 | €3,602 | €4,268 | +€667 | +18.5% |
| Profit (loss) for the period before taxes | 9903 | €23,775 | €22,007 | -€1,769 | -7.4% |
| Income taxes | 67/77 | €7,713 | €6,101 | -€1,612 | -20.9% |
| Profit (loss) for the period | 9904 | €16,062 | €15,905 | -€157 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,062 | €15,905 | -€157 | -1.0% |
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.