MAX HURTAUD: 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 HURTAUD
Largest movements
- Cash +€13,507
up €13,507 (+44.3%), from €30,467 to €43,974
mainly Net result for the year (+€10,836) and Receivables within one year (+€2,984)
- Receivables within one year -€2,984
down €2,984 (-32.5%), from €9,171 to €6,187
- Tangible fixed assets -€711
down €711 (-41.8%), from €1,701 to €989
of which Furniture and vehicles: -€365
- Profit (loss) carried forward +€10,836
up €10,836 (+34.2%), from €31,684 to €42,519
- Trade debts -€1,852
no longer reported in 2025 (was €1,852)
- Other debts +€544
up €544 (+93.5%), from €582 to €1,126
- Staff costs -€8,366
no longer reported in 2025 (was €8,366)
- Gross operating margin -€7,114
down €7,114 (-37.6%), from €18,938 to €11,824
- Financial charges -€876
down €876 (-72.3%), from €1,212 to €336
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 | €41,959 | €51,771 | +€9,812 | +23.4% |
| Fixed assets | 21/28 | €2,321 | €1,609 | -€711 | -30.7% |
| Tangible fixed assets | 22/27 | €1,701 | €989 | -€711 | -41.8% |
| Furniture and vehicles | 24 | €894 | €530 | -€365 | -40.8% |
| Other tangible fixed assets | 26 | €807 | €460 | -€347 | -43.0% |
| Financial fixed assets | 28 | €620 | €620 | = | 0.0% |
| Current assets | 29/58 | €39,639 | €50,161 | +€10,523 | +26.5% |
| Amounts receivable within one year | 40/41 | €9,171 | €6,187 | -€2,984 | -32.5% |
| Trade receivables | 40 | €9,171 | €6,187 | -€2,984 | -32.5% |
| Cash at bank and in hand | 54/58 | €30,467 | €43,974 | +€13,507 | +44.3% |
| Total equity and liabilities | 10/49 | €41,959 | €51,771 | +€9,812 | +23.4% |
| Equity | 10/15 | €38,684 | €49,519 | +€10,836 | +28.0% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Capital | 10 | €7,000 | €7,000 | = | 0.0% |
| Issued capital | 100 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,684 | €42,519 | +€10,836 | +34.2% |
| Amounts payable | 17/49 | €3,276 | €2,252 | -€1,024 | -31.3% |
| Amounts payable within one year | 42/48 | €3,276 | €2,252 | -€1,024 | -31.3% |
| Trade debts | 44 | €1,852 | - | -€1,852 | |
| Suppliers | 440/4 | €1,852 | - | -€1,852 | |
| Taxes, remuneration and social security | 45 | €842 | €1,126 | +€284 | +33.8% |
| Taxes | 450/3 | €842 | €1,126 | +€284 | +33.8% |
| Other amounts payable | 47/48 | €582 | €1,126 | +€544 | +93.5% |
| Remuneration, social security and pensions | 62 | €8,366 | - | -€8,366 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €558 | €711 | +€154 | +27.6% |
| Other operating charges | 640/8 | €339 | €269 | -€69 | -20.5% |
| Gross operating margin | 9900 | €18,938 | €11,824 | -€7,114 | -37.6% |
| Operating profit (loss) | 9901 | €9,676 | €10,843 | +€1,167 | +12.1% |
| Financial income | 75/76B | €160 | €328 | +€169 | +105.8% |
| Recurring financial income | 75 | €160 | €328 | +€169 | +105.8% |
| Financial charges | 65/66B | €1,212 | €336 | -€876 | -72.3% |
| Recurring financial charges | 65 | €1,212 | €336 | -€876 | -72.3% |
| Profit (loss) for the period before taxes | 9903 | €8,624 | €10,836 | +€2,212 | +25.6% |
| Profit (loss) for the period | 9904 | €8,624 | €10,836 | +€2,212 | +25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €8,624 | €10,836 | +€2,212 | +25.6% |
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.