MAX I: 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 I
Largest movements
- Receivables within one year -€181,483
down €181,483 (-32.0%), from €567,634 to €386,150
of which Other amounts receivable: -€154,697
- Financial fixed assets +€108,000
up €108,000 (+50.0%), from €216,000 to €324,000
- Cash +€42,769
up €42,769 (+2,063%), from €2,073 to €44,842
mainly Receivables within one year (+€181,483) and Deferred charges and accrued income (+€36,743)
- Deferred charges and accrued income -€36,743
down €36,743 (-77.3%), from €47,534 to €10,791
- Tangible fixed assets -€31,975
down €31,975 (-19.7%), from €162,081 to €130,106
of which Furniture and vehicles: -€19,644
- Reserves -€98,895
down €98,895 (-25.2%), from €392,408 to €293,513
of which Distributable reserves: -€98,895
- Gross operating margin -€29,364
down €29,364 (-57.2%), from -€51,368 to -€80,732
- Financial income -€4,815
down €4,815 (-19.4%), from €24,874 to €20,059
- Other operating charges -€949
down €949 (-27.9%), from €3,396 to €2,448
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.
Derived cash bridge
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 | €997,156 | €897,723 | -€99,433 | -10.0% |
| Fixed assets | 21/28 | €379,915 | €455,940 | +€76,025 | +20.0% |
| Intangible fixed assets | 21 | €1,834 | €1,834 | = | 0.0% |
| Tangible fixed assets | 22/27 | €162,081 | €130,106 | -€31,975 | -19.7% |
| Furniture and vehicles | 24 | €85,781 | €66,137 | -€19,644 | -22.9% |
| Other tangible fixed assets | 26 | €76,300 | €63,969 | -€12,332 | -16.2% |
| Financial fixed assets | 28 | €216,000 | €324,000 | +€108,000 | +50.0% |
| Current assets | 29/58 | €617,241 | €441,783 | -€175,457 | -28.4% |
| Amounts receivable within one year | 40/41 | €567,634 | €386,150 | -€181,483 | -32.0% |
| Trade receivables | 40 | €45,057 | €18,271 | -€26,786 | -59.4% |
| Other amounts receivable | 41 | €522,577 | €367,879 | -€154,697 | -29.6% |
| Cash at bank and in hand | 54/58 | €2,073 | €44,842 | +€42,769 | +2,063% |
| Deferred charges and accrued income | 490/1 | €47,534 | €10,791 | -€36,743 | -77.3% |
| Total equity and liabilities | 10/49 | €997,156 | €897,723 | -€99,433 | -10.0% |
| Equity | 10/15 | €442,008 | €343,113 | -€98,895 | -22.4% |
| Contributions | 10/11 | €49,600 | €49,600 | = | 0.0% |
| Reserves | 13 | €392,408 | €293,513 | -€98,895 | -25.2% |
| Non-distributable reserves | 130/1 | €43,075 | €43,075 | = | 0.0% |
| Reserves not available under the articles | 1311 | €43,075 | €43,075 | = | 0.0% |
| Distributable reserves | 133 | €349,333 | €250,438 | -€98,895 | -28.3% |
| Amounts payable | 17/49 | €555,148 | €554,610 | -€538 | -0.1% |
| Amounts payable within one year | 42/48 | €555,148 | €554,610 | -€538 | -0.1% |
| Financial debts | 43 | €2,118 | €4,389 | +€2,271 | +107% |
| Credit institutions | 430/8 | €2,118 | €4,389 | +€2,271 | +107% |
| Trade debts | 44 | €11,205 | €10,680 | -€525 | -4.7% |
| Suppliers | 440/4 | €11,205 | €10,680 | -€525 | -4.7% |
| Taxes, remuneration and social security | 45 | €880 | €6,550 | +€5,670 | +644% |
| Taxes | 450/3 | €880 | €6,550 | +€5,670 | +644% |
| Other amounts payable | 47/48 | €540,945 | €532,990 | -€7,954 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,969 | €34,412 | +€443 | +1.3% |
| Other operating charges | 640/8 | €3,396 | €2,448 | -€949 | -27.9% |
| Gross operating margin | 9900 | -€51,368 | -€80,732 | -€29,364 | -57.2% |
| Operating profit (loss) | 9901 | -€88,733 | -€117,592 | -€28,858 | -32.5% |
| Financial income | 75/76B | €24,874 | €20,059 | -€4,815 | -19.4% |
| Recurring financial income | 75 | €24,874 | €20,059 | -€4,815 | -19.4% |
| Financial charges | 65/66B | €1,177 | €552 | -€625 | -53.1% |
| Recurring financial charges | 65 | €1,177 | €552 | -€625 | -53.1% |
| Profit (loss) for the period before taxes | 9903 | -€65,036 | -€98,085 | -€33,048 | -50.8% |
| Income taxes | 67/77 | €700 | €810 | +€110 | +15.8% |
| Profit (loss) for the period | 9904 | -€65,736 | -€98,895 | -€33,159 | -50.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,736 | -€98,895 | -€33,159 | -50.4% |
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 15 October 2026 via checked.be.