MAX IMMO: 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 IMMO
Largest movements
- Stocks and contracts -€338,578
no longer reported in 2025 (was €338,578)
- Receivables within one year +€160,475
up €160,475 (+76.4%), from €210,052 to €370,527
of which Other amounts receivable: +€157,651
- Cash +€90,611
up €90,611 (+417.9%), from €21,681 to €112,292
mainly Stocks and contracts (+€338,578) and Net result for the year (+€157,042)
- Tangible fixed assets -€57,608
down €57,608 (-4.5%), from €1.3m to €1.2m
of which Land and buildings: -€56,653
- Debts after one year -€346,572
down €346,572 (-27.3%), from €1.3m to €922,266
of which Financial debts: -€346,572
- Profit (loss) carried forward +€157,042
up €157,042 (+54.3%), from €289,130 to €446,173
- Tax, wage and social debts +€47,288
up €47,288 (+51919.2%), from €91 to €47,379
- Other debts -€38,642
down €38,642 (-71.4%), from €54,146 to €15,504
- Gross operating margin +€170,508
up €170,508 (+79.5%), from €214,418 to €384,926
- Taxes +€55,285
up €55,285 (+422.8%), from €13,076 to €68,361
- Other operating charges +€18,102
up €18,102 (+206.7%), from €8,759 to €26,862
- Financial charges +€9,476
up €9,476 (+35.3%), from €26,824 to €36,301
- Depreciation +€6,046
up €6,046 (+6.7%), from €90,315 to €96,361
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 | €1,857,756 | €1,699,304 | -€158,451 | -8.5% |
| Fixed assets | 21/28 | €1,287,446 | €1,216,486 | -€70,960 | -5.5% |
| Tangible fixed assets | 22/27 | €1,274,094 | €1,216,486 | -€57,608 | -4.5% |
| Land and buildings | 22 | €1,231,060 | €1,174,407 | -€56,653 | -4.6% |
| Furniture and vehicles | 24 | €3,610 | €2,655 | -€956 | -26.5% |
| Assets under construction and advance payments | 27 | €39,424 | €39,424 | = | 0.0% |
| Financial fixed assets | 28 | €13,352 | - | -€13,352 | |
| Current assets | 29/58 | €570,310 | €482,819 | -€87,491 | -15.3% |
| Stocks and contracts in progress | 3 | €338,578 | - | -€338,578 | |
| Stocks | 30/36 | €338,578 | - | -€338,578 | |
| Amounts receivable within one year | 40/41 | €210,052 | €370,527 | +€160,475 | +76.4% |
| Trade receivables | 40 | €154,130 | €156,954 | +€2,824 | +1.8% |
| Other amounts receivable | 41 | €55,921 | €213,572 | +€157,651 | +281.9% |
| Cash at bank and in hand | 54/58 | €21,681 | €112,292 | +€90,611 | +417.9% |
| Total equity and liabilities | 10/49 | €1,857,756 | €1,699,304 | -€158,451 | -8.5% |
| Equity | 10/15 | €322,140 | €479,183 | +€157,042 | +48.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €20,610 | €20,610 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €289,130 | €446,173 | +€157,042 | +54.3% |
| Amounts payable | 17/49 | €1,535,615 | €1,220,121 | -€315,494 | -20.5% |
| Amounts payable after more than one year | 17 | €1,268,838 | €922,266 | -€346,572 | -27.3% |
| Financial debts | 170/4 | €1,264,938 | €918,366 | -€346,572 | -27.4% |
| Other amounts payable | 178/9 | €3,900 | €3,900 | = | 0.0% |
| Amounts payable within one year | 42/48 | €266,777 | €297,157 | +€30,379 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €159,250 | €175,973 | +€16,723 | +10.5% |
| Trade debts | 44 | €46,220 | €51,231 | +€5,011 | +10.8% |
| Suppliers | 440/4 | €46,220 | €51,231 | +€5,011 | +10.8% |
| Advances received on contracts in progress | 46 | €7,071 | €7,071 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €91 | €47,379 | +€47,288 | +51919.2% |
| Taxes | 450/3 | €91 | €47,379 | +€47,288 | +51919.2% |
| Other amounts payable | 47/48 | €54,146 | €15,504 | -€38,642 | -71.4% |
| Accrued charges and deferred income | 492/3 | - | €699 | +€699 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,315 | €96,361 | +€6,046 | +6.7% |
| Other operating charges | 640/8 | €8,759 | €26,862 | +€18,102 | +206.7% |
| Gross operating margin | 9900 | €214,418 | €384,926 | +€170,508 | +79.5% |
| Operating profit (loss) | 9901 | €115,344 | €261,704 | +€146,359 | +126.9% |
| Financial income | 75/76B | €376 | - | -€376 | |
| Recurring financial income | 75 | €376 | - | -€376 | |
| Financial charges | 65/66B | €26,824 | €36,301 | +€9,476 | +35.3% |
| Recurring financial charges | 65 | €26,824 | €36,301 | +€9,476 | +35.3% |
| Profit (loss) for the period before taxes | 9903 | €88,896 | €225,403 | +€136,507 | +153.6% |
| Income taxes | 67/77 | €13,076 | €68,361 | +€55,285 | +422.8% |
| Profit (loss) for the period | 9904 | €75,820 | €157,042 | +€81,223 | +107.1% |
| Profit (loss) for the period to be appropriated | 9905 | €75,820 | €157,042 | +€81,223 | +107.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.