MAX Invest: 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 Invest
Largest movements
- Financial fixed assets +€710,000
up €710,000 (+114%), from €622,000 to €1.3m
- Debts after one year +€450,695
up €450,695 (+193%), from €233,859 to €684,554
- Reserves +€171,103
up €171,103 (+74.2%), from €230,625 to €401,728
of which Distributable reserves: +€171,103
- Current portion of long-term debt +€112,521
up €112,521 (+242%), from €46,527 to €159,048
- Advances received -€20,000
down €20,000 (-100%), from €20,000 to €0
- Gross operating margin +€87,622
up €87,622 (+55.6%), from €157,475 to €245,097
- Taxes +€20,308
up €20,308 (+61.8%), from €32,855 to €53,163
- Financial charges +€8,136
up €8,136 (+71.6%), from €11,358 to €19,494
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 | €767,246 | €1,471,146 | +€703,900 | +91.7% |
| Fixed assets | 21/28 | €747,000 | €1,457,000 | +€710,000 | +95.0% |
| Tangible fixed assets | 22/27 | €125,000 | €125,000 | = | 0.0% |
| Land and buildings | 22 | €125,000 | €125,000 | = | 0.0% |
| Financial fixed assets | 28 | €622,000 | €1,332,000 | +€710,000 | +114% |
| Current assets | 29/58 | €20,246 | €14,146 | -€6,100 | -30.1% |
| Amounts receivable within one year | 40/41 | €2,432 | €645 | -€1,787 | -73.5% |
| Trade receivables | 40 | €1,787 | €0 | -€1,787 | -100% |
| Other amounts receivable | 41 | €645 | €645 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €17,814 | €13,501 | -€4,313 | -24.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €767,246 | €1,471,146 | +€703,900 | +91.7% |
| Equity | 10/15 | €249,225 | €420,328 | +€171,103 | +68.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €230,625 | €401,728 | +€171,103 | +74.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €230,625 | €401,728 | +€171,103 | +74.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €518,021 | €1,050,818 | +€532,797 | +103% |
| Amounts payable after more than one year | 17 | €233,859 | €684,554 | +€450,695 | +193% |
| Financial debts | 170/4 | €233,859 | €684,554 | +€450,695 | +193% |
| Amounts payable within one year | 42/48 | €281,702 | €366,264 | +€84,562 | +30.0% |
| Current portion of amounts payable after more than one year | 42 | €46,527 | €159,048 | +€112,521 | +242% |
| Trade debts | 44 | €229 | €0 | -€229 | -100% |
| Suppliers | 440/4 | €229 | €0 | -€229 | -100% |
| Advances received on contracts in progress | 46 | €20,000 | €0 | -€20,000 | -100% |
| Taxes, remuneration and social security | 45 | €0 | €6,179 | +€6,179 | |
| Taxes | 450/3 | €0 | €6,179 | +€6,179 | |
| Other amounts payable | 47/48 | €214,947 | €201,038 | -€13,910 | -6.5% |
| Accrued charges and deferred income | 492/3 | €2,460 | €0 | -€2,460 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Other operating charges | 640/8 | €3,152 | €1,339 | -€1,813 | -57.5% |
| Gross operating margin | 9900 | €157,475 | €245,097 | +€87,622 | +55.6% |
| Operating profit (loss) | 9901 | €154,323 | €243,759 | +€89,435 | +58.0% |
| Financial income | 75/76B | €45 | €2 | -€43 | -95.7% |
| Recurring financial income | 75 | €45 | €2 | -€43 | -95.7% |
| Financial charges | 65/66B | €11,358 | €19,494 | +€8,136 | +71.6% |
| Recurring financial charges | 65 | €11,358 | €19,494 | +€8,136 | +71.6% |
| Profit (loss) for the period before taxes | 9903 | €143,010 | €224,266 | +€81,257 | +56.8% |
| Income taxes | 67/77 | €32,855 | €53,163 | +€20,308 | +61.8% |
| Profit (loss) for the period | 9904 | €110,155 | €171,103 | +€60,949 | +55.3% |
| Profit (loss) for the period to be appropriated | 9905 | €110,155 | €171,103 | +€60,949 | +55.3% |
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 29 October 2026 via checked.be.