Max Knokke: 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 Knokke
Largest movements
- Stocks and contracts +€41,222
up €41,222 (+76.3%), from €53,993 to €95,215
- Cash +€10,152
up €10,152 (+12.9%), from €78,912 to €89,064
mainly Net result for the year (+€122,349) and Tax, wage and social debts (+€33,126)
- Tangible fixed assets +€4,720
up €4,720 (+99.4%), from €4,748 to €9,468
of which Plant, machinery and equipment: +€4,977
- Profit (loss) carried forward +€122,348
up €122,348, from -€52,262 to €70,086
- Trade debts -€97,189
down €97,189 (-53.8%), from €180,731 to €83,542
- Tax, wage and social debts +€33,126
up €33,126 (+180.1%), from €18,392 to €51,518
of which Taxes: +€27,444
- Other debts -€5,468
down €5,468 (-25.2%), from €21,714 to €16,246
- Gross operating margin +€131,536
up €131,536 (+91.4%), from €143,965 to €275,501
- Staff costs -€31,622
down €31,622 (-22.5%), from €140,348 to €108,726
- Taxes +€29,393
up €29,393 (+5950.1%), from €494 to €29,887
- Other operating charges +€5,771
up €5,771 (+279.1%), from €2,068 to €7,839
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 | €183,684 | €237,984 | +€54,300 | +29.6% |
| Formation expenses | 20 | €16,499 | €14,499 | -€2,000 | -12.1% |
| Fixed assets | 21/28 | €25,473 | €30,193 | +€4,720 | +18.5% |
| Tangible fixed assets | 22/27 | €4,748 | €9,468 | +€4,720 | +99.4% |
| Plant, machinery and equipment | 23 | €3,940 | €8,917 | +€4,977 | +126.3% |
| Other tangible fixed assets | 26 | €808 | €551 | -€257 | -31.8% |
| Financial fixed assets | 28 | €20,725 | €20,725 | +€0 | 0.0% |
| Current assets | 29/58 | €141,712 | €193,292 | +€51,580 | +36.4% |
| Stocks and contracts in progress | 3 | €53,993 | €95,215 | +€41,222 | +76.3% |
| Stocks | 30/36 | €53,993 | €95,215 | +€41,222 | +76.3% |
| Amounts receivable within one year | 40/41 | €5,467 | €7,616 | +€2,149 | +39.3% |
| Trade receivables | 40 | €5,467 | €6,987 | +€1,520 | +27.8% |
| Other amounts receivable | 41 | - | €629 | +€629 | |
| Cash at bank and in hand | 54/58 | €78,912 | €89,064 | +€10,152 | +12.9% |
| Deferred charges and accrued income | 490/1 | €3,340 | €1,398 | -€1,942 | -58.2% |
| Total equity and liabilities | 10/49 | €183,684 | €237,984 | +€54,300 | +29.6% |
| Equity | 10/15 | -€42,262 | €80,086 | +€122,348 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€52,262 | €70,086 | +€122,348 | |
| Amounts payable | 17/49 | €225,946 | €157,897 | -€68,049 | -30.1% |
| Amounts payable within one year | 42/48 | €225,562 | €157,897 | -€67,665 | -30.0% |
| Trade debts | 44 | €180,731 | €83,542 | -€97,189 | -53.8% |
| Suppliers | 440/4 | €180,731 | €83,542 | -€97,189 | -53.8% |
| Advances received on contracts in progress | 46 | €4,725 | €6,591 | +€1,866 | +39.5% |
| Taxes, remuneration and social security | 45 | €18,392 | €51,518 | +€33,126 | +180.1% |
| Taxes | 450/3 | €18,392 | €45,836 | +€27,444 | +149.2% |
| Remuneration and social security | 454/9 | - | €5,682 | +€5,682 | |
| Other amounts payable | 47/48 | €21,714 | €16,246 | -€5,468 | -25.2% |
| Accrued charges and deferred income | 492/3 | €384 | - | -€384 | |
| Remuneration, social security and pensions | 62 | €140,348 | €108,726 | -€31,622 | -22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,951 | €3,859 | +€908 | +30.8% |
| Other operating charges | 640/8 | €2,068 | €7,839 | +€5,771 | +279.1% |
| Gross operating margin | 9900 | €143,965 | €275,501 | +€131,536 | +91.4% |
| Operating profit (loss) | 9901 | -€1,402 | €155,076 | +€156,478 | |
| Financial income | 75/76B | €2,829 | €2,995 | +€166 | +5.9% |
| Recurring financial income | 75 | €2,829 | €2,995 | +€166 | +5.9% |
| Financial charges | 65/66B | €6,672 | €5,835 | -€837 | -12.5% |
| Recurring financial charges | 65 | €6,672 | €5,835 | -€837 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | -€5,245 | €152,236 | +€157,481 | |
| Income taxes | 67/77 | €494 | €29,887 | +€29,393 | +5950.1% |
| Profit (loss) for the period | 9904 | -€5,739 | €122,349 | +€128,088 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,739 | €122,349 | +€128,088 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.