Max Lepage: 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 Lepage
Largest movements
- Stocks and contracts +€2.1m
new in 2025: €2.1m
- Tangible fixed assets -€79,634
down €79,634 (-4.9%), from €1.6m to €1.5m
of which Land and buildings: -€74,398
- Short-term financial debts +€1.8m
up €1.8m (+1398.1%), from €129,500 to €1.9m
- Other debts +€328,613
up €328,613 (+56.8%), from €578,905 to €907,518
- Debts after one year -€60,125
down €60,125 (-6.3%), from €950,738 to €890,613
of which Financial debts: -€60,125
- Gross operating margin +€42,783
up €42,783 (+53.4%), from €80,084 to €122,866
- Financial charges +€15,686
up €15,686 (+64.3%), from €24,384 to €40,070
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 | €1,630,413 | €3,704,249 | +€2.1m | +127.2% |
| Fixed assets | 21/28 | €1,615,597 | €1,535,963 | -€79,634 | -4.9% |
| Tangible fixed assets | 22/27 | €1,615,597 | €1,535,963 | -€79,634 | -4.9% |
| Land and buildings | 22 | €1,580,155 | €1,505,756 | -€74,398 | -4.7% |
| Other tangible fixed assets | 26 | €35,442 | €30,206 | -€5,236 | -14.8% |
| Current assets | 29/58 | €14,816 | €2,168,286 | +€2.2m | +14534.7% |
| Stocks and contracts in progress | 3 | - | €2,136,693 | +€2.1m | |
| Stocks | 30/36 | - | €2,136,693 | +€2.1m | |
| Amounts receivable within one year | 40/41 | €9,510 | - | -€9,510 | |
| Trade receivables | 40 | €1,500 | - | -€1,500 | |
| Other amounts receivable | 41 | €8,010 | - | -€8,010 | |
| Cash at bank and in hand | 54/58 | €3,337 | €28,291 | +€24,953 | +747.8% |
| Deferred charges and accrued income | 490/1 | €1,969 | €3,303 | +€1,334 | +67.7% |
| Total equity and liabilities | 10/49 | €1,630,413 | €3,704,249 | +€2.1m | +127.2% |
| Equity | 10/15 | -€93,499 | -€98,697 | -€5,199 | -5.6% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€133,499 | -€138,697 | -€5,199 | -3.9% |
| Amounts payable | 17/49 | €1,723,911 | €3,802,946 | +€2.1m | +120.6% |
| Amounts payable after more than one year | 17 | €950,738 | €890,613 | -€60,125 | -6.3% |
| Financial debts | 170/4 | €947,688 | €887,563 | -€60,125 | -6.3% |
| Other amounts payable | 178/9 | €3,050 | €3,050 | = | 0.0% |
| Amounts payable within one year | 42/48 | €771,673 | €2,907,643 | +€2.1m | +276.8% |
| Current portion of amounts payable after more than one year | 42 | €59,177 | €60,125 | +€948 | +1.6% |
| Financial debts | 43 | €129,500 | €1,940,000 | +€1.8m | +1398.1% |
| Credit institutions | 430/8 | €129,500 | €1,940,000 | +€1.8m | +1398.1% |
| Trade debts | 44 | €4,091 | - | -€4,091 | |
| Suppliers | 440/4 | €4,091 | - | -€4,091 | |
| Other amounts payable | 47/48 | €578,905 | €907,518 | +€328,613 | +56.8% |
| Accrued charges and deferred income | 492/3 | €1,500 | €4,689 | +€3,189 | +212.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,696 | €78,634 | -€62 | -0.1% |
| Other operating charges | 640/8 | €8,818 | €9,361 | +€544 | +6.2% |
| Gross operating margin | 9900 | €80,084 | €122,866 | +€42,783 | +53.4% |
| Operating profit (loss) | 9901 | -€7,430 | €34,871 | +€42,301 | |
| Financial income | 75/76B | €10 | - | -€10 | |
| Recurring financial income | 75 | €10 | - | -€10 | |
| Financial charges | 65/66B | €24,384 | €40,070 | +€15,686 | +64.3% |
| Recurring financial charges | 65 | €24,384 | €40,070 | +€15,686 | +64.3% |
| Profit (loss) for the period before taxes | 9903 | -€31,804 | -€5,199 | +€26,605 | +83.7% |
| Profit (loss) for the period | 9904 | -€31,804 | -€5,199 | +€26,605 | +83.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,804 | -€5,199 | +€26,605 | +83.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.