MAX-MAR: 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-MAR
Largest movements
- Receivables within one year -€73,995
down €73,995 (-97.8%), from €75,697 to €1,702
of which Trade receivables: -€73,995
- Tangible fixed assets +€11,865
up €11,865 (+11.4%), from €104,326 to €116,191
of which Furniture and vehicles: +€25,719
- Cash +€5,517
up €5,517 (+56.1%), from €9,836 to €15,353
mainly Receivables within one year (+€73,995) and Depreciation (+€18,906)
- Stocks and contracts +€3,242
up €3,242 (+113.7%), from €2,853 to €6,095
- Trade debts -€52,492
down €52,492 (-66.9%), from €78,439 to €25,948
- Other debts -€14,922
down €14,922 (-78.1%), from €19,108 to €4,186
- Debts after one year +€12,439
up €12,439 (+27.9%), from €44,546 to €56,985
- Current portion of long-term debt +€5,336
up €5,336 (+83.6%), from €6,381 to €11,717
- Tax, wage and social debts -€3,443
down €3,443 (-17.1%), from €20,138 to €16,694
- Gross operating margin -€18,311
down €18,311 (-39.4%), from €46,475 to €28,164
- Depreciation +€2,371
up €2,371 (+14.3%), from €16,534 to €18,906
- Financial income +€2,292
up €2,292 (+2319.1%), from €99 to €2,391
- Taxes -€2,254
down €2,254 (-59.0%), from €3,818 to €1,564
- Other operating charges -€963
down €963 (-31.2%), from €3,084 to €2,121
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 | €193,738 | €140,975 | -€52,763 | -27.2% |
| Fixed assets | 21/28 | €104,326 | €116,479 | +€12,153 | +11.6% |
| Tangible fixed assets | 22/27 | €104,326 | €116,191 | +€11,865 | +11.4% |
| Plant, machinery and equipment | 23 | €3,056 | €2,387 | -€670 | -21.9% |
| Furniture and vehicles | 24 | €1,196 | €26,915 | +€25,719 | +2149.6% |
| Other tangible fixed assets | 26 | €100,073 | €86,889 | -€13,184 | -13.2% |
| Financial fixed assets | 28 | - | €288 | +€288 | |
| Current assets | 29/58 | €89,413 | €24,496 | -€64,916 | -72.6% |
| Stocks and contracts in progress | 3 | €2,853 | €6,095 | +€3,242 | +113.7% |
| Stocks | 30/36 | €2,853 | €6,095 | +€3,242 | +113.7% |
| Amounts receivable within one year | 40/41 | €75,697 | €1,702 | -€73,995 | -97.8% |
| Trade receivables | 40 | €75,693 | €1,698 | -€73,995 | -97.8% |
| Other amounts receivable | 41 | €3 | €3 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €9,836 | €15,353 | +€5,517 | +56.1% |
| Deferred charges and accrued income | 490/1 | €1,027 | €1,346 | +€319 | +31.1% |
| Total equity and liabilities | 10/49 | €193,738 | €140,975 | -€52,763 | -27.2% |
| Equity | 10/15 | €24,215 | €24,685 | +€470 | +1.9% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €3,755 | €3,755 | = | 0.0% |
| Distributable reserves | 133 | €3,755 | €3,755 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €470 | +€470 | |
| Amounts payable | 17/49 | €169,523 | €116,290 | -€53,233 | -31.4% |
| Amounts payable after more than one year | 17 | €44,546 | €56,985 | +€12,439 | +27.9% |
| Financial debts | 170/4 | €44,546 | €56,985 | +€12,439 | +27.9% |
| Amounts payable within one year | 42/48 | €124,070 | €58,549 | -€65,521 | -52.8% |
| Current portion of amounts payable after more than one year | 42 | €6,381 | €11,717 | +€5,336 | +83.6% |
| Financial debts | 43 | €3 | €3 | = | 0.0% |
| Credit institutions | 430/8 | €3 | €3 | = | 0.0% |
| Trade debts | 44 | €78,439 | €25,948 | -€52,492 | -66.9% |
| Suppliers | 440/4 | €78,439 | €25,948 | -€52,492 | -66.9% |
| Taxes, remuneration and social security | 45 | €20,138 | €16,694 | -€3,443 | -17.1% |
| Taxes | 450/3 | €20,138 | €16,694 | -€3,443 | -17.1% |
| Other amounts payable | 47/48 | €19,108 | €4,186 | -€14,922 | -78.1% |
| Accrued charges and deferred income | 492/3 | €907 | €756 | -€151 | -16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,534 | €18,906 | +€2,371 | +14.3% |
| Other operating charges | 640/8 | €3,084 | €2,121 | -€963 | -31.2% |
| Gross operating margin | 9900 | €46,475 | €28,164 | -€18,311 | -39.4% |
| Operating profit (loss) | 9901 | €26,857 | €7,137 | -€19,720 | -73.4% |
| Financial income | 75/76B | €99 | €2,391 | +€2,292 | +2319.1% |
| Recurring financial income | 75 | €99 | €2,391 | +€2,292 | +2319.1% |
| Financial charges | 65/66B | €7,193 | €7,494 | +€301 | +4.2% |
| Recurring financial charges | 65 | €7,193 | €7,494 | +€301 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | €19,763 | €2,034 | -€17,729 | -89.7% |
| Income taxes | 67/77 | €3,818 | €1,564 | -€2,254 | -59.0% |
| Profit (loss) for the period | 9904 | €15,945 | €470 | -€15,475 | -97.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,945 | €470 | -€15,475 | -97.1% |
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 7 October 2026 via checked.be.