MAX MGT: 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 MGT
Largest movements
- Receivables within one year +€11,415
up €11,415 (+1176.8%), from €970 to €12,385
of which Trade receivables: +€12,382
- Tangible fixed assets -€11,187
down €11,187 (-32.7%), from €34,233 to €23,046
- Cash +€10,309
up €10,309 (+541.0%), from €1,905 to €12,214
mainly Depreciation (+€11,187) and Net result for the year (+€9,909)
- Current portion of long-term debt -€10,501
down €10,501 (-83.0%), from €12,659 to €2,157
- Other debts +€8,437
up €8,437 (+84.9%), from €9,942 to €18,379
- Tax, wage and social debts +€6,378
up €6,378 (+3871.6%), from €165 to €6,542
- Profit (loss) carried forward +€6,209
up €6,209 (+56.2%), from €11,046 to €17,254
- Trade debts +€2,299
up €2,299 (+1645.6%), from €140 to €2,438
- Gross operating margin +€17,345
up €17,345 (+247.3%), from €7,015 to €24,361
- Other operating charges -€3,065
down €3,065 (-67.5%), from €4,544 to €1,478
- Taxes +€1,084
up €1,084 (+658.1%), from €165 to €1,249
- Depreciation +€672
up €672 (+6.4%), from €10,514 to €11,187
- Financial charges -€469
down €469 (-46.6%), from €1,007 to €538
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 | €37,108 | €47,772 | +€10,664 | +28.7% |
| Fixed assets | 21/28 | €34,233 | €23,046 | -€11,187 | -32.7% |
| Tangible fixed assets | 22/27 | €34,233 | €23,046 | -€11,187 | -32.7% |
| Furniture and vehicles | 24 | €34,233 | €23,046 | -€11,187 | -32.7% |
| Current assets | 29/58 | €2,875 | €24,726 | +€21,850 | +759.9% |
| Amounts receivable within one year | 40/41 | €970 | €12,385 | +€11,415 | +1176.8% |
| Trade receivables | 40 | - | €12,382 | +€12,382 | |
| Other amounts receivable | 41 | €970 | €3 | -€967 | -99.7% |
| Cash at bank and in hand | 54/58 | €1,905 | €12,214 | +€10,309 | +541.0% |
| Deferred charges and accrued income | 490/1 | - | €127 | +€127 | |
| Total equity and liabilities | 10/49 | €37,108 | €47,772 | +€10,664 | +28.7% |
| Equity | 10/15 | €12,046 | €18,254 | +€6,209 | +51.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,046 | €17,254 | +€6,209 | +56.2% |
| Amounts payable | 17/49 | €25,062 | €29,517 | +€4,455 | +17.8% |
| Amounts payable after more than one year | 17 | €2,157 | - | -€2,157 | |
| Financial debts | 170/4 | €2,157 | - | -€2,157 | |
| Amounts payable within one year | 42/48 | €22,905 | €29,517 | +€6,612 | +28.9% |
| Current portion of amounts payable after more than one year | 42 | €12,659 | €2,157 | -€10,501 | -83.0% |
| Trade debts | 44 | €140 | €2,438 | +€2,299 | +1645.6% |
| Suppliers | 440/4 | €140 | €2,438 | +€2,299 | +1645.6% |
| Taxes, remuneration and social security | 45 | €165 | €6,542 | +€6,378 | +3871.6% |
| Taxes | 450/3 | €165 | €6,542 | +€6,378 | +3871.6% |
| Other amounts payable | 47/48 | €9,942 | €18,379 | +€8,437 | +84.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,514 | €11,187 | +€672 | +6.4% |
| Other operating charges | 640/8 | €4,544 | €1,478 | -€3,065 | -67.5% |
| Gross operating margin | 9900 | €7,015 | €24,361 | +€17,345 | +247.3% |
| Operating profit (loss) | 9901 | -€8,043 | €11,696 | +€19,738 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,007 | €538 | -€469 | -46.6% |
| Recurring financial charges | 65 | €1,007 | €538 | -€469 | -46.6% |
| Profit (loss) for the period before taxes | 9903 | -€9,050 | €11,157 | +€20,207 | |
| Income taxes | 67/77 | €165 | €1,249 | +€1,084 | +658.1% |
| Profit (loss) for the period | 9904 | -€9,215 | €9,909 | +€19,123 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,215 | €9,909 | +€19,123 |
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 5 October 2026 via checked.be.