MAX PAVAGE: 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 PAVAGE
Largest movements
- Tangible fixed assets +€61,039
up €61,039 (+41.7%), from €146,485 to €207,525
of which Furniture and vehicles: +€64,590
- Receivables within one year +€28,889
up €28,889 (+39.1%), from €73,813 to €102,702
of which Trade receivables: +€21,897
- Stocks and contracts -€6,389
no longer reported in 2025 (was €6,389)
- Debts after one year +€78,723
up €78,723 (+127.2%), from €61,874 to €140,597
- Trade debts -€49,428
down €49,428 (-50.0%), from €98,878 to €49,450
- Reserves +€34,000
up €34,000 (+340.0%), from €10,000 to €44,000
- Current portion of long-term debt +€22,031
up €22,031 (+93.5%), from €23,558 to €45,589
- Other debts -€3,664
down €3,664 (-15.2%), from €24,120 to €20,456
- Gross operating margin +€137,157
up €137,157 (+64.6%), from €212,378 to €349,535
- Staff costs +€81,817
up €81,817 (+53.5%), from €152,826 to €234,642
- Depreciation +€27,154
up €27,154 (+56.1%), from €48,420 to €75,574
- Financial income +€4,698
up €4,698 (+27029.6%), from €17 to €4,715
- Financial charges +€3,866
up €3,866 (+123.8%), from €3,121 to €6,987
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 | €256,970 | €337,283 | +€80,314 | +31.3% |
| Fixed assets | 21/28 | €146,820 | €207,860 | +€61,039 | +41.6% |
| Tangible fixed assets | 22/27 | €146,485 | €207,525 | +€61,039 | +41.7% |
| Plant, machinery and equipment | 23 | €55,216 | €52,165 | -€3,051 | -5.5% |
| Furniture and vehicles | 24 | €87,479 | €152,069 | +€64,590 | +73.8% |
| Other tangible fixed assets | 26 | €3,790 | €3,290 | -€500 | -13.2% |
| Financial fixed assets | 28 | €335 | €335 | = | 0.0% |
| Current assets | 29/58 | €110,149 | €129,424 | +€19,275 | +17.5% |
| Stocks and contracts in progress | 3 | €6,389 | - | -€6,389 | |
| Stocks | 30/36 | €6,389 | - | -€6,389 | |
| Amounts receivable within one year | 40/41 | €73,813 | €102,702 | +€28,889 | +39.1% |
| Trade receivables | 40 | €56,905 | €78,802 | +€21,897 | +38.5% |
| Other amounts receivable | 41 | €16,908 | €23,900 | +€6,992 | +41.4% |
| Cash at bank and in hand | 54/58 | €29,635 | €26,498 | -€3,137 | -10.6% |
| Deferred charges and accrued income | 490/1 | €311 | €224 | -€88 | -28.2% |
| Total equity and liabilities | 10/49 | €256,970 | €337,283 | +€80,314 | +31.3% |
| Equity | 10/15 | €20,894 | €55,949 | +€35,055 | +167.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €44,000 | +€34,000 | +340.0% |
| Distributable reserves | 133 | €10,000 | €44,000 | +€34,000 | +340.0% |
| Profit (loss) carried forward | 14 | €894 | €845 | -€49 | -5.4% |
| Investment grants | 15 | - | €1,104 | +€1,104 | |
| Amounts payable | 17/49 | €236,076 | €281,335 | +€45,259 | +19.2% |
| Amounts payable after more than one year | 17 | €61,874 | €140,597 | +€78,723 | +127.2% |
| Financial debts | 170/4 | €61,874 | €140,597 | +€78,723 | +127.2% |
| Amounts payable within one year | 42/48 | €174,202 | €140,737 | -€33,464 | -19.2% |
| Current portion of amounts payable after more than one year | 42 | €23,558 | €45,589 | +€22,031 | +93.5% |
| Trade debts | 44 | €98,878 | €49,450 | -€49,428 | -50.0% |
| Suppliers | 440/4 | €98,878 | €49,450 | -€49,428 | -50.0% |
| Taxes, remuneration and social security | 45 | €27,646 | €25,242 | -€2,403 | -8.7% |
| Taxes | 450/3 | €5,344 | €3,905 | -€1,439 | -26.9% |
| Remuneration and social security | 454/9 | €22,302 | €21,338 | -€965 | -4.3% |
| Other amounts payable | 47/48 | €24,120 | €20,456 | -€3,664 | -15.2% |
| Remuneration, social security and pensions | 62 | €152,826 | €234,642 | +€81,817 | +53.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,420 | €75,574 | +€27,154 | +56.1% |
| Other operating charges | 640/8 | €3,304 | €3,095 | -€208 | -6.3% |
| Gross operating margin | 9900 | €212,378 | €349,535 | +€137,157 | +64.6% |
| Operating profit (loss) | 9901 | €7,829 | €36,223 | +€28,395 | +362.7% |
| Financial income | 75/76B | €17 | €4,715 | +€4,698 | +27029.6% |
| Recurring financial income | 75 | €17 | €4,715 | +€4,698 | +27029.6% |
| Financial charges | 65/66B | €3,121 | €6,987 | +€3,866 | +123.8% |
| Recurring financial charges | 65 | €3,121 | €6,987 | +€3,866 | +123.8% |
| Profit (loss) for the period before taxes | 9903 | €4,724 | €33,951 | +€29,227 | +618.6% |
| Income taxes | 67/77 | €0 | €0 | = | |
| Profit (loss) for the period | 9904 | €4,724 | €33,951 | +€29,227 | +618.6% |
| Profit (loss) for the period to be appropriated | 9905 | €4,724 | €33,951 | +€29,227 | +618.6% |
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 2 October 2026 via checked.be.