Max.Printing: 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.Printing
Largest movements
- Receivables within one year -€121,327
down €121,327 (-68.4%), from €177,479 to €56,152
of which Trade receivables: -€123,125
- Tangible fixed assets -€23,895
down €23,895 (-5.9%), from €406,868 to €382,974
of which Land and buildings: -€32,135
- Cash +€8,297
up €8,297 (+14.4%), from €57,495 to €65,793
mainly Receivables within one year (+€121,327) and Depreciation (+€33,875)
- Other debts -€122,836
down €122,836 (-27.0%), from €454,500 to €331,665
- Reserves -€24,455
down €24,455 (-18.0%), from €135,513 to €111,058
- Trade debts +€11,575
up €11,575 (+27.0%), from €42,877 to €54,452
- Gross operating margin -€22,254
down €22,254 (-58.9%), from €37,783 to €15,529
- Depreciation +€1,740
up €1,740 (+5.4%), from €32,135 to €33,875
- Taxes -€1,671
down €1,671 (-88.1%), from €1,897 to €226
- Financial income -€554
down €554 (-99.8%), from €555 to €1
- Financial charges +€450
up €450 (+169.6%), from €265 to €715
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 | €661,665 | €525,496 | -€136,169 | -20.6% |
| Fixed assets | 21/28 | €407,484 | €383,589 | -€23,895 | -5.9% |
| Tangible fixed assets | 22/27 | €406,868 | €382,974 | -€23,895 | -5.9% |
| Land and buildings | 22 | €302,468 | €270,334 | -€32,135 | -10.6% |
| Furniture and vehicles | 24 | €104,400 | €112,640 | +€8,240 | +7.9% |
| Financial fixed assets | 28 | €616 | €616 | = | 0.0% |
| Current assets | 29/58 | €254,181 | €141,906 | -€112,274 | -44.2% |
| Amounts receivable within one year | 40/41 | €177,479 | €56,152 | -€121,327 | -68.4% |
| Trade receivables | 40 | €172,197 | €49,072 | -€123,125 | -71.5% |
| Other amounts receivable | 41 | €5,282 | €7,080 | +€1,798 | +34.0% |
| Cash at bank and in hand | 54/58 | €57,495 | €65,793 | +€8,297 | +14.4% |
| Deferred charges and accrued income | 490/1 | €19,206 | €19,962 | +€755 | +3.9% |
| Total equity and liabilities | 10/49 | €661,665 | €525,496 | -€136,169 | -20.6% |
| Equity | 10/15 | €154,113 | €129,658 | -€24,455 | -15.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €135,513 | €111,058 | -€24,455 | -18.0% |
| Distributable reserves | 133 | €135,513 | €111,058 | -€24,455 | -18.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €507,552 | €395,838 | -€111,714 | -22.0% |
| Amounts payable within one year | 42/48 | €507,456 | €395,838 | -€111,618 | -22.0% |
| Trade debts | 44 | €42,877 | €54,452 | +€11,575 | +27.0% |
| Suppliers | 440/4 | €42,877 | €54,452 | +€11,575 | +27.0% |
| Taxes, remuneration and social security | 45 | €10,079 | €9,721 | -€358 | -3.6% |
| Taxes | 450/3 | €10,079 | €9,721 | -€358 | -3.6% |
| Other amounts payable | 47/48 | €454,500 | €331,665 | -€122,836 | -27.0% |
| Accrued charges and deferred income | 492/3 | €96 | €0 | -€96 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,135 | €33,875 | +€1,740 | +5.4% |
| Other operating charges | 640/8 | €5,583 | €5,169 | -€414 | -7.4% |
| Gross operating margin | 9900 | €37,783 | €15,529 | -€22,254 | -58.9% |
| Operating profit (loss) | 9901 | €65 | -€23,515 | -€23,580 | |
| Financial income | 75/76B | €555 | €1 | -€554 | -99.8% |
| Recurring financial income | 75 | €555 | €1 | -€554 | -99.8% |
| Financial charges | 65/66B | €265 | €715 | +€450 | +169.6% |
| Recurring financial charges | 65 | €265 | €715 | +€450 | +169.6% |
| Profit (loss) for the period before taxes | 9903 | €355 | -€24,229 | -€24,584 | |
| Income taxes | 67/77 | €1,897 | €226 | -€1,671 | -88.1% |
| Profit (loss) for the period | 9904 | -€1,543 | -€24,455 | -€22,913 | -1485.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,543 | -€24,455 | -€22,913 | -1485.4% |
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 6 October 2026 via checked.be.