MAX PROJECT: what changed
Two financial 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 PROJECT
Largest movements
- Tangible fixed assets -€14,016
down €14,016 (-5.1%), from €276,706 to €262,690
- Stocks and contracts -€9,837
down €9,837 (-100.0%), from €9,837 to €0
- Debts after one year -€11,464
down €11,464 (-4.9%), from €235,640 to €224,176
of which Financial debts: -€11,464
- Profit (loss) carried forward -€10,351
down €10,351 (-131.4%), from -€7,875 to -€18,226
- Other debts +€4,503
up €4,503 (+16.0%), from €28,153 to €32,656
- Tax, wage and social debts -€3,304
down €3,304 (-100.0%), from €3,304 to €0
- Trade debts -€3,249
down €3,249 (-91.5%), from €3,552 to €303
- Gross operating margin -€51,144
down €51,144 (-80.9%), from €63,241 to €12,097
- Financial charges -€732
down €732 (-11.4%), from €6,430 to €5,697
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 | €287,793 | €263,714 | -€24,079 | -8.4% |
| Fixed assets | 21/28 | €276,706 | €262,690 | -€14,016 | -5.1% |
| Tangible fixed assets | 22/27 | €276,706 | €262,690 | -€14,016 | -5.1% |
| Land and buildings | 22 | €276,706 | €262,690 | -€14,016 | -5.1% |
| Current assets | 29/58 | €11,087 | €1,025 | -€10,063 | -90.8% |
| Stocks and contracts in progress | 3 | €9,837 | €0 | -€9,837 | -100.0% |
| Stocks | 30/36 | €9,837 | €0 | -€9,837 | -100.0% |
| Cash at bank and in hand | 54/58 | €742 | €495 | -€247 | -33.3% |
| Deferred charges and accrued income | 490/1 | €508 | €530 | +€22 | +4.3% |
| Total equity and liabilities | 10/49 | €287,793 | €263,714 | -€24,079 | -8.4% |
| Equity | 10/15 | €4,525 | -€5,826 | -€10,351 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,875 | -€18,226 | -€10,351 | -131.4% |
| Amounts payable | 17/49 | €283,268 | €269,540 | -€13,727 | -4.8% |
| Amounts payable after more than one year | 17 | €235,640 | €224,176 | -€11,464 | -4.9% |
| Financial debts | 170/4 | €232,360 | €220,896 | -€11,464 | -4.9% |
| Other amounts payable | 178/9 | €3,280 | €3,280 | = | 0.0% |
| Amounts payable within one year | 42/48 | €46,194 | €45,365 | -€830 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €11,186 | €12,406 | +€1,221 | +10.9% |
| Trade debts | 44 | €3,552 | €303 | -€3,249 | -91.5% |
| Suppliers | 440/4 | €3,552 | €303 | -€3,249 | -91.5% |
| Taxes, remuneration and social security | 45 | €3,304 | €0 | -€3,304 | -100.0% |
| Taxes | 450/3 | €3,304 | €0 | -€3,304 | -100.0% |
| Other amounts payable | 47/48 | €28,153 | €32,656 | +€4,503 | +16.0% |
| Accrued charges and deferred income | 492/3 | €1,434 | €0 | -€1,434 | -100.0% |
| Non-recurring operating income | 76A | €55,952 | €4,000 | -€51,952 | -92.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,999 | €14,016 | +€17 | +0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €0 | = | |
| Other operating charges | 640/8 | €2,284 | €2,825 | +€542 | +23.7% |
| Gross operating margin | 9900 | €63,241 | €12,097 | -€51,144 | -80.9% |
| Operating profit (loss) | 9901 | €46,958 | -€4,744 | -€51,702 | |
| Financial income | 75/76B | - | €90 | +€90 | |
| Recurring financial income | 75 | - | €90 | +€90 | |
| Financial charges | 65/66B | €6,430 | €5,697 | -€732 | -11.4% |
| Recurring financial charges | 65 | €6,430 | €5,697 | -€732 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €40,529 | -€10,351 | -€50,880 | |
| Profit (loss) for the period | 9904 | €40,529 | -€10,351 | -€50,880 | |
| Profit (loss) for the period to be appropriated | 9905 | €40,529 | -€10,351 | -€50,880 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.