MAX Projects: 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 Projects
Largest movements
- Tangible fixed assets +€13,423
up €13,423 (+43.4%), from €30,901 to €44,323
of which Plant, machinery and equipment: +€20,249
- Receivables within one year +€3,986
up €3,986 (+300%), from €1,327 to €5,312
- Cash +€3,315
up €3,315 (+5,260%), from €63 to €3,378
mainly Other debts (+€19,982) and Depreciation (+€18,727)
- Stocks and contracts -€1,219
down €1,219 (-2.1%), from €59,195 to €57,977
- Other debts +€19,982
up €19,982 (+32.1%), from €62,343 to €82,324
- Debts after one year -€5,747
down €5,747 (-62.4%), from €9,207 to €3,460
- Advances received +€5,500
new in 2025: €5,500
- Tax, wage and social debts -€5,237
down €5,237 (-81.5%), from €6,424 to €1,187
- Trade debts +€4,500
up €4,500 (+33.6%), from €13,402 to €17,902
- Gross operating margin +€7,372
up €7,372 (+51.6%), from €14,299 to €21,671
- Depreciation +€964
up €964 (+5.4%), from €17,763 to €18,727
- Financial charges -€760
down €760 (-30.0%), from €2,532 to €1,772
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.
Derived cash bridge
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 | €92,611 | €112,277 | +€19,666 | +21.2% |
| Fixed assets | 21/28 | €30,901 | €44,323 | +€13,423 | +43.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €30,901 | €44,323 | +€13,423 | +43.4% |
| Plant, machinery and equipment | 23 | €14,310 | €34,558 | +€20,249 | +142% |
| Furniture and vehicles | 24 | €16,591 | €9,765 | -€6,826 | -41.1% |
| Current assets | 29/58 | €61,710 | €67,953 | +€6,243 | +10.1% |
| Stocks and contracts in progress | 3 | €59,195 | €57,977 | -€1,219 | -2.1% |
| Stocks | 30/36 | €59,195 | €57,977 | -€1,219 | -2.1% |
| Amounts receivable within one year | 40/41 | €1,327 | €5,312 | +€3,986 | +300% |
| Trade receivables | 40 | €1,327 | €5,312 | +€3,986 | +300% |
| Cash at bank and in hand | 54/58 | €63 | €3,378 | +€3,315 | +5,260% |
| Deferred charges and accrued income | 490/1 | €1,125 | €1,286 | +€161 | +14.3% |
| Total equity and liabilities | 10/49 | €92,611 | €112,277 | +€19,666 | +21.2% |
| Equity | 10/15 | -€4,286 | -€3,932 | +€354 | +8.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,886 | -€22,532 | +€354 | +1.5% |
| Amounts payable | 17/49 | €96,897 | €116,209 | +€19,311 | +19.9% |
| Amounts payable after more than one year | 17 | €9,207 | €3,460 | -€5,747 | -62.4% |
| Financial debts | 170/4 | €9,207 | €3,460 | -€5,747 | -62.4% |
| Amounts payable within one year | 42/48 | €87,690 | €112,660 | +€24,970 | +28.5% |
| Current portion of amounts payable after more than one year | 42 | €5,522 | €5,747 | +€226 | +4.1% |
| Trade debts | 44 | €13,402 | €17,902 | +€4,500 | +33.6% |
| Suppliers | 440/4 | €13,402 | €17,902 | +€4,500 | +33.6% |
| Advances received on contracts in progress | 46 | - | €5,500 | +€5,500 | |
| Taxes, remuneration and social security | 45 | €6,424 | €1,187 | -€5,237 | -81.5% |
| Taxes | 450/3 | €6,424 | €1,187 | -€5,237 | -81.5% |
| Other amounts payable | 47/48 | €62,343 | €82,324 | +€19,982 | +32.1% |
| Accrued charges and deferred income | 492/3 | - | €88 | +€88 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,763 | €18,727 | +€964 | +5.4% |
| Other operating charges | 640/8 | €640 | €718 | +€78 | +12.2% |
| Non-recurring operating charges | 66A | €95 | - | -€95 | |
| Gross operating margin | 9900 | €14,299 | €21,671 | +€7,372 | +51.6% |
| Operating profit (loss) | 9901 | -€4,199 | €2,226 | +€6,425 | |
| Financial income | 75/76B | €111 | €48 | -€62 | -56.4% |
| Recurring financial income | 75 | €111 | €48 | -€62 | -56.4% |
| Financial charges | 65/66B | €2,532 | €1,772 | -€760 | -30.0% |
| Recurring financial charges | 65 | €2,532 | €1,772 | -€760 | -30.0% |
| Profit (loss) for the period before taxes | 9903 | -€6,621 | €502 | +€7,123 | |
| Income taxes | 67/77 | €140 | €147 | +€8 | +5.4% |
| Profit (loss) for the period | 9904 | -€6,761 | €354 | +€7,115 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,761 | €354 | +€7,115 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.