MAX PROMOTION: 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 PROMOTION
Largest movements
- Receivables within one year +€525,323
up €525,323 (+26.5%), from €2.0m to €2.5m
of which Other amounts receivable: +€668,025
- Stocks and contracts -€354,857
down €354,857 (-70.0%), from €506,939 to €152,082
- Tangible fixed assets -€106,641
down €106,641 (-6.2%), from €1.7m to €1.6m
of which Land and buildings: -€74,181
- Cash -€56,791
down €56,791 (-87.8%), from €64,687 to €7,896
mainly Receivables within one year (-€525,323) and Net result for the year (-€315,120)
- Debts after one year +€421,643
up €421,643 (+40.3%), from €1.0m to €1.5m
of which Financial debts: +€421,643
- Profit (loss) carried forward -€315,120
down €315,120 (-70.7%), from €445,637 to €130,517
- Tax, wage and social debts -€74,537
down €74,537 (-84.5%), from €88,250 to €13,713
- Gross operating margin -€291,203
down €291,203, from €278,658 to -€12,545
- Taxes +€59,718
up €59,718, from -€6,075 to €53,644
- Depreciation +€44,558
up €44,558 (+65.9%), from €67,583 to €112,141
- Financial charges -€31,622
down €31,622 (-19.9%), from €158,600 to €126,978
- Other operating charges -€3,599
down €3,599 (-26.8%), from €13,412 to €9,813
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 | €4,292,135 | €4,299,169 | +€7,034 | +0.2% |
| Fixed assets | 21/28 | €1,735,259 | €1,628,618 | -€106,641 | -6.1% |
| Tangible fixed assets | 22/27 | €1,731,059 | €1,624,418 | -€106,641 | -6.2% |
| Land and buildings | 22 | €1,634,874 | €1,560,693 | -€74,181 | -4.5% |
| Plant, machinery and equipment | 23 | €34,416 | €20,413 | -€14,003 | -40.7% |
| Furniture and vehicles | 24 | €61,769 | €43,312 | -€18,457 | -29.9% |
| Financial fixed assets | 28 | €4,200 | €4,200 | = | 0.0% |
| Current assets | 29/58 | €2,556,876 | €2,670,551 | +€113,675 | +4.4% |
| Stocks and contracts in progress | 3 | €506,939 | €152,082 | -€354,857 | -70.0% |
| Stocks | 30/36 | €506,939 | €152,082 | -€354,857 | -70.0% |
| Amounts receivable within one year | 40/41 | €1,985,250 | €2,510,574 | +€525,323 | +26.5% |
| Trade receivables | 40 | €173,564 | €30,862 | -€142,702 | -82.2% |
| Other amounts receivable | 41 | €1,811,687 | €2,479,712 | +€668,025 | +36.9% |
| Cash at bank and in hand | 54/58 | €64,687 | €7,896 | -€56,791 | -87.8% |
| Total equity and liabilities | 10/49 | €4,292,135 | €4,299,169 | +€7,034 | +0.2% |
| Equity | 10/15 | €464,297 | €149,177 | -€315,120 | -67.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €60 | €60 | = | 0.0% |
| Distributable reserves | 133 | €60 | €60 | = | 0.0% |
| Profit (loss) carried forward | 14 | €445,637 | €130,517 | -€315,120 | -70.7% |
| Amounts payable | 17/49 | €3,827,838 | €4,149,992 | +€322,154 | +8.4% |
| Amounts payable after more than one year | 17 | €1,047,164 | €1,468,807 | +€421,643 | +40.3% |
| Financial debts | 170/4 | €1,036,064 | €1,457,707 | +€421,643 | +40.7% |
| Other amounts payable | 178/9 | €11,100 | €11,100 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,693,469 | €2,592,273 | -€101,195 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €171,824 | €174,208 | +€2,384 | +1.4% |
| Trade debts | 44 | €19,816 | €6,746 | -€13,070 | -66.0% |
| Suppliers | 440/4 | €19,816 | €6,746 | -€13,070 | -66.0% |
| Taxes, remuneration and social security | 45 | €88,250 | €13,713 | -€74,537 | -84.5% |
| Taxes | 450/3 | €88,250 | €13,713 | -€74,537 | -84.5% |
| Other amounts payable | 47/48 | €2,413,578 | €2,397,606 | -€15,973 | -0.7% |
| Accrued charges and deferred income | 492/3 | €87,206 | €88,911 | +€1,706 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,583 | €112,141 | +€44,558 | +65.9% |
| Other operating charges | 640/8 | €13,412 | €9,813 | -€3,599 | -26.8% |
| Gross operating margin | 9900 | €278,658 | -€12,545 | -€291,203 | |
| Operating profit (loss) | 9901 | €197,662 | -€134,500 | -€332,162 | |
| Financial income | 75/76B | €0 | €1 | +€1 | +4166.7% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +4166.7% |
| Financial charges | 65/66B | €158,600 | €126,978 | -€31,622 | -19.9% |
| Recurring financial charges | 65 | €158,600 | €126,978 | -€31,622 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | €39,062 | -€261,476 | -€300,538 | |
| Income taxes | 67/77 | -€6,075 | €53,644 | +€59,718 | |
| Profit (loss) for the period | 9904 | €45,137 | -€315,120 | -€360,257 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,137 | -€315,120 | -€360,257 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.