MAX.Q: 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.Q
Largest movements
- Receivables within one year +€38,982
up €38,982 (+8.5%), from €459,845 to €498,827
of which Trade receivables: +€33,678
- Cash +€10,144
up €10,144 (+355.4%), from €2,854 to €12,999
mainly Other debts (+€91,112) and Depreciation (+€12,307)
- Other debts +€91,112
up €91,112 (+32.0%), from €284,978 to €376,090
- Debts after one year -€28,250
down €28,250 (-18.3%), from €154,289 to €126,039
- Profit (loss) carried forward -€20,980
down €20,980, from €2,948 to -€18,032
- Short-term financial debts +€11,872
up €11,872 (+21.5%), from €55,291 to €67,163
of which Other loans: +€20,000
- Staff costs -€58,231
down €58,231 (-31.0%), from €187,898 to €129,667
- Gross operating margin -€51,336
down €51,336 (-25.6%), from €200,764 to €149,428
- Financial income -€12,484
down €12,484 (-100.0%), from €12,485 to €1
- Other operating charges -€9,337
down €9,337 (-77.8%), from €12,001 to €2,665
- Financial charges +€7,661
up €7,661 (+42.3%), from €18,109 to €25,770
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 | €608,547 | €656,075 | +€47,528 | +7.8% |
| Fixed assets | 21/28 | €89,348 | €88,249 | -€1,098 | -1.2% |
| Tangible fixed assets | 22/27 | €88,123 | €87,025 | -€1,098 | -1.2% |
| Land and buildings | 22 | €58,058 | €51,721 | -€6,336 | -10.9% |
| Plant, machinery and equipment | 23 | €760 | €507 | -€254 | -33.4% |
| Furniture and vehicles | 24 | €29,305 | €34,797 | +€5,492 | +18.7% |
| Financial fixed assets | 28 | €1,225 | €1,225 | = | 0.0% |
| Current assets | 29/58 | €519,199 | €567,825 | +€48,626 | +9.4% |
| Stocks and contracts in progress | 3 | €56,500 | €56,000 | -€500 | -0.9% |
| Stocks | 30/36 | €41,500 | €38,750 | -€2,750 | -6.6% |
| Contracts in progress | 37 | €15,000 | €17,250 | +€2,250 | +15.0% |
| Amounts receivable within one year | 40/41 | €459,845 | €498,827 | +€38,982 | +8.5% |
| Trade receivables | 40 | €276,473 | €310,151 | +€33,678 | +12.2% |
| Other amounts receivable | 41 | €183,372 | €188,676 | +€5,303 | +2.9% |
| Cash at bank and in hand | 54/58 | €2,854 | €12,999 | +€10,144 | +355.4% |
| Total equity and liabilities | 10/49 | €608,547 | €656,075 | +€47,528 | +7.8% |
| Equity | 10/15 | €34,349 | €13,369 | -€20,980 | -61.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €12,801 | €12,801 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,941 | €10,941 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,948 | -€18,032 | -€20,980 | |
| Amounts payable | 17/49 | €574,198 | €642,705 | +€68,507 | +11.9% |
| Amounts payable after more than one year | 17 | €154,289 | €126,039 | -€28,250 | -18.3% |
| Financial debts | 170/4 | €154,289 | €126,039 | -€28,250 | -18.3% |
| Amounts payable within one year | 42/48 | €419,223 | €516,667 | +€97,443 | +23.2% |
| Current portion of amounts payable after more than one year | 42 | €25,379 | €28,250 | +€2,871 | +11.3% |
| Financial debts | 43 | €55,291 | €67,163 | +€11,872 | +21.5% |
| Credit institutions | 430/8 | €55,291 | €47,163 | -€8,128 | -14.7% |
| Other loans | 439 | - | €20,000 | +€20,000 | |
| Trade debts | 44 | €39,656 | €35,636 | -€4,020 | -10.1% |
| Suppliers | 440/4 | €39,656 | €35,636 | -€4,020 | -10.1% |
| Taxes, remuneration and social security | 45 | €13,920 | €9,528 | -€4,392 | -31.6% |
| Taxes | 450/3 | €100 | €4,774 | +€4,674 | +4681.0% |
| Remuneration and social security | 454/9 | €13,820 | €4,754 | -€9,066 | -65.6% |
| Other amounts payable | 47/48 | €284,978 | €376,090 | +€91,112 | +32.0% |
| Accrued charges and deferred income | 492/3 | €686 | - | -€686 | |
| Remuneration, social security and pensions | 62 | €187,898 | €129,667 | -€58,231 | -31.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,964 | €12,307 | +€343 | +2.9% |
| Other operating charges | 640/8 | €12,001 | €2,665 | -€9,337 | -77.8% |
| Gross operating margin | 9900 | €200,764 | €149,428 | -€51,336 | -25.6% |
| Operating profit (loss) | 9901 | -€11,099 | €4,789 | +€15,888 | |
| Financial income | 75/76B | €12,485 | €1 | -€12,484 | -100.0% |
| Recurring financial income | 75 | €12,485 | €1 | -€12,484 | -100.0% |
| Financial charges | 65/66B | €18,109 | €25,770 | +€7,661 | +42.3% |
| Recurring financial charges | 65 | €18,109 | €25,770 | +€7,661 | +42.3% |
| Profit (loss) for the period before taxes | 9903 | -€16,722 | -€20,979 | -€4,257 | -25.5% |
| Income taxes | 67/77 | €1,875 | €0 | -€1,874 | -100.0% |
| Profit (loss) for the period | 9904 | -€18,597 | -€20,980 | -€2,383 | -12.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,597 | -€20,980 | -€2,383 | -12.8% |
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 12 October 2026 via checked.be.