MAX REAL ESTATE: what changed
MAX REAL ESTATE
Largest movements
- Cash -€66,812
down €66,812 (-96.0%), from €69,612 to €2,800
mainly Advances received (-€139,079) and Stocks and contracts (-€1,622)
- Advances received -€139,079
down €139,079 (-78.4%), from €177,414 to €38,335
- Profit (loss) carried forward +€48,613
up €48,613 (+49.3%), from €98,541 to €147,154
- Short-term financial debts +€25,277
new in 2025: €25,277
- Gross operating margin +€120,070
up €120,070, from -€55,492 to €64,578
- Taxes +€2,977
new in 2025: €2,977
- Financial charges -€2,384
down €2,384 (-17.3%), from €13,805 to €11,422
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €282,307 | €217,118 | -€65,189 | -23.1% |
| Fixed assets | 21/28 | €939 | €939 | = | 0.0% |
| Financial fixed assets | 28 | €939 | €939 | = | 0.0% |
| Current assets | 29/58 | €281,368 | €216,179 | -€65,189 | -23.2% |
| Stocks and contracts in progress | 3 | €201,756 | €203,379 | +€1,622 | +0.8% |
| Stocks | 30/36 | €192,400 | €192,400 | = | 0.0% |
| Contracts in progress | 37 | €9,356 | €10,979 | +€1,622 | +17.3% |
| Amounts receivable within one year | 40/41 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 41 | €10,000 | €10,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €69,612 | €2,800 | -€66,812 | -96.0% |
| Total equity and liabilities | 10/49 | €282,307 | €217,118 | -€65,189 | -23.1% |
| Equity | 10/15 | €104,741 | €153,354 | +€48,613 | +46.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €98,541 | €147,154 | +€48,613 | +49.3% |
| Amounts payable | 17/49 | €177,566 | €63,764 | -€113,802 | -64.1% |
| Amounts payable within one year | 42/48 | €177,566 | €63,764 | -€113,802 | -64.1% |
| Financial debts | 43 | - | €25,277 | +€25,277 | |
| Other loans | 439 | - | €25,277 | +€25,277 | |
| Trade debts | 44 | €152 | €152 | = | 0.0% |
| Suppliers | 440/4 | €152 | €152 | = | 0.0% |
| Advances received on contracts in progress | 46 | €177,414 | €38,335 | -€139,079 | -78.4% |
| Other operating charges | 640/8 | €1,323 | €1,566 | +€243 | +18.4% |
| Gross operating margin | 9900 | -€55,492 | €64,578 | +€120,070 | |
| Operating profit (loss) | 9901 | -€56,815 | €63,012 | +€119,827 | |
| Financial charges | 65/66B | €13,805 | €11,422 | -€2,384 | -17.3% |
| Recurring financial charges | 65 | €13,805 | €11,422 | -€2,384 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | -€70,620 | €51,590 | +€122,211 | |
| Income taxes | 67/77 | - | €2,977 | +€2,977 | |
| Profit (loss) for the period | 9904 | -€70,620 | €48,613 | +€119,233 | |
| Profit (loss) for the period to be appropriated | 9905 | -€70,620 | €48,613 | +€119,233 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.