MAX RENTAL: 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 RENTAL
Largest movements
- Tangible fixed assets +€3.9m
up €3.9m (+31.7%), from €12.2m to €16.1m
of which Other tangible fixed assets: +€3.9m
- Cash +€273,722
up €273,722 (+68.2%), from €401,416 to €675,138
mainly Debts after one year (+€7.2m) and Depreciation (+€7.1m)
- Receivables within one year +€254,065
up €254,065 (+25.8%), from €985,350 to €1.2m
of which Trade receivables: +€153,716
- Debts after one year +€7.2m
up €7.2m (+136%), from €5.3m to €12.5m
- Other debts -€3.0m
down €3.0m (-90.0%), from €3.3m to €332,899
- Profit (loss) carried forward -€1.3m
down €1.3m, from €27,425 to -€1.3m
- Reserves +€997,770
up €997,770 (+190%), from €525,000 to €1.5m
of which Tax-exempt reserves: +€997,770
- Accrued charges and deferred income +€380,717
up €380,717 (+55.1%), from €690,960 to €1.1m
- Gross operating margin +€3.4m
up €3.4m (+70.2%), from €4.9m to €8.3m
- Depreciation +€2.9m
up €2.9m (+68.3%), from €4.2m to €7.1m
- Other operating charges -€646,260
down €646,260 (-96.3%), from €670,874 to €24,615
- Taxes +€595,952
up €595,952 (+313%), from €190,699 to €786,651
- Write-downs +€546,858
up €546,858, from -€544,557 to €2,301
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 | €15,534,854 | €19,701,153 | +€4.2m | +26.8% |
| Fixed assets | 21/28 | €12,501,304 | €16,384,005 | +€3.9m | +31.1% |
| Tangible fixed assets | 22/27 | €12,234,536 | €16,117,236 | +€3.9m | +31.7% |
| Furniture and vehicles | 24 | €60,172 | €88,386 | +€28,214 | +46.9% |
| Other tangible fixed assets | 26 | €12,174,363 | €16,028,850 | +€3.9m | +31.7% |
| Financial fixed assets | 28 | €266,768 | €266,768 | = | 0.0% |
| Current assets | 29/58 | €3,033,550 | €3,317,148 | +€283,598 | +9.3% |
| Amounts receivable after more than one year | 29 | €1,379,015 | €1,321,598 | -€57,416 | -4.2% |
| Other amounts receivable | 291 | €1,379,015 | €1,321,598 | -€57,416 | -4.2% |
| Stocks and contracts in progress | 3 | €245,540 | €62,125 | -€183,415 | -74.7% |
| Stocks | 30/36 | €245,540 | €62,125 | -€183,415 | -74.7% |
| Amounts receivable within one year | 40/41 | €985,350 | €1,239,415 | +€254,065 | +25.8% |
| Trade receivables | 40 | €985,350 | €1,139,066 | +€153,716 | +15.6% |
| Other amounts receivable | 41 | - | €100,349 | +€100,349 | |
| Cash at bank and in hand | 54/58 | €401,416 | €675,138 | +€273,722 | +68.2% |
| Deferred charges and accrued income | 490/1 | €22,229 | €18,872 | -€3,358 | -15.1% |
| Total equity and liabilities | 10/49 | €15,534,854 | €19,701,153 | +€4.2m | +26.8% |
| Equity | 10/15 | €5,802,425 | €5,456,082 | -€346,343 | -6.0% |
| Contributions | 10/11 | €5,250,000 | €5,250,000 | = | 0.0% |
| Capital | 10 | €5,250,000 | €5,250,000 | = | 0.0% |
| Issued capital | 100 | €5,250,000 | €5,250,000 | = | 0.0% |
| Reserves | 13 | €525,000 | €1,522,770 | +€997,770 | +190% |
| Non-distributable reserves | 130/1 | €525,000 | €525,000 | = | 0.0% |
| Legal reserve | 130 | €525,000 | €525,000 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €997,770 | +€997,770 | |
| Profit (loss) carried forward | 14 | €27,425 | -€1,316,688 | -€1.3m | |
| Amounts payable | 17/49 | €9,732,429 | €14,245,071 | +€4.5m | +46.4% |
| Amounts payable after more than one year | 17 | €5,300,000 | €12,500,000 | +€7.2m | +136% |
| Other amounts payable | 178/9 | €5,300,000 | €12,500,000 | +€7.2m | +136% |
| Amounts payable within one year | 42/48 | €3,741,470 | €673,395 | -€3.1m | -82.0% |
| Trade debts | 44 | €34,105 | €34,367 | +€263 | +0.8% |
| Suppliers | 440/4 | €34,105 | €34,367 | +€263 | +0.8% |
| Advances received on contracts in progress | 46 | €99,010 | €168,300 | +€69,290 | +70.0% |
| Taxes, remuneration and social security | 45 | €281,914 | €137,828 | -€144,086 | -51.1% |
| Taxes | 450/3 | €281,914 | €137,828 | -€144,086 | -51.1% |
| Other amounts payable | 47/48 | €3,326,441 | €332,899 | -€3.0m | -90.0% |
| Accrued charges and deferred income | 492/3 | €690,960 | €1,071,676 | +€380,717 | +55.1% |
| Non-recurring operating income | 76A | €121,647 | €127,810 | +€6,163 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,230,716 | €7,121,877 | +€2.9m | +68.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€544,557 | €2,301 | +€546,858 | |
| Other operating charges | 640/8 | €670,874 | €24,615 | -€646,260 | -96.3% |
| Non-recurring operating charges | 66A | €121,957 | €217,756 | +€95,799 | +78.6% |
| Gross operating margin | 9900 | €4,855,322 | €8,262,010 | +€3.4m | +70.2% |
| Operating profit (loss) | 9901 | €376,331 | €895,461 | +€519,130 | +138% |
| Financial income | 75/76B | €1,219 | €63 | -€1,156 | -94.8% |
| Recurring financial income | 75 | €1,219 | €63 | -€1,156 | -94.8% |
| Financial charges | 65/66B | €295,906 | €455,216 | +€159,310 | +53.8% |
| Recurring financial charges | 65 | €295,906 | €455,216 | +€159,310 | +53.8% |
| Profit (loss) for the period before taxes | 9903 | €81,644 | €440,308 | +€358,663 | +439% |
| Income taxes | 67/77 | €190,699 | €786,651 | +€595,952 | +313% |
| Profit (loss) for the period | 9904 | -€109,054 | -€346,343 | -€237,289 | -218% |
| Transfer from tax-exempt reserves | 789 | €847,280 | - | -€847,280 | |
| Transfer to tax-exempt reserves | 689 | - | €997,770 | +€997,770 | |
| Profit (loss) for the period to be appropriated | 9905 | €738,226 | -€1,344,113 | -€2.1m |
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 16 October 2026 via checked.be.