MAX SECURE NETWORK SERVICES: 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 SECURE NETWORK SERVICES
Largest movements
- Receivables within one year +€38,930
up €38,930 (+858%), from €4,536 to €43,465
of which Trade receivables: +€26,930
- Cash -€17,162
down €17,162 (-16.1%), from €106,715 to €89,553
mainly Contributions, distributions and other (-€79,893) and Receivables within one year (-€38,930)
- Tangible fixed assets -€3,359
down €3,359 (-46.1%), from €7,283 to €3,924
- Tax, wage and social debts +€11,114
up €11,114 (+80.3%), from €13,844 to €24,958
of which Taxes: +€11,114
- Reserves +€7,286
up €7,286 (+8.5%), from €85,990 to €93,275
of which Distributable reserves: +€7,286
- Gross operating margin +€6,761
up €6,761 (+6.3%), from €107,468 to €114,229
- Taxes +€1,758
up €1,758 (+8.3%), from €21,136 to €22,893
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 | €118,534 | €136,942 | +€18,408 | +15.5% |
| Fixed assets | 21/28 | €7,283 | €3,924 | -€3,359 | -46.1% |
| Tangible fixed assets | 22/27 | €7,283 | €3,924 | -€3,359 | -46.1% |
| Furniture and vehicles | 24 | €7,283 | €3,924 | -€3,359 | -46.1% |
| Current assets | 29/58 | €111,251 | €133,019 | +€21,767 | +19.6% |
| Amounts receivable within one year | 40/41 | €4,536 | €43,465 | +€38,930 | +858% |
| Trade receivables | 40 | €4,536 | €31,465 | +€26,930 | +594% |
| Other amounts receivable | 41 | €0 | €12,000 | +€12,000 | |
| Cash at bank and in hand | 54/58 | €106,715 | €89,553 | -€17,162 | -16.1% |
| Total equity and liabilities | 10/49 | €118,534 | €136,942 | +€18,408 | +15.5% |
| Equity | 10/15 | €104,590 | €111,875 | +€7,286 | +7.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €85,990 | €93,275 | +€7,286 | +8.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €84,130 | €91,415 | +€7,286 | +8.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €13,944 | €25,067 | +€11,122 | +79.8% |
| Amounts payable within one year | 42/48 | €13,944 | €25,067 | +€11,122 | +79.8% |
| Trade debts | 44 | €101 | €109 | +€8 | +7.9% |
| Suppliers | 440/4 | €101 | €109 | +€8 | +7.9% |
| Taxes, remuneration and social security | 45 | €13,844 | €24,958 | +€11,114 | +80.3% |
| Taxes | 450/3 | €13,844 | €24,958 | +€11,114 | +80.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,361 | €3,359 | -€2 | -0.1% |
| Other operating charges | 640/8 | €743 | €757 | +€14 | +1.9% |
| Gross operating margin | 9900 | €107,468 | €114,229 | +€6,761 | +6.3% |
| Operating profit (loss) | 9901 | €103,364 | €110,112 | +€6,749 | +6.5% |
| Financial charges | 65/66B | €39 | €40 | +€1 | +3.5% |
| Recurring financial charges | 65 | €39 | €40 | +€1 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €103,324 | €110,072 | +€6,747 | +6.5% |
| Income taxes | 67/77 | €21,136 | €22,893 | +€1,758 | +8.3% |
| Profit (loss) for the period | 9904 | €82,189 | €87,178 | +€4,990 | +6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €82,189 | €87,178 | +€4,990 | +6.1% |
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 24 October 2026 via checked.be.