MAX.SEF: 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.SEF
Largest movements
- Receivables within one year -€2,396
no longer reported in 2025 (was €2,396)
- Receivables after one year +€1,264
new in 2025: €1,264
- Cash -€188
down €188 (-10.5%), from €1,789 to €1,601
mainly Net result for the year (-€1,320) and Receivables after one year (-€1,264)
- Profit (loss) carried forward -€1,320
down €1,320 (-162.0%), from -€815 to -€2,135
- Turnover -€4,584
no longer reported in 2025 (was €4,584)
- Gross operating margin -€2,438
down €2,438 (-100.0%), from €2,438 to €0
- Purchases and services -€2,146
no longer reported in 2025 (was €2,146)
- Financial charges -€65
down €65 (-24.5%), from €263 to €198
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 | €4,185 | €2,865 | -€1,320 | -31.5% |
| Current assets | 29/58 | €4,185 | €2,865 | -€1,320 | -31.5% |
| Amounts receivable after more than one year | 29 | - | €1,264 | +€1,264 | |
| Other amounts receivable | 291 | - | €1,264 | +€1,264 | |
| Amounts receivable within one year | 40/41 | €2,396 | - | -€2,396 | |
| Other amounts receivable | 41 | €2,396 | - | -€2,396 | |
| Cash at bank and in hand | 54/58 | €1,789 | €1,601 | -€188 | -10.5% |
| Total equity and liabilities | 10/49 | €4,185 | €2,865 | -€1,320 | -31.5% |
| Equity | 10/15 | €4,185 | €2,865 | -€1,320 | -31.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€815 | -€2,135 | -€1,320 | -162.0% |
| Turnover | 70 | €4,584 | - | -€4,584 | |
| Goods, raw materials, services and sundry goods | 60/61 | €2,146 | - | -€2,146 | |
| Non-recurring operating charges | 66A | - | €1,122 | +€1,122 | |
| Gross operating margin | 9900 | €2,438 | €0 | -€2,438 | -100.0% |
| Operating profit (loss) | 9901 | €2,438 | -€1,122 | -€3,560 | |
| Financial charges | 65/66B | €263 | €198 | -€65 | -24.5% |
| Recurring financial charges | 65 | €263 | €198 | -€65 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €2,175 | -€1,320 | -€3,495 | |
| Profit (loss) for the period | 9904 | €2,175 | -€1,320 | -€3,495 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,175 | -€1,320 | -€3,495 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.