MAX-SIM: 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-SIM
Largest movements
- Stocks and contracts -€47,834
down €47,834 (-38.7%), from €123,577 to €75,744
- Tangible fixed assets -€21,955
down €21,955 (-30.0%), from €73,241 to €51,286
of which Plant, machinery and equipment: -€11,669
- Receivables within one year +€16,611
up €16,611 (+65.5%), from €25,341 to €41,951
of which Other amounts receivable: +€10,578
- Cash -€3,256
down €3,256 (-53.4%), from €6,098 to €2,842
mainly Debts after one year (-€51,098) and Receivables within one year (-€16,611)
- Debts after one year -€51,098
down €51,098 (-16.4%), from €311,048 to €259,950
- Profit (loss) carried forward +€4,985
up €4,985 (+3.5%), from -€141,031 to -€136,046
- Current portion of long-term debt -€4,709
down €4,709 (-31.7%), from €14,836 to €10,127
- Trade debts -€4,289
down €4,289 (-39.4%), from €10,882 to €6,593
- Gross operating margin +€78,979
up €78,979, from -€50,200 to €28,779
- Other operating charges -€1,824
down €1,824 (-62.8%), from €2,902 to €1,079
- Financial charges +€676
up €676 (+44.0%), from €1,537 to €2,213
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 | €229,657 | €172,826 | -€56,831 | -24.7% |
| Fixed assets | 21/28 | €73,241 | €51,286 | -€21,955 | -30.0% |
| Tangible fixed assets | 22/27 | €73,241 | €51,286 | -€21,955 | -30.0% |
| Land and buildings | 22 | €6,401 | €5,600 | -€801 | -12.5% |
| Plant, machinery and equipment | 23 | €32,019 | €20,350 | -€11,669 | -36.4% |
| Furniture and vehicles | 24 | €34,821 | €25,336 | -€9,485 | -27.2% |
| Current assets | 29/58 | €156,416 | €121,540 | -€34,876 | -22.3% |
| Stocks and contracts in progress | 3 | €123,577 | €75,744 | -€47,834 | -38.7% |
| Stocks | 30/36 | €123,577 | €75,744 | -€47,834 | -38.7% |
| Amounts receivable within one year | 40/41 | €25,341 | €41,951 | +€16,611 | +65.5% |
| Trade receivables | 40 | €871 | €6,903 | +€6,032 | +692.7% |
| Other amounts receivable | 41 | €24,470 | €35,048 | +€10,578 | +43.2% |
| Cash at bank and in hand | 54/58 | €6,098 | €2,842 | -€3,256 | -53.4% |
| Deferred charges and accrued income | 490/1 | €1,401 | €1,004 | -€397 | -28.3% |
| Total equity and liabilities | 10/49 | €229,657 | €172,826 | -€56,831 | -24.7% |
| Equity | 10/15 | -€125,217 | -€120,232 | +€4,985 | +4.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €15,714 | €15,714 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10 | €10 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10 | €10 | = | 0.0% |
| Distributable reserves | 133 | €15,704 | €15,704 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€141,031 | -€136,046 | +€4,985 | +3.5% |
| Amounts payable | 17/49 | €354,874 | €293,058 | -€61,816 | -17.4% |
| Amounts payable after more than one year | 17 | €311,048 | €259,950 | -€51,098 | -16.4% |
| Financial debts | 170/4 | €311,048 | €259,950 | -€51,098 | -16.4% |
| Amounts payable within one year | 42/48 | €43,827 | €33,108 | -€10,718 | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €14,836 | €10,127 | -€4,709 | -31.7% |
| Trade debts | 44 | €10,882 | €6,593 | -€4,289 | -39.4% |
| Suppliers | 440/4 | €10,882 | €6,593 | -€4,289 | -39.4% |
| Taxes, remuneration and social security | 45 | €3,109 | €1,388 | -€1,721 | -55.4% |
| Taxes | 450/3 | €3,109 | €1,388 | -€1,721 | -55.4% |
| Other amounts payable | 47/48 | €15,000 | €15,000 | = | 0.0% |
| Non-recurring operating income | 76A | €2,000 | €0 | -€2,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,254 | €21,955 | -€299 | -1.3% |
| Other operating charges | 640/8 | €2,902 | €1,079 | -€1,824 | -62.8% |
| Gross operating margin | 9900 | -€50,200 | €28,779 | +€78,979 | |
| Operating profit (loss) | 9901 | -€75,357 | €5,745 | +€81,102 | |
| Financial income | 75/76B | €1,304 | €1,453 | +€149 | +11.4% |
| Recurring financial income | 75 | €1,304 | €1,453 | +€149 | +11.4% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,537 | €2,213 | +€676 | +44.0% |
| Recurring financial charges | 65 | €1,537 | €2,213 | +€676 | +44.0% |
| Profit (loss) for the period before taxes | 9903 | -€75,590 | €4,985 | +€80,575 | |
| Profit (loss) for the period | 9904 | -€75,590 | €4,985 | +€80,575 | |
| Profit (loss) for the period to be appropriated | 9905 | -€75,590 | €4,985 | +€80,575 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.