Max Sporthorses: 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 Sporthorses
Largest movements
- Deferred charges and accrued income +€9,288
up €9,288 (+319,174%), from €3 to €9,291
- Stocks and contracts +€8,885
up €8,885 (+43.2%), from €20,565 to €29,450
- Cash -€7,858
down €7,858 (-44.1%), from €17,832 to €9,975
mainly Deferred charges and accrued income (-€9,288) and Stocks and contracts (-€8,885)
- Tangible fixed assets +€4,823
new in 2025: €4,823
- Receivables within one year +€2,269
up €2,269 (+336%), from €675 to €2,945
of which Trade receivables: +€2,945
- Other debts +€16,827
up €16,827 (+3,166%), from €531 to €17,359
- Trade debts -€1,445
down €1,445 (-48.1%), from €3,004 to €1,559
- Reserves +€1,031
new in 2025: €1,031
- Staff costs +€2,220
new in 2025: €2,220
- Depreciation +€797
new in 2025: €797
- Taxes +€170
new in 2025: €170
- Other operating charges -€151
down €151 (-17.0%), from €889 to €737
- Gross operating margin +€108
up €108 (+2.0%), from €5,488 to €5,595
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 | €39,076 | €56,483 | +€17,407 | +44.5% |
| Fixed assets | 21/28 | - | €4,823 | +€4,823 | |
| Tangible fixed assets | 22/27 | - | €4,823 | +€4,823 | |
| Plant, machinery and equipment | 23 | - | €4,823 | +€4,823 | |
| Current assets | 29/58 | €39,076 | €51,660 | +€12,584 | +32.2% |
| Stocks and contracts in progress | 3 | €20,565 | €29,450 | +€8,885 | +43.2% |
| Stocks | 30/36 | €20,565 | €29,450 | +€8,885 | +43.2% |
| Amounts receivable within one year | 40/41 | €675 | €2,945 | +€2,269 | +336% |
| Trade receivables | 40 | - | €2,945 | +€2,945 | |
| Other amounts receivable | 41 | €675 | €0 | -€675 | -100% |
| Cash at bank and in hand | 54/58 | €17,832 | €9,975 | -€7,858 | -44.1% |
| Deferred charges and accrued income | 490/1 | €3 | €9,291 | +€9,288 | +319,174% |
| Total equity and liabilities | 10/49 | €39,076 | €56,483 | +€17,407 | +44.5% |
| Equity | 10/15 | €35,541 | €37,031 | +€1,491 | +4.2% |
| Contributions | 10/11 | €36,000 | €36,000 | = | 0.0% |
| Reserves | 13 | - | €1,031 | +€1,031 | |
| Distributable reserves | 133 | - | €1,031 | +€1,031 | |
| Profit (loss) carried forward | 14 | -€459 | €0 | +€459 | |
| Amounts payable | 17/49 | €3,535 | €19,452 | +€15,917 | +450% |
| Amounts payable within one year | 42/48 | €3,535 | €19,452 | +€15,917 | +450% |
| Trade debts | 44 | €3,004 | €1,559 | -€1,445 | -48.1% |
| Suppliers | 440/4 | €3,004 | €1,559 | -€1,445 | -48.1% |
| Taxes, remuneration and social security | 45 | - | €535 | +€535 | |
| Taxes | 450/3 | - | €535 | +€535 | |
| Other amounts payable | 47/48 | €531 | €17,359 | +€16,827 | +3,166% |
| Remuneration, social security and pensions | 62 | - | €2,220 | +€2,220 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €797 | +€797 | |
| Other operating charges | 640/8 | €889 | €737 | -€151 | -17.0% |
| Gross operating margin | 9900 | €5,488 | €5,595 | +€108 | +2.0% |
| Operating profit (loss) | 9901 | €4,599 | €1,841 | -€2,758 | -60.0% |
| Financial income | 75/76B | €3 | €0 | -€3 | -100% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -100% |
| Financial charges | 65/66B | €180 | €181 | +€1 | +0.3% |
| Recurring financial charges | 65 | €180 | €181 | +€1 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €4,422 | €1,660 | -€2,762 | -62.5% |
| Income taxes | 67/77 | - | €170 | +€170 | |
| Profit (loss) for the period | 9904 | €4,422 | €1,491 | -€2,932 | -66.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,422 | €1,491 | -€2,932 | -66.3% |
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 30 October 2026 via checked.be.