MAX TABACCO: 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 TABACCO
Largest movements
- Stocks and contracts -€154,520
down €154,520 (-79.4%), from €194,646 to €40,125
- Receivables within one year +€50,859
up €50,859 (+67.2%), from €75,718 to €126,576
of which Trade receivables: +€55,176
- Other debts -€80,106
down €80,106 (-96.9%), from €82,649 to €2,543
- Profit (loss) carried forward -€52,144
down €52,144 (-42.2%), from €123,516 to €71,372
- Trade debts +€39,119
up €39,119 (+46.4%), from €84,250 to €123,369
- Debts after one year -€7,760
down €7,760 (-26.2%), from €29,629 to €21,869
- Tax, wage and social debts -€5,911
down €5,911 (-60.1%), from €9,841 to €3,930
of which Taxes: -€6,068
- Gross operating margin -€81,167
down €81,167, from €61,986 to -€19,181
- Taxes -€8,870
no longer reported in 2025 (was €8,870)
- Depreciation +€4,390
up €4,390 (+69.7%), from €6,294 to €10,685
- Financial charges +€4,345
up €4,345 (+65.4%), from €6,648 to €10,993
- Staff costs -€2,388
down €2,388 (-21.1%), from €11,307 to €8,919
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 | €340,278 | €233,843 | -€106,436 | -31.3% |
| Fixed assets | 21/28 | €44,451 | €42,548 | -€1,904 | -4.3% |
| Tangible fixed assets | 22/27 | €44,451 | €42,548 | -€1,904 | -4.3% |
| Land and buildings | 22 | €8,381 | €11,876 | +€3,495 | +41.7% |
| Furniture and vehicles | 24 | €36,070 | €30,671 | -€5,399 | -15.0% |
| Current assets | 29/58 | €295,827 | €191,295 | -€104,532 | -35.3% |
| Stocks and contracts in progress | 3 | €194,646 | €40,125 | -€154,520 | -79.4% |
| Stocks | 30/36 | €194,646 | €40,125 | -€154,520 | -79.4% |
| Amounts receivable within one year | 40/41 | €75,718 | €126,576 | +€50,859 | +67.2% |
| Trade receivables | 40 | €65,403 | €120,579 | +€55,176 | +84.4% |
| Other amounts receivable | 41 | €10,315 | €5,997 | -€4,317 | -41.9% |
| Cash at bank and in hand | 54/58 | €25,464 | €24,593 | -€870 | -3.4% |
| Total equity and liabilities | 10/49 | €340,278 | €233,843 | -€106,436 | -31.3% |
| Equity | 10/15 | €126,516 | €74,372 | -€52,144 | -41.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €123,516 | €71,372 | -€52,144 | -42.2% |
| Amounts payable | 17/49 | €213,763 | €159,471 | -€54,292 | -25.4% |
| Amounts payable after more than one year | 17 | €29,629 | €21,869 | -€7,760 | -26.2% |
| Financial debts | 170/4 | €29,629 | €21,869 | -€7,760 | -26.2% |
| Amounts payable within one year | 42/48 | €184,134 | €137,602 | -€46,532 | -25.3% |
| Current portion of amounts payable after more than one year | 42 | €7,394 | €7,760 | +€366 | +4.9% |
| Trade debts | 44 | €84,250 | €123,369 | +€39,119 | +46.4% |
| Suppliers | 440/4 | €84,250 | €123,369 | +€39,119 | +46.4% |
| Taxes, remuneration and social security | 45 | €9,841 | €3,930 | -€5,911 | -60.1% |
| Taxes | 450/3 | €9,238 | €3,170 | -€6,068 | -65.7% |
| Remuneration and social security | 454/9 | €603 | €760 | +€157 | +26.1% |
| Other amounts payable | 47/48 | €82,649 | €2,543 | -€80,106 | -96.9% |
| Remuneration, social security and pensions | 62 | €11,307 | €8,919 | -€2,388 | -21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,294 | €10,685 | +€4,390 | +69.7% |
| Other operating charges | 640/8 | €3,205 | €2,366 | -€839 | -26.2% |
| Gross operating margin | 9900 | €61,986 | -€19,181 | -€81,167 | |
| Operating profit (loss) | 9901 | €41,180 | -€41,150 | -€82,330 | |
| Financial charges | 65/66B | €6,648 | €10,993 | +€4,345 | +65.4% |
| Recurring financial charges | 65 | €6,648 | €10,993 | +€4,345 | +65.4% |
| Profit (loss) for the period before taxes | 9903 | €34,531 | -€52,144 | -€86,675 | |
| Income taxes | 67/77 | €8,870 | - | -€8,870 | |
| Profit (loss) for the period | 9904 | €25,661 | -€52,144 | -€77,805 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,661 | -€52,144 | -€77,805 |
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 22 October 2026 via checked.be.