Max Terminals: 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 Terminals
Largest movements
- Tangible fixed assets +€4.7m
up €4.7m (+13.0%), from €36.5m to €41.2m
of which Assets under construction and advance payments: +€8.3m
- Cash +€3.2m
up €3.2m (+504.3%), from €633,576 to €3.8m
mainly Debts after one year (+€7.4m) and Depreciation (+€4.3m)
- Debts after one year +€7.4m
up €7.4m (+25.9%), from €28.7m to €36.2m
- Trade debts -€1.7m
down €1.7m (-67.7%), from €2.5m to €813,499
- Current portion of long-term debt +€1.1m
up €1.1m (+27.6%), from €4.0m to €5.1m
- Turnover +€2.9m
up €2.9m (+49.0%), from €5.9m to €8.9m
- Gross operating margin +€1.7m
up €1.7m (+35.2%), from €4.8m to €6.4m
- Purchases and services +€1.3m
up €1.3m (+108.9%), from €1.2m to €2.5m
- Depreciation +€1.1m
up €1.1m (+33.5%), from €3.2m to €4.3m
- Financial charges +€217,878
up €217,878 (+15.5%), from €1.4m to €1.6m
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 | €38,567,367 | €46,050,386 | +€7.5m | +19.4% |
| Fixed assets | 21/28 | €36,506,272 | €41,235,537 | +€4.7m | +13.0% |
| Tangible fixed assets | 22/27 | €36,506,272 | €41,235,537 | +€4.7m | +13.0% |
| Land and buildings | 22 | €9,885 | €8,707 | -€1,178 | -11.9% |
| Plant, machinery and equipment | 23 | €33,409,170 | €29,860,908 | -€3.5m | -10.6% |
| Furniture and vehicles | 24 | - | €28,694 | +€28,694 | |
| Assets under construction and advance payments | 27 | €3,087,216 | €11,337,227 | +€8.3m | +267.2% |
| Current assets | 29/58 | €2,061,095 | €4,814,850 | +€2.8m | +133.6% |
| Amounts receivable within one year | 40/41 | €1,311,160 | €866,086 | -€445,074 | -33.9% |
| Trade receivables | 40 | €1,139,875 | €794,743 | -€345,131 | -30.3% |
| Other amounts receivable | 41 | €171,285 | €71,343 | -€99,942 | -58.3% |
| Cash at bank and in hand | 54/58 | €633,576 | €3,828,451 | +€3.2m | +504.3% |
| Deferred charges and accrued income | 490/1 | €116,359 | €120,312 | +€3,953 | +3.4% |
| Total equity and liabilities | 10/49 | €38,567,367 | €46,050,386 | +€7.5m | +19.4% |
| Equity | 10/15 | €2,502,032 | €2,796,682 | +€294,650 | +11.8% |
| Contributions | 10/11 | €1,562,100 | €1,562,100 | = | 0.0% |
| Capital | 10 | €1,562,100 | €1,562,100 | = | 0.0% |
| Issued capital | 100 | €1,562,100 | €1,562,100 | = | 0.0% |
| Reserves | 13 | €50,000 | €65,000 | +€15,000 | +30.0% |
| Non-distributable reserves | 130/1 | €50,000 | €65,000 | +€15,000 | +30.0% |
| Legal reserve | 130 | €50,000 | €65,000 | +€15,000 | +30.0% |
| Profit (loss) carried forward | 14 | €889,932 | €1,169,582 | +€279,650 | +31.4% |
| Amounts payable | 17/49 | €36,065,335 | €43,253,704 | +€7.2m | +19.9% |
| Amounts payable after more than one year | 17 | €28,705,834 | €36,151,497 | +€7.4m | +25.9% |
| Financial debts | 170/4 | €28,705,834 | €36,151,497 | +€7.4m | +25.9% |
| Amounts payable within one year | 42/48 | €7,253,849 | €6,887,883 | -€365,967 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €4,000,000 | €5,102,941 | +€1.1m | +27.6% |
| Trade debts | 44 | €2,516,013 | €813,499 | -€1.7m | -67.7% |
| Suppliers | 440/4 | €2,516,013 | €813,499 | -€1.7m | -67.7% |
| Taxes, remuneration and social security | 45 | €24,690 | €107,000 | +€82,310 | +333.4% |
| Taxes | 450/3 | €24,690 | €107,000 | +€82,310 | +333.4% |
| Other amounts payable | 47/48 | €713,147 | €864,442 | +€151,295 | +21.2% |
| Accrued charges and deferred income | 492/3 | €105,651 | €214,325 | +€108,673 | +102.9% |
| Turnover | 70 | €5,940,925 | €8,850,153 | +€2.9m | +49.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,181,957 | €2,468,534 | +€1.3m | +108.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,200,252 | €4,272,517 | +€1.1m | +33.5% |
| Other operating charges | 640/8 | €38,002 | €137,519 | +€99,517 | +261.9% |
| Gross operating margin | 9900 | €4,758,968 | €6,435,283 | +€1.7m | +35.2% |
| Operating profit (loss) | 9901 | €1,520,714 | €2,025,248 | +€504,534 | +33.2% |
| Financial income | 75/76B | €24 | €158 | +€134 | +561.8% |
| Recurring financial income | 75 | €24 | €158 | +€134 | +561.8% |
| Financial charges | 65/66B | €1,405,877 | €1,623,755 | +€217,878 | +15.5% |
| Recurring financial charges | 65 | €1,405,877 | €1,623,755 | +€217,878 | +15.5% |
| Profit (loss) for the period before taxes | 9903 | €114,860 | €401,650 | +€286,790 | +249.7% |
| Income taxes | 67/77 | €28,695 | €107,000 | +€78,306 | +272.9% |
| Profit (loss) for the period | 9904 | €86,165 | €294,650 | +€208,485 | +242.0% |
| Profit (loss) for the period to be appropriated | 9905 | €86,165 | €294,650 | +€208,485 | +242.0% |
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 8 October 2026 via checked.be.