MAX TRADING: 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 TRADING
Largest movements
- Tangible fixed assets -€15,733
down €15,733 (-17.7%), from €88,660 to €72,928
of which Furniture and vehicles: -€15,102
- Cash -€7,153
down €7,153 (-82.6%), from €8,659 to €1,505
mainly Net result for the year (-€23,333) and Investment in fixed assets (net) (-€6,965)
- Receivables within one year -€4,174
down €4,174 (-2.6%), from €159,588 to €155,413
of which Other amounts receivable: -€8,674
- Reserves -€23,333
down €23,333 (-8.1%), from €289,629 to €266,296
- Gross operating margin -€19,674
down €19,674, from €15,622 to -€4,053
- Financial income -€7,636
down €7,636 (-56.3%), from €13,566 to €5,931
- Depreciation +€416
up €416 (+1.9%), from €22,282 to €22,698
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 | €353,157 | €326,003 | -€27,154 | -7.7% |
| Fixed assets | 21/28 | €88,660 | €72,928 | -€15,733 | -17.7% |
| Tangible fixed assets | 22/27 | €88,660 | €72,928 | -€15,733 | -17.7% |
| Plant, machinery and equipment | 23 | €1,599 | €968 | -€631 | -39.4% |
| Furniture and vehicles | 24 | €85,246 | €70,144 | -€15,102 | -17.7% |
| Other tangible fixed assets | 26 | €1,815 | €1,815 | = | 0.0% |
| Current assets | 29/58 | €264,497 | €253,075 | -€11,422 | -4.3% |
| Amounts receivable after more than one year | 29 | €92,877 | €92,877 | = | 0.0% |
| Other amounts receivable | 291 | €92,877 | €92,877 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €159,588 | €155,413 | -€4,174 | -2.6% |
| Trade receivables | 40 | €3,875 | €8,375 | +€4,500 | +116.1% |
| Other amounts receivable | 41 | €155,713 | €147,038 | -€8,674 | -5.6% |
| Cash at bank and in hand | 54/58 | €8,659 | €1,505 | -€7,153 | -82.6% |
| Deferred charges and accrued income | 490/1 | €3,373 | €3,279 | -€94 | -2.8% |
| Total equity and liabilities | 10/49 | €353,157 | €326,003 | -€27,154 | -7.7% |
| Equity | 10/15 | €302,029 | €278,696 | -€23,333 | -7.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €289,629 | €266,296 | -€23,333 | -8.1% |
| Distributable reserves | 133 | €289,629 | €266,296 | -€23,333 | -8.1% |
| Provisions and deferred taxes | 16 | €42,162 | €42,162 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €42,162 | €42,162 | = | 0.0% |
| Other liabilities and charges | 164/5 | €42,162 | €42,162 | = | 0.0% |
| Amounts payable | 17/49 | €8,966 | €5,145 | -€3,821 | -42.6% |
| Amounts payable within one year | 42/48 | €8,836 | €5,145 | -€3,691 | -41.8% |
| Trade debts | 44 | €6,478 | €3,874 | -€2,604 | -40.2% |
| Suppliers | 440/4 | €6,478 | €3,874 | -€2,604 | -40.2% |
| Taxes, remuneration and social security | 45 | €2,358 | €1,270 | -€1,087 | -46.1% |
| Taxes | 450/3 | €2,358 | €1,270 | -€1,087 | -46.1% |
| Accrued charges and deferred income | 492/3 | €130 | €0 | -€130 | -100.0% |
| Non-recurring operating income | 76A | €17,730 | €0 | -€17,730 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,282 | €22,698 | +€416 | +1.9% |
| Other operating charges | 640/8 | €1,471 | €1,627 | +€156 | +10.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €15,622 | -€4,053 | -€19,674 | |
| Operating profit (loss) | 9901 | -€8,132 | -€28,377 | -€20,246 | -249.0% |
| Financial income | 75/76B | €13,566 | €5,931 | -€7,636 | -56.3% |
| Recurring financial income | 75 | €13,566 | €5,931 | -€7,636 | -56.3% |
| Financial charges | 65/66B | €307 | €443 | +€136 | +44.3% |
| Recurring financial charges | 65 | €307 | €443 | +€136 | +44.3% |
| Profit (loss) for the period before taxes | 9903 | €5,128 | -€22,890 | -€28,017 | |
| Income taxes | 67/77 | €483 | €443 | -€39 | -8.1% |
| Profit (loss) for the period | 9904 | €4,645 | -€23,333 | -€27,978 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,645 | -€23,333 | -€27,978 |
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 7 October 2026 via checked.be.