MAX TRADING: 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 TRADING
Largest movements
- Receivables within one year -€40,258
down €40,258 (-33.9%), from €118,777 to €78,519
of which Trade receivables: -€41,664
- Cash -€26,215
down €26,215 (-74.4%), from €35,252 to €9,037
mainly Other debts (-€31,174) and Net result for the year (-€21,831)
- Other debts -€31,174
down €31,174 (-12.0%), from €260,394 to €229,220
- Profit (loss) carried forward -€21,831
down €21,831 (-11.3%), from -€193,812 to -€215,644
- Tax, wage and social debts -€14,027
down €14,027 (-22.4%), from €62,508 to €48,481
of which Taxes: -€23,185
- Staff costs +€22,128
up €22,128 (+22.3%), from €99,142 to €121,270
- Gross operating margin +€13,938
up €13,938 (+14.7%), from €94,763 to €108,700
- Financial income -€1,892
down €1,892 (-100%), from €1,892 to €0
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 | €154,456 | €87,741 | -€66,715 | -43.2% |
| Fixed assets | 21/28 | €185 | €185 | = | 0.0% |
| Financial fixed assets | 28 | €185 | €185 | = | 0.0% |
| Current assets | 29/58 | €154,271 | €87,556 | -€66,715 | -43.2% |
| Amounts receivable within one year | 40/41 | €118,777 | €78,519 | -€40,258 | -33.9% |
| Trade receivables | 40 | €116,315 | €74,651 | -€41,664 | -35.8% |
| Other amounts receivable | 41 | €2,462 | €3,868 | +€1,406 | +57.1% |
| Cash at bank and in hand | 54/58 | €35,252 | €9,037 | -€26,215 | -74.4% |
| Deferred charges and accrued income | 490/1 | €242 | €0 | -€242 | -100% |
| Total equity and liabilities | 10/49 | €154,456 | €87,741 | -€66,715 | -43.2% |
| Equity | 10/15 | -€175,212 | -€197,044 | -€21,831 | -12.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€193,812 | -€215,644 | -€21,831 | -11.3% |
| Amounts payable | 17/49 | €329,668 | €284,784 | -€44,884 | -13.6% |
| Amounts payable within one year | 42/48 | €325,668 | €280,135 | -€45,534 | -14.0% |
| Trade debts | 44 | €2,766 | €2,434 | -€332 | -12.0% |
| Suppliers | 440/4 | €2,766 | €2,434 | -€332 | -12.0% |
| Taxes, remuneration and social security | 45 | €62,508 | €48,481 | -€14,027 | -22.4% |
| Taxes | 450/3 | €45,085 | €21,899 | -€23,185 | -51.4% |
| Remuneration and social security | 454/9 | €17,423 | €26,581 | +€9,158 | +52.6% |
| Other amounts payable | 47/48 | €260,394 | €229,220 | -€31,174 | -12.0% |
| Accrued charges and deferred income | 492/3 | €4,000 | €4,650 | +€650 | +16.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €99,142 | €121,270 | +€22,128 | +22.3% |
| Other operating charges | 640/8 | €1,572 | €1,004 | -€568 | -36.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €94,763 | €108,700 | +€13,938 | +14.7% |
| Operating profit (loss) | 9901 | -€5,951 | -€13,573 | -€7,622 | -128% |
| Financial income | 75/76B | €1,892 | €0 | -€1,892 | -100% |
| Recurring financial income | 75 | €1,892 | €0 | -€1,892 | -100% |
| Financial charges | 65/66B | €7,572 | €8,027 | +€455 | +6.0% |
| Recurring financial charges | 65 | €7,572 | €8,027 | +€455 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | -€11,631 | -€21,601 | -€9,969 | -85.7% |
| Income taxes | 67/77 | €251 | €231 | -€20 | -8.0% |
| Profit (loss) for the period | 9904 | -€11,882 | -€21,831 | -€9,949 | -83.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,882 | -€21,831 | -€9,949 | -83.7% |
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 25 October 2026 via checked.be.