MAX YAMAMOTO: 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.
What changed
MAX YAMAMOTO
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€110,037
2024 · €157,250-€47,213
Equity
€908,847
2024 · €798,810+€110,037
Cash
€371,812
2024 · €368,226+€3,586
Balance sheet total
€6.2m
2024 · €4.7m+€1.4m
Largest movements
Assets
- Tangible fixed assets +€1.3m
up €1.3m (+31.0%), from €4.3m to €5.7m
of which Other tangible fixed assets: +€1.1m
Equity and liabilities
- Short-term financial debts +€939,600
up €939,600 (+376%), from €250,000 to €1.2m
- Reserves +€397,181
up €397,181 (+102%), from €388,422 to €785,602
of which Tax-exempt reserves: +€397,181
- Other debts +€390,458
up €390,458 (+45.0%), from €866,777 to €1.3m
- Profit (loss) carried forward -€287,144
down €287,144, from €191,796 to -€95,348
- Debts after one year -€160,874
down €160,874 (-6.5%), from €2.5m to €2.3m
Income statement
- Other operating charges -€25,677
down €25,677 (-58.5%), from €43,896 to €18,219
- Depreciation -€25,591
down €25,591 (-10.5%), from €243,568 to €217,977
- Gross operating margin -€20,268
down €20,268 (-3.4%), from €597,795 to €577,527
- Financial charges -€19,091
down €19,091 (-16.0%), from €119,380 to €100,289
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.
Result 2024
€157,250
Gross operating margin
-€20,268
Depreciation
+€25,591
Other operating charges
+€25,677
Other operating items
+€9,945
Financial income
-€1,318
Financial charges
+€19,091
Taxes
+€100
Deferred taxes and other
-€106,032
Result 2025
€110,037
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€834,968
Investment
-€1.6m
Financing
+€735,112
Cash 2024
€368,226
From operations (derived)
+€834,968
Net result for the year
+€110,037
Depreciation
+€217,977
Receivables within one year
-€61,489
Smaller working-capital items
-€4,813
Provisions
+€132,394
Trade debts
+€50,403
Other debts
+€390,458
Investment (derived)
-€1.6m
Investment in fixed assets (net)
-€1.6m
Financing
+€735,112
Debts after one year
-€160,874
Current portion of long-term debt
-€43,614
Short-term financial debts
+€939,600
Cash 2025
€371,812
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,739,190 | €6,155,657 | +€1.4m | +29.9% |
| Fixed assets | 21/28 | €4,349,710 | €5,698,226 | +€1.3m | +31.0% |
| Tangible fixed assets | 22/27 | €4,349,710 | €5,698,226 | +€1.3m | +31.0% |
| Land and buildings | 22 | €3,841,303 | €4,068,227 | +€226,924 | +5.9% |
| Plant, machinery and equipment | 23 | €1,059 | €680 | -€379 | -35.8% |
| Other tangible fixed assets | 26 | €507,348 | €1,629,319 | +€1.1m | +221% |
| Current assets | 29/58 | €389,480 | €457,431 | +€67,951 | +17.4% |
| Amounts receivable within one year | 40/41 | €21,254 | €82,743 | +€61,489 | +289% |
| Trade receivables | 40 | - | €2,468 | +€2,468 | |
| Other amounts receivable | 41 | €21,254 | €80,275 | +€59,020 | +278% |
| Cash at bank and in hand | 54/58 | €368,226 | €371,812 | +€3,586 | +1.0% |
| Deferred charges and accrued income | 490/1 | - | €2,876 | +€2,876 | |
| Total equity and liabilities | 10/49 | €4,739,190 | €6,155,657 | +€1.4m | +29.9% |
| Equity | 10/15 | €798,810 | €908,847 | +€110,037 | +13.8% |
| Contributions | 10/11 | €218,592 | €218,592 | = | 0.0% |
| Reserves | 13 | €388,422 | €785,602 | +€397,181 | +102% |
| Tax-exempt reserves | 132 | €385,617 | €782,798 | +€397,181 | +103% |
| Distributable reserves | 133 | €2,805 | €2,805 | = | 0.0% |
| Profit (loss) carried forward | 14 | €191,796 | -€95,348 | -€287,144 | |
| Provisions and deferred taxes | 16 | €128,539 | €260,933 | +€132,394 | +103% |
| Deferred taxes | 168 | €128,539 | €260,933 | +€132,394 | +103% |
| Amounts payable | 17/49 | €3,811,841 | €4,985,878 | +€1.2m | +30.8% |
| Amounts payable after more than one year | 17 | €2,480,854 | €2,319,979 | -€160,874 | -6.5% |
| Financial debts | 170/4 | €2,480,854 | €2,319,979 | -€160,874 | -6.5% |
| Amounts payable within one year | 42/48 | €1,326,639 | €2,663,350 | +€1.3m | +101% |
| Current portion of amounts payable after more than one year | 42 | €204,488 | €160,874 | -€43,614 | -21.3% |
| Financial debts | 43 | €250,000 | €1,189,600 | +€939,600 | +376% |
| Credit institutions | 430/8 | €250,000 | €1,189,600 | +€939,600 | +376% |
| Trade debts | 44 | €5,238 | €55,641 | +€50,403 | +962% |
| Suppliers | 440/4 | €5,238 | €55,641 | +€50,403 | +962% |
| Taxes, remuneration and social security | 45 | €137 | - | -€137 | |
| Taxes | 450/3 | €137 | - | -€137 | |
| Other amounts payable | 47/48 | €866,777 | €1,257,235 | +€390,458 | +45.0% |
| Accrued charges and deferred income | 492/3 | €4,348 | €2,548 | -€1,800 | -41.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €243,568 | €217,977 | -€25,591 | -10.5% |
| Other operating charges | 640/8 | €43,896 | €18,219 | -€25,677 | -58.5% |
| Non-recurring operating charges | 66A | €9,945 | - | -€9,945 | |
| Gross operating margin | 9900 | €597,795 | €577,527 | -€20,268 | -3.4% |
| Operating profit (loss) | 9901 | €300,386 | €341,331 | +€40,945 | +13.6% |
| Financial income | 75/76B | €2,707 | €1,389 | -€1,318 | -48.7% |
| Recurring financial income | 75 | €2,707 | €1,389 | -€1,318 | -48.7% |
| Financial charges | 65/66B | €119,380 | €100,289 | -€19,091 | -16.0% |
| Recurring financial charges | 65 | €119,380 | €100,289 | -€19,091 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €183,712 | €242,431 | +€58,718 | +32.0% |
| Transfer from deferred taxes | 780 | €106,193 | €3,980 | -€102,214 | -96.3% |
| Transfer to deferred taxes | 680 | €132,555 | €136,373 | +€3,818 | +2.9% |
| Income taxes | 67/77 | €100 | - | -€100 | |
| Profit (loss) for the period | 9904 | €157,250 | €110,037 | -€47,213 | -30.0% |
| Transfer from tax-exempt reserves | 789 | €210,481 | €11,939 | -€198,542 | -94.3% |
| Transfer to tax-exempt reserves | 689 | €397,666 | €409,120 | +€11,453 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,935 | -€287,144 | -€257,209 | -859% |
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 13 October 2026 via checked.be.