MAX25: 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.
MAX25
Largest movements
- Cash -€24,131
down €24,131 (-88.5%), from €27,277 to €3,146
mainly Other debts (-€15,416) and Net result for the year (-€14,885)
- Receivables within one year -€10,137
down €10,137 (-79.7%), from €12,718 to €2,581
of which Trade receivables: -€9,795
- Tangible fixed assets +€4,595
up €4,595 (+1487.9%), from €309 to €4,904
of which Furniture and vehicles: +€4,904
- Deferred charges and accrued income -€495
down €495 (-64.7%), from €765 to €270
- Other debts -€15,416
down €15,416 (-36.6%), from €42,166 to €26,750
- Profit (loss) carried forward -€14,885
down €14,885 (-44.0%), from -€33,802 to -€48,687
- Tax, wage and social debts +€5,642
up €5,642 (+87.4%), from €6,456 to €12,098
of which Remuneration and social security: +€5,147
- Trade debts -€5,508
down €5,508 (-72.0%), from €7,648 to €2,140
- Gross operating margin -€41,945
down €41,945 (-50.9%), from €82,380 to €40,435
- Staff costs +€15,688
up €15,688 (+43.5%), from €36,047 to €51,735
- Other operating charges -€1,750
down €1,750 (-82.0%), from €2,134 to €384
- Write-downs +€1,566
new in 2025: €1,566
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 | €41,068 | €10,901 | -€30,167 | -73.5% |
| Fixed assets | 21/28 | €309 | €4,904 | +€4,595 | +1487.9% |
| Tangible fixed assets | 22/27 | €309 | €4,904 | +€4,595 | +1487.9% |
| Plant, machinery and equipment | 23 | €309 | - | -€309 | |
| Furniture and vehicles | 24 | - | €4,904 | +€4,904 | |
| Current assets | 29/58 | €40,760 | €5,997 | -€34,762 | -85.3% |
| Amounts receivable within one year | 40/41 | €12,718 | €2,581 | -€10,137 | -79.7% |
| Trade receivables | 40 | €12,375 | €2,581 | -€9,795 | -79.1% |
| Other amounts receivable | 41 | €343 | - | -€343 | |
| Cash at bank and in hand | 54/58 | €27,277 | €3,146 | -€24,131 | -88.5% |
| Deferred charges and accrued income | 490/1 | €765 | €270 | -€495 | -64.7% |
| Total equity and liabilities | 10/49 | €41,068 | €10,901 | -€30,167 | -73.5% |
| Equity | 10/15 | -€15,202 | -€30,087 | -€14,885 | -97.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,802 | -€48,687 | -€14,885 | -44.0% |
| Amounts payable | 17/49 | €56,271 | €40,989 | -€15,282 | -27.2% |
| Amounts payable within one year | 42/48 | €56,271 | €40,989 | -€15,282 | -27.2% |
| Trade debts | 44 | €7,648 | €2,140 | -€5,508 | -72.0% |
| Suppliers | 440/4 | €7,648 | €2,140 | -€5,508 | -72.0% |
| Taxes, remuneration and social security | 45 | €6,456 | €12,098 | +€5,642 | +87.4% |
| Taxes | 450/3 | €1,321 | €1,816 | +€495 | +37.5% |
| Remuneration and social security | 454/9 | €5,135 | €10,282 | +€5,147 | +100.2% |
| Other amounts payable | 47/48 | €42,166 | €26,750 | -€15,416 | -36.6% |
| Remuneration, social security and pensions | 62 | €36,047 | €51,735 | +€15,688 | +43.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €942 | €1,537 | +€595 | +63.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,566 | +€1,566 | |
| Other operating charges | 640/8 | €2,134 | €384 | -€1,750 | -82.0% |
| Gross operating margin | 9900 | €82,380 | €40,435 | -€41,945 | -50.9% |
| Operating profit (loss) | 9901 | €43,257 | -€14,787 | -€58,044 | |
| Financial income | 75/76B | €301 | €182 | -€119 | -39.7% |
| Recurring financial income | 75 | €301 | €182 | -€119 | -39.7% |
| Financial charges | 65/66B | €212 | €104 | -€108 | -51.0% |
| Recurring financial charges | 65 | €212 | €104 | -€108 | -51.0% |
| Profit (loss) for the period before taxes | 9903 | €43,346 | -€14,709 | -€58,055 | |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | €43,171 | -€14,885 | -€58,057 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,171 | -€14,885 | -€58,057 |
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 11 October 2026 via checked.be.