MAX2INVEST: 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.
MAX2INVEST
Largest movements
- Cash -€16,284
down €16,284 (-17.4%), from €93,785 to €77,501
mainly Other debts (-€14,570) and Debts after one year (-€9,000)
- Tangible fixed assets -€13,255
down €13,255 (-4.3%), from €311,069 to €297,813
- Other debts -€14,570
down €14,570 (-6.9%), from €210,379 to €195,808
- Debts after one year -€9,000
down €9,000 (-31.6%), from €28,500 to €19,500
- Profit (loss) carried forward -€5,701
down €5,701 (-53.0%), from -€10,752 to -€16,453
- Gross operating margin -€4,608
down €4,608 (-42.5%), from €10,831 to €6,223
- Taxes -€349
down €349 (-48.0%), from €727 to €378
- Financial income +€313
up €313 (+7.1%), from €4,384 to €4,697
- Financial charges -€201
down €201 (-15.0%), from €1,336 to €1,135
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 | €512,073 | €482,802 | -€29,271 | -5.7% |
| Fixed assets | 21/28 | €417,710 | €404,455 | -€13,255 | -3.2% |
| Tangible fixed assets | 22/27 | €311,069 | €297,813 | -€13,255 | -4.3% |
| Land and buildings | 22 | €311,069 | €297,813 | -€13,255 | -4.3% |
| Financial fixed assets | 28 | €106,641 | €106,641 | = | 0.0% |
| Current assets | 29/58 | €94,363 | €78,348 | -€16,015 | -17.0% |
| Amounts receivable within one year | 40/41 | €579 | €847 | +€268 | +46.3% |
| Other amounts receivable | 41 | €579 | €847 | +€268 | +46.3% |
| Cash at bank and in hand | 54/58 | €93,785 | €77,501 | -€16,284 | -17.4% |
| Total equity and liabilities | 10/49 | €512,073 | €482,802 | -€29,271 | -5.7% |
| Equity | 10/15 | €262,860 | €257,159 | -€5,701 | -2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €255,012 | €255,012 | = | 0.0% |
| Distributable reserves | 133 | €255,012 | €255,012 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,752 | -€16,453 | -€5,701 | -53.0% |
| Amounts payable | 17/49 | €249,214 | €225,643 | -€23,570 | -9.5% |
| Amounts payable after more than one year | 17 | €28,500 | €19,500 | -€9,000 | -31.6% |
| Financial debts | 170/4 | €28,500 | €19,500 | -€9,000 | -31.6% |
| Amounts payable within one year | 42/48 | €219,379 | €204,808 | -€14,570 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €9,000 | €9,000 | = | 0.0% |
| Other amounts payable | 47/48 | €210,379 | €195,808 | -€14,570 | -6.9% |
| Accrued charges and deferred income | 492/3 | €1,335 | €1,335 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,255 | €13,255 | = | 0.0% |
| Other operating charges | 640/8 | €1,796 | €1,852 | +€56 | +3.1% |
| Gross operating margin | 9900 | €10,831 | €6,223 | -€4,608 | -42.5% |
| Operating profit (loss) | 9901 | -€4,220 | -€8,885 | -€4,665 | -111% |
| Financial income | 75/76B | €4,384 | €4,697 | +€313 | +7.1% |
| Recurring financial income | 75 | €4,384 | €4,697 | +€313 | +7.1% |
| Financial charges | 65/66B | €1,336 | €1,135 | -€201 | -15.0% |
| Recurring financial charges | 65 | €1,336 | €1,135 | -€201 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,172 | -€5,323 | -€4,151 | -354% |
| Income taxes | 67/77 | €727 | €378 | -€349 | -48.0% |
| Profit (loss) for the period | 9904 | -€1,899 | -€5,701 | -€3,802 | -200% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,899 | -€5,701 | -€3,802 | -200% |
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 17 October 2026 via checked.be.