O2 MAX: 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.
O2 MAX
Largest movements
- Tangible fixed assets -€28,450
down €28,450 (-13.6%), from €208,889 to €180,438
of which Land and buildings: -€18,759
- Stocks and contracts +€16,046
up €16,046 (+8.0%), from €200,641 to €216,687
- Debts after one year -€26,167
down €26,167 (-20.4%), from €128,449 to €102,281
- Current portion of long-term debt -€13,477
down €13,477 (-32.1%), from €41,996 to €28,519
- Other debts +€10,948
up €10,948 (+125.8%), from €8,704 to €19,652
- Trade debts +€9,105
up €9,105 (+22.7%), from €40,118 to €49,224
- Profit (loss) carried forward +€7,997
up €7,997 (+8.4%), from €94,741 to €102,738
- Gross operating margin +€19,921
up €19,921 (+14.0%), from €141,909 to €161,831
- Staff costs +€4,143
up €4,143 (+4.5%), from €92,220 to €96,363
- Taxes +€3,359
up €3,359 (+571.0%), from €588 to €3,947
- Write-downs +€3,282
up €3,282 (+16016.9%), from €20 to €3,302
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 | €420,508 | €411,087 | -€9,421 | -2.2% |
| Fixed assets | 21/28 | €214,363 | €182,948 | -€31,415 | -14.7% |
| Intangible fixed assets | 21 | €5,474 | €2,510 | -€2,964 | -54.2% |
| Tangible fixed assets | 22/27 | €208,889 | €180,438 | -€28,450 | -13.6% |
| Land and buildings | 22 | €192,831 | €174,072 | -€18,759 | -9.7% |
| Furniture and vehicles | 24 | €16,058 | €6,366 | -€9,691 | -60.4% |
| Current assets | 29/58 | €206,146 | €228,139 | +€21,993 | +10.7% |
| Stocks and contracts in progress | 3 | €200,641 | €216,687 | +€16,046 | +8.0% |
| Stocks | 30/36 | €200,641 | €216,687 | +€16,046 | +8.0% |
| Amounts receivable within one year | 40/41 | €1,573 | €3,671 | +€2,098 | +133.4% |
| Trade receivables | 40 | €1,573 | €2,618 | +€1,045 | +66.4% |
| Other amounts receivable | 41 | €0 | €1,053 | +€1,053 | |
| Cash at bank and in hand | 54/58 | €262 | €3,944 | +€3,682 | +1405.8% |
| Deferred charges and accrued income | 490/1 | €3,670 | €3,837 | +€168 | +4.6% |
| Total equity and liabilities | 10/49 | €420,508 | €411,087 | -€9,421 | -2.2% |
| Equity | 10/15 | €138,851 | €146,848 | +€7,997 | +5.8% |
| Contributions | 10/11 | €40,100 | €40,100 | = | 0.0% |
| Reserves | 13 | €4,010 | €4,010 | = | 0.0% |
| Distributable reserves | 133 | €4,010 | €4,010 | = | 0.0% |
| Profit (loss) carried forward | 14 | €94,741 | €102,738 | +€7,997 | +8.4% |
| Amounts payable | 17/49 | €281,657 | €264,239 | -€17,419 | -6.2% |
| Amounts payable after more than one year | 17 | €128,449 | €102,281 | -€26,167 | -20.4% |
| Financial debts | 170/4 | €128,449 | €102,281 | -€26,167 | -20.4% |
| Amounts payable within one year | 42/48 | €131,096 | €142,010 | +€10,914 | +8.3% |
| Current portion of amounts payable after more than one year | 42 | €41,996 | €28,519 | -€13,477 | -32.1% |
| Financial debts | 43 | €5,613 | €2,529 | -€3,084 | -54.9% |
| Credit institutions | 430/8 | €5,613 | €2,529 | -€3,084 | -54.9% |
| Trade debts | 44 | €40,118 | €49,224 | +€9,105 | +22.7% |
| Suppliers | 440/4 | €40,118 | €49,224 | +€9,105 | +22.7% |
| Taxes, remuneration and social security | 45 | €34,664 | €42,086 | +€7,422 | +21.4% |
| Taxes | 450/3 | €15,845 | €20,475 | +€4,630 | +29.2% |
| Remuneration and social security | 454/9 | €18,819 | €21,611 | +€2,791 | +14.8% |
| Other amounts payable | 47/48 | €8,704 | €19,652 | +€10,948 | +125.8% |
| Accrued charges and deferred income | 492/3 | €22,113 | €19,948 | -€2,165 | -9.8% |
| Remuneration, social security and pensions | 62 | €92,220 | €96,363 | +€4,143 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,556 | €34,241 | -€316 | -0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €20 | €3,302 | +€3,282 | +16016.9% |
| Other operating charges | 640/8 | €626 | €1,279 | +€653 | +104.2% |
| Non-recurring operating charges | 66A | €195 | €0 | -€195 | -100.0% |
| Gross operating margin | 9900 | €141,909 | €161,831 | +€19,921 | +14.0% |
| Operating profit (loss) | 9901 | €14,291 | €26,645 | +€12,354 | +86.4% |
| Financial income | 75/76B | €901 | €832 | -€69 | -7.6% |
| Recurring financial income | 75 | €901 | €832 | -€69 | -7.6% |
| Financial charges | 65/66B | €6,211 | €5,533 | -€678 | -10.9% |
| Recurring financial charges | 65 | €6,211 | €5,533 | -€678 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €8,981 | €21,945 | +€12,964 | +144.3% |
| Income taxes | 67/77 | €588 | €3,947 | +€3,359 | +571.0% |
| Profit (loss) for the period | 9904 | €8,393 | €17,997 | +€9,604 | +114.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,393 | €17,997 | +€9,604 | +114.4% |
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.