P.MAX: what changed
Two fiscal 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.
P.MAX
Largest movements
- Cash +€8,672
up €8,672 (+59.3%), from €14,616 to €23,288
mainly Trade debts (+€13,272) and Receivables within one year (+€7,580)
- Receivables within one year -€7,580
down €7,580 (-28.5%), from €26,599 to €19,019
- Tangible fixed assets +€1,803
new in 2025: €1,803
- Trade debts +€13,272
up €13,272 (+131.0%), from €10,131 to €23,403
- Tax, wage and social debts -€7,143
down €7,143 (-71.5%), from €9,996 to €2,853
of which Taxes: -€7,567
- Profit (loss) carried forward -€5,961
down €5,961 (-34.4%), from €17,315 to €11,354
- Other debts +€2,955
up €2,955 (+115.5%), from €2,560 to €5,515
- Gross operating margin -€29,427
down €29,427, from €25,772 to -€3,655
- Taxes -€4,202
down €4,202 (-77.4%), from €5,431 to €1,229
- Other operating charges -€2,386
down €2,386 (-79.8%), from €2,989 to €603
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 | €42,502 | €45,625 | +€3,123 | +7.3% |
| Fixed assets | 21/28 | - | €1,803 | +€1,803 | |
| Tangible fixed assets | 22/27 | - | €1,803 | +€1,803 | |
| Furniture and vehicles | 24 | - | €1,803 | +€1,803 | |
| Current assets | 29/58 | €42,502 | €43,822 | +€1,320 | +3.1% |
| Amounts receivable within one year | 40/41 | €26,599 | €19,019 | -€7,580 | -28.5% |
| Trade receivables | 40 | €26,599 | €19,019 | -€7,580 | -28.5% |
| Cash at bank and in hand | 54/58 | €14,616 | €23,288 | +€8,672 | +59.3% |
| Deferred charges and accrued income | 490/1 | €1,287 | €1,516 | +€229 | +17.8% |
| Total equity and liabilities | 10/49 | €42,502 | €45,625 | +€3,123 | +7.3% |
| Equity | 10/15 | €19,815 | €13,854 | -€5,961 | -30.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,315 | €11,354 | -€5,961 | -34.4% |
| Amounts payable | 17/49 | €22,687 | €31,771 | +€9,084 | +40.0% |
| Amounts payable within one year | 42/48 | €22,687 | €31,771 | +€9,084 | +40.0% |
| Trade debts | 44 | €10,131 | €23,403 | +€13,272 | +131.0% |
| Suppliers | 440/4 | €10,131 | €23,403 | +€13,272 | +131.0% |
| Taxes, remuneration and social security | 45 | €9,996 | €2,853 | -€7,143 | -71.5% |
| Taxes | 450/3 | €9,196 | €1,629 | -€7,567 | -82.3% |
| Remuneration and social security | 454/9 | €800 | €1,224 | +€424 | +53.0% |
| Other amounts payable | 47/48 | €2,560 | €5,515 | +€2,955 | +115.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €245 | +€245 | |
| Other operating charges | 640/8 | €2,989 | €603 | -€2,386 | -79.8% |
| Gross operating margin | 9900 | €25,772 | -€3,655 | -€29,427 | |
| Operating profit (loss) | 9901 | €22,783 | -€4,503 | -€27,286 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €37 | €228 | +€192 | +525.2% |
| Recurring financial charges | 65 | €37 | €228 | +€192 | +525.2% |
| Profit (loss) for the period before taxes | 9903 | €22,746 | -€4,731 | -€27,478 | |
| Income taxes | 67/77 | €5,431 | €1,229 | -€4,202 | -77.4% |
| Profit (loss) for the period | 9904 | €17,315 | -€5,961 | -€23,276 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,315 | -€5,961 | -€23,276 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.