Virtus 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.
Virtus Max
Largest movements
- Tangible fixed assets +€8,785
up €8,785 (+5.0%), from €175,163 to €183,948
of which Land and buildings: +€21,260
- Cash -€4,277
down €4,277 (-72.4%), from €5,906 to €1,628
mainly Investment in fixed assets (net) (-€30,974) and Net result for the year (-€29,755)
- Other debts +€30,017
up €30,017 (+10.2%), from €292,933 to €322,950
- Profit (loss) carried forward -€29,755
down €29,755 (-17.3%), from -€172,384 to -€202,139
- Trade debts +€8,357
up €8,357 (+183.0%), from €4,566 to €12,923
- Debts after one year -€7,268
down €7,268 (-100.0%), from €7,268 to €0
- Tax, wage and social debts +€2,841
up €2,841 (+64.8%), from €4,384 to €7,225
- Gross operating margin +€12,104
up €12,104 (+88.1%), from -€13,743 to -€1,639
- Financial charges -€3,737
down €3,737 (-86.2%), from €4,336 to €599
- Depreciation +€1,120
up €1,120 (+5.2%), from €21,533 to €22,653
- Other operating charges -€796
down €796 (-17.3%), from €4,611 to €3,815
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 | €219,486 | €223,948 | +€4,462 | +2.0% |
| Fixed assets | 21/28 | €176,972 | €185,293 | +€8,321 | +4.7% |
| Intangible fixed assets | 21 | €364 | €0 | -€364 | -100.0% |
| Tangible fixed assets | 22/27 | €175,163 | €183,948 | +€8,785 | +5.0% |
| Land and buildings | 22 | €110,500 | €131,760 | +€21,260 | +19.2% |
| Plant, machinery and equipment | 23 | €44,765 | €39,266 | -€5,498 | -12.3% |
| Furniture and vehicles | 24 | €19,899 | €12,922 | -€6,977 | -35.1% |
| Financial fixed assets | 28 | €1,444 | €1,345 | -€99 | -6.9% |
| Current assets | 29/58 | €42,514 | €38,655 | -€3,859 | -9.1% |
| Amounts receivable within one year | 40/41 | €36,609 | €37,027 | +€418 | +1.1% |
| Trade receivables | 40 | €36,609 | €37,027 | +€418 | +1.1% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €5,906 | €1,628 | -€4,277 | -72.4% |
| Total equity and liabilities | 10/49 | €219,486 | €223,948 | +€4,462 | +2.0% |
| Equity | 10/15 | -€96,663 | -€126,418 | -€29,755 | -30.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €57,129 | €57,129 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €52,129 | €52,129 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€172,384 | -€202,139 | -€29,755 | -17.3% |
| Amounts payable | 17/49 | €316,149 | €350,366 | +€34,217 | +10.8% |
| Amounts payable after more than one year | 17 | €7,268 | €0 | -€7,268 | -100.0% |
| Financial debts | 170/4 | €7,268 | €0 | -€7,268 | -100.0% |
| Amounts payable within one year | 42/48 | €308,881 | €350,366 | +€41,485 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €6,997 | €7,268 | +€271 | +3.9% |
| Trade debts | 44 | €4,566 | €12,923 | +€8,357 | +183.0% |
| Suppliers | 440/4 | €4,566 | €12,923 | +€8,357 | +183.0% |
| Taxes, remuneration and social security | 45 | €4,384 | €7,225 | +€2,841 | +64.8% |
| Taxes | 450/3 | €4,384 | €7,225 | +€2,841 | +64.8% |
| Other amounts payable | 47/48 | €292,933 | €322,950 | +€30,017 | +10.2% |
| Non-recurring operating income | 76A | €6,782 | €0 | -€6,782 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,533 | €22,653 | +€1,120 | +5.2% |
| Other operating charges | 640/8 | €4,611 | €3,815 | -€796 | -17.3% |
| Non-recurring operating charges | 66A | - | €463 | +€463 | |
| Gross operating margin | 9900 | -€13,743 | -€1,639 | +€12,104 | +88.1% |
| Operating profit (loss) | 9901 | -€39,887 | -€28,571 | +€11,316 | +28.4% |
| Financial income | 75/76B | €0 | €81 | +€81 | |
| Recurring financial income | 75 | €0 | €81 | +€81 | |
| Financial charges | 65/66B | €4,336 | €599 | -€3,737 | -86.2% |
| Recurring financial charges | 65 | €4,336 | €599 | -€3,737 | -86.2% |
| Profit (loss) for the period before taxes | 9903 | -€44,223 | -€29,089 | +€15,134 | +34.2% |
| Income taxes | 67/77 | €697 | €666 | -€30 | -4.4% |
| Profit (loss) for the period | 9904 | -€44,919 | -€29,755 | +€15,164 | +33.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,919 | -€29,755 | +€15,164 | +33.8% |
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 12 October 2026 via checked.be.