THEMAX: 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.
THEMAX
Largest movements
- Cash +€256,312
up €256,312 (+517%), from €49,545 to €305,857
mainly Net result for the year (+€327,480) and Other debts (+€285,000)
- Current investments +€48,752
new in 2025: €48,752
- Deferred charges and accrued income +€44,817
new in 2025: €44,817
- Receivables within one year +€26,739
new in 2025: €26,739
of which Trade receivables: +€18,775
- Other debts +€285,000
up €285,000, from €0 to €285,000
- Reserves +€42,480
up €42,480 (+12.2%), from €348,795 to €391,275
- Tax, wage and social debts +€37,888
up €37,888 (+1,131%), from €3,350 to €41,238
- Gross operating margin +€426,745
up €426,745, from -€5,394 to €421,351
- Taxes +€121,671
up €121,671 (+3,632%), from €3,350 to €125,021
- Financial charges +€11,775
up €11,775 (+25,421%), from €46 to €11,821
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 | €949,545 | €1,327,755 | +€378,210 | +39.8% |
| Fixed assets | 21/28 | €900,000 | €901,590 | +€1,590 | +0.2% |
| Tangible fixed assets | 22/27 | - | €1,590 | +€1,590 | |
| Furniture and vehicles | 24 | - | €1,590 | +€1,590 | |
| Financial fixed assets | 28 | €900,000 | €900,000 | = | 0.0% |
| Current assets | 29/58 | €49,545 | €426,165 | +€376,620 | +760% |
| Amounts receivable within one year | 40/41 | - | €26,739 | +€26,739 | |
| Trade receivables | 40 | - | €18,775 | +€18,775 | |
| Other amounts receivable | 41 | - | €7,965 | +€7,965 | |
| Current investments | 50/53 | - | €48,752 | +€48,752 | |
| Cash at bank and in hand | 54/58 | €49,545 | €305,857 | +€256,312 | +517% |
| Deferred charges and accrued income | 490/1 | - | €44,817 | +€44,817 | |
| Total equity and liabilities | 10/49 | €949,545 | €1,327,755 | +€378,210 | +39.8% |
| Equity | 10/15 | €811,195 | €853,675 | +€42,480 | +5.2% |
| Contributions | 10/11 | €462,400 | €462,400 | = | 0.0% |
| Reserves | 13 | €348,795 | €391,275 | +€42,480 | +12.2% |
| Distributable reserves | 133 | €348,795 | €391,275 | +€42,480 | +12.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €138,350 | €474,080 | +€335,730 | +243% |
| Amounts payable after more than one year | 17 | €135,000 | €135,000 | = | 0.0% |
| Financial debts | 170/4 | €135,000 | €135,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,350 | €328,888 | +€325,538 | +9,718% |
| Trade debts | 44 | - | €2,650 | +€2,650 | |
| Suppliers | 440/4 | - | €2,650 | +€2,650 | |
| Taxes, remuneration and social security | 45 | €3,350 | €41,238 | +€37,888 | +1,131% |
| Taxes | 450/3 | €3,350 | €41,238 | +€37,888 | +1,131% |
| Other amounts payable | 47/48 | €0 | €285,000 | +€285,000 | |
| Accrued charges and deferred income | 492/3 | - | €10,193 | +€10,193 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €548 | +€548 | |
| Other operating charges | 640/8 | €1,069 | €1,546 | +€477 | +44.6% |
| Gross operating margin | 9900 | -€5,394 | €421,351 | +€426,745 | |
| Operating profit (loss) | 9901 | -€6,463 | €419,257 | +€425,720 | |
| Financial income | 75/76B | €43,452 | €45,065 | +€1,612 | +3.7% |
| Recurring financial income | 75 | €43,452 | €45,065 | +€1,612 | +3.7% |
| Financial charges | 65/66B | €46 | €11,821 | +€11,775 | +25,421% |
| Recurring financial charges | 65 | €46 | €11,821 | +€11,775 | +25,421% |
| Profit (loss) for the period before taxes | 9903 | €36,943 | €452,500 | +€415,558 | +1,125% |
| Income taxes | 67/77 | €3,350 | €125,021 | +€121,671 | +3,632% |
| Profit (loss) for the period | 9904 | €33,593 | €327,480 | +€293,887 | +875% |
| Profit (loss) for the period to be appropriated | 9905 | €33,593 | €327,480 | +€293,887 | +875% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.