MAX Projects: what changed
What changed
MAX Projects
NACE 28.299, Manufacture of machinery and equipment not elsewhere classified
filed annual accounts (NBB)
Net result for the year
€354
2024 · -€6,761+€7,115
Equity
-€3,932
2024 · -€4,286+€354
Cash
€3,378
2024 · €63+€3,315
Balance sheet total
€112,277
2024 · €92,611+€19,666
Largest movements
Assets
- Tangible fixed assets +€13,423
up €13,423 (+43.4%), from €30,901 to €44,323
of which Plant, machinery and equipment: +€20,249
- Receivables within one year +€3,986
up €3,986 (+300%), from €1,327 to €5,312
- Cash +€3,315
up €3,315 (+5,260%), from €63 to €3,378
mainly Other debts (+€19,982) and Depreciation (+€18,727)
- Stocks and contracts -€1,219
down €1,219 (-2.1%), from €59,195 to €57,977
Equity and liabilities
- Other debts +€19,982
up €19,982 (+32.1%), from €62,343 to €82,324
- Debts after one year -€5,747
down €5,747 (-62.4%), from €9,207 to €3,460
- Advances received +€5,500
new in 2025: €5,500
- Tax, wage and social debts -€5,237
down €5,237 (-81.5%), from €6,424 to €1,187
- Trade debts +€4,500
up €4,500 (+33.6%), from €13,402 to €17,902
Income statement
- Gross operating margin +€7,372
up €7,372 (+51.6%), from €14,299 to €21,671
- Depreciation +€964
up €964 (+5.4%), from €17,763 to €18,727
- Financial charges -€760
down €760 (-30.0%), from €2,532 to €1,772
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€6,761
Gross operating margin
+€7,372
Depreciation
-€964
Other operating charges
-€78
Other operating items
+€95
Financial income
-€62
Financial charges
+€760
Taxes
-€8
Result 2025
€354
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€40,986
Investment
-€32,150
Financing
-€5,522
Cash 2024
€63
From operations (derived)
+€40,986
Net result for the year
+€354
Depreciation
+€18,727
Stocks and contracts
+€1,219
Receivables within one year
-€3,986
Deferred charges and accrued income
-€161
Trade debts
+€4,500
Tax, wage and social debts
-€5,237
Advances received
+€5,500
Other debts
+€19,982
Accrued charges and deferred income
+€88
Investment (derived)
-€32,150
Investment in fixed assets (net)
-€32,150
Financing
-€5,522
Debts after one year
-€5,747
Current portion of long-term debt
+€226
Cash 2025
€3,378
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €92,611 | €112,277 | +€19,666 | +21.2% |
| Fixed assets | 21/28 | €30,901 | €44,323 | +€13,423 | +43.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €30,901 | €44,323 | +€13,423 | +43.4% |
| Plant, machinery and equipment | 23 | €14,310 | €34,558 | +€20,249 | +142% |
| Furniture and vehicles | 24 | €16,591 | €9,765 | -€6,826 | -41.1% |
| Current assets | 29/58 | €61,710 | €67,953 | +€6,243 | +10.1% |
| Stocks and contracts in progress | 3 | €59,195 | €57,977 | -€1,219 | -2.1% |
| Stocks | 30/36 | €59,195 | €57,977 | -€1,219 | -2.1% |
| Amounts receivable within one year | 40/41 | €1,327 | €5,312 | +€3,986 | +300% |
| Trade receivables | 40 | €1,327 | €5,312 | +€3,986 | +300% |
| Cash at bank and in hand | 54/58 | €63 | €3,378 | +€3,315 | +5,260% |
| Deferred charges and accrued income | 490/1 | €1,125 | €1,286 | +€161 | +14.3% |
| Total equity and liabilities | 10/49 | €92,611 | €112,277 | +€19,666 | +21.2% |
| Equity | 10/15 | -€4,286 | -€3,932 | +€354 | +8.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,886 | -€22,532 | +€354 | +1.5% |
| Amounts payable | 17/49 | €96,897 | €116,209 | +€19,311 | +19.9% |
| Amounts payable after more than one year | 17 | €9,207 | €3,460 | -€5,747 | -62.4% |
| Financial debts | 170/4 | €9,207 | €3,460 | -€5,747 | -62.4% |
| Amounts payable within one year | 42/48 | €87,690 | €112,660 | +€24,970 | +28.5% |
| Current portion of amounts payable after more than one year | 42 | €5,522 | €5,747 | +€226 | +4.1% |
| Trade debts | 44 | €13,402 | €17,902 | +€4,500 | +33.6% |
| Suppliers | 440/4 | €13,402 | €17,902 | +€4,500 | +33.6% |
| Advances received on contracts in progress | 46 | - | €5,500 | +€5,500 | |
| Taxes, remuneration and social security | 45 | €6,424 | €1,187 | -€5,237 | -81.5% |
| Taxes | 450/3 | €6,424 | €1,187 | -€5,237 | -81.5% |
| Other amounts payable | 47/48 | €62,343 | €82,324 | +€19,982 | +32.1% |
| Accrued charges and deferred income | 492/3 | - | €88 | +€88 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,763 | €18,727 | +€964 | +5.4% |
| Other operating charges | 640/8 | €640 | €718 | +€78 | +12.2% |
| Non-recurring operating charges | 66A | €95 | - | -€95 | |
| Gross operating margin | 9900 | €14,299 | €21,671 | +€7,372 | +51.6% |
| Operating profit (loss) | 9901 | -€4,199 | €2,226 | +€6,425 | |
| Financial income | 75/76B | €111 | €48 | -€62 | -56.4% |
| Recurring financial income | 75 | €111 | €48 | -€62 | -56.4% |
| Financial charges | 65/66B | €2,532 | €1,772 | -€760 | -30.0% |
| Recurring financial charges | 65 | €2,532 | €1,772 | -€760 | -30.0% |
| Profit (loss) for the period before taxes | 9903 | -€6,621 | €502 | +€7,123 | |
| Income taxes | 67/77 | €140 | €147 | +€8 | +5.4% |
| Profit (loss) for the period | 9904 | -€6,761 | €354 | +€7,115 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,761 | €354 | +€7,115 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.