MAX I: what changed
MAX I
Largest movements
- Receivables within one year -€181,483
down €181,483 (-32.0%), from €567,634 to €386,150
of which Other amounts receivable: -€154,697
- Financial fixed assets +€108,000
up €108,000 (+50.0%), from €216,000 to €324,000
- Cash +€42,769
up €42,769 (+2,063%), from €2,073 to €44,842
mainly Receivables within one year (+€181,483) and Deferred charges and accrued income (+€36,743)
- Deferred charges and accrued income -€36,743
down €36,743 (-77.3%), from €47,534 to €10,791
- Tangible fixed assets -€31,975
down €31,975 (-19.7%), from €162,081 to €130,106
of which Furniture and vehicles: -€19,644
- Reserves -€98,895
down €98,895 (-25.2%), from €392,408 to €293,513
of which Distributable reserves: -€98,895
- Gross operating margin -€29,364
down €29,364 (-57.2%), from -€51,368 to -€80,732
- Financial income -€4,815
down €4,815 (-19.4%), from €24,874 to €20,059
- Other operating charges -€949
down €949 (-27.9%), from €3,396 to €2,448
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €997,156 | €897,723 | -€99,433 | -10.0% |
| Fixed assets | 21/28 | €379,915 | €455,940 | +€76,025 | +20.0% |
| Intangible fixed assets | 21 | €1,834 | €1,834 | = | 0.0% |
| Tangible fixed assets | 22/27 | €162,081 | €130,106 | -€31,975 | -19.7% |
| Furniture and vehicles | 24 | €85,781 | €66,137 | -€19,644 | -22.9% |
| Other tangible fixed assets | 26 | €76,300 | €63,969 | -€12,332 | -16.2% |
| Financial fixed assets | 28 | €216,000 | €324,000 | +€108,000 | +50.0% |
| Current assets | 29/58 | €617,241 | €441,783 | -€175,457 | -28.4% |
| Amounts receivable within one year | 40/41 | €567,634 | €386,150 | -€181,483 | -32.0% |
| Trade receivables | 40 | €45,057 | €18,271 | -€26,786 | -59.4% |
| Other amounts receivable | 41 | €522,577 | €367,879 | -€154,697 | -29.6% |
| Cash at bank and in hand | 54/58 | €2,073 | €44,842 | +€42,769 | +2,063% |
| Deferred charges and accrued income | 490/1 | €47,534 | €10,791 | -€36,743 | -77.3% |
| Total equity and liabilities | 10/49 | €997,156 | €897,723 | -€99,433 | -10.0% |
| Equity | 10/15 | €442,008 | €343,113 | -€98,895 | -22.4% |
| Contributions | 10/11 | €49,600 | €49,600 | = | 0.0% |
| Reserves | 13 | €392,408 | €293,513 | -€98,895 | -25.2% |
| Non-distributable reserves | 130/1 | €43,075 | €43,075 | = | 0.0% |
| Reserves not available under the articles | 1311 | €43,075 | €43,075 | = | 0.0% |
| Distributable reserves | 133 | €349,333 | €250,438 | -€98,895 | -28.3% |
| Amounts payable | 17/49 | €555,148 | €554,610 | -€538 | -0.1% |
| Amounts payable within one year | 42/48 | €555,148 | €554,610 | -€538 | -0.1% |
| Financial debts | 43 | €2,118 | €4,389 | +€2,271 | +107% |
| Credit institutions | 430/8 | €2,118 | €4,389 | +€2,271 | +107% |
| Trade debts | 44 | €11,205 | €10,680 | -€525 | -4.7% |
| Suppliers | 440/4 | €11,205 | €10,680 | -€525 | -4.7% |
| Taxes, remuneration and social security | 45 | €880 | €6,550 | +€5,670 | +644% |
| Taxes | 450/3 | €880 | €6,550 | +€5,670 | +644% |
| Other amounts payable | 47/48 | €540,945 | €532,990 | -€7,954 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,969 | €34,412 | +€443 | +1.3% |
| Other operating charges | 640/8 | €3,396 | €2,448 | -€949 | -27.9% |
| Gross operating margin | 9900 | -€51,368 | -€80,732 | -€29,364 | -57.2% |
| Operating profit (loss) | 9901 | -€88,733 | -€117,592 | -€28,858 | -32.5% |
| Financial income | 75/76B | €24,874 | €20,059 | -€4,815 | -19.4% |
| Recurring financial income | 75 | €24,874 | €20,059 | -€4,815 | -19.4% |
| Financial charges | 65/66B | €1,177 | €552 | -€625 | -53.1% |
| Recurring financial charges | 65 | €1,177 | €552 | -€625 | -53.1% |
| Profit (loss) for the period before taxes | 9903 | -€65,036 | -€98,085 | -€33,048 | -50.8% |
| Income taxes | 67/77 | €700 | €810 | +€110 | +15.8% |
| Profit (loss) for the period | 9904 | -€65,736 | -€98,895 | -€33,159 | -50.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,736 | -€98,895 | -€33,159 | -50.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.