MAX & MASTERS: 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.
MAX & MASTERS
Largest movements
- Receivables within one year +€5,295
up €5,295 (+2051.1%), from €258 to €5,554
of which Trade receivables: +€5,112
- Cash -€1,546
down €1,546 (-12.1%), from €12,796 to €11,250
mainly Receivables within one year (-€5,295) and Net result for the year (-€678)
- Trade debts +€4,427
up €4,427 (+1142.9%), from €387 to €4,814
- Profit (loss) carried forward -€678
down €678 (-1.3%), from -€51,333 to -€52,011
- Gross operating margin +€2,201
up €2,201, from -€500 to €1,701
- Other operating charges +€372
up €372 (+48.9%), from €759 to €1,131
- Staff costs -€129
down €129 (-44.8%), from €288 to €159
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 | €13,054 | €16,804 | +€3,749 | +28.7% |
| Fixed assets | 21/28 | €0 | - | = | |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Current assets | 29/58 | €13,054 | €16,804 | +€3,749 | +28.7% |
| Amounts receivable within one year | 40/41 | €258 | €5,554 | +€5,295 | +2051.1% |
| Trade receivables | 40 | - | €5,112 | +€5,112 | |
| Other amounts receivable | 41 | €258 | €442 | +€183 | +71.1% |
| Cash at bank and in hand | 54/58 | €12,796 | €11,250 | -€1,546 | -12.1% |
| Total equity and liabilities | 10/49 | €13,054 | €16,804 | +€3,749 | +28.7% |
| Equity | 10/15 | €12,667 | €11,989 | -€678 | -5.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Legal reserve | 130 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,333 | -€52,011 | -€678 | -1.3% |
| Amounts payable | 17/49 | €387 | €4,814 | +€4,427 | +1142.9% |
| Amounts payable within one year | 42/48 | €387 | €4,814 | +€4,427 | +1142.9% |
| Trade debts | 44 | €387 | €4,814 | +€4,427 | +1142.9% |
| Suppliers | 440/4 | €387 | €4,814 | +€4,427 | +1142.9% |
| Remuneration, social security and pensions | 62 | €288 | €159 | -€129 | -44.8% |
| Other operating charges | 640/8 | €759 | €1,131 | +€372 | +48.9% |
| Gross operating margin | 9900 | -€500 | €1,701 | +€2,201 | |
| Operating profit (loss) | 9901 | -€1,547 | €412 | +€1,959 | |
| Financial charges | 65/66B | €1,104 | €1,089 | -€14 | -1.3% |
| Recurring financial charges | 65 | €1,104 | €1,089 | -€14 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | -€2,651 | -€678 | +€1,973 | +74.4% |
| Profit (loss) for the period | 9904 | -€2,651 | -€678 | +€1,973 | +74.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,651 | -€678 | +€1,973 | +74.4% |
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 10 October 2026 via checked.be.