Max Stables: 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 Stables
Largest movements
- Tangible fixed assets -€83,612
down €83,612 (-52.7%), from €158,801 to €75,189
of which Leasing and similar rights: -€88,139
- Financial fixed assets +€26,000
up €26,000 (+7.7%), from €339,000 to €365,000
- Debts after one year -€69,200
no longer reported in 2025 (was €69,200)
- Profit (loss) carried forward +€42,081
up €42,081 (+13.3%), from €315,787 to €357,868
- Other debts -€39,928
down €39,928 (-37.2%), from €107,231 to €67,303
- Current portion of long-term debt -€20,677
down €20,677 (-42.1%), from €49,161 to €28,484
- Tax, wage and social debts +€20,063
up €20,063 (+66.1%), from €30,347 to €50,410
of which Taxes: +€23,529
- Gross operating margin -€328,227
down €328,227 (-73.8%), from €444,806 to €116,579
- Staff costs -€61,242
no longer reported in 2025 (was €61,242)
- Depreciation -€25,169
down €25,169 (-35.6%), from €70,763 to €45,594
- Taxes +€17,439
up €17,439 (+517.9%), from €3,367 to €20,806
- Other operating charges -€4,617
down €4,617 (-53.8%), from €8,582 to €3,965
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 | €1,085,713 | €1,009,637 | -€76,075 | -7.0% |
| Fixed assets | 21/28 | €497,801 | €440,189 | -€57,612 | -11.6% |
| Tangible fixed assets | 22/27 | €158,801 | €75,189 | -€83,612 | -52.7% |
| Plant, machinery and equipment | 23 | €5,432 | €3,342 | -€2,090 | -38.5% |
| Furniture and vehicles | 24 | €30,477 | €34,650 | +€4,174 | +13.7% |
| Leasing and similar rights | 25 | €91,364 | €3,225 | -€88,139 | -96.5% |
| Other tangible fixed assets | 26 | €31,528 | €33,971 | +€2,443 | +7.7% |
| Financial fixed assets | 28 | €339,000 | €365,000 | +€26,000 | +7.7% |
| Current assets | 29/58 | €587,911 | €569,448 | -€18,463 | -3.1% |
| Stocks and contracts in progress | 3 | €12,634 | €11,684 | -€950 | -7.5% |
| Stocks | 30/36 | €12,634 | €11,684 | -€950 | -7.5% |
| Amounts receivable within one year | 40/41 | €555,879 | €546,561 | -€9,318 | -1.7% |
| Trade receivables | 40 | €97,468 | €72,538 | -€24,930 | -25.6% |
| Other amounts receivable | 41 | €458,411 | €474,023 | +€15,612 | +3.4% |
| Current investments | 50/53 | €2,000 | - | -€2,000 | |
| Cash at bank and in hand | 54/58 | €10,550 | €6,792 | -€3,758 | -35.6% |
| Deferred charges and accrued income | 490/1 | €6,849 | €4,411 | -€2,438 | -35.6% |
| Total equity and liabilities | 10/49 | €1,085,713 | €1,009,637 | -€76,075 | -7.0% |
| Equity | 10/15 | €783,247 | €825,328 | +€42,081 | +5.4% |
| Contributions | 10/11 | €465,600 | €465,600 | = | 0.0% |
| Contributions outside capital | 11 | €465,600 | €465,600 | = | 0.0% |
| Share premium | 1100/10 | €465,600 | €465,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €315,787 | €357,868 | +€42,081 | +13.3% |
| Amounts payable | 17/49 | €302,465 | €184,310 | -€118,156 | -39.1% |
| Amounts payable after more than one year | 17 | €69,200 | - | -€69,200 | |
| Financial debts | 170/4 | €69,200 | - | -€69,200 | |
| Amounts payable within one year | 42/48 | €233,265 | €184,310 | -€48,955 | -21.0% |
| Current portion of amounts payable after more than one year | 42 | €49,161 | €28,484 | -€20,677 | -42.1% |
| Financial debts | 43 | €6,716 | €1,723 | -€4,993 | -74.3% |
| Credit institutions | 430/8 | €6,716 | €1,723 | -€4,993 | -74.3% |
| Trade debts | 44 | €39,811 | €36,390 | -€3,421 | -8.6% |
| Suppliers | 440/4 | €39,811 | €36,390 | -€3,421 | -8.6% |
| Taxes, remuneration and social security | 45 | €30,347 | €50,410 | +€20,063 | +66.1% |
| Taxes | 450/3 | €25,334 | €48,863 | +€23,529 | +92.9% |
| Remuneration and social security | 454/9 | €5,012 | €1,547 | -€3,466 | -69.1% |
| Other amounts payable | 47/48 | €107,231 | €67,303 | -€39,928 | -37.2% |
| Non-recurring operating income | 76A | €315,000 | €70,239 | -€244,761 | -77.7% |
| Remuneration, social security and pensions | 62 | €61,242 | - | -€61,242 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,763 | €45,594 | -€25,169 | -35.6% |
| Other operating charges | 640/8 | €8,582 | €3,965 | -€4,617 | -53.8% |
| Gross operating margin | 9900 | €444,806 | €116,579 | -€328,227 | -73.8% |
| Operating profit (loss) | 9901 | €304,219 | €67,020 | -€237,199 | -78.0% |
| Financial income | 75/76B | €74 | €22 | -€52 | -70.1% |
| Recurring financial income | 75 | €74 | €22 | -€52 | -70.1% |
| Financial charges | 65/66B | €4,713 | €4,156 | -€558 | -11.8% |
| Recurring financial charges | 65 | €4,713 | €4,156 | -€558 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €299,580 | €62,886 | -€236,694 | -79.0% |
| Income taxes | 67/77 | €3,367 | €20,806 | +€17,439 | +517.9% |
| Profit (loss) for the period | 9904 | €296,214 | €42,081 | -€254,133 | -85.8% |
| Profit (loss) for the period to be appropriated | 9905 | €296,214 | €42,081 | -€254,133 | -85.8% |
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 11 October 2026 via checked.be.