MAX UNION: 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 UNION
Largest movements
- Tangible fixed assets +€32,739
up €32,739 (+18.5%), from €177,329 to €210,068
of which Plant, machinery and equipment: +€33,314
- Cash -€18,756
down €18,756 (-16.5%), from €113,726 to €94,970
mainly Investment in fixed assets (net) (-€68,336) and Debts after one year (-€15,241)
- Stocks and contracts -€10,620
down €10,620 (-13.3%), from €79,878 to €69,258
- Receivables within one year +€9,733
up €9,733 (+70.8%), from €13,744 to €23,478
of which Trade receivables: +€11,279
- Tax, wage and social debts +€21,202
up €21,202 (+21.0%), from €100,876 to €122,078
of which Remuneration and social security: +€12,675
- Trade debts +€18,671
up €18,671 (+18.7%), from €100,014 to €118,686
- Debts after one year -€15,241
down €15,241 (-19.6%), from €77,849 to €62,608
- Current portion of long-term debt -€7,616
down €7,616 (-29.2%), from €26,108 to €18,491
- Staff costs +€60,580
up €60,580 (+26.7%), from €226,521 to €287,101
- Gross operating margin +€13,297
up €13,297 (+3.9%), from €342,440 to €355,737
- Depreciation +€8,752
up €8,752 (+34.0%), from €25,744 to €34,496
- Taxes -€8,681
down €8,681 (-87.0%), from €9,981 to €1,300
- Financial charges -€4,724
down €4,724 (-17.3%), from €27,366 to €22,642
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 | €386,105 | €400,302 | +€14,198 | +3.7% |
| Fixed assets | 21/28 | €178,757 | €212,597 | +€33,840 | +18.9% |
| Intangible fixed assets | 21 | - | €1,101 | +€1,101 | |
| Tangible fixed assets | 22/27 | €177,329 | €210,068 | +€32,739 | +18.5% |
| Land and buildings | 22 | €5,690 | €4,740 | -€950 | -16.7% |
| Plant, machinery and equipment | 23 | €165,654 | €198,968 | +€33,314 | +20.1% |
| Furniture and vehicles | 24 | €5,985 | €6,360 | +€375 | +6.3% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €1,427 | €1,427 | = | 0.0% |
| Current assets | 29/58 | €207,348 | €187,706 | -€19,642 | -9.5% |
| Stocks and contracts in progress | 3 | €79,878 | €69,258 | -€10,620 | -13.3% |
| Stocks | 30/36 | €79,878 | €69,258 | -€10,620 | -13.3% |
| Amounts receivable within one year | 40/41 | €13,744 | €23,478 | +€9,733 | +70.8% |
| Trade receivables | 40 | €0 | €11,279 | +€11,279 | |
| Other amounts receivable | 41 | €13,744 | €12,198 | -€1,546 | -11.2% |
| Cash at bank and in hand | 54/58 | €113,726 | €94,970 | -€18,756 | -16.5% |
| Total equity and liabilities | 10/49 | €386,105 | €400,302 | +€14,198 | +3.7% |
| Equity | 10/15 | €80,809 | €78,065 | -€2,744 | -3.4% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €13,000 | €13,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €11,000 | €11,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,809 | €25,065 | -€2,744 | -9.9% |
| Amounts payable | 17/49 | €305,295 | €322,237 | +€16,942 | +5.5% |
| Amounts payable after more than one year | 17 | €77,849 | €62,608 | -€15,241 | -19.6% |
| Financial debts | 170/4 | €77,849 | €62,608 | -€15,241 | -19.6% |
| Amounts payable within one year | 42/48 | €226,998 | €259,255 | +€32,257 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €26,108 | €18,491 | -€7,616 | -29.2% |
| Trade debts | 44 | €100,014 | €118,686 | +€18,671 | +18.7% |
| Suppliers | 440/4 | €100,014 | €118,686 | +€18,671 | +18.7% |
| Taxes, remuneration and social security | 45 | €100,876 | €122,078 | +€21,202 | +21.0% |
| Taxes | 450/3 | €40,886 | €49,413 | +€8,527 | +20.9% |
| Remuneration and social security | 454/9 | €59,990 | €72,665 | +€12,675 | +21.1% |
| Accrued charges and deferred income | 492/3 | €448 | €374 | -€74 | -16.5% |
| Remuneration, social security and pensions | 62 | €226,521 | €287,101 | +€60,580 | +26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,744 | €34,496 | +€8,752 | +34.0% |
| Other operating charges | 640/8 | €10,350 | €13,046 | +€2,695 | +26.0% |
| Non-recurring operating charges | 66A | €2,268 | €0 | -€2,268 | -100% |
| Gross operating margin | 9900 | €342,440 | €355,737 | +€13,297 | +3.9% |
| Operating profit (loss) | 9901 | €77,556 | €21,094 | -€56,461 | -72.8% |
| Financial income | 75/76B | €64 | €103 | +€39 | +61.6% |
| Recurring financial income | 75 | €64 | €103 | +€39 | +61.6% |
| Financial charges | 65/66B | €27,366 | €22,642 | -€4,724 | -17.3% |
| Recurring financial charges | 65 | €27,366 | €22,642 | -€4,724 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €50,254 | -€1,444 | -€51,698 | |
| Income taxes | 67/77 | €9,981 | €1,300 | -€8,681 | -87.0% |
| Profit (loss) for the period | 9904 | €40,273 | -€2,744 | -€43,017 | |
| Profit (loss) for the period to be appropriated | 9905 | €40,273 | -€2,744 | -€43,017 |
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 14 October 2026 via checked.be.