MAXSUR: 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.
MAXSUR
Largest movements
- Current investments +€257,016
new in 2024: €257,016
- Cash -€241,946
down €241,946 (-70.7%), from €342,062 to €100,115
mainly Current investments (-€257,016) and Investment in fixed assets (net) (-€183,890)
- Tangible fixed assets +€57,852
up €57,852 (+52.1%), from €110,997 to €168,849
of which Furniture and vehicles: +€56,546
- Intangible fixed assets +€17,006
up €17,006 (+8.1%), from €209,046 to €226,052
- Reserves +€107,552
up €107,552 (+27.3%), from €394,615 to €502,167
of which Distributable reserves: +€107,552
- Tax, wage and social debts +€44,331
up €44,331 (+207%), from €21,398 to €65,729
of which Taxes: +€42,015
- Debts after one year -€42,500
down €42,500 (-31.6%), from €134,583 to €92,083
- Current portion of long-term debt -€26,250
down €26,250 (-38.2%), from €68,750 to €42,500
- Gross operating margin +€105,463
up €105,463 (+28.9%), from €364,699 to €470,162
- Taxes +€32,268
up €32,268 (+295%), from €10,940 to €43,208
- Depreciation -€15,983
down €15,983 (-12.8%), from €125,015 to €109,031
- Staff costs +€11,302
up €11,302 (+5.8%), from €194,736 to €206,039
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €670,227 | €758,221 | +€87,994 | +13.1% |
| Fixed assets | 21/28 | €320,117 | €394,976 | +€74,858 | +23.4% |
| Intangible fixed assets | 21 | €209,046 | €226,052 | +€17,006 | +8.1% |
| Tangible fixed assets | 22/27 | €110,997 | €168,849 | +€57,852 | +52.1% |
| Plant, machinery and equipment | 23 | €5,497 | €17,810 | +€12,312 | +224% |
| Furniture and vehicles | 24 | €33,728 | €90,274 | +€56,546 | +168% |
| Other tangible fixed assets | 26 | €71,771 | €60,765 | -€11,006 | -15.3% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €350,110 | €363,245 | +€13,135 | +3.8% |
| Current investments | 50/53 | - | €257,016 | +€257,016 | |
| Cash at bank and in hand | 54/58 | €342,062 | €100,115 | -€241,946 | -70.7% |
| Deferred charges and accrued income | 490/1 | €8,048 | €6,114 | -€1,934 | -24.0% |
| Total equity and liabilities | 10/49 | €670,227 | €758,221 | +€87,994 | +13.1% |
| Equity | 10/15 | €413,215 | €520,767 | +€107,552 | +26.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €394,615 | €502,167 | +€107,552 | +27.3% |
| Tax-exempt reserves | 132 | €1,293 | €1,293 | = | 0.0% |
| Distributable reserves | 133 | €393,322 | €500,874 | +€107,552 | +27.3% |
| Amounts payable | 17/49 | €257,012 | €237,453 | -€19,559 | -7.6% |
| Amounts payable after more than one year | 17 | €134,583 | €92,083 | -€42,500 | -31.6% |
| Financial debts | 170/4 | €134,583 | €92,083 | -€42,500 | -31.6% |
| Amounts payable within one year | 42/48 | €122,429 | €145,370 | +€22,941 | +18.7% |
| Current portion of amounts payable after more than one year | 42 | €68,750 | €42,500 | -€26,250 | -38.2% |
| Trade debts | 44 | €19,906 | €23,030 | +€3,124 | +15.7% |
| Suppliers | 440/4 | €19,906 | €23,030 | +€3,124 | +15.7% |
| Taxes, remuneration and social security | 45 | €21,398 | €65,729 | +€44,331 | +207% |
| Taxes | 450/3 | €1,431 | €43,446 | +€42,015 | +2,937% |
| Remuneration and social security | 454/9 | €19,967 | €22,283 | +€2,316 | +11.6% |
| Other amounts payable | 47/48 | €12,375 | €14,112 | +€1,737 | +14.0% |
| Remuneration, social security and pensions | 62 | €194,736 | €206,039 | +€11,302 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,015 | €109,031 | -€15,983 | -12.8% |
| Other operating charges | 640/8 | €1,949 | €1,397 | -€552 | -28.3% |
| Non-recurring operating charges | 66A | - | €34 | +€34 | |
| Gross operating margin | 9900 | €364,699 | €470,162 | +€105,463 | +28.9% |
| Operating profit (loss) | 9901 | €42,998 | €153,660 | +€110,662 | +257% |
| Financial income | 75/76B | €1,046 | €977 | -€68 | -6.5% |
| Recurring financial income | 75 | €1,046 | €977 | -€68 | -6.5% |
| Financial charges | 65/66B | €7,087 | €3,878 | -€3,209 | -45.3% |
| Recurring financial charges | 65 | €7,087 | €3,878 | -€3,209 | -45.3% |
| Profit (loss) for the period before taxes | 9903 | €36,957 | €150,760 | +€113,803 | +308% |
| Income taxes | 67/77 | €10,940 | €43,208 | +€32,268 | +295% |
| Profit (loss) for the period | 9904 | €26,017 | €107,552 | +€81,535 | +313% |
| Profit (loss) for the period to be appropriated | 9905 | €26,017 | €107,552 | +€81,535 | +313% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.