MAXSTER: 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.
MAXSTER
Largest movements
- Cash -€227,806
down €227,806 (-51.2%), from €445,179 to €217,373
mainly Debts after one year (-€135,837) and Investment in fixed assets (net) (-€108,270)
- Receivables within one year +€84,096
up €84,096 (+52.3%), from €160,842 to €244,938
of which Trade receivables: +€79,112
- Tangible fixed assets +€63,350
up €63,350 (+13.3%), from €475,553 to €538,903
of which Land and buildings: +€86,174
- Current investments +€36,000
up €36,000 (+36.1%), from €99,856 to €135,856
- Debts after one year -€135,837
down €135,837 (-94.0%), from €144,510 to €8,673
of which Other amounts payable: -€120,170
- Reserves +€125,657
up €125,657 (+14.5%), from €869,009 to €994,666
- Current portion of long-term debt -€32,969
down €32,969 (-67.8%), from €48,644 to €15,675
- Gross operating margin +€90,639
up €90,639 (+17.1%), from €529,505 to €620,144
- Taxes +€30,982
up €30,982 (+39.3%), from €78,746 to €109,728
- Staff costs +€12,648
up €12,648 (+5.7%), from €220,224 to €232,872
- Financial income +€10,468
up €10,468 (+452%), from €2,315 to €12,783
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 | €1,192,566 | €1,151,351 | -€41,214 | -3.5% |
| Fixed assets | 21/28 | €475,553 | €538,903 | +€63,350 | +13.3% |
| Tangible fixed assets | 22/27 | €475,553 | €538,903 | +€63,350 | +13.3% |
| Land and buildings | 22 | €127,748 | €213,922 | +€86,174 | +67.5% |
| Plant, machinery and equipment | 23 | €1,857 | €1,281 | -€575 | -31.0% |
| Furniture and vehicles | 24 | €47,870 | €35,433 | -€12,436 | -26.0% |
| Other tangible fixed assets | 26 | €298,079 | €288,267 | -€9,812 | -3.3% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €717,013 | €612,448 | -€104,565 | -14.6% |
| Amounts receivable within one year | 40/41 | €160,842 | €244,938 | +€84,096 | +52.3% |
| Trade receivables | 40 | €151,081 | €230,193 | +€79,112 | +52.4% |
| Other amounts receivable | 41 | €9,760 | €14,745 | +€4,985 | +51.1% |
| Current investments | 50/53 | €99,856 | €135,856 | +€36,000 | +36.1% |
| Cash at bank and in hand | 54/58 | €445,179 | €217,373 | -€227,806 | -51.2% |
| Deferred charges and accrued income | 490/1 | €11,136 | €14,281 | +€3,145 | +28.2% |
| Total equity and liabilities | 10/49 | €1,192,566 | €1,151,351 | -€41,214 | -3.5% |
| Equity | 10/15 | €875,209 | €1,000,866 | +€125,657 | +14.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €869,009 | €994,666 | +€125,657 | +14.5% |
| Distributable reserves | 133 | €869,009 | €994,666 | +€125,657 | +14.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €317,357 | €150,485 | -€166,871 | -52.6% |
| Amounts payable after more than one year | 17 | €144,510 | €8,673 | -€135,837 | -94.0% |
| Financial debts | 170/4 | €24,340 | €8,673 | -€15,667 | -64.4% |
| Other amounts payable | 178/9 | €120,170 | €0 | -€120,170 | -100% |
| Amounts payable within one year | 42/48 | €172,847 | €140,638 | -€32,209 | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €48,644 | €15,675 | -€32,969 | -67.8% |
| Financial debts | 43 | €17,743 | €17,616 | -€128 | -0.7% |
| Credit institutions | 430/8 | €17,743 | €17,616 | -€128 | -0.7% |
| Trade debts | 44 | €12,861 | €14,425 | +€1,564 | +12.2% |
| Suppliers | 440/4 | €12,861 | €14,425 | +€1,564 | +12.2% |
| Taxes, remuneration and social security | 45 | €71,266 | €74,922 | +€3,656 | +5.1% |
| Taxes | 450/3 | €45,086 | €59,722 | +€14,636 | +32.5% |
| Remuneration and social security | 454/9 | €26,180 | €15,200 | -€10,980 | -41.9% |
| Other amounts payable | 47/48 | €22,333 | €18,000 | -€4,333 | -19.4% |
| Accrued charges and deferred income | 492/3 | €0 | €1,175 | +€1,175 | |
| Remuneration, social security and pensions | 62 | €220,224 | €232,872 | +€12,648 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,805 | €44,920 | -€5,885 | -11.6% |
| Other operating charges | 640/8 | €3,270 | €8,975 | +€5,706 | +175% |
| Non-recurring operating charges | 66A | - | €36 | +€36 | |
| Gross operating margin | 9900 | €529,505 | €620,144 | +€90,639 | +17.1% |
| Operating profit (loss) | 9901 | €255,206 | €333,340 | +€78,134 | +30.6% |
| Financial income | 75/76B | €2,315 | €12,783 | +€10,468 | +452% |
| Recurring financial income | 75 | €2,315 | €12,783 | +€10,468 | +452% |
| Financial charges | 65/66B | €6,958 | €5,061 | -€1,897 | -27.3% |
| Recurring financial charges | 65 | €6,958 | €5,061 | -€1,897 | -27.3% |
| Profit (loss) for the period before taxes | 9903 | €250,563 | €341,062 | +€90,499 | +36.1% |
| Income taxes | 67/77 | €78,746 | €109,728 | +€30,982 | +39.3% |
| Profit (loss) for the period | 9904 | €171,817 | €231,334 | +€59,517 | +34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €171,817 | €231,334 | +€59,517 | +34.6% |
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 28 October 2026 via checked.be.