ANTEMAX: 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.
ANTEMAX
Largest movements
- Receivables within one year +€122,071
up €122,071 (+924%), from €13,209 to €135,280
of which Other amounts receivable: +€130,237
- Cash +€86,127
up €86,127 (+145%), from €59,318 to €145,445
mainly Other debts (+€272,676) and Net result for the year (+€210,553)
- Tangible fixed assets -€36,119
down €36,119 (-14.9%), from €242,781 to €206,662
of which Furniture and vehicles: -€35,739
- Other debts +€272,676
up €272,676 (+124%), from €220,000 to €492,676
- Reserves -€74,500
down €74,500 (-9.9%), from €752,500 to €678,000
- Debts after one year -€19,315
no longer reported in 2025 (was €19,315)
- Other operating charges +€21,225
up €21,225 (+963%), from €2,204 to €23,429
- Gross operating margin -€13,054
down €13,054 (-17.4%), from €75,144 to €62,090
- Depreciation -€10,467
down €10,467 (-96.5%), from €10,847 to €380
- Taxes -€8,401
down €8,401 (-20.3%), from €41,313 to €32,912
- Financial income -€2,862
down €2,862 (-1.4%), from €208,653 to €205,791
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 | €1,454,624 | €1,630,223 | +€175,599 | +12.1% |
| Fixed assets | 21/28 | €1,243,144 | €1,207,025 | -€36,119 | -2.9% |
| Tangible fixed assets | 22/27 | €242,781 | €206,662 | -€36,119 | -14.9% |
| Plant, machinery and equipment | 23 | €1,547 | €1,167 | -€380 | -24.6% |
| Furniture and vehicles | 24 | €35,739 | - | -€35,739 | |
| Assets under construction and advance payments | 27 | €205,495 | €205,495 | = | 0.0% |
| Financial fixed assets | 28 | €1,000,363 | €1,000,363 | = | 0.0% |
| Current assets | 29/58 | €211,480 | €423,198 | +€211,718 | +100% |
| Amounts receivable after more than one year | 29 | €110,000 | €110,000 | = | 0.0% |
| Other amounts receivable | 291 | €110,000 | €110,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €13,209 | €135,280 | +€122,071 | +924% |
| Trade receivables | 40 | €10,137 | €1,971 | -€8,166 | -80.6% |
| Other amounts receivable | 41 | €3,072 | €133,309 | +€130,237 | +4,239% |
| Current investments | 50/53 | €17,358 | €18,166 | +€808 | +4.7% |
| Cash at bank and in hand | 54/58 | €59,318 | €145,445 | +€86,127 | +145% |
| Deferred charges and accrued income | 490/1 | €11,595 | €14,307 | +€2,712 | +23.4% |
| Total equity and liabilities | 10/49 | €1,454,624 | €1,630,223 | +€175,599 | +12.1% |
| Equity | 10/15 | €1,181,733 | €1,107,786 | -€73,947 | -6.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €752,500 | €678,000 | -€74,500 | -9.9% |
| Distributable reserves | 133 | €752,500 | €678,000 | -€74,500 | -9.9% |
| Profit (loss) carried forward | 14 | €379,233 | €379,786 | +€553 | +0.1% |
| Amounts payable | 17/49 | €272,891 | €522,437 | +€249,546 | +91.4% |
| Amounts payable after more than one year | 17 | €19,315 | - | -€19,315 | |
| Financial debts | 170/4 | €19,315 | - | -€19,315 | |
| Amounts payable within one year | 42/48 | €253,576 | €522,437 | +€268,861 | +106% |
| Current portion of amounts payable after more than one year | 42 | €2,896 | - | -€2,896 | |
| Trade debts | 44 | €2,532 | €629 | -€1,903 | -75.2% |
| Suppliers | 440/4 | €2,532 | €629 | -€1,903 | -75.2% |
| Taxes, remuneration and social security | 45 | €28,148 | €29,132 | +€984 | +3.5% |
| Taxes | 450/3 | €28,148 | €29,132 | +€984 | +3.5% |
| Other amounts payable | 47/48 | €220,000 | €492,676 | +€272,676 | +124% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,847 | €380 | -€10,467 | -96.5% |
| Other operating charges | 640/8 | €2,204 | €23,429 | +€21,225 | +963% |
| Gross operating margin | 9900 | €75,144 | €62,090 | -€13,054 | -17.4% |
| Operating profit (loss) | 9901 | €62,093 | €38,281 | -€23,812 | -38.3% |
| Financial income | 75/76B | €208,653 | €205,791 | -€2,862 | -1.4% |
| Recurring financial income | 75 | €208,653 | €205,791 | -€2,862 | -1.4% |
| Financial charges | 65/66B | €503 | €607 | +€104 | +20.7% |
| Recurring financial charges | 65 | €503 | €607 | +€104 | +20.7% |
| Profit (loss) for the period before taxes | 9903 | €270,243 | €243,465 | -€26,778 | -9.9% |
| Income taxes | 67/77 | €41,313 | €32,912 | -€8,401 | -20.3% |
| Profit (loss) for the period | 9904 | €228,930 | €210,553 | -€18,377 | -8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €228,930 | €210,553 | -€18,377 | -8.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.