AYMAX: 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.
AYMAX
Largest movements
- Tangible fixed assets +€2.2m
up €2.2m (+401%), from €555,074 to €2.8m
of which Land and buildings: +€1.9m
- Receivables within one year -€649,526
down €649,526 (-34.0%), from €1.9m to €1.3m
of which Trade receivables: -€802,609
- Stocks and contracts -€580,243
down €580,243 (-20.2%), from €2.9m to €2.3m
- Cash -€428,815
down €428,815 (-82.8%), from €517,814 to €88,999
mainly Investment in fixed assets (net) (-€2.3m) and Current portion of long-term debt (-€1.4m)
- Debts after one year +€1.8m
up €1.8m (+1,153%), from €159,617 to €2.0m
- Current portion of long-term debt -€1.4m
down €1.4m (-91.1%), from €1.5m to €134,703
- Trade debts -€1.1m
down €1.1m (-53.8%), from €2.1m to €972,141
- Short-term financial debts +€650,000
new in 2025: €650,000
- Profit (loss) carried forward +€452,860
up €452,860 (+31.8%), from €1.4m to €1.9m
- Gross operating margin +€351,689
up €351,689 (+41.4%), from €850,498 to €1.2m
- Financial charges +€111,440
up €111,440 (+59.4%), from €187,676 to €299,116
- Depreciation +€50,932
up €50,932 (+76.7%), from €66,390 to €117,322
- Taxes +€20,902
up €20,902 (+12.1%), from €172,376 to €193,279
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 | €5,958,454 | €6,511,844 | +€553,389 | +9.3% |
| Fixed assets | 21/28 | €559,285 | €2,782,590 | +€2.2m | +398% |
| Intangible fixed assets | 21 | €4,211 | €3,699 | -€512 | -12.2% |
| Tangible fixed assets | 22/27 | €555,074 | €2,778,891 | +€2.2m | +401% |
| Land and buildings | 22 | €308,668 | €2,228,589 | +€1.9m | +622% |
| Plant, machinery and equipment | 23 | €40,682 | €34,429 | -€6,253 | -15.4% |
| Furniture and vehicles | 24 | €4,011 | €324,300 | +€320,289 | +7,986% |
| Other tangible fixed assets | 26 | €201,713 | €191,574 | -€10,139 | -5.0% |
| Current assets | 29/58 | €5,399,169 | €3,729,254 | -€1.7m | -30.9% |
| Stocks and contracts in progress | 3 | €2,869,819 | €2,289,577 | -€580,243 | -20.2% |
| Stocks | 30/36 | €2,869,819 | €2,289,577 | -€580,243 | -20.2% |
| Amounts receivable within one year | 40/41 | €1,908,203 | €1,258,678 | -€649,526 | -34.0% |
| Trade receivables | 40 | €1,907,776 | €1,105,167 | -€802,609 | -42.1% |
| Other amounts receivable | 41 | €427 | €153,510 | +€153,083 | +35,827% |
| Cash at bank and in hand | 54/58 | €517,814 | €88,999 | -€428,815 | -82.8% |
| Deferred charges and accrued income | 490/1 | €103,332 | €92,000 | -€11,332 | -11.0% |
| Total equity and liabilities | 10/49 | €5,958,454 | €6,511,844 | +€553,389 | +9.3% |
| Equity | 10/15 | €2,045,630 | €2,398,491 | +€352,860 | +17.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €600,000 | €500,000 | -€100,000 | -16.7% |
| Distributable reserves | 133 | €600,000 | €500,000 | -€100,000 | -16.7% |
| Profit (loss) carried forward | 14 | €1,425,170 | €1,878,031 | +€452,860 | +31.8% |
| Amounts payable | 17/49 | €3,912,824 | €4,113,353 | +€200,529 | +5.1% |
| Amounts payable after more than one year | 17 | €159,617 | €2,000,641 | +€1.8m | +1,153% |
| Financial debts | 170/4 | €159,617 | €2,000,641 | +€1.8m | +1,153% |
| Amounts payable within one year | 42/48 | €3,753,207 | €2,098,892 | -€1.7m | -44.1% |
| Current portion of amounts payable after more than one year | 42 | €1,511,010 | €134,703 | -€1.4m | -91.1% |
| Financial debts | 43 | - | €650,000 | +€650,000 | |
| Other loans | 439 | - | €650,000 | +€650,000 | |
| Trade debts | 44 | €2,102,515 | €972,141 | -€1.1m | -53.8% |
| Suppliers | 440/4 | €2,102,515 | €972,141 | -€1.1m | -53.8% |
| Taxes, remuneration and social security | 45 | €136,399 | €153,548 | +€17,149 | +12.6% |
| Taxes | 450/3 | €134,457 | €150,514 | +€16,057 | +11.9% |
| Remuneration and social security | 454/9 | €1,942 | €3,034 | +€1,091 | +56.2% |
| Other amounts payable | 47/48 | €3,283 | €188,500 | +€185,217 | +5,642% |
| Accrued charges and deferred income | 492/3 | - | €13,820 | +€13,820 | |
| Non-recurring operating income | 76A | €7,132 | €20,099 | +€12,967 | +182% |
| Remuneration, social security and pensions | 62 | €11,971 | €23,971 | +€11,999 | +100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,390 | €117,322 | +€50,932 | +76.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,146 | €6,503 | +€11,649 | |
| Other operating charges | 640/8 | €3,457 | €9,136 | +€5,679 | +164% |
| Gross operating margin | 9900 | €850,498 | €1,202,187 | +€351,689 | +41.4% |
| Operating profit (loss) | 9901 | €773,826 | €1,045,255 | +€271,429 | +35.1% |
| Financial charges | 65/66B | €187,676 | €299,116 | +€111,440 | +59.4% |
| Recurring financial charges | 65 | €187,676 | €299,116 | +€111,440 | +59.4% |
| Profit (loss) for the period before taxes | 9903 | €586,150 | €746,139 | +€159,989 | +27.3% |
| Income taxes | 67/77 | €172,376 | €193,279 | +€20,902 | +12.1% |
| Profit (loss) for the period | 9904 | €413,773 | €552,860 | +€139,087 | +33.6% |
| Profit (loss) for the period to be appropriated | 9905 | €413,773 | €552,860 | +€139,087 | +33.6% |
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 15 October 2026 via checked.be.