CALMAX: 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.
CALMAX
Largest movements
- Receivables within one year -€13,447
down €13,447 (-33.3%), from €40,433 to €26,986
of which Trade receivables: -€13,351
- Cash -€7,089
down €7,089 (-96.1%), from €7,381 to €291
mainly Debts after one year (-€13,561) and Net result for the year (-€11,081)
- Debts after one year -€13,561
down €13,561 (-17.9%), from €75,633 to €62,072
- Reserves -€11,081
down €11,081 (-46.3%), from €23,914 to €12,833
- Trade debts +€10,095
up €10,095 (+453%), from €2,230 to €12,325
- Tax, wage and social debts -€6,534
down €6,534 (-34.0%), from €19,216 to €12,682
of which Taxes: -€6,540
- Write-downs +€56,482
new in 2025: €56,482
- Gross operating margin +€11,325
up €11,325 (+27.1%), from €41,812 to €53,137
- Taxes -€8,864
down €8,864 (-98.0%), from €9,046 to €182
- Financial charges -€1,163
down €1,163 (-15.0%), from €7,738 to €6,575
- Depreciation -€734
down €734 (-65.9%), from €1,114 to €380
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 | €174,200 | €153,660 | -€20,540 | -11.8% |
| Fixed assets | 21/28 | €126,387 | €126,382 | -€5 | 0.0% |
| Tangible fixed assets | 22/27 | €1,387 | €1,382 | -€5 | -0.3% |
| Plant, machinery and equipment | 23 | €1,387 | €1,382 | -€5 | -0.3% |
| Financial fixed assets | 28 | €125,000 | €125,000 | = | 0.0% |
| Current assets | 29/58 | €47,814 | €27,278 | -€20,536 | -42.9% |
| Amounts receivable within one year | 40/41 | €40,433 | €26,986 | -€13,447 | -33.3% |
| Trade receivables | 40 | €40,337 | €26,986 | -€13,351 | -33.1% |
| Other amounts receivable | 41 | €96 | - | -€96 | |
| Cash at bank and in hand | 54/58 | €7,381 | €291 | -€7,089 | -96.1% |
| Total equity and liabilities | 10/49 | €174,200 | €153,660 | -€20,540 | -11.8% |
| Equity | 10/15 | €58,914 | €47,833 | -€11,081 | -18.8% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €23,914 | €12,833 | -€11,081 | -46.3% |
| Distributable reserves | 133 | €23,914 | €12,833 | -€11,081 | -46.3% |
| Amounts payable | 17/49 | €115,286 | €105,827 | -€9,460 | -8.2% |
| Amounts payable after more than one year | 17 | €75,633 | €62,072 | -€13,561 | -17.9% |
| Financial debts | 170/4 | €75,633 | €62,072 | -€13,561 | -17.9% |
| Amounts payable within one year | 42/48 | €39,321 | €43,470 | +€4,149 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €14,027 | €14,664 | +€637 | +4.5% |
| Trade debts | 44 | €2,230 | €12,325 | +€10,095 | +453% |
| Suppliers | 440/4 | €2,230 | €12,325 | +€10,095 | +453% |
| Taxes, remuneration and social security | 45 | €19,216 | €12,682 | -€6,534 | -34.0% |
| Taxes | 450/3 | €16,333 | €9,792 | -€6,540 | -40.0% |
| Remuneration and social security | 454/9 | €2,883 | €2,890 | +€7 | +0.2% |
| Other amounts payable | 47/48 | €3,848 | €3,799 | -€49 | -1.3% |
| Accrued charges and deferred income | 492/3 | €332 | €285 | -€48 | -14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,114 | €380 | -€734 | -65.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €56,482 | +€56,482 | |
| Other operating charges | 640/8 | - | €126 | +€126 | |
| Non-recurring operating charges | 66A | - | €473 | +€473 | |
| Gross operating margin | 9900 | €41,812 | €53,137 | +€11,325 | +27.1% |
| Operating profit (loss) | 9901 | €40,698 | -€4,324 | -€45,022 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €7,738 | €6,575 | -€1,163 | -15.0% |
| Recurring financial charges | 65 | €7,738 | €6,575 | -€1,163 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €32,961 | -€10,899 | -€43,859 | |
| Income taxes | 67/77 | €9,046 | €182 | -€8,864 | -98.0% |
| Profit (loss) for the period | 9904 | €23,914 | -€11,081 | -€34,995 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,914 | -€11,081 | -€34,995 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.