Cemax: 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.
Cemax
Largest movements
- Receivables after one year -€55,000
down €55,000 (-100.0%), from €55,000 to €0
- Receivables within one year -€36,310
down €36,310 (-100.0%), from €36,310 to €0
of which Other amounts receivable: -€35,718
- Tangible fixed assets -€32,476
down €32,476 (-8.2%), from €393,816 to €361,339
- Cash +€8,549
up €8,549 (+60.7%), from €14,080 to €22,629
mainly Receivables after one year (+€55,000) and Depreciation (+€40,811)
- Reserves -€74,406
down €74,406 (-39.5%), from €188,600 to €114,194
- Debts after one year -€51,294
down €51,294 (-27.6%), from €186,085 to €134,791
- Trade debts -€12,865
down €12,865 (-27.6%), from €46,658 to €33,793
- Current portion of long-term debt +€7,152
up €7,152 (+14.8%), from €48,464 to €55,616
- Tax, wage and social debts +€6,626
up €6,626 (+64.5%), from €10,278 to €16,904
of which Taxes: +€7,132
- Staff costs -€29,039
down €29,039 (-47.5%), from €61,171 to €32,132
- Depreciation +€7,891
up €7,891 (+24.0%), from €32,920 to €40,811
- Gross operating margin -€7,396
down €7,396 (-4.9%), from €150,973 to €143,576
- Taxes +€4,696
up €4,696 (+35.4%), from €13,270 to €17,966
- Financial charges +€4,551
up €4,551 (+64.9%), from €7,009 to €11,560
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.
Cash bridge derived
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 | €526,241 | €404,263 | -€121,977 | -23.2% |
| Fixed assets | 21/28 | €393,816 | €361,339 | -€32,476 | -8.2% |
| Tangible fixed assets | 22/27 | €393,816 | €361,339 | -€32,476 | -8.2% |
| Land and buildings | 22 | €250,554 | €237,238 | -€13,316 | -5.3% |
| Plant, machinery and equipment | 23 | €58,053 | €53,218 | -€4,835 | -8.3% |
| Furniture and vehicles | 24 | €25,118 | €23,289 | -€1,829 | -7.3% |
| Leasing and similar rights | 25 | €60,092 | €47,595 | -€12,496 | -20.8% |
| Current assets | 29/58 | €132,425 | €42,924 | -€89,501 | -67.6% |
| Amounts receivable after more than one year | 29 | €55,000 | €0 | -€55,000 | -100.0% |
| Other amounts receivable | 291 | €55,000 | €0 | -€55,000 | -100.0% |
| Stocks and contracts in progress | 3 | €18,980 | €13,760 | -€5,220 | -27.5% |
| Stocks | 30/36 | €18,980 | €13,760 | -€5,220 | -27.5% |
| Amounts receivable within one year | 40/41 | €36,310 | €0 | -€36,310 | -100.0% |
| Trade receivables | 40 | €593 | €0 | -€593 | -100.0% |
| Other amounts receivable | 41 | €35,718 | €0 | -€35,718 | -100.0% |
| Cash at bank and in hand | 54/58 | €14,080 | €22,629 | +€8,549 | +60.7% |
| Deferred charges and accrued income | 490/1 | €8,054 | €6,536 | -€1,519 | -18.9% |
| Total equity and liabilities | 10/49 | €526,241 | €404,263 | -€121,977 | -23.2% |
| Equity | 10/15 | €208,600 | €134,194 | -€74,406 | -35.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €188,600 | €114,194 | -€74,406 | -39.5% |
| Distributable reserves | 133 | €188,600 | €114,194 | -€74,406 | -39.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €317,641 | €270,069 | -€47,571 | -15.0% |
| Amounts payable after more than one year | 17 | €186,085 | €134,791 | -€51,294 | -27.6% |
| Financial debts | 170/4 | €186,085 | €134,791 | -€51,294 | -27.6% |
| Amounts payable within one year | 42/48 | €127,425 | €134,625 | +€7,199 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | €48,464 | €55,616 | +€7,152 | +14.8% |
| Financial debts | 43 | €16 | €0 | -€16 | -100.0% |
| Credit institutions | 430/8 | €16 | €0 | -€16 | -100.0% |
| Trade debts | 44 | €46,658 | €33,793 | -€12,865 | -27.6% |
| Suppliers | 440/4 | €46,658 | €33,793 | -€12,865 | -27.6% |
| Advances received on contracts in progress | 46 | €476 | €289 | -€187 | -39.3% |
| Taxes, remuneration and social security | 45 | €10,278 | €16,904 | +€6,626 | +64.5% |
| Taxes | 450/3 | €8,027 | €15,159 | +€7,132 | +88.8% |
| Remuneration and social security | 454/9 | €2,251 | €1,745 | -€505 | -22.5% |
| Other amounts payable | 47/48 | €21,534 | €28,023 | +€6,489 | +30.1% |
| Accrued charges and deferred income | 492/3 | €4,130 | €653 | -€3,477 | -84.2% |
| Non-recurring operating income | 76A | €5,450 | €0 | -€5,450 | -100.0% |
| Remuneration, social security and pensions | 62 | €61,171 | €32,132 | -€29,039 | -47.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,920 | €40,811 | +€7,891 | +24.0% |
| Other operating charges | 640/8 | €3,677 | €4,605 | +€928 | +25.2% |
| Gross operating margin | 9900 | €150,973 | €143,576 | -€7,396 | -4.9% |
| Operating profit (loss) | 9901 | €53,205 | €66,028 | +€12,823 | +24.1% |
| Financial income | 75/76B | €1,673 | €1,638 | -€35 | -2.1% |
| Recurring financial income | 75 | €1,673 | €1,638 | -€35 | -2.1% |
| Financial charges | 65/66B | €7,009 | €11,560 | +€4,551 | +64.9% |
| Recurring financial charges | 65 | €7,009 | €11,560 | +€4,551 | +64.9% |
| Profit (loss) for the period before taxes | 9903 | €47,869 | €56,107 | +€8,237 | +17.2% |
| Income taxes | 67/77 | €13,270 | €17,966 | +€4,696 | +35.4% |
| Profit (loss) for the period | 9904 | €34,599 | €38,141 | +€3,542 | +10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €34,599 | €38,141 | +€3,542 | +10.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.