CUMAX: what changed
Two fiscal 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.
CUMAX
Largest movements
- Receivables within one year +€82,794
up €82,794 (+66.5%), from €124,459 to €207,253
of which Other amounts receivable: +€71,639
- Cash -€56,602
down €56,602 (-42.3%), from €133,876 to €77,274
mainly Investment in fixed assets (net) (-€124,856) and Receivables within one year (-€82,794)
- Tangible fixed assets -€53,329
down €53,329 (-2.1%), from €2.5m to €2.4m
of which Land and buildings: -€51,864
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€85,585
down €85,585 (-24.3%), from €352,098 to €266,513
- Taxes -€19,792
down €19,792 (-69.1%), from €28,643 to €8,851
- Provisions +€10,054
no longer reported in 2024 (was -€10,054)
- Other operating charges +€6,047
up €6,047 (+8.8%), from €68,380 to €74,427
- Depreciation +€4,668
up €4,668 (+2.7%), from €173,517 to €178,185
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,773,174 | €2,741,037 | -€32,137 | -1.2% |
| Fixed assets | 21/28 | €2,501,797 | €2,448,468 | -€53,329 | -2.1% |
| Tangible fixed assets | 22/27 | €2,501,797 | €2,448,468 | -€53,329 | -2.1% |
| Land and buildings | 22 | €2,498,866 | €2,447,002 | -€51,864 | -2.1% |
| Plant, machinery and equipment | 23 | €2,931 | €1,465 | -€1,465 | -50.0% |
| Current assets | 29/58 | €271,377 | €292,569 | +€21,192 | +7.8% |
| Amounts receivable within one year | 40/41 | €124,459 | €207,253 | +€82,794 | +66.5% |
| Trade receivables | 40 | €18,928 | €30,083 | +€11,155 | +58.9% |
| Other amounts receivable | 41 | €105,531 | €177,170 | +€71,639 | +67.9% |
| Cash at bank and in hand | 54/58 | €133,876 | €77,274 | -€56,602 | -42.3% |
| Deferred charges and accrued income | 490/1 | €13,043 | €8,043 | -€5,000 | -38.3% |
| Total equity and liabilities | 10/49 | €2,773,174 | €2,741,037 | -€32,137 | -1.2% |
| Equity | 10/15 | €1,453,016 | €1,445,929 | -€7,087 | -0.5% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Capital | 10 | €225,000 | €225,000 | = | 0.0% |
| Issued capital | 100 | €225,000 | €225,000 | = | 0.0% |
| Revaluation surpluses | 12 | €18,332 | €18,332 | = | 0.0% |
| Reserves | 13 | €1,209,684 | €1,202,597 | -€7,087 | -0.6% |
| Non-distributable reserves | 130/1 | €25,229 | €25,229 | = | 0.0% |
| Legal reserve | 130 | €25,229 | €25,229 | = | 0.0% |
| Tax-exempt reserves | 132 | €748,884 | €715,991 | -€32,893 | -4.4% |
| Distributable reserves | 133 | €435,572 | €461,377 | +€25,806 | +5.9% |
| Provisions and deferred taxes | 16 | €266,428 | €255,520 | -€10,908 | -4.1% |
| Provisions for liabilities and charges | 160/5 | €16,800 | €16,800 | = | 0.0% |
| Major repairs and maintenance | 162 | €16,800 | €16,800 | = | 0.0% |
| Deferred taxes | 168 | €249,628 | €238,720 | -€10,908 | -4.4% |
| Amounts payable | 17/49 | €1,053,730 | €1,039,588 | -€14,142 | -1.3% |
| Amounts payable after more than one year | 17 | €735,182 | €720,481 | -€14,701 | -2.0% |
| Financial debts | 170/4 | €715,299 | €702,949 | -€12,351 | -1.7% |
| Other amounts payable | 178/9 | €19,882 | €17,532 | -€2,350 | -11.8% |
| Amounts payable within one year | 42/48 | €315,677 | €316,051 | +€374 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €152,409 | €131,518 | -€20,891 | -13.7% |
| Financial debts | 43 | €46,800 | €46,811 | +€11 | 0.0% |
| Credit institutions | 430/8 | €46,800 | €46,811 | +€11 | 0.0% |
| Trade debts | 44 | €109,101 | €132,488 | +€23,387 | +21.4% |
| Suppliers | 440/4 | €109,101 | €132,488 | +€23,387 | +21.4% |
| Taxes, remuneration and social security | 45 | €1,801 | €2,467 | +€666 | +37.0% |
| Taxes | 450/3 | €1,801 | €2,467 | +€666 | +37.0% |
| Other amounts payable | 47/48 | €5,567 | €2,766 | -€2,800 | -50.3% |
| Accrued charges and deferred income | 492/3 | €2,871 | €3,057 | +€185 | +6.5% |
| Non-recurring operating income | 76A | €55,017 | - | -€55,017 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,517 | €178,185 | +€4,668 | +2.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€10,054 | - | +€10,054 | |
| Other operating charges | 640/8 | €68,380 | €74,427 | +€6,047 | +8.8% |
| Non-recurring operating charges | 66A | €170,735 | - | -€170,735 | |
| Gross operating margin | 9900 | €352,098 | €266,513 | -€85,585 | -24.3% |
| Operating profit (loss) | 9901 | -€50,479 | €13,901 | +€64,380 | |
| Financial income | 75/76B | €640 | €2,778 | +€2,138 | +334.3% |
| Recurring financial income | 75 | €640 | €2,778 | +€2,138 | +334.3% |
| Financial charges | 65/66B | €28,816 | €25,823 | -€2,993 | -10.4% |
| Recurring financial charges | 65 | €28,816 | €25,823 | -€2,993 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | -€78,656 | -€9,144 | +€69,512 | +88.4% |
| Transfer from deferred taxes | 780 | €10,016 | €10,908 | +€892 | +8.9% |
| Income taxes | 67/77 | €28,643 | €8,851 | -€19,792 | -69.1% |
| Profit (loss) for the period | 9904 | -€97,282 | -€7,087 | +€90,195 | +92.7% |
| Transfer from tax-exempt reserves | 789 | €30,049 | €32,893 | +€2,843 | +9.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€67,233 | €25,806 | +€93,038 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.