E-MAX MANAGEMENT: 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.
E-MAX MANAGEMENT
Largest movements
- Cash -€44,511
down €44,511 (-64.4%), from €69,154 to €24,642
mainly Contributions, distributions and other (-€114,077) and Investment in fixed assets (net) (-€38,821)
- Receivables within one year -€40,829
down €40,829 (-46.1%), from €88,626 to €47,797
of which Trade receivables: -€43,987
- Tangible fixed assets +€20,436
up €20,436 (+36.1%), from €56,584 to €77,020
of which Furniture and vehicles: +€21,269
- Reserves -€39,077
down €39,077 (-95.5%), from €40,937 to €1,860
- Tax, wage and social debts -€38,031
down €38,031 (-69.9%), from €54,418 to €16,387
- Other debts +€8,338
up €8,338 (+15.7%), from €53,000 to €61,338
- Current portion of long-term debt +€4,981
up €4,981 (+37.3%), from €13,337 to €18,318
- Trade debts -€2,913
down €2,913 (-89.5%), from €3,256 to €343
- Gross operating margin -€28,844
down €28,844 (-19.4%), from €148,415 to €119,571
- Depreciation +€10,949
up €10,949 (+147.2%), from €7,437 to €18,385
- Taxes -€7,831
down €7,831 (-25.5%), from €30,671 to €22,839
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 | €217,288 | €151,778 | -€65,511 | -30.1% |
| Fixed assets | 21/28 | €56,751 | €77,187 | +€20,436 | +36.0% |
| Tangible fixed assets | 22/27 | €56,584 | €77,020 | +€20,436 | +36.1% |
| Furniture and vehicles | 24 | €50,948 | €72,216 | +€21,269 | +41.7% |
| Other tangible fixed assets | 26 | €5,636 | €4,803 | -€833 | -14.8% |
| Financial fixed assets | 28 | €167 | €167 | = | 0.0% |
| Current assets | 29/58 | €160,537 | €74,591 | -€85,946 | -53.5% |
| Stocks and contracts in progress | 3 | €1,639 | €1,182 | -€457 | -27.9% |
| Stocks | 30/36 | €1,639 | €1,182 | -€457 | -27.9% |
| Amounts receivable within one year | 40/41 | €88,626 | €47,797 | -€40,829 | -46.1% |
| Trade receivables | 40 | €78,109 | €34,122 | -€43,987 | -56.3% |
| Other amounts receivable | 41 | €10,517 | €13,675 | +€3,158 | +30.0% |
| Cash at bank and in hand | 54/58 | €69,154 | €24,642 | -€44,511 | -64.4% |
| Deferred charges and accrued income | 490/1 | €1,118 | €969 | -€149 | -13.4% |
| Total equity and liabilities | 10/49 | €217,288 | €151,778 | -€65,511 | -30.1% |
| Equity | 10/15 | €60,080 | €21,266 | -€38,813 | -64.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €40,937 | €1,860 | -€39,077 | -95.5% |
| Distributable reserves | 133 | €40,937 | €1,860 | -€39,077 | -95.5% |
| Profit (loss) carried forward | 14 | €543 | €806 | +€263 | +48.5% |
| Amounts payable | 17/49 | €157,209 | €130,511 | -€26,697 | -17.0% |
| Amounts payable after more than one year | 17 | €33,198 | €34,125 | +€928 | +2.8% |
| Financial debts | 170/4 | €33,198 | €34,125 | +€928 | +2.8% |
| Amounts payable within one year | 42/48 | €124,011 | €96,386 | -€27,625 | -22.3% |
| Current portion of amounts payable after more than one year | 42 | €13,337 | €18,318 | +€4,981 | +37.3% |
| Trade debts | 44 | €3,256 | €343 | -€2,913 | -89.5% |
| Suppliers | 440/4 | €3,256 | €343 | -€2,913 | -89.5% |
| Taxes, remuneration and social security | 45 | €54,418 | €16,387 | -€38,031 | -69.9% |
| Taxes | 450/3 | €54,418 | €16,387 | -€38,031 | -69.9% |
| Other amounts payable | 47/48 | €53,000 | €61,338 | +€8,338 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,437 | €18,385 | +€10,949 | +147.2% |
| Other operating charges | 640/8 | €910 | €804 | -€106 | -11.7% |
| Gross operating margin | 9900 | €148,415 | €119,571 | -€28,844 | -19.4% |
| Operating profit (loss) | 9901 | €140,068 | €100,382 | -€39,686 | -28.3% |
| Financial income | 75/76B | €30 | €16 | -€14 | -45.2% |
| Recurring financial income | 75 | €30 | €16 | -€14 | -45.2% |
| Financial charges | 65/66B | €1,022 | €2,296 | +€1,273 | +124.6% |
| Recurring financial charges | 65 | €1,022 | €2,296 | +€1,273 | +124.6% |
| Profit (loss) for the period before taxes | 9903 | €139,076 | €98,103 | -€40,973 | -29.5% |
| Income taxes | 67/77 | €30,671 | €22,839 | -€7,831 | -25.5% |
| Profit (loss) for the period | 9904 | €108,405 | €75,263 | -€33,142 | -30.6% |
| Profit (loss) for the period to be appropriated | 9905 | €108,405 | €75,263 | -€33,142 | -30.6% |
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 2 October 2026 via checked.be.