ELEMAX: 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.
ELEMAX
Largest movements
- Receivables within one year +€30,777
up €30,777 (+16.3%), from €189,272 to €220,049
of which Trade receivables: +€39,771
- Cash -€10,648
down €10,648 (-42.0%), from €25,381 to €14,734
mainly Receivables within one year (-€30,777) and Stocks and contracts (-€2,757)
- Intangible fixed assets -€5,440
down €5,440 (-67.9%), from €8,014 to €2,574
- Stocks and contracts +€2,757
up €2,757 (+17.5%), from €15,752 to €18,509
- Trade debts +€9,494
up €9,494 (+18.9%), from €50,295 to €59,790
- Profit (loss) carried forward +€4,567
up €4,567 (+8.1%), from -€56,279 to -€51,712
- Tax, wage and social debts +€3,081
up €3,081 (+50.1%), from €6,149 to €9,229
- Gross operating margin +€17,999
up €17,999, from -€4,535 to €13,464
- Other operating charges -€5,548
down €5,548 (-88.1%), from €6,300 to €752
- Financial charges +€637
up €637 (+70.7%), from €902 to €1,539
- Depreciation -€278
down €278 (-4.1%), from €6,718 to €6,440
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 | €250,651 | €266,761 | +€16,110 | +6.4% |
| Fixed assets | 21/28 | €12,953 | €6,513 | -€6,440 | -49.7% |
| Intangible fixed assets | 21 | €8,014 | €2,574 | -€5,440 | -67.9% |
| Tangible fixed assets | 22/27 | €4,939 | €3,938 | -€1,000 | -20.3% |
| Land and buildings | 22 | €4,593 | €3,665 | -€928 | -20.2% |
| Furniture and vehicles | 24 | €346 | €273 | -€72 | -20.9% |
| Current assets | 29/58 | €237,698 | €260,248 | +€22,550 | +9.5% |
| Stocks and contracts in progress | 3 | €15,752 | €18,509 | +€2,757 | +17.5% |
| Stocks | 30/36 | €15,752 | €18,509 | +€2,757 | +17.5% |
| Amounts receivable within one year | 40/41 | €189,272 | €220,049 | +€30,777 | +16.3% |
| Trade receivables | 40 | €177,140 | €216,911 | +€39,771 | +22.5% |
| Other amounts receivable | 41 | €12,132 | €3,138 | -€8,994 | -74.1% |
| Current investments | 50/53 | €6,953 | €6,953 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €25,381 | €14,734 | -€10,648 | -42.0% |
| Deferred charges and accrued income | 490/1 | €339 | €3 | -€336 | -99.0% |
| Total equity and liabilities | 10/49 | €250,651 | €266,761 | +€16,110 | +6.4% |
| Equity | 10/15 | €193,136 | €197,703 | +€4,567 | +2.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €219,415 | €219,415 | = | 0.0% |
| Distributable reserves | 133 | €219,415 | €219,415 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,279 | -€51,712 | +€4,567 | +8.1% |
| Amounts payable | 17/49 | €57,515 | €69,058 | +€11,543 | +20.1% |
| Amounts payable within one year | 42/48 | €57,515 | €69,058 | +€11,543 | +20.1% |
| Trade debts | 44 | €50,295 | €59,790 | +€9,494 | +18.9% |
| Suppliers | 440/4 | €50,295 | €59,790 | +€9,494 | +18.9% |
| Taxes, remuneration and social security | 45 | €6,149 | €9,229 | +€3,081 | +50.1% |
| Taxes | 450/3 | €6,149 | €9,229 | +€3,081 | +50.1% |
| Other amounts payable | 47/48 | €1,071 | €39 | -€1,032 | -96.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,718 | €6,440 | -€278 | -4.1% |
| Other operating charges | 640/8 | €6,300 | €752 | -€5,548 | -88.1% |
| Gross operating margin | 9900 | -€4,535 | €13,464 | +€17,999 | |
| Operating profit (loss) | 9901 | -€17,553 | €6,272 | +€23,825 | |
| Financial income | 75/76B | €140 | €25 | -€115 | -82.4% |
| Recurring financial income | 75 | €140 | €25 | -€115 | -82.4% |
| Financial charges | 65/66B | €902 | €1,539 | +€637 | +70.7% |
| Recurring financial charges | 65 | €902 | €1,539 | +€637 | +70.7% |
| Profit (loss) for the period before taxes | 9903 | -€18,314 | €4,758 | +€23,073 | |
| Income taxes | 67/77 | €324 | €191 | -€132 | -40.8% |
| Profit (loss) for the period | 9904 | -€18,638 | €4,567 | +€23,205 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,638 | €4,567 | +€23,205 |
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 12 October 2026 via checked.be.