EMAX: 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.
EMAX
Largest movements
- Tangible fixed assets -€9,667
down €9,667 (-42.9%), from €22,541 to €12,873
of which Furniture and vehicles: -€8,164
- Receivables within one year -€6,956
down €6,956 (-13.7%), from €50,865 to €43,909
of which Trade receivables: -€3,839
- Profit (loss) carried forward -€8,324
down €8,324 (-36.0%), from -€23,151 to -€31,475
- Current portion of long-term debt -€6,542
no longer reported in 2025 (was €6,542)
- Trade debts -€3,223
down €3,223 (-36.7%), from €8,792 to €5,568
- Advances received +€1,963
new in 2025: €1,963
- Gross operating margin -€37,403
down €37,403 (-87.2%), from €42,907 to €5,504
- Staff costs -€31,344
down €31,344 (-92.4%), from €33,920 to €2,577
- Depreciation -€13,297
down €13,297 (-57.9%), from €22,965 to €9,667
- Financial charges -€476
down €476 (-57.1%), from €834 to €358
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 | €76,290 | €60,448 | -€15,842 | -20.8% |
| Fixed assets | 21/28 | €22,541 | €12,873 | -€9,667 | -42.9% |
| Tangible fixed assets | 22/27 | €22,541 | €12,873 | -€9,667 | -42.9% |
| Land and buildings | 22 | €2,147 | €799 | -€1,349 | -62.8% |
| Plant, machinery and equipment | 23 | €155 | - | -€155 | |
| Furniture and vehicles | 24 | €20,239 | €12,075 | -€8,164 | -40.3% |
| Current assets | 29/58 | €53,749 | €47,574 | -€6,175 | -11.5% |
| Amounts receivable within one year | 40/41 | €50,865 | €43,909 | -€6,956 | -13.7% |
| Trade receivables | 40 | €21,729 | €17,891 | -€3,839 | -17.7% |
| Other amounts receivable | 41 | €29,136 | €26,018 | -€3,117 | -10.7% |
| Cash at bank and in hand | 54/58 | €2,884 | €3,449 | +€565 | +19.6% |
| Deferred charges and accrued income | 490/1 | - | €217 | +€217 | |
| Total equity and liabilities | 10/49 | €76,290 | €60,448 | -€15,842 | -20.8% |
| Equity | 10/15 | €59,250 | €50,926 | -€8,324 | -14.0% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €76,196 | €76,196 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,357 | €12,357 | = | 0.0% |
| Distributable reserves | 133 | €61,979 | €61,979 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,151 | -€31,475 | -€8,324 | -36.0% |
| Amounts payable | 17/49 | €17,040 | €9,522 | -€7,518 | -44.1% |
| Amounts payable within one year | 42/48 | €16,967 | €9,427 | -€7,540 | -44.4% |
| Current portion of amounts payable after more than one year | 42 | €6,542 | - | -€6,542 | |
| Trade debts | 44 | €8,792 | €5,568 | -€3,223 | -36.7% |
| Suppliers | 440/4 | €8,792 | €5,568 | -€3,223 | -36.7% |
| Advances received on contracts in progress | 46 | - | €1,963 | +€1,963 | |
| Taxes, remuneration and social security | 45 | €1,634 | €1,895 | +€262 | +16.0% |
| Taxes | 450/3 | - | €262 | +€262 | |
| Remuneration and social security | 454/9 | €1,634 | €1,634 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €72 | €95 | +€22 | +30.6% |
| Remuneration, social security and pensions | 62 | €33,920 | €2,577 | -€31,344 | -92.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,965 | €9,667 | -€13,297 | -57.9% |
| Other operating charges | 640/8 | €1,336 | €966 | -€369 | -27.6% |
| Gross operating margin | 9900 | €42,907 | €5,504 | -€37,403 | -87.2% |
| Operating profit (loss) | 9901 | -€15,314 | -€7,706 | +€7,607 | +49.7% |
| Financial income | 75/76B | €1 | €2 | +€1 | +166% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +166% |
| Financial charges | 65/66B | €834 | €358 | -€476 | -57.1% |
| Recurring financial charges | 65 | €834 | €358 | -€476 | -57.1% |
| Profit (loss) for the period before taxes | 9903 | -€16,147 | -€8,062 | +€8,085 | +50.1% |
| Income taxes | 67/77 | - | €262 | +€262 | |
| Profit (loss) for the period | 9904 | -€16,147 | -€8,324 | +€7,823 | +48.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,147 | -€8,324 | +€7,823 | +48.4% |
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 27 October 2026 via checked.be.