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
- Intangible fixed assets -€2,500
down €2,500 (-67.1%), from €3,726 to €1,226
- Tangible fixed assets -€1,353
down €1,353 (-4.3%), from €31,494 to €30,141
of which Land and buildings: -€984
- Debts after one year -€3,929
down €3,929 (-13.8%), from €28,388 to €24,459
- Other debts -€3,497
down €3,497 (-80.8%), from €4,329 to €832
- Profit (loss) carried forward +€1,771
up €1,771 (+6.2%), from -€28,523 to -€26,752
- Trade debts +€1,440
up €1,440 (+92.1%), from €1,564 to €3,004
- Tax, wage and social debts +€1,437
up €1,437, from €0 to €1,437
of which Remuneration and social security: +€1,437
- Gross operating margin +€4,136
up €4,136 (+77.7%), from €5,323 to €9,459
- Financial charges -€592
down €592 (-16.1%), from €3,683 to €3,091
- Depreciation +€130
up €130 (+3.5%), from €3,723 to €3,853
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 | €37,670 | €34,001 | -€3,669 | -9.7% |
| Fixed assets | 21/28 | €35,220 | €31,367 | -€3,853 | -10.9% |
| Intangible fixed assets | 21 | €3,726 | €1,226 | -€2,500 | -67.1% |
| Tangible fixed assets | 22/27 | €31,494 | €30,141 | -€1,353 | -4.3% |
| Land and buildings | 22 | €30,626 | €29,642 | -€984 | -3.2% |
| Plant, machinery and equipment | 23 | €868 | €499 | -€369 | -42.5% |
| Current assets | 29/58 | €2,450 | €2,634 | +€184 | +7.5% |
| Amounts receivable within one year | 40/41 | €1,135 | €1,091 | -€44 | -3.8% |
| Trade receivables | 40 | €300 | €0 | -€300 | -100% |
| Other amounts receivable | 41 | €835 | €1,091 | +€256 | +30.7% |
| Cash at bank and in hand | 54/58 | €76 | €8 | -€68 | -89.4% |
| Deferred charges and accrued income | 490/1 | €1,240 | €1,535 | +€295 | +23.8% |
| Total equity and liabilities | 10/49 | €37,670 | €34,001 | -€3,669 | -9.7% |
| Equity | 10/15 | -€9,923 | -€8,152 | +€1,771 | +17.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,523 | -€26,752 | +€1,771 | +6.2% |
| Amounts payable | 17/49 | €47,593 | €42,153 | -€5,440 | -11.4% |
| Amounts payable after more than one year | 17 | €28,388 | €24,459 | -€3,929 | -13.8% |
| Financial debts | 170/4 | €28,388 | €24,459 | -€3,929 | -13.8% |
| Amounts payable within one year | 42/48 | €18,913 | €17,366 | -€1,547 | -8.2% |
| Current portion of amounts payable after more than one year | 42 | €3,873 | €3,929 | +€56 | +1.4% |
| Financial debts | 43 | €9,148 | €8,165 | -€983 | -10.7% |
| Credit institutions | 430/8 | €9,148 | €8,165 | -€983 | -10.7% |
| Trade debts | 44 | €1,564 | €3,004 | +€1,440 | +92.1% |
| Suppliers | 440/4 | €1,564 | €3,004 | +€1,440 | +92.1% |
| Taxes, remuneration and social security | 45 | €0 | €1,437 | +€1,437 | |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €0 | €1,437 | +€1,437 | |
| Other amounts payable | 47/48 | €4,329 | €832 | -€3,497 | -80.8% |
| Accrued charges and deferred income | 492/3 | €293 | €329 | +€36 | +12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,723 | €3,853 | +€130 | +3.5% |
| Other operating charges | 640/8 | €774 | €745 | -€30 | -3.8% |
| Gross operating margin | 9900 | €5,323 | €9,459 | +€4,136 | +77.7% |
| Operating profit (loss) | 9901 | €826 | €4,862 | +€4,035 | +488% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €3,683 | €3,091 | -€592 | -16.1% |
| Recurring financial charges | 65 | €3,683 | €3,091 | -€592 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | -€2,856 | €1,771 | +€4,627 | |
| Profit (loss) for the period | 9904 | -€2,856 | €1,771 | +€4,627 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,856 | €1,771 | +€4,627 |
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 18 October 2026 via checked.be.