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
- Receivables after one year -€720,000
down €720,000 (-71.2%), from €1.0m to €290,991
- Cash -€602,281
down €602,281 (-78.5%), from €767,398 to €165,116
mainly Other debts (-€1.0m) and Receivables within one year (-€359,920)
- Receivables within one year +€359,920
up €359,920 (+190.1%), from €189,366 to €549,287
of which Trade receivables: +€180,747
- Tangible fixed assets -€51,674
down €51,674 (-46.6%), from €110,846 to €59,171
of which Furniture and vehicles: -€50,084
- Stocks and contracts +€25,869
up €25,869 (+43.2%), from €59,850 to €85,719
- Other debts -€1.0m
down €1.0m (-97.8%), from €1.0m to €22,285
- Profit (loss) carried forward +€138,630
up €138,630 (+475.8%), from €29,138 to €167,768
- Tax, wage and social debts -€50,530
down €50,530 (-28.9%), from €174,639 to €124,109
of which Taxes: -€45,609
- Trade debts -€49,446
down €49,446 (-37.3%), from €132,680 to €83,234
- Gross operating margin -€673,102
down €673,102 (-58.5%), from €1.2m to €477,782
- Staff costs -€112,493
down €112,493 (-31.0%), from €362,521 to €250,028
- Taxes +€35,211
up €35,211 (+181.4%), from €19,413 to €54,624
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 | €2,158,039 | €1,173,879 | -€984,160 | -45.6% |
| Fixed assets | 21/28 | €130,434 | €66,759 | -€63,674 | -48.8% |
| Tangible fixed assets | 22/27 | €110,846 | €59,171 | -€51,674 | -46.6% |
| Plant, machinery and equipment | 23 | €6,649 | €5,058 | -€1,591 | -23.9% |
| Furniture and vehicles | 24 | €104,197 | €54,113 | -€50,084 | -48.1% |
| Financial fixed assets | 28 | €19,588 | €7,588 | -€12,000 | -61.3% |
| Current assets | 29/58 | €2,027,605 | €1,107,120 | -€920,485 | -45.4% |
| Amounts receivable after more than one year | 29 | €1,010,991 | €290,991 | -€720,000 | -71.2% |
| Other amounts receivable | 291 | €1,010,991 | €290,991 | -€720,000 | -71.2% |
| Stocks and contracts in progress | 3 | €59,850 | €85,719 | +€25,869 | +43.2% |
| Stocks | 30/36 | €59,850 | €85,719 | +€25,869 | +43.2% |
| Amounts receivable within one year | 40/41 | €189,366 | €549,287 | +€359,920 | +190.1% |
| Trade receivables | 40 | €162,614 | €343,362 | +€180,747 | +111.2% |
| Other amounts receivable | 41 | €26,752 | €205,925 | +€179,173 | +669.8% |
| Cash at bank and in hand | 54/58 | €767,398 | €165,116 | -€602,281 | -78.5% |
| Deferred charges and accrued income | 490/1 | - | €16,007 | +€16,007 | |
| Total equity and liabilities | 10/49 | €2,158,039 | €1,173,879 | -€984,160 | -45.6% |
| Equity | 10/15 | €533,054 | €671,684 | +€138,630 | +26.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €497,716 | €497,716 | = | 0.0% |
| Distributable reserves | 133 | €497,716 | €497,716 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,138 | €167,768 | +€138,630 | +475.8% |
| Amounts payable | 17/49 | €1,624,985 | €502,195 | -€1.1m | -69.1% |
| Amounts payable after more than one year | 17 | €288,247 | €272,568 | -€15,679 | -5.4% |
| Financial debts | 170/4 | €18,228 | €2,549 | -€15,679 | -86.0% |
| Other amounts payable | 178/9 | €270,018 | €270,018 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,336,738 | €229,627 | -€1.1m | -82.8% |
| Trade debts | 44 | €132,680 | €83,234 | -€49,446 | -37.3% |
| Suppliers | 440/4 | €132,680 | €83,234 | -€49,446 | -37.3% |
| Taxes, remuneration and social security | 45 | €174,639 | €124,109 | -€50,530 | -28.9% |
| Taxes | 450/3 | €109,541 | €63,932 | -€45,609 | -41.6% |
| Remuneration and social security | 454/9 | €65,097 | €60,176 | -€4,921 | -7.6% |
| Other amounts payable | 47/48 | €1,029,419 | €22,285 | -€1.0m | -97.8% |
| Remuneration, social security and pensions | 62 | €362,521 | €250,028 | -€112,493 | -31.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,246 | €25,017 | -€5,229 | -17.3% |
| Other operating charges | 640/8 | €13,906 | €16,724 | +€2,818 | +20.3% |
| Gross operating margin | 9900 | €1,150,883 | €477,782 | -€673,102 | -58.5% |
| Operating profit (loss) | 9901 | €744,210 | €186,013 | -€558,197 | -75.0% |
| Financial income | 75/76B | €4,858 | €7,676 | +€2,818 | +58.0% |
| Recurring financial income | 75 | €4,858 | €7,676 | +€2,818 | +58.0% |
| Financial charges | 65/66B | €517 | €435 | -€82 | -15.9% |
| Recurring financial charges | 65 | €517 | €435 | -€82 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €748,551 | €193,254 | -€555,297 | -74.2% |
| Income taxes | 67/77 | €19,413 | €54,624 | +€35,211 | +181.4% |
| Profit (loss) for the period | 9904 | €729,138 | €138,630 | -€590,508 | -81.0% |
| Profit (loss) for the period to be appropriated | 9905 | €729,138 | €138,630 | -€590,508 | -81.0% |
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 9 October 2026 via checked.be.