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
- Cash -€3,590
down €3,590 (-58.7%), from €6,117 to €2,527
mainly Short-term financial debts (-€3,794) and Net result for the year (-€3,127)
- Tangible fixed assets -€845
down €845 (-72.6%), from €1,164 to €320
of which Land and buildings: -€550
- Receivables within one year -€306
down €306 (-2.3%), from €13,264 to €12,958
of which Other amounts receivable: -€214
- Short-term financial debts -€3,794
down €3,794 (-42.8%), from €8,869 to €5,075
- Profit (loss) carried forward -€3,127
down €3,127 (-13.6%), from -€22,963 to -€26,091
- Other debts +€2,143
new in 2025: €2,143
- Gross operating margin +€3,503
up €3,503, from -€2,298 to €1,204
- Financial charges -€455
down €455 (-16.9%), from €2,689 to €2,234
- Depreciation -€228
down €228 (-21.2%), from €1,072 to €845
- Write-downs -€220
down €220 (-100.0%), from €220 to €0
- Other operating charges +€206
up €206 (+24.6%), from €836 to €1,042
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 | €28,045 | €23,304 | -€4,740 | -16.9% |
| Fixed assets | 21/28 | €8,664 | €7,820 | -€845 | -9.7% |
| Tangible fixed assets | 22/27 | €1,164 | €320 | -€845 | -72.6% |
| Land and buildings | 22 | €550 | €0 | -€550 | -100.0% |
| Plant, machinery and equipment | 23 | €614 | €320 | -€295 | -48.0% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €19,381 | €15,485 | -€3,896 | -20.1% |
| Amounts receivable within one year | 40/41 | €13,264 | €12,958 | -€306 | -2.3% |
| Trade receivables | 40 | €7,443 | €7,352 | -€92 | -1.2% |
| Other amounts receivable | 41 | €5,820 | €5,606 | -€214 | -3.7% |
| Cash at bank and in hand | 54/58 | €6,117 | €2,527 | -€3,590 | -58.7% |
| Total equity and liabilities | 10/49 | €28,045 | €23,304 | -€4,740 | -16.9% |
| Equity | 10/15 | €12,728 | €9,601 | -€3,127 | -24.6% |
| Reserves | 13 | €35,692 | €35,692 | = | 0.0% |
| Distributable reserves | 133 | €35,692 | €35,692 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,963 | -€26,091 | -€3,127 | -13.6% |
| Provisions and deferred taxes | 16 | €1,150 | €1,150 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €1,150 | €1,150 | = | 0.0% |
| Other liabilities and charges | 164/5 | €1,150 | €1,150 | = | 0.0% |
| Amounts payable | 17/49 | €14,166 | €12,553 | -€1,613 | -11.4% |
| Amounts payable within one year | 42/48 | €14,166 | €12,534 | -€1,633 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €1,026 | €926 | -€100 | -9.7% |
| Financial debts | 43 | €8,869 | €5,075 | -€3,794 | -42.8% |
| Credit institutions | 430/8 | €8,869 | €5,075 | -€3,794 | -42.8% |
| Trade debts | 44 | €558 | €791 | +€233 | +41.8% |
| Suppliers | 440/4 | €558 | €791 | +€233 | +41.8% |
| Taxes, remuneration and social security | 45 | €3,714 | €3,599 | -€115 | -3.1% |
| Taxes | 450/3 | €2,514 | €2,389 | -€126 | -5.0% |
| Remuneration and social security | 454/9 | €1,199 | €1,210 | +€11 | +0.9% |
| Other amounts payable | 47/48 | - | €2,143 | +€2,143 | |
| Accrued charges and deferred income | 492/3 | - | €20 | +€20 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,072 | €845 | -€228 | -21.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €220 | €0 | -€220 | -100.0% |
| Other operating charges | 640/8 | €836 | €1,042 | +€206 | +24.6% |
| Gross operating margin | 9900 | -€2,298 | €1,204 | +€3,503 | |
| Operating profit (loss) | 9901 | -€4,427 | -€682 | +€3,745 | +84.6% |
| Financial income | 75/76B | €151 | €10 | -€141 | -93.4% |
| Recurring financial income | 75 | €151 | €10 | -€141 | -93.4% |
| Financial charges | 65/66B | €2,689 | €2,234 | -€455 | -16.9% |
| Recurring financial charges | 65 | €2,689 | €2,234 | -€455 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | -€6,965 | -€2,906 | +€4,059 | +58.3% |
| Income taxes | 67/77 | €238 | €221 | -€17 | -7.1% |
| Profit (loss) for the period | 9904 | -€7,203 | -€3,127 | +€4,076 | +56.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,203 | -€3,127 | +€4,076 | +56.6% |
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 11 October 2026 via checked.be.