Endomax: what changed
Two fiscal 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.
Endomax
Largest movements
- Cash +€77,189
up €77,189 (+241.6%), from €31,951 to €109,141
mainly Net result for the year (+€125,682) and Other debts (+€91,444)
- Tangible fixed assets -€28,590
down €28,590 (-8.2%), from €349,371 to €320,781
of which Land and buildings: -€16,264
- Receivables within one year -€10,256
down €10,256 (-39.5%), from €25,947 to €15,691
of which Trade receivables: -€13,880
- Other debts +€91,444
up €91,444 (+238.2%), from €38,397 to €129,841
- Debts after one year -€26,101
down €26,101 (-8.6%), from €303,675 to €277,574
- Short-term financial debts -€10,015
down €10,015 (-100.0%), from €10,015 to €0
- Reserves -€9,218
down €9,218 (-3.1%), from €292,916 to €283,698
- Financial income +€75,963
up €75,963 (+20282.7%), from €375 to €76,337
- Gross operating margin -€17,211
down €17,211 (-14.2%), from €121,088 to €103,877
- Taxes -€3,340
down €3,340 (-20.2%), from €16,501 to €13,161
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 | €681,456 | €720,667 | +€39,211 | +5.8% |
| Fixed assets | 21/28 | €534,371 | €505,781 | -€28,590 | -5.4% |
| Tangible fixed assets | 22/27 | €349,371 | €320,781 | -€28,590 | -8.2% |
| Land and buildings | 22 | €300,766 | €284,502 | -€16,264 | -5.4% |
| Furniture and vehicles | 24 | €48,605 | €36,279 | -€12,326 | -25.4% |
| Financial fixed assets | 28 | €185,000 | €185,000 | = | 0.0% |
| Current assets | 29/58 | €147,086 | €214,886 | +€67,801 | +46.1% |
| Amounts receivable within one year | 40/41 | €25,947 | €15,691 | -€10,256 | -39.5% |
| Trade receivables | 40 | €13,880 | €0 | -€13,880 | -100.0% |
| Other amounts receivable | 41 | €12,067 | €15,691 | +€3,624 | +30.0% |
| Current investments | 50/53 | €89,187 | €90,055 | +€868 | +1.0% |
| Cash at bank and in hand | 54/58 | €31,951 | €109,141 | +€77,189 | +241.6% |
| Total equity and liabilities | 10/49 | €681,456 | €720,667 | +€39,211 | +5.8% |
| Equity | 10/15 | €293,916 | €284,698 | -€9,218 | -3.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €292,916 | €283,698 | -€9,218 | -3.1% |
| Distributable reserves | 133 | €292,916 | €283,698 | -€9,218 | -3.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €387,540 | €435,969 | +€48,429 | +12.5% |
| Amounts payable after more than one year | 17 | €303,675 | €277,574 | -€26,101 | -8.6% |
| Financial debts | 170/4 | €303,675 | €277,574 | -€26,101 | -8.6% |
| Amounts payable within one year | 42/48 | €83,865 | €158,395 | +€74,530 | +88.9% |
| Current portion of amounts payable after more than one year | 42 | €25,175 | €26,101 | +€926 | +3.7% |
| Financial debts | 43 | €10,015 | €0 | -€10,015 | -100.0% |
| Other loans | 439 | €10,015 | €0 | -€10,015 | -100.0% |
| Trade debts | 44 | €5,995 | €2,453 | -€3,543 | -59.1% |
| Suppliers | 440/4 | €5,995 | €2,453 | -€3,543 | -59.1% |
| Taxes, remuneration and social security | 45 | €4,283 | €0 | -€4,283 | -100.0% |
| Remuneration and social security | 454/9 | €4,283 | €0 | -€4,283 | -100.0% |
| Other amounts payable | 47/48 | €38,397 | €129,841 | +€91,444 | +238.2% |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,698 | €28,590 | +€892 | +3.2% |
| Other operating charges | 640/8 | €1,822 | €819 | -€1,003 | -55.1% |
| Gross operating margin | 9900 | €121,088 | €103,877 | -€17,211 | -14.2% |
| Operating profit (loss) | 9901 | €91,567 | €74,468 | -€17,099 | -18.7% |
| Financial income | 75/76B | €375 | €76,337 | +€75,963 | +20282.7% |
| Recurring financial income | 75 | €375 | €76,337 | +€75,963 | +20282.7% |
| Financial charges | 65/66B | €11,358 | €11,962 | +€604 | +5.3% |
| Recurring financial charges | 65 | €11,358 | €11,962 | +€604 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €80,583 | €138,843 | +€58,259 | +72.3% |
| Income taxes | 67/77 | €16,501 | €13,161 | -€3,340 | -20.2% |
| Profit (loss) for the period | 9904 | €64,082 | €125,682 | +€61,599 | +96.1% |
| Profit (loss) for the period to be appropriated | 9905 | €64,082 | €125,682 | +€61,599 | +96.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.