EPHYMAX: 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.
EPHYMAX
Largest movements
- Receivables within one year +€15,268
up €15,268 (+42.8%), from €35,703 to €50,972
of which Trade receivables: +€30,196
- Stocks and contracts -€7,414
down €7,414 (-45.7%), from €16,219 to €8,805
of which Contracts in progress: -€7,302
- Reserves +€5,166
up €5,166 (+10.7%), from €48,200 to €53,366
- Trade debts +€1,432
up €1,432 (+26.9%), from €5,321 to €6,753
- Gross operating margin +€4,147
up €4,147 (+63.3%), from €6,551 to €10,699
- Taxes +€2,335
up €2,335 (+801%), from €291 to €2,627
- Staff costs -€524
down €524 (-30.4%), from €1,724 to €1,200
- Depreciation -€185
down €185 (-19.5%), from €950 to €765
- Financial charges +€155
up €155 (+184%), from €84 to €239
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 | €102,173 | €109,403 | +€7,231 | +7.1% |
| Fixed assets | 21/28 | €765 | €0 | -€765 | -100% |
| Tangible fixed assets | 22/27 | €765 | €0 | -€765 | -100% |
| Plant, machinery and equipment | 23 | €765 | €0 | -€765 | -100% |
| Current assets | 29/58 | €101,408 | €109,403 | +€7,996 | +7.9% |
| Stocks and contracts in progress | 3 | €16,219 | €8,805 | -€7,414 | -45.7% |
| Stocks | 30/36 | €979 | €867 | -€112 | -11.5% |
| Contracts in progress | 37 | €15,240 | €7,938 | -€7,302 | -47.9% |
| Amounts receivable within one year | 40/41 | €35,703 | €50,972 | +€15,268 | +42.8% |
| Trade receivables | 40 | €17,306 | €47,502 | +€30,196 | +174% |
| Other amounts receivable | 41 | €18,397 | €3,469 | -€14,928 | -81.1% |
| Cash at bank and in hand | 54/58 | €48,285 | €48,403 | +€118 | +0.2% |
| Deferred charges and accrued income | 490/1 | €1,200 | €1,224 | +€24 | +2.0% |
| Total equity and liabilities | 10/49 | €102,173 | €109,403 | +€7,231 | +7.1% |
| Equity | 10/15 | €66,800 | €71,966 | +€5,166 | +7.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €48,200 | €53,366 | +€5,166 | +10.7% |
| Distributable reserves | 133 | €48,200 | €53,366 | +€5,166 | +10.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €35,373 | €37,438 | +€2,065 | +5.8% |
| Amounts payable within one year | 42/48 | €34,426 | €36,460 | +€2,034 | +5.9% |
| Trade debts | 44 | €5,321 | €6,753 | +€1,432 | +26.9% |
| Suppliers | 440/4 | €5,321 | €6,753 | +€1,432 | +26.9% |
| Taxes, remuneration and social security | 45 | €0 | €627 | +€627 | |
| Taxes | 450/3 | €0 | €627 | +€627 | |
| Other amounts payable | 47/48 | €29,104 | €29,080 | -€24 | -0.1% |
| Accrued charges and deferred income | 492/3 | €947 | €978 | +€31 | +3.2% |
| Remuneration, social security and pensions | 62 | €1,724 | €1,200 | -€524 | -30.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €950 | €765 | -€185 | -19.5% |
| Other operating charges | 640/8 | €899 | €795 | -€104 | -11.5% |
| Gross operating margin | 9900 | €6,551 | €10,699 | +€4,147 | +63.3% |
| Operating profit (loss) | 9901 | €2,978 | €7,938 | +€4,960 | +167% |
| Financial income | 75/76B | €242 | €93 | -€149 | -61.5% |
| Recurring financial income | 75 | €242 | €93 | -€149 | -61.5% |
| Financial charges | 65/66B | €84 | €239 | +€155 | +184% |
| Recurring financial charges | 65 | €84 | €239 | +€155 | +184% |
| Profit (loss) for the period before taxes | 9903 | €3,136 | €7,792 | +€4,657 | +148% |
| Income taxes | 67/77 | €291 | €2,627 | +€2,335 | +801% |
| Profit (loss) for the period | 9904 | €2,844 | €5,166 | +€2,321 | +81.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,844 | €5,166 | +€2,321 | +81.6% |
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 16 October 2026 via checked.be.