GAUMAX: 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.
GAUMAX
Largest movements
- Tangible fixed assets -€86,824
down €86,824 (-5.9%), from €1.5m to €1.4m
of which Plant, machinery and equipment: -€69,125
- Cash +€32,531
up €32,531 (+65.1%), from €49,975 to €82,505
mainly Net result for the year (+€473,920) and Current portion of long-term debt (+€91,884)
- Provisions -€532,351
no longer reported in 2025 (was €532,351)
- Reserves +€353,695
up €353,695 (+154%), from €229,500 to €583,195
- Profit (loss) carried forward +€120,225
no longer reported in 2025 (was -€120,225)
- Current portion of long-term debt +€91,884
new in 2025: €91,884
- Other debts -€75,376
down €75,376 (-16.5%), from €456,984 to €381,608
- Gross operating margin +€551,354
up €551,354 (+408%), from €135,190 to €686,544
- Taxes +€109,301
up €109,301 (+17,949%), from €609 to €109,910
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 | €1,534,811 | €1,492,632 | -€42,179 | -2.7% |
| Fixed assets | 21/28 | €1,481,496 | €1,394,672 | -€86,824 | -5.9% |
| Tangible fixed assets | 22/27 | €1,476,446 | €1,389,623 | -€86,824 | -5.9% |
| Land and buildings | 22 | €471,106 | €452,549 | -€18,557 | -3.9% |
| Plant, machinery and equipment | 23 | €998,645 | €929,520 | -€69,125 | -6.9% |
| Furniture and vehicles | 24 | €6,695 | €7,553 | +€859 | +12.8% |
| Financial fixed assets | 28 | €5,049 | €5,049 | = | 0.0% |
| Current assets | 29/58 | €53,315 | €97,960 | +€44,645 | +83.7% |
| Amounts receivable within one year | 40/41 | - | €10,850 | +€10,850 | |
| Other amounts receivable | 41 | - | €10,850 | +€10,850 | |
| Cash at bank and in hand | 54/58 | €49,975 | €82,505 | +€32,531 | +65.1% |
| Deferred charges and accrued income | 490/1 | €3,341 | €4,604 | +€1,263 | +37.8% |
| Total equity and liabilities | 10/49 | €1,534,811 | €1,492,632 | -€42,179 | -2.7% |
| Equity | 10/15 | €539,001 | €1,012,921 | +€473,920 | +87.9% |
| Contributions | 10/11 | €429,726 | €429,726 | = | 0.0% |
| Reserves | 13 | €229,500 | €583,195 | +€353,695 | +154% |
| Distributable reserves | 133 | €229,500 | €583,195 | +€353,695 | +154% |
| Profit (loss) carried forward | 14 | -€120,225 | - | +€120,225 | |
| Provisions and deferred taxes | 16 | €532,351 | - | -€532,351 | |
| Provisions for liabilities and charges | 160/5 | €532,351 | - | -€532,351 | |
| Pensions and similar obligations | 160 | €532,351 | - | -€532,351 | |
| Amounts payable | 17/49 | €463,459 | €479,711 | +€16,252 | +3.5% |
| Amounts payable within one year | 42/48 | €463,459 | €479,711 | +€16,252 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | - | €91,884 | +€91,884 | |
| Trade debts | 44 | €5,377 | €5,610 | +€232 | +4.3% |
| Suppliers | 440/4 | €5,377 | €5,610 | +€232 | +4.3% |
| Taxes, remuneration and social security | 45 | €1,097 | €609 | -€488 | -44.5% |
| Taxes | 450/3 | €1,097 | €609 | -€488 | -44.5% |
| Other amounts payable | 47/48 | €456,984 | €381,608 | -€75,376 | -16.5% |
| Non-recurring operating income | 76A | - | €532,351 | +€532,351 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,735 | €90,929 | +€2,195 | +2.5% |
| Other operating charges | 640/8 | €13,415 | €10,737 | -€2,679 | -20.0% |
| Non-recurring operating charges | 66A | - | €428 | +€428 | |
| Gross operating margin | 9900 | €135,190 | €686,544 | +€551,354 | +408% |
| Operating profit (loss) | 9901 | €33,040 | €584,449 | +€551,409 | +1,669% |
| Financial income | 75/76B | €2 | €5 | +€3 | +119% |
| Recurring financial income | 75 | €2 | €5 | +€3 | +119% |
| Financial charges | 65/66B | €980 | €625 | -€355 | -36.3% |
| Recurring financial charges | 65 | €980 | €625 | -€355 | -36.3% |
| Profit (loss) for the period before taxes | 9903 | €32,062 | €583,830 | +€551,767 | +1,721% |
| Income taxes | 67/77 | €609 | €109,910 | +€109,301 | +17,949% |
| Profit (loss) for the period | 9904 | €31,453 | €473,920 | +€442,467 | +1,407% |
| Profit (loss) for the period to be appropriated | 9905 | €31,453 | €473,920 | +€442,467 | +1,407% |
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 24 October 2026 via checked.be.