GE-MAX: 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.
GE-MAX
Largest movements
- Cash +€54,803
up €54,803 (+35.3%), from €155,174 to €209,977
mainly Net result for the year (+€53,506) and Accrued charges and deferred income (+€4,315)
- Reserves +€53,506
up €53,506 (+41.7%), from €128,283 to €181,789
- Other debts -€6,339
down €6,339 (-77.9%), from €8,142 to €1,803
- Accrued charges and deferred income +€4,315
up €4,315 (+57.8%), from €7,461 to €11,776
- Tax, wage and social debts +€3,804
up €3,804 (+13.9%), from €27,346 to €31,150
- Trade debts +€3,314
up €3,314 (+11.6%), from €28,679 to €31,993
- Gross operating margin +€9,680
up €9,680 (+13.7%), from €70,704 to €80,384
- Taxes +€4,732
up €4,732 (+20.6%), from €22,965 to €27,697
- Write-downs -€2,870
down €2,870 (-85.1%), from €3,373 to €503
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 | €219,910 | €278,510 | +€58,600 | +26.6% |
| Fixed assets | 21/28 | €17,705 | €17,240 | -€465 | -2.6% |
| Tangible fixed assets | 22/27 | €1,105 | €640 | -€465 | -42.1% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €1,105 | €640 | -€465 | -42.1% |
| Financial fixed assets | 28 | €16,600 | €16,600 | = | 0.0% |
| Current assets | 29/58 | €202,206 | €261,271 | +€59,065 | +29.2% |
| Stocks and contracts in progress | 3 | €30,967 | €33,681 | +€2,714 | +8.8% |
| Stocks | 30/36 | €30,967 | €33,681 | +€2,714 | +8.8% |
| Amounts receivable within one year | 40/41 | €15,756 | €16,858 | +€1,102 | +7.0% |
| Trade receivables | 40 | €12,616 | €12,186 | -€430 | -3.4% |
| Other amounts receivable | 41 | €3,139 | €4,672 | +€1,533 | +48.8% |
| Cash at bank and in hand | 54/58 | €155,174 | €209,977 | +€54,803 | +35.3% |
| Deferred charges and accrued income | 490/1 | €310 | €756 | +€446 | +144% |
| Total equity and liabilities | 10/49 | €219,910 | €278,510 | +€58,600 | +26.6% |
| Equity | 10/15 | €148,283 | €201,789 | +€53,506 | +36.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €128,283 | €181,789 | +€53,506 | +41.7% |
| Distributable reserves | 133 | €128,283 | €181,789 | +€53,506 | +41.7% |
| Amounts payable | 17/49 | €71,628 | €76,722 | +€5,094 | +7.1% |
| Amounts payable within one year | 42/48 | €64,167 | €64,946 | +€779 | +1.2% |
| Trade debts | 44 | €28,679 | €31,993 | +€3,314 | +11.6% |
| Suppliers | 440/4 | €28,679 | €31,993 | +€3,314 | +11.6% |
| Taxes, remuneration and social security | 45 | €27,346 | €31,150 | +€3,804 | +13.9% |
| Taxes | 450/3 | €27,346 | €31,150 | +€3,804 | +13.9% |
| Other amounts payable | 47/48 | €8,142 | €1,803 | -€6,339 | -77.9% |
| Accrued charges and deferred income | 492/3 | €7,461 | €11,776 | +€4,315 | +57.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €465 | €465 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,373 | €503 | -€2,870 | -85.1% |
| Other operating charges | 640/8 | €1,003 | €1,418 | +€415 | +41.4% |
| Gross operating margin | 9900 | €70,704 | €80,384 | +€9,680 | +13.7% |
| Operating profit (loss) | 9901 | €65,863 | €77,997 | +€12,135 | +18.4% |
| Financial income | 75/76B | €4,191 | €4,289 | +€98 | +2.3% |
| Recurring financial income | 75 | €4,191 | €4,289 | +€98 | +2.3% |
| Financial charges | 65/66B | €1,197 | €1,084 | -€114 | -9.5% |
| Recurring financial charges | 65 | €1,197 | €1,084 | -€114 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €68,857 | €81,203 | +€12,346 | +17.9% |
| Income taxes | 67/77 | €22,965 | €27,697 | +€4,732 | +20.6% |
| Profit (loss) for the period | 9904 | €45,891 | €53,506 | +€7,614 | +16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €45,891 | €53,506 | +€7,614 | +16.6% |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.