Gmax: 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.
Gmax
Largest movements
- Receivables within one year +€91,019
up €91,019 (+645.1%), from €14,109 to €105,128
of which Trade receivables: +€49,197
- Cash -€35,323
down €35,323 (-36.9%), from €95,768 to €60,445
mainly Receivables within one year (-€91,019) and Investment in fixed assets (net) (-€27,115)
- Tangible fixed assets +€25,238
new in 2025: €25,238
of which Other tangible fixed assets: +€16,100
- Reserves +€54,697
up €54,697 (+62.4%), from €87,677 to €142,374
- Tax, wage and social debts +€18,793
up €18,793 (+265.0%), from €7,092 to €25,885
of which Taxes: +€11,088
- Trade debts +€6,266
up €6,266 (+128.9%), from €4,861 to €11,127
- Profit (loss) carried forward +€4,922
no longer reported in 2025 (was -€4,922)
- Accrued charges and deferred income -€2,975
no longer reported in 2025 (was €2,975)
- Gross operating margin +€50,252
up €50,252 (+357.5%), from €14,056 to €64,308
- Staff costs -€24,456
no longer reported in 2025 (was €24,456)
- Taxes +€14,118
new in 2025: €14,118
- Financial income +€13,209
new in 2025: €13,209
- Other operating charges -€2,279
down €2,279 (-79.6%), from €2,862 to €583
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 | €110,109 | €191,106 | +€80,996 | +73.6% |
| Fixed assets | 21/28 | - | €25,238 | +€25,238 | |
| Tangible fixed assets | 22/27 | - | €25,238 | +€25,238 | |
| Plant, machinery and equipment | 23 | - | €8,388 | +€8,388 | |
| Furniture and vehicles | 24 | - | €749 | +€749 | |
| Other tangible fixed assets | 26 | - | €16,100 | +€16,100 | |
| Current assets | 29/58 | €110,109 | €165,868 | +€55,759 | +50.6% |
| Amounts receivable within one year | 40/41 | €14,109 | €105,128 | +€91,019 | +645.1% |
| Trade receivables | 40 | €14,109 | €63,306 | +€49,197 | +348.7% |
| Other amounts receivable | 41 | - | €41,822 | +€41,822 | |
| Cash at bank and in hand | 54/58 | €95,768 | €60,445 | -€35,323 | -36.9% |
| Deferred charges and accrued income | 490/1 | €233 | €296 | +€63 | +26.9% |
| Total equity and liabilities | 10/49 | €110,109 | €191,106 | +€80,996 | +73.6% |
| Equity | 10/15 | €94,475 | €154,094 | +€59,619 | +63.1% |
| Contributions | 10/11 | €11,720 | €11,720 | = | 0.0% |
| Reserves | 13 | €87,677 | €142,374 | +€54,697 | +62.4% |
| Distributable reserves | 133 | €87,677 | €142,374 | +€54,697 | +62.4% |
| Profit (loss) carried forward | 14 | -€4,922 | - | +€4,922 | |
| Amounts payable | 17/49 | €15,634 | €37,012 | +€21,378 | +136.7% |
| Amounts payable within one year | 42/48 | €12,659 | €37,012 | +€24,353 | +192.4% |
| Trade debts | 44 | €4,861 | €11,127 | +€6,266 | +128.9% |
| Suppliers | 440/4 | €4,861 | €11,127 | +€6,266 | +128.9% |
| Taxes, remuneration and social security | 45 | €7,092 | €25,885 | +€18,793 | +265.0% |
| Taxes | 450/3 | €3,050 | €14,139 | +€11,088 | +363.5% |
| Remuneration and social security | 454/9 | €4,042 | €11,746 | +€7,704 | +190.6% |
| Other amounts payable | 47/48 | €705 | - | -€705 | |
| Accrued charges and deferred income | 492/3 | €2,975 | - | -€2,975 | |
| Remuneration, social security and pensions | 62 | €24,456 | - | -€24,456 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,877 | +€1,877 | |
| Other operating charges | 640/8 | €2,862 | €583 | -€2,279 | -79.6% |
| Non-recurring operating charges | 66A | €1,113 | - | -€1,113 | |
| Gross operating margin | 9900 | €14,056 | €64,308 | +€50,252 | +357.5% |
| Operating profit (loss) | 9901 | -€14,374 | €61,849 | +€76,223 | |
| Financial income | 75/76B | - | €13,209 | +€13,209 | |
| Recurring financial income | 75 | - | €13,209 | +€13,209 | |
| Financial charges | 65/66B | €2,794 | €1,321 | -€1,473 | -52.7% |
| Recurring financial charges | 65 | €2,794 | €1,321 | -€1,473 | -52.7% |
| Profit (loss) for the period before taxes | 9903 | -€17,168 | €73,737 | +€90,905 | |
| Income taxes | 67/77 | - | €14,118 | +€14,118 | |
| Profit (loss) for the period | 9904 | -€17,168 | €59,619 | +€76,786 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,168 | €59,619 | +€76,786 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.