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 after one year +€16,603
new in 2025: €16,603
- Cash -€12,727
down €12,727 (-32.5%), from €39,205 to €26,479
mainly Investment in fixed assets (net) (-€20,912) and Receivables after one year (-€16,603)
- Tangible fixed assets +€1,483
up €1,483 (+2.9%), from €51,956 to €53,439
of which Furniture and vehicles: +€7,298
- Profit (loss) carried forward +€26,909
up €26,909 (+91.8%), from €29,326 to €56,235
- Debts after one year -€13,395
no longer reported in 2025 (was €13,395)
- Current portion of long-term debt -€8,728
no longer reported in 2025 (was €8,728)
- Tax, wage and social debts +€1,721
up €1,721 (+14.4%), from €11,946 to €13,668
of which Taxes: +€2,903
- Short-term financial debts +€1,217
up €1,217 (+23.2%), from €5,250 to €6,467
- Gross operating margin -€11,405
down €11,405 (-6.1%), from €186,858 to €175,453
- Financial charges -€10,528
down €10,528 (-69.4%), from €15,177 to €4,649
- Other operating charges -€6,173
down €6,173 (-86.5%), from €7,136 to €963
- Staff costs +€4,323
up €4,323 (+4.0%), from €108,360 to €112,683
- Depreciation -€2,137
down €2,137 (-10.1%), from €21,259 to €19,122
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 | €96,169 | €102,854 | +€6,685 | +7.0% |
| Formation expenses | 20 | - | €579 | +€579 | |
| Fixed assets | 21/28 | €52,953 | €54,164 | +€1,211 | +2.3% |
| Intangible fixed assets | 21 | €272 | - | -€272 | |
| Tangible fixed assets | 22/27 | €51,956 | €53,439 | +€1,483 | +2.9% |
| Plant, machinery and equipment | 23 | €3,024 | €3,049 | +€25 | +0.8% |
| Furniture and vehicles | 24 | €16,276 | €23,574 | +€7,298 | +44.8% |
| Other tangible fixed assets | 26 | €32,657 | €26,816 | -€5,841 | -17.9% |
| Financial fixed assets | 28 | €725 | €725 | = | 0.0% |
| Current assets | 29/58 | €43,216 | €48,111 | +€4,895 | +11.3% |
| Amounts receivable after more than one year | 29 | - | €16,603 | +€16,603 | |
| Other amounts receivable | 291 | - | €16,603 | +€16,603 | |
| Amounts receivable within one year | 40/41 | €1,116 | €1,710 | +€595 | +53.3% |
| Trade receivables | 40 | €1,116 | €1,710 | +€595 | +53.3% |
| Cash at bank and in hand | 54/58 | €39,205 | €26,479 | -€12,727 | -32.5% |
| Deferred charges and accrued income | 490/1 | €2,895 | €3,319 | +€424 | +14.6% |
| Total equity and liabilities | 10/49 | €96,169 | €102,854 | +€6,685 | +7.0% |
| Equity | 10/15 | €48,591 | €75,500 | +€26,909 | +55.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €665 | €665 | = | 0.0% |
| Distributable reserves | 133 | €665 | €665 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,326 | €56,235 | +€26,909 | +91.8% |
| Amounts payable | 17/49 | €47,578 | €27,354 | -€20,224 | -42.5% |
| Amounts payable after more than one year | 17 | €13,395 | - | -€13,395 | |
| Financial debts | 170/4 | €13,395 | - | -€13,395 | |
| Amounts payable within one year | 42/48 | €34,132 | €27,354 | -€6,778 | -19.9% |
| Current portion of amounts payable after more than one year | 42 | €8,728 | - | -€8,728 | |
| Financial debts | 43 | €5,250 | €6,467 | +€1,217 | +23.2% |
| Credit institutions | 430/8 | €5,250 | €6,467 | +€1,217 | +23.2% |
| Trade debts | 44 | €8,208 | €7,219 | -€988 | -12.0% |
| Suppliers | 440/4 | €8,208 | €7,219 | -€988 | -12.0% |
| Taxes, remuneration and social security | 45 | €11,946 | €13,668 | +€1,721 | +14.4% |
| Taxes | 450/3 | €5,651 | €8,554 | +€2,903 | +51.4% |
| Remuneration and social security | 454/9 | €6,295 | €5,114 | -€1,181 | -18.8% |
| Accrued charges and deferred income | 492/3 | €51 | - | -€51 | |
| Non-recurring operating income | 76A | €6,560 | €17,543 | +€10,983 | +167.4% |
| Remuneration, social security and pensions | 62 | €108,360 | €112,683 | +€4,323 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,259 | €19,122 | -€2,137 | -10.1% |
| Other operating charges | 640/8 | €7,136 | €963 | -€6,173 | -86.5% |
| Gross operating margin | 9900 | €186,858 | €175,453 | -€11,405 | -6.1% |
| Operating profit (loss) | 9901 | €50,103 | €42,685 | -€7,418 | -14.8% |
| Financial income | 75/76B | €11 | €663 | +€652 | +6013.4% |
| Recurring financial income | 75 | €11 | €663 | +€652 | +6013.4% |
| Financial charges | 65/66B | €15,177 | €4,649 | -€10,528 | -69.4% |
| Recurring financial charges | 65 | €15,177 | €4,649 | -€10,528 | -69.4% |
| Profit (loss) for the period before taxes | 9903 | €34,936 | €38,698 | +€3,762 | +10.8% |
| Income taxes | 67/77 | €11,175 | €11,790 | +€615 | +5.5% |
| Profit (loss) for the period | 9904 | €23,762 | €26,909 | +€3,147 | +13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €23,762 | €26,909 | +€3,147 | +13.2% |
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.