THEUMAX: 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.
THEUMAX
Largest movements
- Cash +€111,876
up €111,876 (+170%), from €65,835 to €177,712
mainly Net result for the year (+€93,520) and Depreciation (+€19,283)
- Tangible fixed assets -€19,283
down €19,283 (-27.2%), from €70,785 to €51,502
of which Furniture and vehicles: -€15,228
- Reserves +€91,720
up €91,720 (+39.0%), from €235,182 to €326,902
- Gross operating margin +€14,078
up €14,078 (+11.3%), from €125,028 to €139,106
- Taxes +€3,689
up €3,689 (+16.6%), from €22,210 to €25,899
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 | €266,504 | €360,284 | +€93,779 | +35.2% |
| Fixed assets | 21/28 | €70,785 | €51,502 | -€19,283 | -27.2% |
| Tangible fixed assets | 22/27 | €70,785 | €51,502 | -€19,283 | -27.2% |
| Plant, machinery and equipment | 23 | €36,024 | €31,968 | -€4,056 | -11.3% |
| Furniture and vehicles | 24 | €34,761 | €19,533 | -€15,228 | -43.8% |
| Current assets | 29/58 | €195,719 | €308,782 | +€113,063 | +57.8% |
| Amounts receivable within one year | 40/41 | €48,776 | €49,883 | +€1,107 | +2.3% |
| Trade receivables | 40 | €48,776 | €49,883 | +€1,107 | +2.3% |
| Current investments | 50/53 | €80,000 | €80,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €65,835 | €177,712 | +€111,876 | +170% |
| Deferred charges and accrued income | 490/1 | €1,108 | €1,187 | +€79 | +7.2% |
| Total equity and liabilities | 10/49 | €266,504 | €360,284 | +€93,779 | +35.2% |
| Equity | 10/15 | €253,782 | €345,502 | +€91,720 | +36.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €235,182 | €326,902 | +€91,720 | +39.0% |
| Distributable reserves | 133 | €235,182 | €326,902 | +€91,720 | +39.0% |
| Amounts payable | 17/49 | €12,722 | €14,782 | +€2,060 | +16.2% |
| Amounts payable within one year | 42/48 | €12,722 | €14,782 | +€2,060 | +16.2% |
| Trade debts | 44 | €501 | €1,333 | +€832 | +166% |
| Suppliers | 440/4 | €501 | €1,333 | +€832 | +166% |
| Taxes, remuneration and social security | 45 | €6,519 | €7,089 | +€570 | +8.7% |
| Taxes | 450/3 | €4,519 | €5,089 | +€570 | +12.6% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €5,702 | €6,359 | +€657 | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,023 | €19,283 | +€261 | +1.4% |
| Other operating charges | 640/8 | €340 | €382 | +€42 | +12.2% |
| Gross operating margin | 9900 | €125,028 | €139,106 | +€14,078 | +11.3% |
| Operating profit (loss) | 9901 | €105,665 | €119,440 | +€13,775 | +13.0% |
| Financial income | 75/76B | €0 | €50 | +€50 | +55,456% |
| Recurring financial income | 75 | €0 | €50 | +€50 | +55,456% |
| Financial charges | 65/66B | €396 | €72 | -€324 | -81.8% |
| Recurring financial charges | 65 | €396 | €72 | -€324 | -81.8% |
| Profit (loss) for the period before taxes | 9903 | €105,269 | €119,418 | +€14,149 | +13.4% |
| Income taxes | 67/77 | €22,210 | €25,899 | +€3,689 | +16.6% |
| Profit (loss) for the period | 9904 | €83,059 | €93,520 | +€10,460 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €83,059 | €93,520 | +€10,460 | +12.6% |
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 18 October 2026 via checked.be.