BY EMMA: 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.
BY EMMA
Largest movements
- Intangible fixed assets -€8,151
down €8,151 (-28.6%), from €28,530 to €20,378
- Tangible fixed assets -€6,046
down €6,046 (-12.3%), from €49,164 to €43,118
of which Plant, machinery and equipment: -€3,963
- Cash +€4,782
up €4,782 (+52.8%), from €9,057 to €13,839
mainly Other debts (+€35,791) and Depreciation (+€14,197)
- Receivables within one year -€1,724
down €1,724 (-50.7%), from €3,400 to €1,676
of which Trade receivables: -€1,724
- Stocks and contracts +€1,176
up €1,176 (+18.7%), from €6,275 to €7,451
- Other debts +€35,791
up €35,791 (+42.5%), from €84,290 to €120,081
- Profit (loss) carried forward -€35,765
down €35,765 (-111%), from -€32,342 to -€68,106
- Tax, wage and social debts -€6,596
down €6,596 (-52.7%), from €12,521 to €5,925
of which Taxes: -€4,538
- Trade debts -€3,394
down €3,394 (-41.1%), from €8,256 to €4,863
- Gross operating margin -€35,979
down €35,979 (-32.8%), from €109,558 to €73,580
- Staff costs -€14,220
down €14,220 (-13.4%), from €106,319 to €92,099
- Financial charges -€4,406
down €4,406 (-59.1%), from €7,455 to €3,049
of which Financial charges: -€3,777
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 | €96,425 | €86,462 | -€9,964 | -10.3% |
| Fixed assets | 21/28 | €77,693 | €63,496 | -€14,197 | -18.3% |
| Intangible fixed assets | 21 | €28,530 | €20,378 | -€8,151 | -28.6% |
| Tangible fixed assets | 22/27 | €49,164 | €43,118 | -€6,046 | -12.3% |
| Plant, machinery and equipment | 23 | €23,967 | €20,005 | -€3,963 | -16.5% |
| Furniture and vehicles | 24 | €8,496 | €6,413 | -€2,083 | -24.5% |
| Other tangible fixed assets | 26 | €16,700 | €16,700 | = | 0.0% |
| Current assets | 29/58 | €18,732 | €22,965 | +€4,233 | +22.6% |
| Stocks and contracts in progress | 3 | €6,275 | €7,451 | +€1,176 | +18.7% |
| Stocks | 30/36 | €6,275 | €7,451 | +€1,176 | +18.7% |
| Amounts receivable within one year | 40/41 | €3,400 | €1,676 | -€1,724 | -50.7% |
| Trade receivables | 40 | €1,724 | - | -€1,724 | |
| Other amounts receivable | 41 | €1,676 | €1,676 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €9,057 | €13,839 | +€4,782 | +52.8% |
| Total equity and liabilities | 10/49 | €96,425 | €86,462 | -€9,964 | -10.3% |
| Equity | 10/15 | -€8,642 | -€44,406 | -€35,765 | -414% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €13,700 | €13,700 | = | 0.0% |
| Distributable reserves | 133 | €13,700 | €13,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,342 | -€68,106 | -€35,765 | -111% |
| Amounts payable | 17/49 | €105,067 | €130,868 | +€25,801 | +24.6% |
| Amounts payable within one year | 42/48 | €105,067 | €130,868 | +€25,801 | +24.6% |
| Trade debts | 44 | €8,256 | €4,863 | -€3,394 | -41.1% |
| Suppliers | 440/4 | €8,256 | €4,863 | -€3,394 | -41.1% |
| Taxes, remuneration and social security | 45 | €12,521 | €5,925 | -€6,596 | -52.7% |
| Taxes | 450/3 | €6,568 | €2,030 | -€4,538 | -69.1% |
| Remuneration and social security | 454/9 | €5,953 | €3,895 | -€2,058 | -34.6% |
| Other amounts payable | 47/48 | €84,290 | €120,081 | +€35,791 | +42.5% |
| Remuneration, social security and pensions | 62 | €106,319 | €92,099 | -€14,220 | -13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,574 | €14,197 | -€377 | -2.6% |
| Gross operating margin | 9900 | €109,558 | €73,580 | -€35,979 | -32.8% |
| Operating profit (loss) | 9901 | -€11,335 | -€32,716 | -€21,381 | -189% |
| Financial income | 75/76B | €20 | - | -€20 | |
| Recurring financial income | 75 | €20 | - | -€20 | |
| Financial charges | 65/66B | €7,455 | €3,049 | -€4,406 | -59.1% |
| Recurring financial charges | 65 | €6,826 | €3,049 | -€3,777 | -55.3% |
| Non-recurring financial charges | 66B | €629 | - | -€629 | |
| Profit (loss) for the period before taxes | 9903 | -€18,770 | -€35,765 | -€16,995 | -90.5% |
| Profit (loss) for the period | 9904 | -€18,770 | -€35,765 | -€16,995 | -90.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,770 | -€35,765 | -€16,995 | -90.5% |
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 14 October 2026 via checked.be.