E.M.A SYSTEM: 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.
E.M.A SYSTEM
Largest movements
- Cash +€51,847
up €51,847 (+68.2%), from €76,068 to €127,915
mainly Trade debts (+€35,049) and Net result for the year (+€26,263)
- Tangible fixed assets +€19,079
up €19,079 (+88.1%), from €21,666 to €40,745
of which Leasing and similar rights: +€21,326
- Receivables within one year +€5,249
up €5,249 (+10.2%), from €51,297 to €56,547
of which Other amounts receivable: +€5,657
- Trade debts +€35,049
up €35,049 (+63.3%), from €55,385 to €90,434
- Reserves +€21,027
up €21,027 (+36.2%), from €58,060 to €79,087
of which Distributable reserves: +€21,027
- Debts after one year +€12,981
up €12,981 (+423%), from €3,069 to €16,049
- Tax, wage and social debts +€6,808
up €6,808 (+62.4%), from €10,905 to €17,714
of which Taxes: +€5,573
- Other debts +€5,000
up €5,000 (+100%), from €5,000 to €10,000
- Gross operating margin +€33,796
up €33,796 (+45.5%), from €74,263 to €108,059
- Staff costs +€13,504
up €13,504 (+34.2%), from €39,472 to €52,976
- Taxes +€4,456
up €4,456 (+109%), from €4,093 to €8,550
- Other operating charges -€3,954
down €3,954 (-40.4%), from €9,785 to €5,831
- Financial charges -€2,012
down €2,012 (-28.6%), from €7,033 to €5,021
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 | €152,371 | €227,893 | +€75,522 | +49.6% |
| Fixed assets | 21/28 | €25,006 | €43,432 | +€18,425 | +73.7% |
| Intangible fixed assets | 21 | €3,216 | €2,562 | -€654 | -20.3% |
| Tangible fixed assets | 22/27 | €21,666 | €40,745 | +€19,079 | +88.1% |
| Land and buildings | 22 | €0 | - | -€0 | |
| Plant, machinery and equipment | 23 | €3,599 | €5,365 | +€1,766 | +49.1% |
| Furniture and vehicles | 24 | €18,067 | €14,055 | -€4,012 | -22.2% |
| Leasing and similar rights | 25 | - | €21,326 | +€21,326 | |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €127,365 | €184,461 | +€57,096 | +44.8% |
| Amounts receivable within one year | 40/41 | €51,297 | €56,547 | +€5,249 | +10.2% |
| Trade receivables | 40 | €46,667 | €46,260 | -€407 | -0.9% |
| Other amounts receivable | 41 | €4,630 | €10,286 | +€5,657 | +122% |
| Cash at bank and in hand | 54/58 | €76,068 | €127,915 | +€51,847 | +68.2% |
| Total equity and liabilities | 10/49 | €152,371 | €227,893 | +€75,522 | +49.6% |
| Equity | 10/15 | €69,024 | €85,287 | +€16,263 | +23.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €58,060 | €79,087 | +€21,027 | +36.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €41,200 | €41,200 | = | 0.0% |
| Distributable reserves | 133 | €15,000 | €36,027 | +€21,027 | +140% |
| Profit (loss) carried forward | 14 | €4,764 | - | -€4,764 | |
| Amounts payable | 17/49 | €83,348 | €142,606 | +€59,259 | +71.1% |
| Amounts payable after more than one year | 17 | €3,069 | €16,049 | +€12,981 | +423% |
| Financial debts | 170/4 | €3,069 | €16,049 | +€12,981 | +423% |
| Amounts payable within one year | 42/48 | €80,279 | €126,557 | +€46,278 | +57.6% |
| Current portion of amounts payable after more than one year | 42 | €8,988 | €8,409 | -€580 | -6.4% |
| Trade debts | 44 | €55,385 | €90,434 | +€35,049 | +63.3% |
| Suppliers | 440/4 | €55,385 | €90,434 | +€35,049 | +63.3% |
| Taxes, remuneration and social security | 45 | €10,905 | €17,714 | +€6,808 | +62.4% |
| Taxes | 450/3 | €3,459 | €9,032 | +€5,573 | +161% |
| Remuneration and social security | 454/9 | €7,446 | €8,682 | +€1,236 | +16.6% |
| Other amounts payable | 47/48 | €5,000 | €10,000 | +€5,000 | +100% |
| Remuneration, social security and pensions | 62 | €39,472 | €52,976 | +€13,504 | +34.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,461 | €9,252 | +€1,791 | +24.0% |
| Other operating charges | 640/8 | €9,785 | €5,831 | -€3,954 | -40.4% |
| Non-recurring operating charges | 66A | €243 | €193 | -€50 | -20.7% |
| Gross operating margin | 9900 | €74,263 | €108,059 | +€33,796 | +45.5% |
| Operating profit (loss) | 9901 | €17,303 | €39,808 | +€22,505 | +130% |
| Financial income | 75/76B | €173 | €26 | -€147 | -84.8% |
| Recurring financial income | 75 | €173 | €26 | -€147 | -84.8% |
| Financial charges | 65/66B | €7,033 | €5,021 | -€2,012 | -28.6% |
| Recurring financial charges | 65 | €7,033 | €5,021 | -€2,012 | -28.6% |
| Profit (loss) for the period before taxes | 9903 | €10,443 | €34,813 | +€24,371 | +233% |
| Income taxes | 67/77 | €4,093 | €8,550 | +€4,456 | +109% |
| Profit (loss) for the period | 9904 | €6,349 | €26,263 | +€19,914 | +314% |
| Profit (loss) for the period to be appropriated | 9905 | €6,349 | €26,263 | +€19,914 | +314% |
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 16 October 2026 via checked.be.