E.M.M.A.: 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.M.A.
Largest movements
- Current investments -€400,000
down €400,000 (-100%), from €400,000 to €0
- Cash -€103,792
down €103,792 (-55.7%), from €186,229 to €82,436
mainly Other debts (-€328,213) and Net result for the year (-€198,112)
- Tangible fixed assets -€45,509
down €45,509 (-3.3%), from €1.4m to €1.3m
of which Land and buildings: -€32,351
- Other debts -€328,213
down €328,213 (-28.5%), from €1.2m to €824,553
- Profit (loss) carried forward -€189,879
down €189,879 (-23.7%), from -€799,862 to -€989,741
- Accrued charges and deferred income -€24,926
down €24,926 (-33.2%), from €75,158 to €50,232
- Financial charges -€18,410
down €18,410 (-21.3%), from €86,396 to €67,986
- Gross operating margin +€17,639
up €17,639 (+55.2%), from -€31,977 to -€14,338
- Financial income -€9,848
down €9,848 (-97.2%), from €10,130 to €281
- Other operating charges -€5,085
down €5,085 (-28.3%), from €17,997 to €12,912
- Depreciation -€4,218
down €4,218 (-8.5%), from €49,727 to €45,509
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 | €1,975,975 | €1,421,263 | -€554,713 | -28.1% |
| Fixed assets | 21/28 | €1,359,672 | €1,314,163 | -€45,509 | -3.3% |
| Tangible fixed assets | 22/27 | €1,359,672 | €1,314,163 | -€45,509 | -3.3% |
| Land and buildings | 22 | €1,345,040 | €1,312,689 | -€32,351 | -2.4% |
| Furniture and vehicles | 24 | €14,631 | €1,474 | -€13,158 | -89.9% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €616,304 | €107,100 | -€509,204 | -82.6% |
| Amounts receivable within one year | 40/41 | €23,482 | €20,733 | -€2,749 | -11.7% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €23,482 | €20,733 | -€2,749 | -11.7% |
| Current investments | 50/53 | €400,000 | €0 | -€400,000 | -100% |
| Cash at bank and in hand | 54/58 | €186,229 | €82,436 | -€103,792 | -55.7% |
| Deferred charges and accrued income | 490/1 | €6,593 | €3,930 | -€2,662 | -40.4% |
| Total equity and liabilities | 10/49 | €1,975,975 | €1,421,263 | -€554,713 | -28.1% |
| Equity | 10/15 | €692,768 | €494,656 | -€198,112 | -28.6% |
| Contributions | 10/11 | €800,000 | €800,000 | = | 0.0% |
| Revaluation surpluses | 12 | €64,263 | €64,263 | = | 0.0% |
| Reserves | 13 | €628,367 | €620,134 | -€8,233 | -1.3% |
| Tax-exempt reserves | 132 | €92,992 | €84,759 | -€8,233 | -8.9% |
| Distributable reserves | 133 | €535,375 | €535,375 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€799,862 | -€989,741 | -€189,879 | -23.7% |
| Provisions and deferred taxes | 16 | €30,997 | €28,253 | -€2,744 | -8.9% |
| Deferred taxes | 168 | €30,997 | €28,253 | -€2,744 | -8.9% |
| Amounts payable | 17/49 | €1,252,210 | €898,354 | -€353,856 | -28.3% |
| Amounts payable after more than one year | 17 | €2,300 | €2,300 | = | 0.0% |
| Other amounts payable | 178/9 | €2,300 | €2,300 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,174,752 | €845,822 | -€328,930 | -28.0% |
| Trade debts | 44 | €10,953 | €9,845 | -€1,108 | -10.1% |
| Suppliers | 440/4 | €10,953 | €9,845 | -€1,108 | -10.1% |
| Taxes, remuneration and social security | 45 | €11,033 | €11,424 | +€391 | +3.5% |
| Remuneration and social security | 454/9 | €11,033 | €11,424 | +€391 | +3.5% |
| Other amounts payable | 47/48 | €1,152,766 | €824,553 | -€328,213 | -28.5% |
| Accrued charges and deferred income | 492/3 | €75,158 | €50,232 | -€24,926 | -33.2% |
| Remuneration, social security and pensions | 62 | €58,613 | €60,393 | +€1,780 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,727 | €45,509 | -€4,218 | -8.5% |
| Other operating charges | 640/8 | €17,997 | €12,912 | -€5,085 | -28.3% |
| Gross operating margin | 9900 | -€31,977 | -€14,338 | +€17,639 | +55.2% |
| Operating profit (loss) | 9901 | -€158,314 | -€133,152 | +€25,163 | +15.9% |
| Financial income | 75/76B | €10,130 | €281 | -€9,848 | -97.2% |
| Recurring financial income | 75 | €10,130 | €281 | -€9,848 | -97.2% |
| Financial charges | 65/66B | €86,396 | €67,986 | -€18,410 | -21.3% |
| Recurring financial charges | 65 | €86,396 | €67,986 | -€18,410 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | -€234,581 | -€200,857 | +€33,724 | +14.4% |
| Transfer from deferred taxes | 780 | €2,744 | €2,744 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€231,836 | -€198,112 | +€33,724 | +14.5% |
| Transfer from tax-exempt reserves | 789 | €8,233 | €8,233 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€223,603 | -€189,879 | +€33,724 | +15.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.