E-MAR: 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-MAR
Largest movements
- Cash -€107,721
down €107,721 (-89.2%), from €120,805 to €13,084
mainly Contributions, distributions and other (-€133,981) and Tax, wage and social debts (-€42,367)
- Tangible fixed assets -€18,711
down €18,711 (-13.0%), from €144,223 to €125,512
of which Furniture and vehicles: -€17,388
- Reserves -€74,967
down €74,967 (-12.7%), from €588,256 to €513,290
- Tax, wage and social debts -€42,367
down €42,367 (-75.1%), from €56,420 to €14,053
- Debts after one year -€25,498
down €25,498 (-66.3%), from €38,440 to €12,942
- Trade debts +€25,316
up €25,316 (+621%), from €4,075 to €29,391
- Financial income -€79,872
down €79,872 (-76.4%), from €104,494 to €24,622
- Depreciation +€19,584
up €19,584 (+141%), from €13,931 to €33,515
- Taxes -€15,342
down €15,342 (-34.0%), from €45,106 to €29,763
- Gross operating margin -€13,610
down €13,610 (-11.9%), from €114,530 to €100,919
- Other operating charges -€12,206
down €12,206 (-85.8%), from €14,222 to €2,015
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 | €729,709 | €609,963 | -€119,746 | -16.4% |
| Fixed assets | 21/28 | €154,223 | €135,512 | -€18,711 | -12.1% |
| Tangible fixed assets | 22/27 | €144,223 | €125,512 | -€18,711 | -13.0% |
| Furniture and vehicles | 24 | €137,457 | €120,069 | -€17,388 | -12.7% |
| Other tangible fixed assets | 26 | €6,766 | €5,444 | -€1,322 | -19.5% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €575,486 | €474,451 | -€101,035 | -17.6% |
| Amounts receivable within one year | 40/41 | €452,516 | €458,657 | +€6,141 | +1.4% |
| Other amounts receivable | 41 | €452,516 | €458,657 | +€6,141 | +1.4% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €120,805 | €13,084 | -€107,721 | -89.2% |
| Deferred charges and accrued income | 490/1 | €2,165 | €2,710 | +€545 | +25.2% |
| Total equity and liabilities | 10/49 | €729,709 | €609,963 | -€119,746 | -16.4% |
| Equity | 10/15 | €594,456 | €519,490 | -€74,967 | -12.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €588,256 | €513,290 | -€74,967 | -12.7% |
| Distributable reserves | 133 | €588,256 | €513,290 | -€74,967 | -12.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €135,253 | €90,473 | -€44,779 | -33.1% |
| Amounts payable after more than one year | 17 | €38,440 | €12,942 | -€25,498 | -66.3% |
| Financial debts | 170/4 | €38,440 | €12,942 | -€25,498 | -66.3% |
| Amounts payable within one year | 42/48 | €85,489 | €68,943 | -€16,547 | -19.4% |
| Current portion of amounts payable after more than one year | 42 | €24,994 | €25,498 | +€504 | +2.0% |
| Trade debts | 44 | €4,075 | €29,391 | +€25,316 | +621% |
| Suppliers | 440/4 | €4,075 | €29,391 | +€25,316 | +621% |
| Taxes, remuneration and social security | 45 | €56,420 | €14,053 | -€42,367 | -75.1% |
| Taxes | 450/3 | €56,420 | €14,053 | -€42,367 | -75.1% |
| Accrued charges and deferred income | 492/3 | €11,324 | €8,589 | -€2,734 | -24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,931 | €33,515 | +€19,584 | +141% |
| Other operating charges | 640/8 | €14,222 | €2,015 | -€12,206 | -85.8% |
| Non-recurring operating charges | 66A | - | €76 | +€76 | |
| Gross operating margin | 9900 | €114,530 | €100,919 | -€13,610 | -11.9% |
| Operating profit (loss) | 9901 | €86,377 | €65,313 | -€21,064 | -24.4% |
| Financial income | 75/76B | €104,494 | €24,622 | -€79,872 | -76.4% |
| Recurring financial income | 75 | €104,494 | €24,622 | -€79,872 | -76.4% |
| Financial charges | 65/66B | €1,891 | €1,157 | -€734 | -38.8% |
| Recurring financial charges | 65 | €1,891 | €1,157 | -€734 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | €188,979 | €88,778 | -€100,201 | -53.0% |
| Income taxes | 67/77 | €45,106 | €29,763 | -€15,342 | -34.0% |
| Profit (loss) for the period | 9904 | €143,873 | €59,014 | -€84,859 | -59.0% |
| Profit (loss) for the period to be appropriated | 9905 | €143,873 | €59,014 | -€84,859 | -59.0% |
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 15 October 2026 via checked.be.