E-MERGE ALS: 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-MERGE ALS
Largest movements
- Current investments -€1.5m
down €1.5m (-93.4%), from €1.6m to €104,216
- Cash +€277,787
up €277,787 (+585%), from €47,470 to €325,258
mainly Current investments (+€1.5m) and Net result for the year (+€443,067)
- Financial fixed assets -€135,789
down €135,789 (-1.2%), from €11.3m to €11.2m
- Tax, wage and social debts -€1.5m
down €1.5m (-87.7%), from €1.7m to €206,962
- Profit (loss) carried forward +€443,067
up €443,067 (+4.3%), from €10.3m to €10.7m
- Other debts -€300,000
down €300,000 (-100%), from €300,000 to €0
- Financial charges -€7.5m
down €7.5m (-97.8%), from €7.6m to €167,817
of which Non-recurring financial charges: -€7.6m
- Financial income -€5.0m
down €5.0m (-84.8%), from €5.9m to €896,502
of which Financial income: -€4.4m
- Taxes -€532,368
down €532,368 (-71.9%), from €740,812 to €208,444
- Gross operating margin +€298,299
up €298,299 (+79.4%), from -€375,473 to -€77,174
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 | €12,941,437 | €11,614,401 | -€1.3m | -10.3% |
| Fixed assets | 21/28 | €11,320,717 | €11,184,927 | -€135,789 | -1.2% |
| Financial fixed assets | 28 | €11,320,717 | €11,184,927 | -€135,789 | -1.2% |
| Current assets | 29/58 | €1,620,720 | €429,473 | -€1.2m | -73.5% |
| Current investments | 50/53 | €1,573,250 | €104,216 | -€1.5m | -93.4% |
| Cash at bank and in hand | 54/58 | €47,470 | €325,258 | +€277,787 | +585% |
| Total equity and liabilities | 10/49 | €12,941,437 | €11,614,401 | -€1.3m | -10.3% |
| Equity | 10/15 | €10,956,162 | €11,399,229 | +€443,067 | +4.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €609,292 | €609,292 | = | 0.0% |
| Non-distributable reserves | 130/1 | €609,292 | €609,292 | = | 0.0% |
| Legal reserve | 130 | €609,292 | €609,292 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,285,370 | €10,728,437 | +€443,067 | +4.3% |
| Amounts payable | 17/49 | €1,985,275 | €215,172 | -€1.8m | -89.2% |
| Amounts payable within one year | 42/48 | €1,985,275 | €215,172 | -€1.8m | -89.2% |
| Trade debts | 44 | €6,576 | €8,210 | +€1,634 | +24.8% |
| Suppliers | 440/4 | €6,576 | €8,210 | +€1,634 | +24.8% |
| Taxes, remuneration and social security | 45 | €1,678,699 | €206,962 | -€1.5m | -87.7% |
| Taxes | 450/3 | €1,678,699 | €206,962 | -€1.5m | -87.7% |
| Other amounts payable | 47/48 | €300,000 | €0 | -€300,000 | -100% |
| Other operating charges | 640/8 | €0 | - | = | |
| Gross operating margin | 9900 | -€375,473 | -€77,174 | +€298,299 | +79.4% |
| Operating profit (loss) | 9901 | -€375,473 | -€77,174 | +€298,299 | +79.4% |
| Financial income | 75/76B | €5,902,966 | €896,502 | -€5.0m | -84.8% |
| Recurring financial income | 75 | €5,304,534 | €896,502 | -€4.4m | -83.1% |
| Non-recurring financial income | 76B | €598,432 | €0 | -€598,432 | -100% |
| Financial charges | 65/66B | €7,647,483 | €167,817 | -€7.5m | -97.8% |
| Recurring financial charges | 65 | -€74,765 | €32,027 | +€106,792 | |
| Non-recurring financial charges | 66B | €7,722,248 | €135,789 | -€7.6m | -98.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,119,990 | €651,511 | +€2.8m | |
| Income taxes | 67/77 | €740,812 | €208,444 | -€532,368 | -71.9% |
| Profit (loss) for the period | 9904 | -€2,860,802 | €443,067 | +€3.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,860,802 | €443,067 | +€3.3m |
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 26 October 2026 via checked.be.