E-MERGE SPX: 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 SPX
Largest movements
- Current investments -€310,381
down €310,381 (-66.5%), from €466,704 to €156,324
- Cash -€81,740
down €81,740 (-43.5%), from €187,839 to €106,099
mainly Other debts (-€300,000) and Tax, wage and social debts (-€262,462)
- Other debts -€300,000
down €300,000 (-100%), from €300,000 to €0
- Tax, wage and social debts -€262,462
down €262,462 (-80.2%), from €327,270 to €64,808
- Profit (loss) carried forward +€169,247
up €169,247 (+11.9%), from €1.4m to €1.6m
- Financial income -€1.1m
down €1.1m (-78.7%), from €1.4m to €303,036
of which Financial income: -€1.1m
- Financial charges -€847,489
down €847,489 (-95.6%), from €886,483 to €38,993
of which Non-recurring financial charges: -€879,128
- Taxes -€252,164
down €252,164 (-77.1%), from €327,270 to €75,106
- Gross operating margin +€35,730
up €35,730 (+64.5%), from -€55,419 to -€19,689
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 | €2,159,073 | €1,766,952 | -€392,121 | -18.2% |
| Fixed assets | 21/28 | €1,504,529 | €1,504,529 | = | 0.0% |
| Financial fixed assets | 28 | €1,504,529 | €1,504,529 | = | 0.0% |
| Current assets | 29/58 | €654,544 | €262,423 | -€392,121 | -59.9% |
| Current investments | 50/53 | €466,704 | €156,324 | -€310,381 | -66.5% |
| Cash at bank and in hand | 54/58 | €187,839 | €106,099 | -€81,740 | -43.5% |
| Total equity and liabilities | 10/49 | €2,159,073 | €1,766,952 | -€392,121 | -18.2% |
| Equity | 10/15 | €1,531,712 | €1,700,960 | +€169,247 | +11.0% |
| 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 | €45,243 | €45,243 | = | 0.0% |
| Non-distributable reserves | 130/1 | €45,243 | €45,243 | = | 0.0% |
| Legal reserve | 130 | €45,243 | €45,243 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,424,970 | €1,594,217 | +€169,247 | +11.9% |
| Amounts payable | 17/49 | €627,361 | €65,992 | -€561,368 | -89.5% |
| Amounts payable within one year | 42/48 | €627,361 | €65,992 | -€561,368 | -89.5% |
| Trade debts | 44 | €91 | €1,184 | +€1,094 | +1,205% |
| Suppliers | 440/4 | €91 | €1,184 | +€1,094 | +1,205% |
| Taxes, remuneration and social security | 45 | €327,270 | €64,808 | -€262,462 | -80.2% |
| Taxes | 450/3 | €327,270 | €64,808 | -€262,462 | -80.2% |
| Other amounts payable | 47/48 | €300,000 | €0 | -€300,000 | -100% |
| Gross operating margin | 9900 | -€55,419 | -€19,689 | +€35,730 | +64.5% |
| Operating profit (loss) | 9901 | -€55,419 | -€19,689 | +€35,730 | +64.5% |
| Financial income | 75/76B | €1,424,587 | €303,036 | -€1.1m | -78.7% |
| Recurring financial income | 75 | €1,390,638 | €303,036 | -€1.1m | -78.2% |
| Non-recurring financial income | 76B | €33,949 | €0 | -€33,949 | -100% |
| Financial charges | 65/66B | €886,483 | €38,993 | -€847,489 | -95.6% |
| Recurring financial charges | 65 | €7,355 | €38,993 | +€31,639 | +430% |
| Non-recurring financial charges | 66B | €879,128 | €0 | -€879,128 | -100% |
| Profit (loss) for the period before taxes | 9903 | €482,685 | €244,353 | -€238,332 | -49.4% |
| Income taxes | 67/77 | €327,270 | €75,106 | -€252,164 | -77.1% |
| Profit (loss) for the period | 9904 | €155,415 | €169,247 | +€13,832 | +8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €155,415 | €169,247 | +€13,832 | +8.9% |
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 31 October 2026 via checked.be.