EM.AX: what changed
EM.AX
Largest movements
- Cash -€39,737
down €39,737 (-38.6%), from €103,065 to €63,328
mainly Tax, wage and social debts (-€13,911) and Other debts (-€12,837)
- Receivables within one year -€8,066
down €8,066 (-24.3%), from €33,171 to €25,105
- Tangible fixed assets +€5,391
up €5,391 (+86.7%), from €6,214 to €11,605
of which Other tangible fixed assets: +€6,991
- Stocks and contracts +€2,678
up €2,678 (+4.8%), from €56,045 to €58,723
- Tax, wage and social debts -€13,911
down €13,911 (-39.6%), from €35,111 to €21,200
of which Taxes: -€9,269
- Other debts -€12,837
down €12,837 (-95.7%), from €13,407 to €570
- Trade debts -€7,848
down €7,848 (-34.9%), from €22,515 to €14,668
- Profit (loss) carried forward -€5,707
down €5,707 (-10.7%), from €53,118 to €47,411
- Gross operating margin -€12,445
down €12,445 (-11.6%), from €107,512 to €95,066
- Staff costs -€8,633
down €8,633 (-8.4%), from €102,733 to €94,100
- Write-downs +€3,103
up €3,103, from -€1,979 to €1,124
- Financial income +€1,325
up €1,325 (+544%), from €244 to €1,569
- Taxes -€1,137
down €1,137 (-94.7%), from €1,200 to €63
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €201,500 | €161,198 | -€40,302 | -20.0% |
| Fixed assets | 21/28 | €6,765 | €11,605 | +€4,840 | +71.6% |
| Intangible fixed assets | 21 | €551 | - | -€551 | |
| Tangible fixed assets | 22/27 | €6,214 | €11,605 | +€5,391 | +86.7% |
| Plant, machinery and equipment | 23 | €730 | €684 | -€47 | -6.4% |
| Furniture and vehicles | 24 | €3,448 | €1,894 | -€1,554 | -45.1% |
| Other tangible fixed assets | 26 | €2,035 | €9,027 | +€6,991 | +343% |
| Current assets | 29/58 | €194,736 | €149,594 | -€45,142 | -23.2% |
| Stocks and contracts in progress | 3 | €56,045 | €58,723 | +€2,678 | +4.8% |
| Stocks | 30/36 | €56,045 | €58,723 | +€2,678 | +4.8% |
| Amounts receivable within one year | 40/41 | €33,171 | €25,105 | -€8,066 | -24.3% |
| Trade receivables | 40 | €33,171 | €25,105 | -€8,066 | -24.3% |
| Current investments | 50/53 | €80 | €75 | -€5 | -5.9% |
| Cash at bank and in hand | 54/58 | €103,065 | €63,328 | -€39,737 | -38.6% |
| Deferred charges and accrued income | 490/1 | €2,376 | €2,363 | -€13 | -0.5% |
| Total equity and liabilities | 10/49 | €201,500 | €161,198 | -€40,302 | -20.0% |
| Equity | 10/15 | €130,468 | €124,761 | -€5,707 | -4.4% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €56,899 | €56,899 | = | 0.0% |
| Distributable reserves | 133 | €56,899 | €56,899 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,118 | €47,411 | -€5,707 | -10.7% |
| Amounts payable | 17/49 | €71,033 | €36,438 | -€34,595 | -48.7% |
| Amounts payable within one year | 42/48 | €71,033 | €36,438 | -€34,595 | -48.7% |
| Trade debts | 44 | €22,515 | €14,668 | -€7,848 | -34.9% |
| Suppliers | 440/4 | €22,515 | €14,668 | -€7,848 | -34.9% |
| Taxes, remuneration and social security | 45 | €35,111 | €21,200 | -€13,911 | -39.6% |
| Taxes | 450/3 | €21,642 | €12,373 | -€9,269 | -42.8% |
| Remuneration and social security | 454/9 | €13,469 | €8,827 | -€4,642 | -34.5% |
| Other amounts payable | 47/48 | €13,407 | €570 | -€12,837 | -95.7% |
| Remuneration, social security and pensions | 62 | €102,733 | €94,100 | -€8,633 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,323 | €3,450 | +€127 | +3.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,979 | €1,124 | +€3,103 | |
| Other operating charges | 640/8 | €350 | €1,015 | +€665 | +190% |
| Gross operating margin | 9900 | €107,512 | €95,066 | -€12,445 | -11.6% |
| Operating profit (loss) | 9901 | €3,085 | -€4,623 | -€7,707 | |
| Financial income | 75/76B | €244 | €1,569 | +€1,325 | +544% |
| Recurring financial income | 75 | €244 | €1,569 | +€1,325 | +544% |
| Financial charges | 65/66B | €3,328 | €2,589 | -€739 | -22.2% |
| Recurring financial charges | 65 | €3,328 | €2,589 | -€739 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €0 | -€5,644 | -€5,644 | |
| Income taxes | 67/77 | €1,200 | €63 | -€1,137 | -94.7% |
| Profit (loss) for the period | 9904 | -€1,200 | -€5,707 | -€4,507 | -376% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,200 | -€5,707 | -€4,507 | -376% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.