EM Law: what changed
Two fiscal 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.
EM Law
Largest movements
- Cash -€62,456
down €62,456 (-49.4%), from €126,354 to €63,897
mainly Contributions, distributions and other (-€120,026) and Receivables within one year (-€11,277)
- Receivables within one year +€11,277
new in 2026: €11,277
- Profit (loss) carried forward -€37,183
down €37,183 (-34.0%), from €109,266 to €72,083
- Reserves -€10,759
down €10,759 (-100.0%), from €10,759 to €0
- Tax, wage and social debts -€4,855
down €4,855 (-58.4%), from €8,320 to €3,465
- Gross operating margin +€17,051
up €17,051 (+22.7%), from €75,049 to €92,100
- Taxes +€3,360
up €3,360 (+21.6%), from €15,554 to €18,914
From the 2025 result to the 2026 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.
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €130,663 | €78,506 | -€52,157 | -39.9% |
| Fixed assets | 21/28 | €4,212 | €3,331 | -€880 | -20.9% |
| Tangible fixed assets | 22/27 | €4,212 | €3,331 | -€880 | -20.9% |
| Furniture and vehicles | 24 | €4,212 | €3,331 | -€880 | -20.9% |
| Current assets | 29/58 | €126,451 | €75,175 | -€51,276 | -40.6% |
| Amounts receivable within one year | 40/41 | - | €11,277 | +€11,277 | |
| Other amounts receivable | 41 | - | €11,277 | +€11,277 | |
| Cash at bank and in hand | 54/58 | €126,354 | €63,897 | -€62,456 | -49.4% |
| Deferred charges and accrued income | 490/1 | €97 | €0 | -€97 | -100.0% |
| Total equity and liabilities | 10/49 | €130,663 | €78,506 | -€52,157 | -39.9% |
| Equity | 10/15 | €122,026 | €74,083 | -€47,942 | -39.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €10,759 | €0 | -€10,759 | -100.0% |
| Distributable reserves | 133 | €10,759 | €0 | -€10,759 | -100.0% |
| Profit (loss) carried forward | 14 | €109,266 | €72,083 | -€37,183 | -34.0% |
| Amounts payable | 17/49 | €8,637 | €4,423 | -€4,214 | -48.8% |
| Amounts payable within one year | 42/48 | €8,637 | €4,423 | -€4,214 | -48.8% |
| Trade debts | 44 | €201 | €958 | +€756 | +375.6% |
| Suppliers | 440/4 | €201 | €958 | +€756 | +375.6% |
| Taxes, remuneration and social security | 45 | €8,320 | €3,465 | -€4,855 | -58.4% |
| Taxes | 450/3 | €8,320 | €3,465 | -€4,855 | -58.4% |
| Other amounts payable | 47/48 | €115 | €0 | -€115 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €190 | €880 | +€690 | +363.7% |
| Gross operating margin | 9900 | €75,049 | €92,100 | +€17,051 | +22.7% |
| Operating profit (loss) | 9901 | €74,859 | €91,220 | +€16,361 | +21.9% |
| Financial income | 75/76B | €0 | €469 | +€469 | |
| Recurring financial income | 75 | €0 | €469 | +€469 | |
| Financial charges | 65/66B | €724 | €692 | -€32 | -4.4% |
| Recurring financial charges | 65 | €724 | €692 | -€32 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €74,135 | €90,997 | +€16,862 | +22.7% |
| Income taxes | 67/77 | €15,554 | €18,914 | +€3,360 | +21.6% |
| Profit (loss) for the period | 9904 | €58,582 | €72,083 | +€13,502 | +23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €58,582 | €72,083 | +€13,502 | +23.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 April 2025 and 30 April 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.