EM-LOU: 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.
EM-LOU
Largest movements
- Stocks and contracts -€2,514
down €2,514 (-38.9%), from €6,458 to €3,944
- Intangible fixed assets -€178
down €178 (-85.2%), from €209 to €31
- Tangible fixed assets -€111
down €111 (-28.8%), from €386 to €275
- Cash -€86
down €86 (-7.5%), from €1,142 to €1,056
mainly Other debts (-€6,586) and Deferred charges and accrued income (-€1)
- Other debts -€6,586
down €6,586 (-88.3%), from €7,462 to €876
- Profit (loss) carried forward +€3,665
up €3,665 (+19.3%), from -€18,990 to -€15,325
- Write-downs +€2,348
new in 2025: €2,348
- Gross operating margin +€2,011
up €2,011 (+45.0%), from €4,464 to €6,475
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 | €8,237 | €5,349 | -€2,888 | -35.1% |
| Fixed assets | 21/28 | €595 | €306 | -€289 | -48.6% |
| Intangible fixed assets | 21 | €209 | €31 | -€178 | -85.2% |
| Tangible fixed assets | 22/27 | €386 | €275 | -€111 | -28.8% |
| Plant, machinery and equipment | 23 | €386 | €275 | -€111 | -28.8% |
| Current assets | 29/58 | €7,642 | €5,043 | -€2,599 | -34.0% |
| Stocks and contracts in progress | 3 | €6,458 | €3,944 | -€2,514 | -38.9% |
| Stocks | 30/36 | €6,458 | €3,944 | -€2,514 | -38.9% |
| Cash at bank and in hand | 54/58 | €1,142 | €1,056 | -€86 | -7.5% |
| Deferred charges and accrued income | 490/1 | €42 | €43 | +€1 | +2.4% |
| Total equity and liabilities | 10/49 | €8,237 | €5,349 | -€2,888 | -35.1% |
| Equity | 10/15 | €244 | €3,909 | +€3,665 | +1,502% |
| Contributions | 10/11 | €18,840 | €18,840 | = | 0.0% |
| Reserves | 13 | €394 | €394 | = | 0.0% |
| Non-distributable reserves | 130/1 | €394 | €394 | = | 0.0% |
| Reserves not available under the articles | 1311 | €394 | €394 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,990 | -€15,325 | +€3,665 | +19.3% |
| Amounts payable | 17/49 | €7,993 | €1,440 | -€6,553 | -82.0% |
| Amounts payable within one year | 42/48 | €7,993 | €1,440 | -€6,553 | -82.0% |
| Trade debts | 44 | €531 | €564 | +€33 | +6.2% |
| Suppliers | 440/4 | €531 | €564 | +€33 | +6.2% |
| Other amounts payable | 47/48 | €7,462 | €876 | -€6,586 | -88.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €289 | €289 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,348 | +€2,348 | |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €4,464 | €6,475 | +€2,011 | +45.0% |
| Operating profit (loss) | 9901 | €4,049 | €3,710 | -€339 | -8.4% |
| Financial charges | 65/66B | €47 | €45 | -€2 | -4.3% |
| Recurring financial charges | 65 | €47 | €45 | -€2 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €4,002 | €3,665 | -€337 | -8.4% |
| Profit (loss) for the period | 9904 | €4,002 | €3,665 | -€337 | -8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €4,002 | €3,665 | -€337 | -8.4% |
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 21 October 2026 via checked.be.