EM PARTNERS: 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 PARTNERS
Largest movements
- Cash -€12,476
down €12,476 (-56.4%), from €22,116 to €9,641
mainly Other debts (-€9,640) and Receivables within one year (-€5,684)
- Receivables within one year +€5,684
up €5,684 (+79.5%), from €7,150 to €12,834
- Stocks and contracts -€524
down €524 (-15.7%), from €3,334 to €2,810
- Other debts -€9,640
down €9,640 (-93.6%), from €10,300 to €661
- Profit (loss) carried forward +€1,225
up €1,225 (+12.8%), from €9,580 to €10,805
- Tax, wage and social debts +€595
up €595 (+26.2%), from €2,271 to €2,865
- Trade debts +€504
up €504 (+27.9%), from €1,809 to €2,314
- Gross operating margin -€1,141
down €1,141 (-38.8%), from €2,945 to €1,804
- Write-downs -€964
new in 2025: -€964
- Taxes -€58
down €58 (-10.8%), from €541 to €483
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 | €32,600 | €25,285 | -€7,316 | -22.4% |
| Current assets | 29/58 | €32,600 | €25,285 | -€7,316 | -22.4% |
| Stocks and contracts in progress | 3 | €3,334 | €2,810 | -€524 | -15.7% |
| Stocks | 30/36 | €3,334 | €2,810 | -€524 | -15.7% |
| Amounts receivable within one year | 40/41 | €7,150 | €12,834 | +€5,684 | +79.5% |
| Trade receivables | 40 | €7,150 | €12,834 | +€5,684 | +79.5% |
| Cash at bank and in hand | 54/58 | €22,116 | €9,641 | -€12,476 | -56.4% |
| Total equity and liabilities | 10/49 | €32,600 | €25,285 | -€7,316 | -22.4% |
| Equity | 10/15 | €18,220 | €19,445 | +€1,225 | +6.7% |
| Contributions | 10/11 | €8,560 | €8,560 | = | 0.0% |
| Reserves | 13 | €79 | €79 | = | 0.0% |
| Distributable reserves | 133 | €79 | €79 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,580 | €10,805 | +€1,225 | +12.8% |
| Amounts payable | 17/49 | €14,380 | €5,840 | -€8,541 | -59.4% |
| Amounts payable within one year | 42/48 | €14,380 | €5,840 | -€8,541 | -59.4% |
| Trade debts | 44 | €1,809 | €2,314 | +€504 | +27.9% |
| Suppliers | 440/4 | €1,809 | €2,314 | +€504 | +27.9% |
| Taxes, remuneration and social security | 45 | €2,271 | €2,865 | +€595 | +26.2% |
| Taxes | 450/3 | €2,271 | €2,865 | +€595 | +26.2% |
| Other amounts payable | 47/48 | €10,300 | €661 | -€9,640 | -93.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€964 | -€964 | |
| Other operating charges | 640/8 | €977 | €996 | +€19 | +1.9% |
| Gross operating margin | 9900 | €2,945 | €1,804 | -€1,141 | -38.8% |
| Operating profit (loss) | 9901 | €1,968 | €1,772 | -€196 | -9.9% |
| Financial income | 75/76B | €4 | €15 | +€12 | +336% |
| Recurring financial income | 75 | €4 | €15 | +€12 | +336% |
| Financial charges | 65/66B | €55 | €79 | +€24 | +43.9% |
| Recurring financial charges | 65 | €55 | €79 | +€24 | +43.9% |
| Profit (loss) for the period before taxes | 9903 | €1,916 | €1,708 | -€208 | -10.9% |
| Income taxes | 67/77 | €541 | €483 | -€58 | -10.8% |
| Profit (loss) for the period | 9904 | €1,375 | €1,225 | -€150 | -10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,375 | €1,225 | -€150 | -10.9% |
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 19 October 2026 via checked.be.