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
- Receivables after one year -€159,950
down €159,950 (-100%), from €159,950 to €0
- Receivables within one year +€99,547
up €99,547 (+22.2%), from €448,277 to €547,824
of which Other amounts receivable: +€95,107
- Cash -€77,289
down €77,289 (-63.5%), from €121,747 to €44,458
mainly Accrued charges and deferred income (-€134,125) and Receivables within one year (-€99,547)
- Deferred charges and accrued income -€11,567
down €11,567 (-37.0%), from €31,301 to €19,734
- Accrued charges and deferred income -€134,125
down €134,125 (-37.7%), from €355,836 to €221,711
- Current portion of long-term debt -€36,991
down €36,991 (-60.3%), from €61,327 to €24,336
- Short-term financial debts +€23,020
up €23,020 (+199%), from €11,541 to €34,561
- Debts after one year -€22,363
down €22,363 (-68.6%), from €32,590 to €10,227
- Tax, wage and social debts +€15,566
up €15,566 (+61.0%), from €25,529 to €41,095
- Gross operating margin -€19,659
down €19,659 (-17.3%), from €113,784 to €94,124
- Other operating charges +€4,278
up €4,278 (+186%), from €2,300 to €6,578
- Taxes -€3,844
down €3,844 (-18.3%), from €20,998 to €17,154
- Depreciation +€3,718
up €3,718 (+14.7%), from €25,335 to €29,052
- Financial charges -€3,170
down €3,170 (-24.5%), from €12,922 to €9,752
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 | €826,373 | €673,210 | -€153,163 | -18.5% |
| Fixed assets | 21/28 | €65,098 | €61,194 | -€3,904 | -6.0% |
| Intangible fixed assets | 21 | €17,719 | €10,146 | -€7,573 | -42.7% |
| Tangible fixed assets | 22/27 | €47,379 | €51,048 | +€3,668 | +7.7% |
| Furniture and vehicles | 24 | €47,379 | €45,084 | -€2,296 | -4.8% |
| Other tangible fixed assets | 26 | - | €5,964 | +€5,964 | |
| Current assets | 29/58 | €761,275 | €612,016 | -€149,259 | -19.6% |
| Amounts receivable after more than one year | 29 | €159,950 | €0 | -€159,950 | -100% |
| Other amounts receivable | 291 | €159,950 | €0 | -€159,950 | -100% |
| Amounts receivable within one year | 40/41 | €448,277 | €547,824 | +€99,547 | +22.2% |
| Trade receivables | 40 | €283,576 | €288,016 | +€4,440 | +1.6% |
| Other amounts receivable | 41 | €164,701 | €259,808 | +€95,107 | +57.7% |
| Cash at bank and in hand | 54/58 | €121,747 | €44,458 | -€77,289 | -63.5% |
| Deferred charges and accrued income | 490/1 | €31,301 | €19,734 | -€11,567 | -37.0% |
| Total equity and liabilities | 10/49 | €826,373 | €673,210 | -€153,163 | -18.5% |
| Equity | 10/15 | €207,419 | €199,345 | -€8,075 | -3.9% |
| Contributions | 10/11 | €16,675 | €16,675 | = | 0.0% |
| Reserves | 13 | €2,490 | €2,490 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,490 | €2,490 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,490 | €2,490 | = | 0.0% |
| Profit (loss) carried forward | 14 | €188,254 | €180,180 | -€8,075 | -4.3% |
| Amounts payable | 17/49 | €618,954 | €473,865 | -€145,089 | -23.4% |
| Amounts payable after more than one year | 17 | €32,590 | €10,227 | -€22,363 | -68.6% |
| Financial debts | 170/4 | €32,590 | €10,227 | -€22,363 | -68.6% |
| Amounts payable within one year | 42/48 | €230,528 | €241,927 | +€11,399 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €61,327 | €24,336 | -€36,991 | -60.3% |
| Financial debts | 43 | €11,541 | €34,561 | +€23,020 | +199% |
| Credit institutions | 430/8 | €11,541 | €34,561 | +€23,020 | +199% |
| Trade debts | 44 | €96,459 | €92,088 | -€4,371 | -4.5% |
| Suppliers | 440/4 | €96,459 | €92,088 | -€4,371 | -4.5% |
| Taxes, remuneration and social security | 45 | €25,529 | €41,095 | +€15,566 | +61.0% |
| Taxes | 450/3 | €25,529 | €41,095 | +€15,566 | +61.0% |
| Other amounts payable | 47/48 | €35,672 | €49,847 | +€14,175 | +39.7% |
| Accrued charges and deferred income | 492/3 | €355,836 | €221,711 | -€134,125 | -37.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,335 | €29,052 | +€3,718 | +14.7% |
| Other operating charges | 640/8 | €2,300 | €6,578 | +€4,278 | +186% |
| Gross operating margin | 9900 | €113,784 | €94,124 | -€19,659 | -17.3% |
| Operating profit (loss) | 9901 | €86,149 | €58,494 | -€27,655 | -32.1% |
| Financial income | 75/76B | €236 | €427 | +€191 | +81.0% |
| Recurring financial income | 75 | €236 | €427 | +€191 | +81.0% |
| Financial charges | 65/66B | €12,922 | €9,752 | -€3,170 | -24.5% |
| Recurring financial charges | 65 | €12,922 | €9,752 | -€3,170 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €73,462 | €49,168 | -€24,294 | -33.1% |
| Income taxes | 67/77 | €20,998 | €17,154 | -€3,844 | -18.3% |
| Profit (loss) for the period | 9904 | €52,464 | €32,014 | -€20,450 | -39.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,464 | €32,014 | -€20,450 | -39.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.