EM SOLUTION: 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 SOLUTION
Largest movements
- Receivables within one year +€39,163
up €39,163 (+146%), from €26,784 to €65,947
of which Trade receivables: +€28,008
- Tangible fixed assets +€12,802
up €12,802 (+301%), from €4,250 to €17,052
- Cash -€2,889
down €2,889 (-87.0%), from €3,322 to €433
mainly Receivables within one year (-€39,163) and Investment in fixed assets (net) (-€22,390)
- Profit (loss) carried forward +€28,405
up €28,405 (+182%), from €15,589 to €43,994
- Trade debts +€13,838
up €13,838 (+6,527%), from €212 to €14,050
- Advances received +€9,324
new in 2025: €9,324
- Tax, wage and social debts -€2,491
down €2,491 (-97.5%), from €2,555 to €64
of which Remuneration and social security: -€1,500
- Depreciation +€6,415
up €6,415 (+202%), from €3,173 to €9,588
- Gross operating margin +€4,365
up €4,365 (+12.4%), from €35,107 to €39,472
- Other operating charges +€3,735
up €3,735 (+2,075%), from €180 to €3,915
- Financial income +€3,403
new in 2025: €3,403
of which Non-recurring financial income: +€3,395
- Taxes +€895
new in 2025: €895
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 | €34,356 | €83,432 | +€49,076 | +143% |
| Fixed assets | 21/28 | €4,250 | €17,052 | +€12,802 | +301% |
| Tangible fixed assets | 22/27 | €4,250 | €17,052 | +€12,802 | +301% |
| Furniture and vehicles | 24 | €4,250 | €17,052 | +€12,802 | +301% |
| Current assets | 29/58 | €30,106 | €66,380 | +€36,274 | +120% |
| Amounts receivable within one year | 40/41 | €26,784 | €65,947 | +€39,163 | +146% |
| Trade receivables | 40 | €733 | €28,741 | +€28,008 | +3,821% |
| Other amounts receivable | 41 | €26,051 | €37,206 | +€11,155 | +42.8% |
| Cash at bank and in hand | 54/58 | €3,322 | €433 | -€2,889 | -87.0% |
| Total equity and liabilities | 10/49 | €34,356 | €83,432 | +€49,076 | +143% |
| Equity | 10/15 | €15,589 | €43,994 | +€28,405 | +182% |
| Profit (loss) carried forward | 14 | €15,589 | €43,994 | +€28,405 | +182% |
| Amounts payable | 17/49 | €18,767 | €39,438 | +€20,671 | +110% |
| Amounts payable within one year | 42/48 | €18,767 | €39,438 | +€20,671 | +110% |
| Trade debts | 44 | €212 | €14,050 | +€13,838 | +6,527% |
| Suppliers | 440/4 | €212 | €14,050 | +€13,838 | +6,527% |
| Advances received on contracts in progress | 46 | - | €9,324 | +€9,324 | |
| Taxes, remuneration and social security | 45 | €2,555 | €64 | -€2,491 | -97.5% |
| Taxes | 450/3 | €1,055 | €64 | -€991 | -93.9% |
| Remuneration and social security | 454/9 | €1,500 | - | -€1,500 | |
| Other amounts payable | 47/48 | €16,000 | €16,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €165 | - | -€165 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,173 | €9,588 | +€6,415 | +202% |
| Other operating charges | 640/8 | €180 | €3,915 | +€3,735 | +2,075% |
| Gross operating margin | 9900 | €35,107 | €39,472 | +€4,365 | +12.4% |
| Operating profit (loss) | 9901 | €31,589 | €25,969 | -€5,620 | -17.8% |
| Financial income | 75/76B | - | €3,403 | +€3,403 | |
| Recurring financial income | 75 | - | €8 | +€8 | |
| Non-recurring financial income | 76B | - | €3,395 | +€3,395 | |
| Financial charges | 65/66B | - | €73 | +€73 | |
| Recurring financial charges | 65 | - | €73 | +€73 | |
| Profit (loss) for the period before taxes | 9903 | €31,589 | €29,299 | -€2,290 | -7.2% |
| Income taxes | 67/77 | - | €895 | +€895 | |
| Profit (loss) for the period | 9904 | €31,589 | €28,404 | -€3,185 | -10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €31,589 | €28,404 | -€3,185 | -10.1% |
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 26 October 2026 via checked.be.