EM Watches: 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 Watches
Largest movements
- Cash +€44,197
up €44,197 (+71.8%), from €61,556 to €105,753
mainly Trade debts (+€26,756) and Stocks and contracts (+€19,110)
- Stocks and contracts -€19,110
down €19,110 (-7.2%), from €264,266 to €245,156
- Receivables within one year +€10,052
up €10,052 (+9138.2%), from €110 to €10,162
- Trade debts +€26,756
up €26,756 (+383.1%), from €6,985 to €33,741
- Reserves +€9,299
up €9,299 (+10.8%), from €86,279 to €95,578
- Gross operating margin -€96,255
down €96,255 (-78.9%), from €121,990 to €25,735
- Taxes -€28,833
down €28,833 (-84.6%), from €34,085 to €5,252
- Staff costs +€7,466
new in 2025: €7,466
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.
Cash bridge derived
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 | €333,064 | €369,676 | +€36,612 | +11.0% |
| Fixed assets | 21/28 | €5,256 | €8,605 | +€3,349 | +63.7% |
| Tangible fixed assets | 22/27 | €5,256 | €8,605 | +€3,349 | +63.7% |
| Furniture and vehicles | 24 | €5,256 | €8,605 | +€3,349 | +63.7% |
| Current assets | 29/58 | €327,808 | €361,070 | +€33,262 | +10.1% |
| Stocks and contracts in progress | 3 | €264,266 | €245,156 | -€19,110 | -7.2% |
| Stocks | 30/36 | €264,266 | €245,156 | -€19,110 | -7.2% |
| Amounts receivable within one year | 40/41 | €110 | €10,162 | +€10,052 | +9138.2% |
| Trade receivables | 40 | €110 | €10,162 | +€10,052 | +9138.2% |
| Cash at bank and in hand | 54/58 | €61,556 | €105,753 | +€44,197 | +71.8% |
| Deferred charges and accrued income | 490/1 | €1,876 | - | -€1,876 | |
| Total equity and liabilities | 10/49 | €333,064 | €369,676 | +€36,612 | +11.0% |
| Equity | 10/15 | €116,279 | €125,578 | +€9,299 | +8.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €86,279 | €95,578 | +€9,299 | +10.8% |
| Distributable reserves | 133 | €86,279 | €95,578 | +€9,299 | +10.8% |
| Amounts payable | 17/49 | €216,785 | €244,097 | +€27,313 | +12.6% |
| Amounts payable within one year | 42/48 | €216,785 | €240,577 | +€23,793 | +11.0% |
| Trade debts | 44 | €6,985 | €33,741 | +€26,756 | +383.1% |
| Suppliers | 440/4 | €6,985 | €33,741 | +€26,756 | +383.1% |
| Taxes, remuneration and social security | 45 | €82,109 | €81,003 | -€1,106 | -1.3% |
| Taxes | 450/3 | €82,109 | €75,109 | -€7,000 | -8.5% |
| Remuneration and social security | 454/9 | - | €5,894 | +€5,894 | |
| Other amounts payable | 47/48 | €127,691 | €125,833 | -€1,858 | -1.5% |
| Accrued charges and deferred income | 492/3 | - | €3,520 | +€3,520 | |
| Remuneration, social security and pensions | 62 | - | €7,466 | +€7,466 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,692 | €2,333 | +€641 | +37.9% |
| Other operating charges | 640/8 | €386 | €619 | +€234 | +60.6% |
| Gross operating margin | 9900 | €121,990 | €25,735 | -€96,255 | -78.9% |
| Operating profit (loss) | 9901 | €119,913 | €15,317 | -€104,596 | -87.2% |
| Financial income | 75/76B | €1,125 | €361 | -€765 | -68.0% |
| Recurring financial income | 75 | €1,125 | €361 | -€765 | -68.0% |
| Financial charges | 65/66B | €673 | €1,127 | +€453 | +67.3% |
| Recurring financial charges | 65 | €673 | €1,127 | +€453 | +67.3% |
| Profit (loss) for the period before taxes | 9903 | €120,365 | €14,551 | -€105,814 | -87.9% |
| Income taxes | 67/77 | €34,085 | €5,252 | -€28,833 | -84.6% |
| Profit (loss) for the period | 9904 | €86,279 | €9,299 | -€76,981 | -89.2% |
| Profit (loss) for the period to be appropriated | 9905 | €86,279 | €9,299 | -€76,981 | -89.2% |
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 9 October 2026 via checked.be.