EMA: 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.
EMA
Largest movements
- Receivables within one year -€17,372
down €17,372 (-47.4%), from €36,630 to €19,258
of which Trade receivables: -€17,482
- Tangible fixed assets -€5,115
down €5,115 (-61.5%), from €8,317 to €3,202
- Cash +€2,770
up €2,770 (+67.2%), from €4,124 to €6,894
mainly Receivables within one year (+€17,372) and Depreciation (+€3,581)
- Profit (loss) carried forward -€12,326
down €12,326, from €9,261 to -€3,065
- Trade debts -€7,249
down €7,249 (-24.5%), from €29,649 to €22,400
- Other debts -€3,369
down €3,369 (-4.3%), from €77,669 to €74,300
- Tax, wage and social debts +€3,228
up €3,228 (+25.5%), from €12,640 to €15,868
of which Remuneration and social security: +€3,161
- Gross operating margin -€39,266
down €39,266 (-39.1%), from €100,379 to €61,113
- Staff costs -€21,729
down €21,729 (-24.7%), from €88,036 to €66,307
- Financial charges -€2,487
down €2,487 (-81.6%), from €3,049 to €562
- Other operating charges +€1,452
up €1,452 (+94.4%), from €1,537 to €2,989
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 | €149,671 | €129,954 | -€19,717 | -13.2% |
| Fixed assets | 21/28 | €108,917 | €103,802 | -€5,115 | -4.7% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €8,317 | €3,202 | -€5,115 | -61.5% |
| Furniture and vehicles | 24 | €8,317 | €3,202 | -€5,115 | -61.5% |
| Financial fixed assets | 28 | €100,600 | €100,600 | = | 0.0% |
| Current assets | 29/58 | €40,754 | €26,152 | -€14,602 | -35.8% |
| Amounts receivable within one year | 40/41 | €36,630 | €19,258 | -€17,372 | -47.4% |
| Trade receivables | 40 | €21,606 | €4,124 | -€17,482 | -80.9% |
| Other amounts receivable | 41 | €15,024 | €15,134 | +€110 | +0.7% |
| Cash at bank and in hand | 54/58 | €4,124 | €6,894 | +€2,770 | +67.2% |
| Total equity and liabilities | 10/49 | €149,671 | €129,954 | -€19,717 | -13.2% |
| Equity | 10/15 | €29,712 | €17,386 | -€12,326 | -41.5% |
| Contributions | 10/11 | €18,592 | €18,592 | -€0 | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | -€0 | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | €9,261 | -€3,065 | -€12,326 | |
| Amounts payable | 17/49 | €119,959 | €112,568 | -€7,391 | -6.2% |
| Amounts payable within one year | 42/48 | €119,959 | €112,568 | -€7,391 | -6.2% |
| Trade debts | 44 | €29,649 | €22,400 | -€7,249 | -24.5% |
| Suppliers | 440/4 | €29,649 | €22,400 | -€7,249 | -24.5% |
| Taxes, remuneration and social security | 45 | €12,640 | €15,868 | +€3,228 | +25.5% |
| Taxes | 450/3 | €269 | €336 | +€67 | +25.1% |
| Remuneration and social security | 454/9 | €12,371 | €15,532 | +€3,161 | +25.5% |
| Other amounts payable | 47/48 | €77,669 | €74,300 | -€3,369 | -4.3% |
| Remuneration, social security and pensions | 62 | €88,036 | €66,307 | -€21,729 | -24.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,960 | €3,581 | -€379 | -9.6% |
| Other operating charges | 640/8 | €1,537 | €2,989 | +€1,452 | +94.4% |
| Gross operating margin | 9900 | €100,379 | €61,113 | -€39,266 | -39.1% |
| Operating profit (loss) | 9901 | €6,845 | -€11,764 | -€18,609 | |
| Financial income | 75/76B | €399 | - | -€399 | |
| Recurring financial income | 75 | €399 | - | -€399 | |
| Financial charges | 65/66B | €3,049 | €562 | -€2,487 | -81.6% |
| Recurring financial charges | 65 | €3,049 | €562 | -€2,487 | -81.6% |
| Profit (loss) for the period before taxes | 9903 | €4,194 | -€12,326 | -€16,520 | |
| Profit (loss) for the period | 9904 | €4,194 | -€12,326 | -€16,520 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,194 | -€12,326 | -€16,520 |
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 22 October 2026 via checked.be.