EMA 23: 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 23
Largest movements
- Cash +€3,354
up €3,354 (+7.6%), from €44,413 to €47,767
mainly Trade debts (+€6,310) and Receivables within one year (+€2,015)
- Tangible fixed assets +€2,250
new in 2025: €2,250
- Receivables within one year -€2,015
down €2,015 (-17.0%), from €11,871 to €9,856
of which Other amounts receivable: -€1,908
- Stocks and contracts +€1,948
up €1,948 (+53.4%), from €3,651 to €5,599
- Trade debts +€6,310
up €6,310 (+266%), from €2,376 to €8,686
- Tax, wage and social debts -€2,270
down €2,270 (-35.1%), from €6,474 to €4,204
of which Taxes: -€3,641
- Profit (loss) carried forward +€1,168
up €1,168 (+3.4%), from €34,429 to €35,597
- Staff costs +€25,002
up €25,002 (+6,444%), from €388 to €25,390
- Gross operating margin +€7,173
up €7,173 (+32.8%), from €21,867 to €29,040
- Taxes -€3,484
down €3,484 (-73.2%), from €4,762 to €1,278
- Other operating charges -€1,704
down €1,704 (-69.0%), from €2,469 to €765
- Depreciation -€695
down €695 (-82.3%), from €844 to €149
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 | €76,873 | €82,081 | +€5,208 | +6.8% |
| Fixed assets | 21/28 | €289 | €2,539 | +€2,250 | +779% |
| Tangible fixed assets | 22/27 | - | €2,250 | +€2,250 | |
| Plant, machinery and equipment | 23 | - | €2,250 | +€2,250 | |
| Financial fixed assets | 28 | €289 | €289 | = | 0.0% |
| Current assets | 29/58 | €76,584 | €79,542 | +€2,958 | +3.9% |
| Amounts receivable after more than one year | 29 | €16,000 | €16,000 | = | 0.0% |
| Trade receivables | 290 | €16,000 | €16,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €3,651 | €5,599 | +€1,948 | +53.4% |
| Stocks | 30/36 | €3,651 | €5,599 | +€1,948 | +53.4% |
| Amounts receivable within one year | 40/41 | €11,871 | €9,856 | -€2,015 | -17.0% |
| Trade receivables | 40 | €107 | - | -€107 | |
| Other amounts receivable | 41 | €11,764 | €9,856 | -€1,908 | -16.2% |
| Cash at bank and in hand | 54/58 | €44,413 | €47,767 | +€3,354 | +7.6% |
| Deferred charges and accrued income | 490/1 | €649 | €320 | -€329 | -50.7% |
| Total equity and liabilities | 10/49 | €76,873 | €82,081 | +€5,208 | +6.8% |
| Equity | 10/15 | €68,023 | €69,191 | +€1,168 | +1.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €14,994 | €14,994 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €13,134 | €13,134 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,429 | €35,597 | +€1,168 | +3.4% |
| Amounts payable | 17/49 | €8,850 | €12,890 | +€4,040 | +45.6% |
| Amounts payable within one year | 42/48 | €8,850 | €12,890 | +€4,040 | +45.6% |
| Trade debts | 44 | €2,376 | €8,686 | +€6,310 | +266% |
| Suppliers | 440/4 | €2,376 | €8,686 | +€6,310 | +266% |
| Taxes, remuneration and social security | 45 | €6,474 | €4,204 | -€2,270 | -35.1% |
| Taxes | 450/3 | €4,574 | €933 | -€3,641 | -79.6% |
| Remuneration and social security | 454/9 | €1,900 | €3,271 | +€1,371 | +72.2% |
| Remuneration, social security and pensions | 62 | €388 | €25,390 | +€25,002 | +6,444% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €844 | €149 | -€695 | -82.3% |
| Other operating charges | 640/8 | €2,469 | €765 | -€1,704 | -69.0% |
| Gross operating margin | 9900 | €21,867 | €29,040 | +€7,173 | +32.8% |
| Operating profit (loss) | 9901 | €18,166 | €2,736 | -€15,430 | -84.9% |
| Financial charges | 65/66B | €270 | €290 | +€20 | +7.4% |
| Recurring financial charges | 65 | €270 | €290 | +€20 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €17,896 | €2,446 | -€15,450 | -86.3% |
| Income taxes | 67/77 | €4,762 | €1,278 | -€3,484 | -73.2% |
| Profit (loss) for the period | 9904 | €13,134 | €1,168 | -€11,966 | -91.1% |
| Profit (loss) for the period to be appropriated | 9905 | €13,134 | €1,168 | -€11,966 | -91.1% |
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 16 October 2026 via checked.be.