EMA Advice: 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 Advice
Largest movements
- Cash +€33,800
up €33,800 (+21.9%), from €154,306 to €188,106
mainly Depreciation (+€50,191) and Net result for the year (+€45,076)
- Tangible fixed assets -€33,006
down €33,006 (-7.1%), from €462,224 to €429,218
of which Furniture and vehicles: -€22,265
- Receivables within one year +€7,111
up €7,111 (+28.6%), from €24,833 to €31,944
- Reserves +€45,076
up €45,076 (+29.4%), from €153,205 to €198,281
of which Distributable reserves: +€58,096
- Debts after one year -€32,541
down €32,541 (-12.1%), from €268,048 to €235,507
- Gross operating margin +€6,853
up €6,853 (+5.8%), from €117,566 to €124,419
- Taxes +€2,305
up €2,305 (+13.0%), from €17,754 to €20,058
- Depreciation +€1,853
up €1,853 (+3.8%), from €48,338 to €50,191
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €677,936 | €682,429 | +€4,493 | +0.7% |
| Fixed assets | 21/28 | €497,770 | €460,920 | -€36,850 | -7.4% |
| Intangible fixed assets | 21 | €21,040 | €17,196 | -€3,844 | -18.3% |
| Tangible fixed assets | 22/27 | €462,224 | €429,218 | -€33,006 | -7.1% |
| Land and buildings | 22 | €395,733 | €384,523 | -€11,210 | -2.8% |
| Plant, machinery and equipment | 23 | €1,328 | €1,797 | +€469 | +35.3% |
| Furniture and vehicles | 24 | €65,162 | €42,897 | -€22,265 | -34.2% |
| Financial fixed assets | 28 | €14,506 | €14,506 | = | 0.0% |
| Current assets | 29/58 | €180,166 | €221,509 | +€41,343 | +22.9% |
| Amounts receivable within one year | 40/41 | €24,833 | €31,944 | +€7,111 | +28.6% |
| Trade receivables | 40 | €24,833 | €31,944 | +€7,111 | +28.6% |
| Cash at bank and in hand | 54/58 | €154,306 | €188,106 | +€33,800 | +21.9% |
| Deferred charges and accrued income | 490/1 | €1,028 | €1,459 | +€432 | +42.0% |
| Total equity and liabilities | 10/49 | €677,936 | €682,429 | +€4,493 | +0.7% |
| Equity | 10/15 | €277,205 | €322,281 | +€45,076 | +16.3% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €153,205 | €198,281 | +€45,076 | +29.4% |
| Non-distributable reserves | 130/1 | €13,020 | - | -€13,020 | |
| Reserves not available under the articles | 1311 | €13,020 | - | -€13,020 | |
| Distributable reserves | 133 | €140,185 | €198,281 | +€58,096 | +41.4% |
| Amounts payable | 17/49 | €400,731 | €360,148 | -€40,583 | -10.1% |
| Amounts payable after more than one year | 17 | €268,048 | €235,507 | -€32,541 | -12.1% |
| Financial debts | 170/4 | €268,048 | €235,507 | -€32,541 | -12.1% |
| Amounts payable within one year | 42/48 | €132,683 | €124,641 | -€8,042 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €29,558 | €30,140 | +€582 | +2.0% |
| Trade debts | 44 | €8,781 | €6,041 | -€2,740 | -31.2% |
| Suppliers | 440/4 | €8,781 | €6,041 | -€2,740 | -31.2% |
| Taxes, remuneration and social security | 45 | €22,942 | €17,981 | -€4,961 | -21.6% |
| Taxes | 450/3 | €22,942 | €17,981 | -€4,961 | -21.6% |
| Other amounts payable | 47/48 | €71,402 | €70,479 | -€923 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,338 | €50,191 | +€1,853 | +3.8% |
| Other operating charges | 640/8 | €885 | €912 | +€28 | +3.1% |
| Gross operating margin | 9900 | €117,566 | €124,419 | +€6,853 | +5.8% |
| Operating profit (loss) | 9901 | €68,343 | €73,315 | +€4,972 | +7.3% |
| Financial income | 75/76B | €2,203 | €2,818 | +€615 | +27.9% |
| Recurring financial income | 75 | €2,203 | €1,995 | -€208 | -9.4% |
| Non-recurring financial income | 76B | - | €823 | +€823 | |
| Financial charges | 65/66B | €11,593 | €10,999 | -€594 | -5.1% |
| Recurring financial charges | 65 | €11,593 | €10,902 | -€691 | -6.0% |
| Non-recurring financial charges | 66B | - | €97 | +€97 | |
| Profit (loss) for the period before taxes | 9903 | €58,953 | €65,135 | +€6,182 | +10.5% |
| Income taxes | 67/77 | €17,754 | €20,058 | +€2,305 | +13.0% |
| Profit (loss) for the period | 9904 | €41,199 | €45,076 | +€3,877 | +9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €41,199 | €45,076 | +€3,877 | +9.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.