EMA CONSULT: 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 CONSULT
Largest movements
- Receivables within one year +€137,197
up €137,197 (+136%), from €101,156 to €238,352
- Cash -€109,880
down €109,880 (-75.4%), from €145,675 to €35,795
mainly Receivables within one year (-€137,197) and Investment in fixed assets (net) (-€92,401)
- Intangible fixed assets +€45,926
up €45,926 (+25.6%), from €179,519 to €225,445
- Tangible fixed assets -€21,150
down €21,150 (-20.5%), from €103,125 to €81,975
of which Plant, machinery and equipment: -€63,072
- Trade debts +€60,903
up €60,903 (+96.8%), from €62,927 to €123,829
- Reserves +€40,000
up €40,000 (+49.8%), from €80,358 to €120,358
of which Distributable reserves: +€40,000
- Debts after one year -€38,844
down €38,844 (-27.9%), from €139,338 to €100,494
of which Other amounts payable: -€104,394
- Other debts -€10,884
down €10,884 (-37.9%), from €28,745 to €17,861
- Accrued charges and deferred income -€7,949
down €7,949 (-59.4%), from €13,373 to €5,424
- Gross operating margin +€51,079
up €51,079 (+22.1%), from €231,015 to €282,094
- Depreciation +€15,397
up €15,397 (+30.6%), from €50,288 to €65,685
- Staff costs +€13,181
up €13,181 (+15.1%), from €87,367 to €100,548
- Other operating charges +€11,007
up €11,007 (+34.2%), from €32,152 to €43,159
- Financial charges +€3,092
up €3,092 (+84.9%), from €3,641 to €6,733
of which Financial charges: +€2,842
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 | €530,309 | €585,029 | +€54,721 | +10.3% |
| Fixed assets | 21/28 | €282,894 | €309,610 | +€26,716 | +9.4% |
| Intangible fixed assets | 21 | €179,519 | €225,445 | +€45,926 | +25.6% |
| Tangible fixed assets | 22/27 | €103,125 | €81,975 | -€21,150 | -20.5% |
| Land and buildings | 22 | - | €45,790 | +€45,790 | |
| Plant, machinery and equipment | 23 | €63,072 | - | -€63,072 | |
| Furniture and vehicles | 24 | €12,408 | €12,970 | +€562 | +4.5% |
| Other tangible fixed assets | 26 | €27,645 | €23,216 | -€4,430 | -16.0% |
| Financial fixed assets | 28 | €250 | €2,190 | +€1,940 | +776% |
| Current assets | 29/58 | €247,414 | €275,419 | +€28,005 | +11.3% |
| Amounts receivable within one year | 40/41 | €101,156 | €238,352 | +€137,197 | +136% |
| Trade receivables | 40 | €101,156 | €238,352 | +€137,197 | +136% |
| Current investments | 50/53 | €584 | - | -€584 | |
| Cash at bank and in hand | 54/58 | €145,675 | €35,795 | -€109,880 | -75.4% |
| Deferred charges and accrued income | 490/1 | - | €1,272 | +€1,272 | |
| Total equity and liabilities | 10/49 | €530,309 | €585,029 | +€54,721 | +10.3% |
| Equity | 10/15 | €213,420 | €259,808 | +€46,388 | +21.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Capital | 10 | €50,000 | €50,000 | = | 0.0% |
| Issued capital | 100 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €80,358 | €120,358 | +€40,000 | +49.8% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Legal reserve | 130 | €5,000 | €5,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,358 | €25,358 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €90,000 | +€40,000 | +80.0% |
| Profit (loss) carried forward | 14 | €83,062 | €89,450 | +€6,388 | +7.7% |
| Amounts payable | 17/49 | €316,889 | €325,222 | +€8,333 | +2.6% |
| Amounts payable after more than one year | 17 | €139,338 | €100,494 | -€38,844 | -27.9% |
| Financial debts | 170/4 | - | €65,550 | +€65,550 | |
| Other amounts payable | 178/9 | €139,338 | €34,944 | -€104,394 | -74.9% |
| Amounts payable within one year | 42/48 | €164,178 | €219,303 | +€55,126 | +33.6% |
| Current portion of amounts payable after more than one year | 42 | €23,541 | €24,479 | +€938 | +4.0% |
| Trade debts | 44 | €62,927 | €123,829 | +€60,903 | +96.8% |
| Suppliers | 440/4 | €62,927 | €123,829 | +€60,903 | +96.8% |
| Advances received on contracts in progress | 46 | €2,515 | €3,315 | +€800 | +31.8% |
| Taxes, remuneration and social security | 45 | €46,450 | €49,819 | +€3,369 | +7.3% |
| Taxes | 450/3 | €30,275 | €49,819 | +€19,544 | +64.6% |
| Remuneration and social security | 454/9 | €16,175 | - | -€16,175 | |
| Other amounts payable | 47/48 | €28,745 | €17,861 | -€10,884 | -37.9% |
| Accrued charges and deferred income | 492/3 | €13,373 | €5,424 | -€7,949 | -59.4% |
| Remuneration, social security and pensions | 62 | €87,367 | €100,548 | +€13,181 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,288 | €65,685 | +€15,397 | +30.6% |
| Other operating charges | 640/8 | €32,152 | €43,159 | +€11,007 | +34.2% |
| Gross operating margin | 9900 | €231,015 | €282,094 | +€51,079 | +22.1% |
| Operating profit (loss) | 9901 | €61,208 | €72,701 | +€11,494 | +18.8% |
| Financial income | 75/76B | €311 | €1,107 | +€796 | +256% |
| Recurring financial income | 75 | €311 | €1,107 | +€796 | +256% |
| Financial charges | 65/66B | €3,641 | €6,733 | +€3,092 | +84.9% |
| Recurring financial charges | 65 | €3,641 | €6,483 | +€2,842 | +78.0% |
| Non-recurring financial charges | 66B | - | €250 | +€250 | |
| Profit (loss) for the period before taxes | 9903 | €57,878 | €67,075 | +€9,198 | +15.9% |
| Income taxes | 67/77 | €22,050 | €20,687 | -€1,362 | -6.2% |
| Profit (loss) for the period | 9904 | €35,828 | €46,388 | +€10,560 | +29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,828 | €46,388 | +€10,560 | +29.5% |
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 15 October 2026 via checked.be.