EMA PROJECT: what changed
Two fiscal 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 PROJECT
Largest movements
- Stocks and contracts +€197,450
up €197,450 (+9522.3%), from €2,074 to €199,523
- Tangible fixed assets -€43,235
down €43,235 (-27.9%), from €154,799 to €111,564
of which Furniture and vehicles: -€26,634
- Cash -€42,275
down €42,275 (-43.7%), from €96,820 to €54,546
mainly Stocks and contracts (-€197,450) and Contributions, distributions and other (-€58,824)
- Receivables within one year +€27,774
up €27,774 (+74.3%), from €37,364 to €65,139
of which Trade receivables: +€20,840
- Debts after one year +€128,399
new in 2025: €128,399
- Tax, wage and social debts -€17,708
down €17,708 (-98.7%), from €17,934 to €226
of which Taxes: -€16,044
- Current portion of long-term debt +€11,601
new in 2025: €11,601
- Other debts +€6,552
up €6,552 (+73.7%), from €8,891 to €15,443
- Reserves +€5,127
up €5,127 (+1.9%), from €273,595 to €278,722
- Gross operating margin +€33,973
up €33,973 (+13.6%), from €249,378 to €283,350
- Staff costs +€22,612
up €22,612 (+17.2%), from €131,140 to €153,751
- Other operating charges -€7,283
down €7,283 (-77.4%), from €9,413 to €2,130
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 | €317,541 | €455,086 | +€137,545 | +43.3% |
| Fixed assets | 21/28 | €178,185 | €132,450 | -€45,735 | -25.7% |
| Intangible fixed assets | 21 | €19,932 | €17,432 | -€2,500 | -12.5% |
| Tangible fixed assets | 22/27 | €154,799 | €111,564 | -€43,235 | -27.9% |
| Plant, machinery and equipment | 23 | €37,595 | €22,215 | -€15,380 | -40.9% |
| Furniture and vehicles | 24 | €94,642 | €68,008 | -€26,634 | -28.1% |
| Other tangible fixed assets | 26 | €22,563 | €21,341 | -€1,221 | -5.4% |
| Financial fixed assets | 28 | €3,455 | €3,455 | = | 0.0% |
| Current assets | 29/58 | €139,356 | €322,635 | +€183,280 | +131.5% |
| Stocks and contracts in progress | 3 | €2,074 | €199,523 | +€197,450 | +9522.3% |
| Stocks | 30/36 | €2,074 | €199,523 | +€197,450 | +9522.3% |
| Amounts receivable within one year | 40/41 | €37,364 | €65,139 | +€27,774 | +74.3% |
| Trade receivables | 40 | €37,143 | €57,983 | +€20,840 | +56.1% |
| Other amounts receivable | 41 | €221 | €7,155 | +€6,934 | +3135.3% |
| Cash at bank and in hand | 54/58 | €96,820 | €54,546 | -€42,275 | -43.7% |
| Deferred charges and accrued income | 490/1 | €3,098 | €3,428 | +€330 | +10.7% |
| Total equity and liabilities | 10/49 | €317,541 | €455,086 | +€137,545 | +43.3% |
| Equity | 10/15 | €283,595 | €288,722 | +€5,127 | +1.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €273,595 | €278,722 | +€5,127 | +1.9% |
| Distributable reserves | 133 | €273,595 | €278,722 | +€5,127 | +1.9% |
| Amounts payable | 17/49 | €33,946 | €166,364 | +€132,418 | +390.1% |
| Amounts payable after more than one year | 17 | - | €128,399 | +€128,399 | |
| Financial debts | 170/4 | - | €128,399 | +€128,399 | |
| Amounts payable within one year | 42/48 | €33,491 | €36,958 | +€3,467 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | - | €11,601 | +€11,601 | |
| Trade debts | 44 | €6,666 | €9,688 | +€3,022 | +45.3% |
| Suppliers | 440/4 | €6,666 | €9,688 | +€3,022 | +45.3% |
| Taxes, remuneration and social security | 45 | €17,934 | €226 | -€17,708 | -98.7% |
| Taxes | 450/3 | €16,270 | €226 | -€16,044 | -98.6% |
| Remuneration and social security | 454/9 | €1,664 | - | -€1,664 | |
| Other amounts payable | 47/48 | €8,891 | €15,443 | +€6,552 | +73.7% |
| Accrued charges and deferred income | 492/3 | €455 | €1,007 | +€552 | +121.2% |
| Remuneration, social security and pensions | 62 | €131,140 | €153,751 | +€22,612 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,702 | €40,700 | +€998 | +2.5% |
| Other operating charges | 640/8 | €9,413 | €2,130 | -€7,283 | -77.4% |
| Non-recurring operating charges | 66A | - | €4,347 | +€4,347 | |
| Gross operating margin | 9900 | €249,378 | €283,350 | +€33,973 | +13.6% |
| Operating profit (loss) | 9901 | €69,123 | €82,421 | +€13,298 | +19.2% |
| Financial income | 75/76B | €1,012 | €728 | -€284 | -28.0% |
| Recurring financial income | 75 | €1,012 | €728 | -€284 | -28.0% |
| Financial charges | 65/66B | €1,277 | €2,820 | +€1,543 | +120.8% |
| Recurring financial charges | 65 | €1,277 | €2,820 | +€1,543 | +120.8% |
| Profit (loss) for the period before taxes | 9903 | €68,858 | €80,329 | +€11,472 | +16.7% |
| Income taxes | 67/77 | €15,339 | €16,378 | +€1,040 | +6.8% |
| Profit (loss) for the period | 9904 | €53,519 | €63,951 | +€10,432 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €53,519 | €63,951 | +€10,432 | +19.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.