EMAJA: 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.
EMAJA
Largest movements
- Tangible fixed assets -€14,728
down €14,728 (-3.6%), from €412,445 to €397,717
of which Land and buildings: -€13,218
- Cash -€9,911
down €9,911 (-29.9%), from €33,150 to €23,239
mainly Contributions, distributions and other (-€55,160) and Debts after one year (-€21,841)
- Receivables within one year -€5,226
down €5,226 (-37.7%), from €13,856 to €8,630
of which Trade receivables: -€7,170
- Reserves -€37,175
no longer reported in 2025 (was €37,175)
- Other debts +€26,988
up €26,988 (+248%), from €10,890 to €37,878
- Debts after one year -€21,841
down €21,841 (-6.1%), from €358,307 to €336,466
- Taxes +€5,360
up €5,360 (+770%), from €696 to €6,056
- Gross operating margin +€859
up €859 (+1.9%), from €45,049 to €45,909
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 | €460,249 | €430,426 | -€29,823 | -6.5% |
| Fixed assets | 21/28 | €412,445 | €397,717 | -€14,728 | -3.6% |
| Tangible fixed assets | 22/27 | €412,445 | €397,717 | -€14,728 | -3.6% |
| Land and buildings | 22 | €403,703 | €390,485 | -€13,218 | -3.3% |
| Plant, machinery and equipment | 23 | €8,742 | €7,232 | -€1,510 | -17.3% |
| Current assets | 29/58 | €47,804 | €32,708 | -€15,096 | -31.6% |
| Amounts receivable within one year | 40/41 | €13,856 | €8,630 | -€5,226 | -37.7% |
| Trade receivables | 40 | €11,635 | €4,465 | -€7,170 | -61.6% |
| Other amounts receivable | 41 | €2,221 | €4,165 | +€1,944 | +87.5% |
| Cash at bank and in hand | 54/58 | €33,150 | €23,239 | -€9,911 | -29.9% |
| Deferred charges and accrued income | 490/1 | €799 | €840 | +€41 | +5.1% |
| Total equity and liabilities | 10/49 | €460,249 | €430,426 | -€29,823 | -6.5% |
| Equity | 10/15 | €67,175 | €30,000 | -€37,175 | -55.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €37,175 | - | -€37,175 | |
| Distributable reserves | 133 | €37,175 | - | -€37,175 | |
| Amounts payable | 17/49 | €393,074 | €400,426 | +€7,352 | +1.9% |
| Amounts payable after more than one year | 17 | €358,307 | €336,466 | -€21,841 | -6.1% |
| Financial debts | 170/4 | €358,307 | €336,466 | -€21,841 | -6.1% |
| Amounts payable within one year | 42/48 | €34,767 | €63,960 | +€29,193 | +84.0% |
| Current portion of amounts payable after more than one year | 42 | €22,147 | €21,841 | -€305 | -1.4% |
| Trade debts | 44 | - | €2,458 | +€2,458 | |
| Suppliers | 440/4 | - | €2,458 | +€2,458 | |
| Taxes, remuneration and social security | 45 | €1,731 | €1,784 | +€53 | +3.1% |
| Taxes | 450/3 | €1,731 | €1,784 | +€53 | +3.1% |
| Other amounts payable | 47/48 | €10,890 | €37,878 | +€26,988 | +248% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,728 | €14,728 | = | 0.0% |
| Other operating charges | 640/8 | €2,734 | €2,821 | +€87 | +3.2% |
| Gross operating margin | 9900 | €45,049 | €45,909 | +€859 | +1.9% |
| Operating profit (loss) | 9901 | €27,588 | €28,360 | +€772 | +2.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €4,671 | €4,320 | -€351 | -7.5% |
| Recurring financial charges | 65 | €4,671 | €4,320 | -€351 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €22,917 | €24,041 | +€1,123 | +4.9% |
| Income taxes | 67/77 | €696 | €6,056 | +€5,360 | +770% |
| Profit (loss) for the period | 9904 | €22,221 | €17,985 | -€4,236 | -19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €22,221 | €17,985 | -€4,236 | -19.1% |
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.