EMAL: 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.
What changed
EMAL
NACE 46.480, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.2m
2024 · €5.2m-€2.0m
Equity
€37.2m
2024 · €35.1m+€2.0m
Cash
€850,882
2024 · €630,052+€220,830
Balance sheet total
€38.3m
2024 · €36.0m+€2.3m
Largest movements
Assets
- Receivables within one year +€851,608
up €851,608 (+432.0%), from €197,147 to €1.0m
of which Other amounts receivable: +€669,746
- Current investments +€532,141
up €532,141 (+1.9%), from €28.5m to €29.0m
- Receivables after one year +€415,846
new in 2025: €415,846
Equity and liabilities
- Reserves +€2.0m
up €2.0m (+5.8%), from €35.1m to €37.1m
- Other debts -€471,645
down €471,645 (-100.0%), from €471,645 to €0
- Short-term financial debts +€394,636
new in 2025: €394,636
Income statement
- Financial income -€2.2m
down €2.2m (-34.3%), from €6.6m to €4.3m
- Taxes -€221,959
down €221,959 (-27.9%), from €795,539 to €573,580
- Financial charges +€72,572
up €72,572 (+12.1%), from €599,409 to €671,980
- Gross operating margin +€55,553
up €55,553 (+49.2%), from €113,016 to €168,570
- Other operating charges -€12,407
down €12,407 (-82.8%), from €14,982 to €2,575
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.
Result 2024
€5.2m
Gross operating margin
+€55,553
Staff costs
-€129
Depreciation
-€5,195
Other operating charges
+€12,407
Financial income
-€2.2m
Financial charges
-€72,572
Taxes
+€221,959
Result 2025
€3.2m
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.
From operations
+€1.9m
Investment
-€937,141
Financing
-€735,020
Cash 2024
€630,052
From operations (derived)
+€1.9m
Net result for the year
+€3.2m
Depreciation
+€52,755
Receivables after one year
-€415,846
Stocks and contracts
+€96,154
Receivables within one year
-€851,608
Deferred charges and accrued income
-€8
Trade debts
+€193,815
Tax, wage and social debts
+€92,541
Advances received
+€20,000
Other debts
-€471,645
Investment (derived)
-€937,141
Investment in fixed assets (net)
-€405,000
Current investments
-€532,141
Financing
-€735,020
Short-term financial debts
+€394,636
Contributions, distributions and other
-€1.1m
Cash 2025
€850,882
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €35,995,541 | €38,272,065 | +€2.3m | +6.3% |
| Fixed assets | 21/28 | €3,982,722 | €4,334,968 | +€352,245 | +8.8% |
| Tangible fixed assets | 22/27 | €963,554 | €965,799 | +€2,245 | +0.2% |
| Plant, machinery and equipment | 23 | €16,905 | €11,270 | -€5,635 | -33.3% |
| Furniture and vehicles | 24 | €142,251 | €150,131 | +€7,880 | +5.5% |
| Other tangible fixed assets | 26 | €804,398 | €804,398 | = | 0.0% |
| Financial fixed assets | 28 | €3,019,168 | €3,369,168 | +€350,000 | +11.6% |
| Current assets | 29/58 | €32,012,818 | €33,937,097 | +€1.9m | +6.0% |
| Amounts receivable after more than one year | 29 | - | €415,846 | +€415,846 | |
| Other amounts receivable | 291 | - | €415,846 | +€415,846 | |
| Stocks and contracts in progress | 3 | €2,693,445 | €2,597,291 | -€96,154 | -3.6% |
| Stocks | 30/36 | €2,693,445 | €2,597,291 | -€96,154 | -3.6% |
| Amounts receivable within one year | 40/41 | €197,147 | €1,048,754 | +€851,608 | +432.0% |
| Trade receivables | 40 | €56,049 | €237,910 | +€181,861 | +324.5% |
| Other amounts receivable | 41 | €141,098 | €810,844 | +€669,746 | +474.7% |
| Current investments | 50/53 | €28,490,060 | €29,022,202 | +€532,141 | +1.9% |
| Cash at bank and in hand | 54/58 | €630,052 | €850,882 | +€220,830 | +35.0% |
| Deferred charges and accrued income | 490/1 | €2,113 | €2,122 | +€8 | +0.4% |
| Total equity and liabilities | 10/49 | €35,995,541 | €38,272,065 | +€2.3m | +6.3% |
| Equity | 10/15 | €35,122,369 | €37,169,547 | +€2.0m | +5.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €35,102,369 | €37,149,547 | +€2.0m | +5.8% |
| Distributable reserves | 133 | €35,102,369 | €37,149,547 | +€2.0m | +5.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €873,171 | €1,102,518 | +€229,347 | +26.3% |
| Amounts payable within one year | 42/48 | €873,171 | €1,102,518 | +€229,347 | +26.3% |
| Financial debts | 43 | - | €394,636 | +€394,636 | |
| Other loans | 439 | - | €394,636 | +€394,636 | |
| Trade debts | 44 | €21,699 | €215,514 | +€193,815 | +893.2% |
| Suppliers | 440/4 | €21,699 | €215,514 | +€193,815 | +893.2% |
| Advances received on contracts in progress | 46 | - | €20,000 | +€20,000 | |
| Taxes, remuneration and social security | 45 | €379,827 | €472,368 | +€92,541 | +24.4% |
| Taxes | 450/3 | €379,827 | €472,368 | +€92,541 | +24.4% |
| Other amounts payable | 47/48 | €471,645 | €0 | -€471,645 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | -€129 | €0 | +€129 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,560 | €52,755 | +€5,195 | +10.9% |
| Other operating charges | 640/8 | €14,982 | €2,575 | -€12,407 | -82.8% |
| Gross operating margin | 9900 | €113,016 | €168,570 | +€55,553 | +49.2% |
| Operating profit (loss) | 9901 | €50,603 | €113,240 | +€62,637 | +123.8% |
| Financial income | 75/76B | €6,556,558 | €4,309,155 | -€2.2m | -34.3% |
| Recurring financial income | 75 | €6,556,558 | €4,309,155 | -€2.2m | -34.3% |
| Financial charges | 65/66B | €599,409 | €671,980 | +€72,572 | +12.1% |
| Recurring financial charges | 65 | €599,409 | €671,980 | +€72,572 | +12.1% |
| Profit (loss) for the period before taxes | 9903 | €6,007,753 | €3,750,414 | -€2.3m | -37.6% |
| Income taxes | 67/77 | €795,539 | €573,580 | -€221,959 | -27.9% |
| Profit (loss) for the period | 9904 | €5,212,213 | €3,176,834 | -€2.0m | -39.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,212,213 | €3,176,834 | -€2.0m | -39.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.