EMALGA: what changed
EMALGA
Largest movements
- Tangible fixed assets -€123,832
down €123,832 (-38.2%), from €324,569 to €200,737
of which Other tangible fixed assets: -€96,026
- Receivables within one year +€72,720
up €72,720 (+205%), from €35,516 to €108,236
of which Other amounts receivable: +€39,922
- Stocks and contracts +€21,302
new in 2025: €21,302
- Cash +€5,087
up €5,087 (+358%), from €1,419 to €6,506
mainly Trade debts (+€122,776) and Investment in fixed assets (net) (+€112,872)
- Trade debts +€122,776
up €122,776 (+555%), from €22,131 to €144,906
- Other debts -€79,800
down €79,800 (-100%), from €79,800 to €0
- Debts after one year -€41,168
down €41,168 (-20.5%), from €201,149 to €159,981
- Profit (loss) carried forward -€13,335
down €13,335 (-43.7%), from €30,485 to €17,149
- Current portion of long-term debt -€8,987
down €8,987 (-48.8%), from €18,407 to €9,420
- Gross operating margin -€86,201
down €86,201, from €26,122 to -€60,079
- Financial income +€65,206
up €65,206 (+4,666%), from €1,398 to €66,604
of which Non-recurring financial income: +€60,460
- Financial charges +€1,298
up €1,298 (+23.2%), from €5,591 to €6,889
- Other operating charges -€1,216
down €1,216 (-48.9%), from €2,489 to €1,273
- Staff costs +€739
new in 2025: €739
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €361,504 | €339,516 | -€21,988 | -6.1% |
| Fixed assets | 21/28 | €324,569 | €200,737 | -€123,832 | -38.2% |
| Tangible fixed assets | 22/27 | €324,569 | €200,737 | -€123,832 | -38.2% |
| Land and buildings | 22 | €108,931 | €81,389 | -€27,542 | -25.3% |
| Furniture and vehicles | 24 | €509 | €245 | -€264 | -51.9% |
| Other tangible fixed assets | 26 | €215,129 | €119,104 | -€96,026 | -44.6% |
| Current assets | 29/58 | €36,935 | €138,779 | +€101,844 | +276% |
| Stocks and contracts in progress | 3 | - | €21,302 | +€21,302 | |
| Stocks | 30/36 | - | €21,302 | +€21,302 | |
| Amounts receivable within one year | 40/41 | €35,516 | €108,236 | +€72,720 | +205% |
| Trade receivables | 40 | €0 | €32,798 | +€32,798 | |
| Other amounts receivable | 41 | €35,516 | €75,438 | +€39,922 | +112% |
| Cash at bank and in hand | 54/58 | €1,419 | €6,506 | +€5,087 | +358% |
| Deferred charges and accrued income | 490/1 | - | €2,734 | +€2,734 | |
| Total equity and liabilities | 10/49 | €361,504 | €339,516 | -€21,988 | -6.1% |
| Equity | 10/15 | €38,545 | €25,209 | -€13,335 | -34.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,485 | €17,149 | -€13,335 | -43.7% |
| Amounts payable | 17/49 | €322,960 | €314,307 | -€8,653 | -2.7% |
| Amounts payable after more than one year | 17 | €201,149 | €159,981 | -€41,168 | -20.5% |
| Financial debts | 170/4 | €201,149 | €159,981 | -€41,168 | -20.5% |
| Amounts payable within one year | 42/48 | €121,810 | €154,326 | +€32,516 | +26.7% |
| Current portion of amounts payable after more than one year | 42 | €18,407 | €9,420 | -€8,987 | -48.8% |
| Trade debts | 44 | €22,131 | €144,906 | +€122,776 | +555% |
| Suppliers | 440/4 | €22,131 | €144,906 | +€122,776 | +555% |
| Taxes, remuneration and social security | 45 | €1,473 | €0 | -€1,473 | -100% |
| Taxes | 450/3 | €1,473 | €0 | -€1,473 | -100% |
| Other amounts payable | 47/48 | €79,800 | €0 | -€79,800 | -100% |
| Remuneration, social security and pensions | 62 | - | €739 | +€739 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,762 | €10,959 | +€197 | +1.8% |
| Other operating charges | 640/8 | €2,489 | €1,273 | -€1,216 | -48.9% |
| Gross operating margin | 9900 | €26,122 | -€60,079 | -€86,201 | |
| Operating profit (loss) | 9901 | €12,871 | -€73,050 | -€85,920 | |
| Financial income | 75/76B | €1,398 | €66,604 | +€65,206 | +4,666% |
| Recurring financial income | 75 | €1,398 | €6,144 | +€4,747 | +340% |
| Non-recurring financial income | 76B | - | €60,460 | +€60,460 | |
| Financial charges | 65/66B | €5,591 | €6,889 | +€1,298 | +23.2% |
| Recurring financial charges | 65 | €5,591 | €6,889 | +€1,298 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | €8,677 | -€13,335 | -€22,013 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €8,677 | -€13,335 | -€22,013 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,677 | -€13,335 | -€22,013 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.