EMANDENDI: 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.
What changed
EMANDENDI
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€10,222
2024 · €158,414-€148,192
Equity
€48.3m
2024 · €48.4m-€126,778
Cash
€16,495
2024 · €22,460-€5,965
Balance sheet total
€62.4m
2024 · €56.8m+€5.5m
Largest movements
Assets
- Receivables within one year +€5.6m
up €5.6m (+181%), from €3.1m to €8.7m
of which Other amounts receivable: +€5.0m
Equity and liabilities
- Other debts +€5.4m
up €5.4m (+410%), from €1.3m to €6.7m
Income statement
- Turnover -€214,220
down €214,220 (-8.1%), from €2.6m to €2.4m
- Services and other goods +€123,299
up €123,299 (+10.4%), from €1.2m to €1.3m
- Staff costs -€110,891
down €110,891 (-13.1%), from €845,519 to €734,629
- Financial income +€57,543
up €57,543 (+36.5%), from €157,533 to €215,076
- Taxes -€32,245
down €32,245 (-69.7%), from €46,255 to €14,011
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
€158,414
Turnover
-€214,220
Other operating income
-€1,532
Services and other goods
-€123,299
Staff costs
+€110,891
Depreciation
-€1,616
Write-downs
+€6,825
Other operating charges
-€6,722
Financial income
+€57,543
Financial charges
-€8,305
Taxes
+€32,245
Result 2025
€10,222
raises the resultlowers the result
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.
From operations
+€57,277
Investment
€0
Financing
-€63,242
Cash 2024
€22,460
From operations (derived)
+€57,277
Net result for the year
+€10,222
Depreciation
+€28,457
Receivables within one year
-€5.6m
Deferred charges and accrued income
+€688
Trade debts
+€250,055
Tax, wage and social debts
-€43,672
Other debts
+€5.4m
Financing
-€63,242
Debts after one year
-€1,365
Short-term financial debts
+€75,123
Contributions, distributions and other
-€137,000
Cash 2025
€16,495
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €56,826,323 | €62,362,226 | +€5.5m | +9.7% |
| Fixed assets | 21/28 | €53,710,850 | €53,682,393 | -€28,457 | -0.1% |
| Intangible fixed assets | 21 | €108,286 | €80,214 | -€28,072 | -25.9% |
| Tangible fixed assets | 22/27 | €481 | €96 | -€385 | -80.0% |
| Furniture and vehicles | 24 | €481 | €96 | -€385 | -80.0% |
| Financial fixed assets | 28 | €53,602,083 | €53,602,083 | = | 0.0% |
| Affiliated companies | 280/1 | €53,602,083 | €53,602,083 | = | 0.0% |
| Participating interests | 280 | €53,602,083 | €53,602,083 | = | 0.0% |
| Current assets | 29/58 | €3,115,473 | €8,679,833 | +€5.6m | +179% |
| Amounts receivable within one year | 40/41 | €3,081,717 | €8,652,730 | +€5.6m | +181% |
| Trade receivables | 40 | €81,631 | €607,297 | +€525,666 | +644% |
| Other amounts receivable | 41 | €3,000,087 | €8,045,433 | +€5.0m | +168% |
| Cash at bank and in hand | 54/58 | €22,460 | €16,495 | -€5,965 | -26.6% |
| Deferred charges and accrued income | 490/1 | €11,296 | €10,608 | -€688 | -6.1% |
| Total equity and liabilities | 10/49 | €56,826,323 | €62,362,226 | +€5.5m | +9.7% |
| Equity | 10/15 | €48,427,577 | €48,300,799 | -€126,778 | -0.3% |
| Contributions | 10/11 | €24,846,931 | €24,846,931 | = | 0.0% |
| Capital | 10 | €24,846,931 | €24,846,931 | = | 0.0% |
| Issued capital | 100 | €24,846,931 | €24,846,931 | = | 0.0% |
| Reserves | 13 | €23,580,646 | €23,453,868 | -€126,778 | -0.5% |
| Non-distributable reserves | 130/1 | €1,312,375 | €1,312,886 | +€511 | 0.0% |
| Legal reserve | 130 | €1,312,375 | €1,312,886 | +€511 | 0.0% |
| Distributable reserves | 133 | €22,268,271 | €22,140,982 | -€127,289 | -0.6% |
| Amounts payable | 17/49 | €8,398,746 | €14,061,427 | +€5.7m | +67.4% |
| Amounts payable after more than one year | 17 | €6,502,877 | €6,501,512 | -€1,365 | 0.0% |
| Other amounts payable | 178/9 | €6,502,877 | €6,501,512 | -€1,365 | 0.0% |
| Amounts payable within one year | 42/48 | €1,895,869 | €7,559,915 | +€5.7m | +299% |
| Financial debts | 43 | - | €75,123 | +€75,123 | |
| Credit institutions | 430/8 | - | €75,123 | +€75,123 | |
| Trade debts | 44 | €447,642 | €697,696 | +€250,055 | +55.9% |
| Suppliers | 440/4 | €447,642 | €697,696 | +€250,055 | +55.9% |
| Taxes, remuneration and social security | 45 | €135,123 | €91,451 | -€43,672 | -32.3% |
| Taxes | 450/3 | €69,412 | €10,032 | -€59,381 | -85.5% |
| Remuneration and social security | 454/9 | €65,710 | €81,419 | +€15,709 | +23.9% |
| Other amounts payable | 47/48 | €1,313,105 | €6,695,644 | +€5.4m | +410% |
| Operating income | 70/76A | €2,643,763 | €2,428,010 | -€215,753 | -8.2% |
| Turnover | 70 | €2,638,010 | €2,423,789 | -€214,220 | -8.1% |
| Other operating income | 74 | €5,753 | €4,221 | -€1,532 | -26.6% |
| Operating charges | 60/66A | €2,058,948 | €2,072,870 | +€13,922 | +0.7% |
| Services and other goods | 61 | €1,185,367 | €1,308,666 | +€123,299 | +10.4% |
| Remuneration, social security and pensions | 62 | €845,519 | €734,629 | -€110,891 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,841 | €28,457 | +€1,616 | +6.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€6,825 | -€6,825 | |
| Other operating charges | 640/8 | €1,221 | €7,943 | +€6,722 | +551% |
| Operating profit (loss) | 9901 | €584,814 | €355,140 | -€229,674 | -39.3% |
| Financial income | 75/76B | €157,533 | €215,076 | +€57,543 | +36.5% |
| Recurring financial income | 75 | €157,533 | €215,076 | +€57,543 | +36.5% |
| Income from current assets | 751 | €157,074 | €214,898 | +€57,824 | +36.8% |
| Other financial income | 752/9 | €459 | €178 | -€281 | -61.2% |
| Financial charges | 65/66B | €537,677 | €545,983 | +€8,305 | +1.5% |
| Recurring financial charges | 65 | €537,677 | €545,983 | +€8,305 | +1.5% |
| Debt charges | 650 | €536,827 | €543,785 | +€6,959 | +1.3% |
| Other financial charges | 652/9 | €851 | €2,198 | +€1,347 | +158% |
| Profit (loss) for the period before taxes | 9903 | €204,670 | €24,233 | -€180,437 | -88.2% |
| Income taxes | 67/77 | €46,255 | €14,011 | -€32,245 | -69.7% |
| Taxes | 670/3 | €46,255 | €14,011 | -€32,245 | -69.7% |
| Profit (loss) for the period | 9904 | €158,414 | €10,222 | -€148,192 | -93.5% |
| Profit (loss) for the period to be appropriated | 9905 | €158,414 | €10,222 | -€148,192 | -93.5% |
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 20 October 2026 via checked.be.