EMANUBO: 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.
EMANUBO
Largest movements
- Tangible fixed assets +€540,918
up €540,918 (+32.6%), from €1.7m to €2.2m
of which Land and buildings: +€562,323
- Stocks and contracts -€491,687
down €491,687 (-57.7%), from €851,565 to €359,879
- Receivables within one year +€91,130
up €91,130 (+246.8%), from €36,922 to €128,053
- Other debts +€284,638
up €284,638 (+100.6%), from €282,971 to €567,610
- Debts after one year -€84,326
down €84,326 (-7.4%), from €1.1m to €1.1m
- Trade debts -€48,527
down €48,527 (-81.9%), from €59,278 to €10,751
- Gross operating margin -€99,858
down €99,858 (-38.2%), from €261,409 to €161,552
- Depreciation -€25,456
down €25,456 (-15.6%), from €162,829 to €137,373
- Write-downs -€22,877
new in 2025: -€22,877
- Financial charges -€7,911
down €7,911 (-14.3%), from €55,192 to €47,281
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 | €2,578,120 | €2,732,225 | +€154,106 | +6.0% |
| Fixed assets | 21/28 | €1,660,051 | €2,200,968 | +€540,918 | +32.6% |
| Tangible fixed assets | 22/27 | €1,660,051 | €2,200,968 | +€540,918 | +32.6% |
| Land and buildings | 22 | €1,505,353 | €2,067,676 | +€562,323 | +37.4% |
| Plant, machinery and equipment | 23 | €75,329 | €80,263 | +€4,934 | +6.5% |
| Furniture and vehicles | 24 | €79,369 | €53,030 | -€26,339 | -33.2% |
| Current assets | 29/58 | €918,069 | €531,257 | -€386,812 | -42.1% |
| Stocks and contracts in progress | 3 | €851,565 | €359,879 | -€491,687 | -57.7% |
| Stocks | 30/36 | €851,565 | €359,879 | -€491,687 | -57.7% |
| Amounts receivable within one year | 40/41 | €36,922 | €128,053 | +€91,130 | +246.8% |
| Trade receivables | 40 | €36,922 | €128,053 | +€91,130 | +246.8% |
| Cash at bank and in hand | 54/58 | €28,845 | €38,291 | +€9,446 | +32.7% |
| Deferred charges and accrued income | 490/1 | €737 | €5,035 | +€4,298 | +583.6% |
| Total equity and liabilities | 10/49 | €2,578,120 | €2,732,225 | +€154,106 | +6.0% |
| Equity | 10/15 | €945,950 | €922,206 | -€23,744 | -2.5% |
| Contributions | 10/11 | €850,000 | €850,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €95,950 | €72,206 | -€23,744 | -24.7% |
| Amounts payable | 17/49 | €1,632,170 | €1,810,019 | +€177,849 | +10.9% |
| Amounts payable after more than one year | 17 | €1,138,399 | €1,054,073 | -€84,326 | -7.4% |
| Financial debts | 170/4 | €1,138,399 | €1,054,073 | -€84,326 | -7.4% |
| Amounts payable within one year | 42/48 | €493,771 | €749,163 | +€255,392 | +51.7% |
| Current portion of amounts payable after more than one year | 42 | €144,472 | €158,819 | +€14,347 | +9.9% |
| Trade debts | 44 | €59,278 | €10,751 | -€48,527 | -81.9% |
| Suppliers | 440/4 | €59,278 | €10,751 | -€48,527 | -81.9% |
| Taxes, remuneration and social security | 45 | €7,050 | €11,983 | +€4,933 | +70.0% |
| Taxes | 450/3 | €7,050 | €11,983 | +€4,933 | +70.0% |
| Other amounts payable | 47/48 | €282,971 | €567,610 | +€284,638 | +100.6% |
| Accrued charges and deferred income | 492/3 | - | €6,784 | +€6,784 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €162,829 | €137,373 | -€25,456 | -15.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€22,877 | -€22,877 | |
| Other operating charges | 640/8 | €21,872 | €23,124 | +€1,253 | +5.7% |
| Non-recurring operating charges | 66A | - | €275 | +€275 | |
| Gross operating margin | 9900 | €261,409 | €161,552 | -€99,858 | -38.2% |
| Operating profit (loss) | 9901 | €76,709 | €23,656 | -€53,053 | -69.2% |
| Financial income | 75/76B | €193 | €49 | -€144 | -74.5% |
| Recurring financial income | 75 | €193 | €49 | -€144 | -74.5% |
| Financial charges | 65/66B | €55,192 | €47,281 | -€7,911 | -14.3% |
| Recurring financial charges | 65 | €55,192 | €47,281 | -€7,911 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €21,710 | -€23,576 | -€45,286 | |
| Income taxes | 67/77 | €308 | €168 | -€140 | -45.4% |
| Profit (loss) for the period | 9904 | €21,402 | -€23,744 | -€45,146 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,402 | -€23,744 | -€45,146 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.