EMANUEL: what changed
EMANUEL
Largest movements
- Current investments +€200,000
up €200,000 (+100%), from €200,000 to €400,000
- Receivables within one year -€80,513
down €80,513 (-35.1%), from €229,117 to €148,604
of which Trade receivables: -€70,739
- Cash -€29,492
down €29,492 (-17.2%), from €171,180 to €141,688
mainly Contributions, distributions and other (-€202,421) and Current investments (-€200,000)
- Tangible fixed assets -€24,827
down €24,827 (-43.8%), from €56,746 to €31,920
of which Furniture and vehicles: -€20,669
- Stocks and contracts +€17,122
up €17,122 (+17.2%), from €99,283 to €116,405
- Other debts +€187,180
up €187,180 (+3,548%), from €5,275 to €192,455
- Reserves -€96,194
down €96,194 (-18.2%), from €527,929 to €431,735
- Tax, wage and social debts +€17,075
up €17,075 (+60.1%), from €28,400 to €45,475
of which Taxes: +€23,078
- Trade debts -€12,738
down €12,738 (-36.9%), from €34,520 to €21,781
- Current portion of long-term debt -€9,114
no longer reported in 2025 (was €9,114)
- Gross operating margin +€112,866
up €112,866 (+18.4%), from €613,505 to €726,370
- Staff costs -€61,442
down €61,442 (-10.1%), from €609,069 to €547,627
- Taxes +€42,914
up €42,914 (+8,817%), from €487 to €43,401
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 | €759,512 | €841,453 | +€81,942 | +10.8% |
| Fixed assets | 21/28 | €58,746 | €33,920 | -€24,827 | -42.3% |
| Tangible fixed assets | 22/27 | €56,746 | €31,920 | -€24,827 | -43.8% |
| Plant, machinery and equipment | 23 | €4,421 | €1,279 | -€3,142 | -71.1% |
| Furniture and vehicles | 24 | €48,039 | €27,370 | -€20,669 | -43.0% |
| Other tangible fixed assets | 26 | €4,286 | €3,270 | -€1,016 | -23.7% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €700,765 | €807,534 | +€106,768 | +15.2% |
| Stocks and contracts in progress | 3 | €99,283 | €116,405 | +€17,122 | +17.2% |
| Stocks | 30/36 | €99,283 | €116,405 | +€17,122 | +17.2% |
| Amounts receivable within one year | 40/41 | €229,117 | €148,604 | -€80,513 | -35.1% |
| Trade receivables | 40 | €167,881 | €97,142 | -€70,739 | -42.1% |
| Other amounts receivable | 41 | €61,236 | €51,462 | -€9,774 | -16.0% |
| Current investments | 50/53 | €200,000 | €400,000 | +€200,000 | +100% |
| Cash at bank and in hand | 54/58 | €171,180 | €141,688 | -€29,492 | -17.2% |
| Deferred charges and accrued income | 490/1 | €1,185 | €837 | -€349 | -29.4% |
| Total equity and liabilities | 10/49 | €759,512 | €841,453 | +€81,942 | +10.8% |
| Equity | 10/15 | €557,473 | €461,280 | -€96,194 | -17.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €527,929 | €431,735 | -€96,194 | -18.2% |
| Distributable reserves | 133 | €527,929 | €431,735 | -€96,194 | -18.2% |
| Profit (loss) carried forward | 14 | €10,944 | €10,944 | = | 0.0% |
| Amounts payable | 17/49 | €202,038 | €380,174 | +€178,135 | +88.2% |
| Amounts payable after more than one year | 17 | €1,853 | - | -€1,853 | |
| Financial debts | 170/4 | €1,853 | - | -€1,853 | |
| Amounts payable within one year | 42/48 | €200,185 | €380,174 | +€179,989 | +89.9% |
| Current portion of amounts payable after more than one year | 42 | €9,114 | - | -€9,114 | |
| Trade debts | 44 | €34,520 | €21,781 | -€12,738 | -36.9% |
| Suppliers | 440/4 | €34,520 | €21,781 | -€12,738 | -36.9% |
| Advances received on contracts in progress | 46 | €122,876 | €120,462 | -€2,415 | -2.0% |
| Taxes, remuneration and social security | 45 | €28,400 | €45,475 | +€17,075 | +60.1% |
| Taxes | 450/3 | €5,133 | €28,210 | +€23,078 | +450% |
| Remuneration and social security | 454/9 | €23,267 | €17,265 | -€6,002 | -25.8% |
| Other amounts payable | 47/48 | €5,275 | €192,455 | +€187,180 | +3,548% |
| Non-recurring operating income | 76A | €15,550 | - | -€15,550 | |
| Remuneration, social security and pensions | 62 | €609,069 | €547,627 | -€61,442 | -10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,372 | €26,019 | -€3,353 | -11.4% |
| Other operating charges | 640/8 | €4,407 | €4,075 | -€333 | -7.5% |
| Gross operating margin | 9900 | €613,505 | €726,370 | +€112,866 | +18.4% |
| Operating profit (loss) | 9901 | -€29,344 | €148,650 | +€177,994 | |
| Financial income | 75/76B | €2,767 | €6,778 | +€4,011 | +145% |
| Recurring financial income | 75 | €2,767 | €6,778 | +€4,011 | +145% |
| Financial charges | 65/66B | €3,476 | €5,799 | +€2,323 | +66.8% |
| Recurring financial charges | 65 | €3,476 | €5,799 | +€2,323 | +66.8% |
| Profit (loss) for the period before taxes | 9903 | -€30,053 | €149,629 | +€179,682 | |
| Income taxes | 67/77 | €487 | €43,401 | +€42,914 | +8,817% |
| Profit (loss) for the period | 9904 | -€30,540 | €106,228 | +€136,768 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,540 | €106,228 | +€136,768 |
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 7 November 2026 via checked.be.