EMANUELA: 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.
EMANUELA
Largest movements
- Cash -€178,135
down €178,135 (-65.7%), from €271,023 to €92,889
mainly Investment in fixed assets (net) (-€156,783) and Contributions, distributions and other (-€131,443)
- Receivables within one year +€109,341
up €109,341 (+38.0%), from €287,476 to €396,818
of which Other amounts receivable: +€95,557
- Current investments -€96,930
down €96,930 (-12.1%), from €801,850 to €704,921
- Tangible fixed assets -€53,399
down €53,399 (-1.7%), from €3.1m to €3.0m
of which Assets under construction and advance payments: -€71,164
- Investment grants -€80,070
down €80,070 (-5.8%), from €1.4m to €1.3m
- Profit (loss) carried forward -€56,675
down €56,675 (-2.3%), from €2.4m to €2.4m
- Staff costs +€81,727
up €81,727 (+3.3%), from €2.5m to €2.6m
- Gross operating margin +€67,880
up €67,880 (+2.5%), from €2.7m to €2.8m
- Financial income -€49,029
down €49,029 (-87.0%), from €56,343 to €7,315
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 | €4,730,646 | €4,558,518 | -€172,128 | -3.6% |
| Formation expenses | 20 | €0 | - | -€0 | |
| Fixed assets | 21/28 | €3,072,862 | €3,019,463 | -€53,399 | -1.7% |
| Tangible fixed assets | 22/27 | €3,072,862 | €3,019,463 | -€53,399 | -1.7% |
| Land and buildings | 22 | €2,584,553 | €2,606,410 | +€21,857 | +0.8% |
| Plant, machinery and equipment | 23 | €415,148 | €371,936 | -€43,213 | -10.4% |
| Furniture and vehicles | 24 | €1,997 | €41,117 | +€39,121 | +1959.4% |
| Assets under construction and advance payments | 27 | €71,164 | - | -€71,164 | |
| Current assets | 29/58 | €1,657,784 | €1,539,055 | -€118,729 | -7.2% |
| Amounts receivable after more than one year | 29 | €750 | €649 | -€101 | -13.5% |
| Other amounts receivable | 291 | €750 | €649 | -€101 | -13.5% |
| Amounts receivable within one year | 40/41 | €287,476 | €396,818 | +€109,341 | +38.0% |
| Trade receivables | 40 | €63,357 | €77,142 | +€13,784 | +21.8% |
| Other amounts receivable | 41 | €224,119 | €319,676 | +€95,557 | +42.6% |
| Current investments | 50/53 | €801,850 | €704,921 | -€96,930 | -12.1% |
| Cash at bank and in hand | 54/58 | €271,023 | €92,889 | -€178,135 | -65.7% |
| Deferred charges and accrued income | 490/1 | €296,684 | €343,779 | +€47,095 | +15.9% |
| Total equity and liabilities | 10/49 | €4,730,646 | €4,558,518 | -€172,128 | -3.6% |
| Equity | 10/15 | €4,051,440 | €3,914,695 | -€136,745 | -3.4% |
| Contributions | 10/11 | €218,262 | €218,262 | = | 0.0% |
| Capital | 10 | €218,262 | €218,262 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,441,646 | €2,384,971 | -€56,675 | -2.3% |
| Investment grants | 15 | €1,391,533 | €1,311,462 | -€80,070 | -5.8% |
| Amounts payable | 17/49 | €679,206 | €643,823 | -€35,383 | -5.2% |
| Amounts payable within one year | 42/48 | €679,206 | €643,823 | -€35,383 | -5.2% |
| Trade debts | 44 | €122,798 | €72,043 | -€50,755 | -41.3% |
| Suppliers | 440/4 | €122,798 | €72,043 | -€50,755 | -41.3% |
| Taxes, remuneration and social security | 45 | €242,104 | €279,702 | +€37,598 | +15.5% |
| Remuneration and social security | 454/9 | €242,104 | €279,702 | +€37,598 | +15.5% |
| Turnover | 70 | €706,204 | €718,401 | +€12,197 | +1.7% |
| Membership fees, donations, legacies and grants | 73 | €2,446,565 | €2,489,698 | +€43,134 | +1.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €430,638 | €448,542 | +€17,905 | +4.2% |
| Remuneration, social security and pensions | 62 | €2,506,355 | €2,588,082 | +€81,727 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197,440 | €210,182 | +€12,742 | +6.5% |
| Other operating charges | 640/8 | €4,939 | €3,941 | -€998 | -20.2% |
| Gross operating margin | 9900 | €2,722,131 | €2,790,011 | +€67,880 | +2.5% |
| Operating profit (loss) | 9901 | €13,397 | -€12,194 | -€25,590 | |
| Financial income | 75/76B | €56,343 | €7,315 | -€49,029 | -87.0% |
| Recurring financial income | 75 | €56,343 | €7,315 | -€49,029 | -87.0% |
| Financial charges | 65/66B | €418 | €423 | +€5 | +1.3% |
| Recurring financial charges | 65 | €418 | €423 | +€5 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €69,322 | -€5,302 | -€74,624 | |
| Profit (loss) for the period | 9904 | €69,322 | -€5,302 | -€74,624 | |
| Profit (loss) for the period to be appropriated | 9905 | €69,322 | -€5,302 | -€74,624 |
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 11 October 2026 via checked.be.