EMAR: 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.
EMAR
Largest movements
- Cash +€1.1m
up €1.1m (+1041.3%), from €103,833 to €1.2m
mainly Short-term financial debts (+€1.5m) and Other debts (+€441,478)
- Stocks and contracts +€1.0m
up €1.0m (+22.5%), from €4.6m to €5.6m
- Receivables within one year +€414,759
up €414,759 (+83.2%), from €498,241 to €913,000
of which Trade receivables: +€389,500
- Short-term financial debts +€1.5m
up €1.5m (+45.6%), from €3.4m to €4.9m
- Other debts +€441,478
up €441,478 (+47.9%), from €921,347 to €1.4m
- Profit (loss) carried forward +€401,691
up €401,691 (+67.0%), from €599,745 to €1.0m
- Tax, wage and social debts +€133,926
up €133,926 (+1005.0%), from €13,326 to €147,251
of which Taxes: +€133,926
- Gross operating margin +€457,362
up €457,362 (+161.1%), from €283,849 to €741,212
- Taxes +€137,294
up €137,294 (+1362.8%), from €10,074 to €147,368
- Staff costs -€36,612
down €36,612, from €35,761 to -€851
- Financial charges -€20,982
down €20,982 (-10.0%), from €210,276 to €189,294
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 | €5,159,684 | €7,680,270 | +€2.5m | +48.9% |
| Current assets | 29/58 | €5,159,684 | €7,680,270 | +€2.5m | +48.9% |
| Stocks and contracts in progress | 3 | €4,557,603 | €5,581,558 | +€1.0m | +22.5% |
| Stocks | 30/36 | €4,557,603 | €5,581,558 | +€1.0m | +22.5% |
| Amounts receivable within one year | 40/41 | €498,241 | €913,000 | +€414,759 | +83.2% |
| Trade receivables | 40 | €473,500 | €863,000 | +€389,500 | +82.3% |
| Other amounts receivable | 41 | €24,741 | €50,000 | +€25,259 | +102.1% |
| Cash at bank and in hand | 54/58 | €103,833 | €1,184,993 | +€1.1m | +1041.3% |
| Deferred charges and accrued income | 490/1 | €7 | €719 | +€712 | +10333.4% |
| Total equity and liabilities | 10/49 | €5,159,684 | €7,680,270 | +€2.5m | +48.9% |
| Equity | 10/15 | €847,245 | €1,248,936 | +€401,691 | +47.4% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Capital | 10 | €225,000 | €225,000 | = | 0.0% |
| Issued capital | 100 | €225,000 | €225,000 | = | 0.0% |
| Reserves | 13 | €22,500 | €22,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €22,500 | €22,500 | = | 0.0% |
| Legal reserve | 130 | €22,500 | €22,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €599,745 | €1,001,436 | +€401,691 | +67.0% |
| Amounts payable | 17/49 | €4,312,439 | €6,431,334 | +€2.1m | +49.1% |
| Amounts payable within one year | 42/48 | €4,312,439 | €6,431,334 | +€2.1m | +49.1% |
| Financial debts | 43 | €3,377,766 | €4,917,910 | +€1.5m | +45.6% |
| Credit institutions | 430/8 | €3,377,766 | €4,917,910 | +€1.5m | +45.6% |
| Trade debts | 44 | €0 | €3,347 | +€3,347 | |
| Suppliers | 440/4 | €0 | €3,347 | +€3,347 | |
| Taxes, remuneration and social security | 45 | €13,326 | €147,251 | +€133,926 | +1005.0% |
| Taxes | 450/3 | €13,326 | €147,251 | +€133,926 | +1005.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €921,347 | €1,362,825 | +€441,478 | +47.9% |
| Remuneration, social security and pensions | 62 | €35,761 | -€851 | -€36,612 | |
| Other operating charges | 640/8 | €3,601 | €3,710 | +€108 | +3.0% |
| Gross operating margin | 9900 | €283,849 | €741,212 | +€457,362 | +161.1% |
| Operating profit (loss) | 9901 | €244,487 | €738,353 | +€493,866 | +202.0% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €210,276 | €189,294 | -€20,982 | -10.0% |
| Recurring financial charges | 65 | €210,276 | €189,294 | -€20,982 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €34,212 | €549,059 | +€514,847 | +1504.9% |
| Income taxes | 67/77 | €10,074 | €147,368 | +€137,294 | +1362.8% |
| Profit (loss) for the period | 9904 | €24,138 | €401,691 | +€377,553 | +1564.2% |
| Profit (loss) for the period to be appropriated | 9905 | €24,138 | €401,691 | +€377,553 | +1564.2% |
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.