EMARA: 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.
EMARA
Largest movements
- Receivables within one year +€170,571
up €170,571 (+70.6%), from €241,734 to €412,305
of which Trade receivables: +€185,421
- Tangible fixed assets -€147,928
down €147,928 (-11.0%), from €1.3m to €1.2m
- Stocks and contracts -€54,029
down €54,029 (-42.6%), from €126,904 to €72,875
- Formation expenses -€54,000
no longer reported in 2025 (was €54,000)
- Intangible fixed assets +€36,000
new in 2025: €36,000
- Current portion of long-term debt +€236,966
up €236,966 (+287%), from €82,570 to €319,536
- Profit (loss) carried forward -€150,389
down €150,389, from €1,154 to -€149,235
- Accrued charges and deferred income -€149,420
no longer reported in 2025 (was €149,420)
- Trade debts +€115,862
up €115,862 (+2,539%), from €4,562 to €120,424
- Debts after one year -€109,777
down €109,777 (-8.9%), from €1.2m to €1.1m
- Depreciation +€127,175
up €127,175 (+328%), from €38,753 to €165,928
- Financial charges +€48,726
up €48,726 (+347%), from €14,042 to €62,768
- Gross operating margin -€19,639
down €19,639 (-19.4%), from €101,338 to €81,700
- Provisions -€18,000
no longer reported in 2025 (was €18,000)
- Other operating charges +€8,149
up €8,149 (+3,722%), from €219 to €8,368
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,805,929 | €1,738,892 | -€67,037 | -3.7% |
| Formation expenses | 20 | €54,000 | - | -€54,000 | |
| Fixed assets | 21/28 | €1,346,541 | €1,234,613 | -€111,928 | -8.3% |
| Intangible fixed assets | 21 | - | €36,000 | +€36,000 | |
| Tangible fixed assets | 22/27 | €1,346,541 | €1,198,613 | -€147,928 | -11.0% |
| Land and buildings | 22 | €1,346,541 | €1,198,613 | -€147,928 | -11.0% |
| Current assets | 29/58 | €405,388 | €504,280 | +€98,891 | +24.4% |
| Stocks and contracts in progress | 3 | €126,904 | €72,875 | -€54,029 | -42.6% |
| Stocks | 30/36 | €126,904 | €72,875 | -€54,029 | -42.6% |
| Amounts receivable within one year | 40/41 | €241,734 | €412,305 | +€170,571 | +70.6% |
| Trade receivables | 40 | €217,425 | €402,846 | +€185,421 | +85.3% |
| Other amounts receivable | 41 | €24,309 | €9,459 | -€14,850 | -61.1% |
| Cash at bank and in hand | 54/58 | €36,750 | €19,099 | -€17,651 | -48.0% |
| Total equity and liabilities | 10/49 | €1,805,929 | €1,738,892 | -€67,037 | -3.7% |
| Equity | 10/15 | €274,002 | €117,670 | -€156,331 | -57.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Contributions outside capital | 11 | €61,500 | €61,500 | = | 0.0% |
| Other | 1109/19 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €211,347 | €205,405 | -€5,942 | -2.8% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €0 | -€6,150 | -100% |
| Reserves not available under the articles | 1311 | - | €6,150 | +€6,150 | |
| Tax-exempt reserves | 132 | €178,447 | €172,505 | -€5,942 | -3.3% |
| Distributable reserves | 133 | €26,750 | €26,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,154 | -€149,235 | -€150,389 | |
| Provisions and deferred taxes | 16 | €59,482 | €57,502 | -€1,981 | -3.3% |
| Deferred taxes | 168 | €59,482 | €57,502 | -€1,981 | -3.3% |
| Amounts payable | 17/49 | €1,472,445 | €1,563,720 | +€91,275 | +6.2% |
| Amounts payable after more than one year | 17 | €1,233,538 | €1,123,760 | -€109,777 | -8.9% |
| Financial debts | 170/4 | €1,233,538 | €1,123,760 | -€109,777 | -8.9% |
| Amounts payable within one year | 42/48 | €89,487 | €439,960 | +€350,473 | +392% |
| Current portion of amounts payable after more than one year | 42 | €82,570 | €319,536 | +€236,966 | +287% |
| Trade debts | 44 | €4,562 | €120,424 | +€115,862 | +2,539% |
| Suppliers | 440/4 | €4,562 | €120,424 | +€115,862 | +2,539% |
| Taxes, remuneration and social security | 45 | €2,355 | €0 | -€2,355 | -100% |
| Taxes | 450/3 | €2,355 | €0 | -€2,355 | -100% |
| Accrued charges and deferred income | 492/3 | €149,420 | - | -€149,420 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,753 | €165,928 | +€127,175 | +328% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €18,000 | - | -€18,000 | |
| Other operating charges | 640/8 | €219 | €8,368 | +€8,149 | +3,722% |
| Gross operating margin | 9900 | €101,338 | €81,700 | -€19,639 | -19.4% |
| Operating profit (loss) | 9901 | €44,367 | -€92,597 | -€136,963 | |
| Financial income | 75/76B | €439 | €1,224 | +€786 | +179% |
| Recurring financial income | 75 | €439 | €1,224 | +€786 | +179% |
| Financial charges | 65/66B | €14,042 | €62,768 | +€48,726 | +347% |
| Recurring financial charges | 65 | €14,042 | €62,768 | +€48,726 | +347% |
| Profit (loss) for the period before taxes | 9903 | €30,763 | -€154,140 | -€184,904 | |
| Transfer from deferred taxes | 780 | €2,049 | €1,981 | -€68 | -3.3% |
| Income taxes | 67/77 | €1,656 | €4,172 | +€2,516 | +152% |
| Profit (loss) for the period | 9904 | €31,156 | -€156,331 | -€187,488 | |
| Transfer from tax-exempt reserves | 789 | €6,147 | €5,942 | -€205 | -3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €37,303 | -€150,389 | -€187,693 |
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 15 October 2026 via checked.be.