EMARN: 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.
EMARN
Largest movements
- Cash -€4,963
down €4,963 (-52.8%), from €9,406 to €4,443
mainly Current portion of long-term debt (-€83,401) and Investment in fixed assets (net) (-€14,970)
- Stocks and contracts -€3,292
down €3,292 (-60.0%), from €5,483 to €2,191
- Tangible fixed assets -€2,505
down €2,505 (-1.9%), from €128,570 to €126,065
of which Plant, machinery and equipment: -€2,229
- Current portion of long-term debt -€83,401
down €83,401 (-61.5%), from €135,652 to €52,251
- Debts after one year +€77,500
new in 2025: €77,500
- Profit (loss) carried forward -€6,422
down €6,422 (-18.4%), from -€34,921 to -€41,343
- Other debts -€3,687
down €3,687 (-45.4%), from €8,118 to €4,431
- Tax, wage and social debts +€3,469
up €3,469 (+19.0%), from €18,240 to €21,709
of which Taxes: +€7,484
- Gross operating margin -€28,764
down €28,764 (-25.5%), from €112,620 to €83,856
- Staff costs -€22,282
down €22,282 (-23.8%), from €93,467 to €71,185
- Depreciation +€1,139
up €1,139 (+7.0%), from €16,336 to €17,475
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 | €149,445 | €137,488 | -€11,957 | -8.0% |
| Fixed assets | 21/28 | €131,959 | €129,454 | -€2,505 | -1.9% |
| Tangible fixed assets | 22/27 | €128,570 | €126,065 | -€2,505 | -1.9% |
| Plant, machinery and equipment | 23 | €106,410 | €104,181 | -€2,229 | -2.1% |
| Furniture and vehicles | 24 | €22,160 | €21,884 | -€276 | -1.2% |
| Financial fixed assets | 28 | €3,389 | €3,389 | = | 0.0% |
| Current assets | 29/58 | €17,486 | €8,034 | -€9,452 | -54.1% |
| Stocks and contracts in progress | 3 | €5,483 | €2,191 | -€3,292 | -60.0% |
| Stocks | 30/36 | €5,483 | €2,191 | -€3,292 | -60.0% |
| Amounts receivable within one year | 40/41 | €2,597 | €1,400 | -€1,197 | -46.1% |
| Trade receivables | 40 | - | €1,400 | +€1,400 | |
| Other amounts receivable | 41 | €2,597 | - | -€2,597 | |
| Cash at bank and in hand | 54/58 | €9,406 | €4,443 | -€4,963 | -52.8% |
| Total equity and liabilities | 10/49 | €149,445 | €137,488 | -€11,957 | -8.0% |
| Equity | 10/15 | -€15,074 | -€21,496 | -€6,422 | -42.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,247 | €1,247 | = | 0.0% |
| Distributable reserves | 133 | €1,247 | €1,247 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,921 | -€41,343 | -€6,422 | -18.4% |
| Amounts payable | 17/49 | €164,519 | €158,984 | -€5,535 | -3.4% |
| Amounts payable after more than one year | 17 | - | €77,500 | +€77,500 | |
| Financial debts | 170/4 | - | €77,500 | +€77,500 | |
| Amounts payable within one year | 42/48 | €164,519 | €81,484 | -€83,035 | -50.5% |
| Current portion of amounts payable after more than one year | 42 | €135,652 | €52,251 | -€83,401 | -61.5% |
| Trade debts | 44 | €2,509 | €3,093 | +€584 | +23.3% |
| Suppliers | 440/4 | €2,509 | €3,093 | +€584 | +23.3% |
| Taxes, remuneration and social security | 45 | €18,240 | €21,709 | +€3,469 | +19.0% |
| Taxes | 450/3 | €5,131 | €12,615 | +€7,484 | +145.9% |
| Remuneration and social security | 454/9 | €13,109 | €9,094 | -€4,015 | -30.6% |
| Other amounts payable | 47/48 | €8,118 | €4,431 | -€3,687 | -45.4% |
| Non-recurring operating income | 76A | €400 | €2,321 | +€1,921 | +480.3% |
| Remuneration, social security and pensions | 62 | €93,467 | €71,185 | -€22,282 | -23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,336 | €17,475 | +€1,139 | +7.0% |
| Other operating charges | 640/8 | €23 | €180 | +€157 | +682.6% |
| Non-recurring operating charges | 66A | €69 | €367 | +€298 | +431.9% |
| Gross operating margin | 9900 | €112,620 | €83,856 | -€28,764 | -25.5% |
| Operating profit (loss) | 9901 | €2,725 | -€5,351 | -€8,076 | |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €500 | €1,073 | +€573 | +114.6% |
| Recurring financial charges | 65 | €500 | €1,073 | +€573 | +114.6% |
| Profit (loss) for the period before taxes | 9903 | €2,225 | -€6,422 | -€8,647 | |
| Profit (loss) for the period | 9904 | €2,225 | -€6,422 | -€8,647 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,225 | -€6,422 | -€8,647 |
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.