EMBARK: 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.
EMBARK
Largest movements
- Receivables within one year -€204,487
down €204,487 (-80.7%), from €253,403 to €48,915
of which Other amounts receivable: -€207,037
- Cash +€134,027
up €134,027 (+56.7%), from €236,476 to €370,503
mainly Receivables within one year (+€204,487) and Depreciation (+€20,032)
- Tangible fixed assets -€20,032
down €20,032 (-17.6%), from €114,133 to €94,101
of which Land and buildings: -€16,000
- Reserves -€83,810
down €83,810 (-15.7%), from €534,217 to €450,407
of which Tax-exempt reserves: -€42,100
- Gross operating margin -€55,179
down €55,179 (-87.1%), from €63,349 to €8,170
- Taxes -€13,852
down €13,852, from €13,547 to -€305
- Financial income +€7,022
up €7,022 (+133.6%), from €5,254 to €12,275
- Depreciation -€1,598
down €1,598 (-7.4%), from €21,630 to €20,032
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 | €607,137 | €516,096 | -€91,041 | -15.0% |
| Fixed assets | 21/28 | €114,133 | €94,101 | -€20,032 | -17.6% |
| Tangible fixed assets | 22/27 | €114,133 | €94,101 | -€20,032 | -17.6% |
| Land and buildings | 22 | €96,000 | €80,000 | -€16,000 | -16.7% |
| Plant, machinery and equipment | 23 | €239 | - | -€239 | |
| Furniture and vehicles | 24 | €4,255 | €1,521 | -€2,734 | -64.3% |
| Other tangible fixed assets | 26 | €13,639 | €12,580 | -€1,059 | -7.8% |
| Current assets | 29/58 | €493,003 | €421,994 | -€71,009 | -14.4% |
| Amounts receivable within one year | 40/41 | €253,403 | €48,915 | -€204,487 | -80.7% |
| Trade receivables | 40 | €25,230 | €27,780 | +€2,550 | +10.1% |
| Other amounts receivable | 41 | €228,173 | €21,135 | -€207,037 | -90.7% |
| Cash at bank and in hand | 54/58 | €236,476 | €370,503 | +€134,027 | +56.7% |
| Deferred charges and accrued income | 490/1 | €3,124 | €2,576 | -€548 | -17.6% |
| Total equity and liabilities | 10/49 | €607,137 | €516,096 | -€91,041 | -15.0% |
| Equity | 10/15 | €550,378 | €464,502 | -€85,876 | -15.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €534,217 | €450,407 | -€83,810 | -15.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,100 | - | -€42,100 | |
| Distributable reserves | 133 | €490,257 | €448,547 | -€41,710 | -8.5% |
| Profit (loss) carried forward | 14 | €3,761 | €1,695 | -€2,066 | -54.9% |
| Amounts payable | 17/49 | €56,758 | €51,593 | -€5,165 | -9.1% |
| Amounts payable within one year | 42/48 | €56,758 | €51,593 | -€5,165 | -9.1% |
| Trade debts | 44 | €54,536 | €50,591 | -€3,945 | -7.2% |
| Suppliers | 440/4 | €54,536 | €50,591 | -€3,945 | -7.2% |
| Other amounts payable | 47/48 | €2,222 | €1,002 | -€1,220 | -54.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,630 | €20,032 | -€1,598 | -7.4% |
| Other operating charges | 640/8 | €2,675 | €2,689 | +€14 | +0.5% |
| Gross operating margin | 9900 | €63,349 | €8,170 | -€55,179 | -87.1% |
| Operating profit (loss) | 9901 | €39,044 | -€14,551 | -€53,595 | |
| Financial income | 75/76B | €5,254 | €12,275 | +€7,022 | +133.6% |
| Recurring financial income | 75 | €5,254 | €12,275 | +€7,022 | +133.6% |
| Financial charges | 65/66B | €110 | €96 | -€15 | -13.2% |
| Recurring financial charges | 65 | €110 | €96 | -€15 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €44,188 | -€2,371 | -€46,559 | |
| Income taxes | 67/77 | €13,547 | -€305 | -€13,852 | |
| Profit (loss) for the period | 9904 | €30,641 | -€2,066 | -€32,707 | |
| Transfer from tax-exempt reserves | 789 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,641 | €40,034 | +€9,393 | +30.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.