EMBELLO: 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.
EMBELLO
Largest movements
- Receivables within one year -€40,411
down €40,411 (-76.6%), from €52,744 to €12,333
of which Trade receivables: -€39,051
- Current investments -€25,000
no longer reported in 2025 (was €25,000)
- Intangible fixed assets -€4,500
down €4,500 (-25.0%), from €18,000 to €13,500
- Cash -€1,909
down €1,909 (-15.2%), from €12,594 to €10,685
mainly Other debts (-€35,709) and Short-term financial debts (-€15,038)
- Other debts -€35,709
down €35,709 (-68.0%), from €52,520 to €16,811
- Short-term financial debts -€15,038
no longer reported in 2025 (was €15,038)
- Tax, wage and social debts -€10,792
down €10,792 (-85.0%), from €12,690 to €1,898
of which Taxes: -€6,495
- Trade debts -€7,151
down €7,151 (-76.7%), from €9,323 to €2,172
- Debts after one year -€3,696
down €3,696 (-49.6%), from €7,457 to €3,761
- Gross operating margin -€62,999
down €62,999 (-61.4%), from €102,676 to €39,677
- Taxes -€13,572
down €13,572 (-66.5%), from €20,396 to €6,825
- Staff costs -€11,689
down €11,689 (-50.7%), from €23,039 to €11,350
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 | €120,414 | €48,669 | -€71,745 | -59.6% |
| Fixed assets | 21/28 | €27,718 | €23,833 | -€3,886 | -14.0% |
| Intangible fixed assets | 21 | €18,000 | €13,500 | -€4,500 | -25.0% |
| Tangible fixed assets | 22/27 | €6,568 | €7,183 | +€614 | +9.4% |
| Furniture and vehicles | 24 | €6,568 | €7,183 | +€614 | +9.4% |
| Financial fixed assets | 28 | €3,150 | €3,150 | = | 0.0% |
| Current assets | 29/58 | €92,696 | €24,836 | -€67,859 | -73.2% |
| Amounts receivable within one year | 40/41 | €52,744 | €12,333 | -€40,411 | -76.6% |
| Trade receivables | 40 | €50,709 | €11,658 | -€39,051 | -77.0% |
| Other amounts receivable | 41 | €2,035 | €675 | -€1,360 | -66.8% |
| Current investments | 50/53 | €25,000 | - | -€25,000 | |
| Cash at bank and in hand | 54/58 | €12,594 | €10,685 | -€1,909 | -15.2% |
| Deferred charges and accrued income | 490/1 | €2,357 | €1,818 | -€539 | -22.9% |
| Total equity and liabilities | 10/49 | €120,414 | €48,669 | -€71,745 | -59.6% |
| Equity | 10/15 | €19,754 | €19,932 | +€178 | +0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,154 | €1,332 | +€178 | +15.4% |
| Distributable reserves | 133 | €1,154 | €1,332 | +€178 | +15.4% |
| Amounts payable | 17/49 | €100,660 | €28,737 | -€71,923 | -71.5% |
| Amounts payable after more than one year | 17 | €7,457 | €3,761 | -€3,696 | -49.6% |
| Financial debts | 170/4 | €7,457 | €3,761 | -€3,696 | -49.6% |
| Amounts payable within one year | 42/48 | €93,203 | €24,577 | -€68,627 | -73.6% |
| Current portion of amounts payable after more than one year | 42 | €3,632 | €3,696 | +€64 | +1.8% |
| Financial debts | 43 | €15,038 | - | -€15,038 | |
| Credit institutions | 430/8 | €15,038 | - | -€15,038 | |
| Trade debts | 44 | €9,323 | €2,172 | -€7,151 | -76.7% |
| Suppliers | 440/4 | €9,323 | €2,172 | -€7,151 | -76.7% |
| Taxes, remuneration and social security | 45 | €12,690 | €1,898 | -€10,792 | -85.0% |
| Taxes | 450/3 | €8,393 | €1,898 | -€6,495 | -77.4% |
| Remuneration and social security | 454/9 | €4,297 | - | -€4,297 | |
| Other amounts payable | 47/48 | €52,520 | €16,811 | -€35,709 | -68.0% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Remuneration, social security and pensions | 62 | €23,039 | €11,350 | -€11,689 | -50.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,637 | €7,947 | +€310 | +4.1% |
| Other operating charges | 640/8 | €1,255 | €1,079 | -€176 | -14.0% |
| Gross operating margin | 9900 | €102,676 | €39,677 | -€62,999 | -61.4% |
| Operating profit (loss) | 9901 | €70,746 | €19,301 | -€51,444 | -72.7% |
| Financial income | 75/76B | €836 | €529 | -€307 | -36.7% |
| Recurring financial income | 75 | €836 | €529 | -€307 | -36.7% |
| Financial charges | 65/66B | €738 | €827 | +€89 | +12.0% |
| Recurring financial charges | 65 | €738 | €827 | +€89 | +12.0% |
| Profit (loss) for the period before taxes | 9903 | €70,843 | €19,002 | -€51,840 | -73.2% |
| Income taxes | 67/77 | €20,396 | €6,825 | -€13,572 | -66.5% |
| Profit (loss) for the period | 9904 | €50,447 | €12,178 | -€38,269 | -75.9% |
| Profit (loss) for the period to be appropriated | 9905 | €50,447 | €12,178 | -€38,269 | -75.9% |
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 3 October 2026 via checked.be.