EMDYN: 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.
EMDYN
Largest movements
- Receivables within one year -€1.3m
down €1.3m (-96.3%), from €1.3m to €48,854
of which Trade receivables: -€1.3m
- Tangible fixed assets +€375,472
up €375,472 (+304%), from €123,471 to €498,943
of which Furniture and vehicles: +€381,247
- Cash +€264,236
up €264,236 (+859%), from €30,764 to €295,000
mainly Receivables within one year (+€1.3m) and Depreciation (+€622,161)
- Deferred charges and accrued income +€208,176
up €208,176 (+5,811%), from €3,583 to €211,759
- Intangible fixed assets -€125,699
down €125,699 (-8.9%), from €1.4m to €1.3m
- Trade debts -€456,121
down €456,121 (-77.8%), from €586,266 to €130,145
- Reserves +€201,977
up €201,977 (+19.3%), from €1.0m to €1.2m
of which Distributable reserves: +€201,977
- Debts after one year -€198,964
down €198,964 (-100%), from €198,964 to €0
- Current portion of long-term debt -€179,813
down €179,813 (-100%), from €179,813 to €0
- Tax, wage and social debts -€113,763
down €113,763 (-26.4%), from €430,447 to €316,684
- Gross operating margin -€349,903
down €349,903 (-26.9%), from €1.3m to €950,333
- Depreciation +€206,844
up €206,844 (+49.8%), from €415,317 to €622,161
- Taxes -€168,812
down €168,812 (-69.6%), from €242,599 to €73,787
- Staff costs +€56,667
new in 2025: €56,667
- Financial income +€53,582
up €53,582 (+90,144%), from €59 to €53,641
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 | €3,078,951 | €2,445,057 | -€633,894 | -20.6% |
| Formation expenses | 20 | €140,278 | €107,681 | -€32,597 | -23.2% |
| Fixed assets | 21/28 | €1,530,991 | €1,781,764 | +€250,773 | +16.4% |
| Intangible fixed assets | 21 | €1,407,520 | €1,281,821 | -€125,699 | -8.9% |
| Tangible fixed assets | 22/27 | €123,471 | €498,943 | +€375,472 | +304% |
| Plant, machinery and equipment | 23 | €9,003 | €5,711 | -€3,292 | -36.6% |
| Furniture and vehicles | 24 | €94,283 | €475,530 | +€381,247 | +404% |
| Other tangible fixed assets | 26 | €20,186 | €17,702 | -€2,483 | -12.3% |
| Financial fixed assets | 28 | - | €1,000 | +€1,000 | |
| Current assets | 29/58 | €1,407,682 | €555,613 | -€852,070 | -60.5% |
| Stocks and contracts in progress | 3 | €35,608 | €0 | -€35,608 | -100% |
| Stocks | 30/36 | €35,608 | €0 | -€35,608 | -100% |
| Amounts receivable within one year | 40/41 | €1,337,728 | €48,854 | -€1.3m | -96.3% |
| Trade receivables | 40 | €1,335,116 | €13,588 | -€1.3m | -99.0% |
| Other amounts receivable | 41 | €2,611 | €35,266 | +€32,655 | +1,250% |
| Cash at bank and in hand | 54/58 | €30,764 | €295,000 | +€264,236 | +859% |
| Deferred charges and accrued income | 490/1 | €3,583 | €211,759 | +€208,176 | +5,811% |
| Total equity and liabilities | 10/49 | €3,078,951 | €2,445,057 | -€633,894 | -20.6% |
| Equity | 10/15 | €1,079,788 | €1,281,765 | +€201,977 | +18.7% |
| Contributions | 10/11 | €33,862 | €33,862 | = | 0.0% |
| Reserves | 13 | €1,045,926 | €1,247,903 | +€201,977 | +19.3% |
| Tax-exempt reserves | 132 | €6,542 | €6,542 | = | 0.0% |
| Distributable reserves | 133 | €1,039,384 | €1,241,361 | +€201,977 | +19.4% |
| Amounts payable | 17/49 | €1,999,163 | €1,163,292 | -€835,871 | -41.8% |
| Amounts payable after more than one year | 17 | €198,964 | €0 | -€198,964 | -100% |
| Financial debts | 170/4 | €198,964 | €0 | -€198,964 | -100% |
| Amounts payable within one year | 42/48 | €1,798,992 | €1,160,665 | -€638,326 | -35.5% |
| Current portion of amounts payable after more than one year | 42 | €179,813 | €0 | -€179,813 | -100% |
| Financial debts | 43 | €600,000 | €650,000 | +€50,000 | +8.3% |
| Credit institutions | 430/8 | €600,000 | €650,000 | +€50,000 | +8.3% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €586,266 | €130,145 | -€456,121 | -77.8% |
| Suppliers | 440/4 | €586,266 | €130,145 | -€456,121 | -77.8% |
| Taxes, remuneration and social security | 45 | €430,447 | €316,684 | -€113,763 | -26.4% |
| Taxes | 450/3 | €430,447 | €316,684 | -€113,763 | -26.4% |
| Other amounts payable | 47/48 | €2,466 | €63,837 | +€61,371 | +2,489% |
| Accrued charges and deferred income | 492/3 | €1,207 | €2,627 | +€1,419 | +118% |
| Remuneration, social security and pensions | 62 | - | €56,667 | +€56,667 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €415,317 | €622,161 | +€206,844 | +49.8% |
| Other operating charges | 640/8 | €1,193 | €1,404 | +€211 | +17.7% |
| Operating charges capitalised as restructuring costs | 649 | -€85,091 | €0 | +€85,091 | |
| Non-recurring operating charges | 66A | - | €3,972 | +€3,972 | |
| Gross operating margin | 9900 | €1,300,237 | €950,333 | -€349,903 | -26.9% |
| Operating profit (loss) | 9901 | €968,818 | €266,128 | -€702,689 | -72.5% |
| Financial income | 75/76B | €59 | €53,641 | +€53,582 | +90,144% |
| Recurring financial income | 75 | €59 | €53,641 | +€53,582 | +90,144% |
| Financial charges | 65/66B | €72,360 | €44,006 | -€28,354 | -39.2% |
| Recurring financial charges | 65 | €72,360 | €44,006 | -€28,354 | -39.2% |
| Profit (loss) for the period before taxes | 9903 | €896,517 | €275,764 | -€620,753 | -69.2% |
| Income taxes | 67/77 | €242,599 | €73,787 | -€168,812 | -69.6% |
| Profit (loss) for the period | 9904 | €653,918 | €201,977 | -€451,941 | -69.1% |
| Profit (loss) for the period to be appropriated | 9905 | €653,918 | €201,977 | -€451,941 | -69.1% |
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 1 November 2026 via checked.be.