EMEL VARDAR: 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.
EMEL VARDAR
Largest movements
- Cash -€19,643
down €19,643 (-19.6%), from €100,310 to €80,667
mainly Contributions, distributions and other (-€18,000) and Current portion of long-term debt (-€16,802)
- Tangible fixed assets -€18,684
down €18,684 (-35.2%), from €53,021 to €34,337
- Profit (loss) carried forward -€19,289
down €19,289 (-17.8%), from €108,578 to €89,289
- Current portion of long-term debt -€16,802
no longer reported in 2025 (was €16,802)
- Tax, wage and social debts -€2,872
down €2,872 (-36.0%), from €7,972 to €5,100
- Gross operating margin -€106,750
down €106,750 (-83.4%), from €127,986 to €21,237
- Taxes -€22,908
down €22,908 (-90.7%), from €25,263 to €2,355
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 | €153,877 | €115,573 | -€38,304 | -24.9% |
| Fixed assets | 21/28 | €53,021 | €34,337 | -€18,684 | -35.2% |
| Tangible fixed assets | 22/27 | €53,021 | €34,337 | -€18,684 | -35.2% |
| Furniture and vehicles | 24 | €53,021 | €34,337 | -€18,684 | -35.2% |
| Current assets | 29/58 | €100,856 | €81,236 | -€19,620 | -19.5% |
| Cash at bank and in hand | 54/58 | €100,310 | €80,667 | -€19,643 | -19.6% |
| Deferred charges and accrued income | 490/1 | €547 | €569 | +€23 | +4.2% |
| Total equity and liabilities | 10/49 | €153,877 | €115,573 | -€38,304 | -24.9% |
| Equity | 10/15 | €129,038 | €109,749 | -€19,289 | -14.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €108,578 | €89,289 | -€19,289 | -17.8% |
| Amounts payable | 17/49 | €24,839 | €5,824 | -€19,015 | -76.6% |
| Amounts payable within one year | 42/48 | €24,839 | €5,824 | -€19,015 | -76.6% |
| Current portion of amounts payable after more than one year | 42 | €16,802 | - | -€16,802 | |
| Trade debts | 44 | €65 | €35 | -€30 | -46.0% |
| Suppliers | 440/4 | €65 | €35 | -€30 | -46.0% |
| Taxes, remuneration and social security | 45 | €7,972 | €5,100 | -€2,872 | -36.0% |
| Taxes | 450/3 | €7,972 | €5,100 | -€2,872 | -36.0% |
| Other amounts payable | 47/48 | - | €689 | +€689 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,852 | €18,684 | -€1,169 | -5.9% |
| Other operating charges | 640/8 | €1,411 | €1,367 | -€44 | -3.1% |
| Gross operating margin | 9900 | €127,986 | €21,237 | -€106,750 | -83.4% |
| Operating profit (loss) | 9901 | €106,723 | €1,185 | -€105,537 | -98.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €255 | €119 | -€136 | -53.3% |
| Recurring financial charges | 65 | €255 | €119 | -€136 | -53.3% |
| Profit (loss) for the period before taxes | 9903 | €106,468 | €1,066 | -€105,402 | -99.0% |
| Income taxes | 67/77 | €25,263 | €2,355 | -€22,908 | -90.7% |
| Profit (loss) for the period | 9904 | €81,205 | -€1,289 | -€82,493 | |
| Profit (loss) for the period to be appropriated | 9905 | €81,205 | -€1,289 | -€82,493 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.