Emeles: 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.
Emeles
Largest movements
- Stocks and contracts +€39,592
up €39,592 (+40.5%), from €97,643 to €137,235
- Receivables within one year +€2,901
up €2,901 (+66.5%), from €4,361 to €7,262
of which Trade receivables: +€2,901
- Cash -€2,887
down €2,887 (-56.3%), from €5,126 to €2,239
mainly Stocks and contracts (-€39,592) and Other debts (-€8,525)
- Trade debts +€27,611
up €27,611 (+94.4%), from €29,260 to €56,871
- Tax, wage and social debts +€13,140
up €13,140 (+163.7%), from €8,026 to €21,165
of which Remuneration and social security: +€10,378
- Other debts -€8,525
down €8,525 (-10.0%), from €85,153 to €76,628
- Profit (loss) carried forward +€6,748
up €6,748 (+40.0%), from -€16,855 to -€10,107
- Gross operating margin +€5,902
up €5,902 (+87.2%), from €6,771 to €12,673
- Staff costs +€2,167
up €2,167 (+109.1%), from €1,987 to €4,154
- Other operating charges +€1,241
up €1,241 (+1051.7%), from €118 to €1,359
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 | €108,584 | €147,558 | +€38,973 | +35.9% |
| Fixed assets | 21/28 | €1,392 | €822 | -€570 | -41.0% |
| Tangible fixed assets | 22/27 | €1,392 | €822 | -€570 | -41.0% |
| Plant, machinery and equipment | 23 | €846 | €646 | -€200 | -23.6% |
| Furniture and vehicles | 24 | €546 | €176 | -€370 | -67.8% |
| Current assets | 29/58 | €107,192 | €146,736 | +€39,544 | +36.9% |
| Stocks and contracts in progress | 3 | €97,643 | €137,235 | +€39,592 | +40.5% |
| Stocks | 30/36 | €97,643 | €137,235 | +€39,592 | +40.5% |
| Amounts receivable within one year | 40/41 | €4,361 | €7,262 | +€2,901 | +66.5% |
| Trade receivables | 40 | €4,200 | €7,101 | +€2,901 | +69.1% |
| Other amounts receivable | 41 | €161 | €161 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €5,126 | €2,239 | -€2,887 | -56.3% |
| Deferred charges and accrued income | 490/1 | €62 | - | -€62 | |
| Total equity and liabilities | 10/49 | €108,584 | €147,558 | +€38,973 | +35.9% |
| Equity | 10/15 | -€13,855 | -€7,107 | +€6,748 | +48.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,855 | -€10,107 | +€6,748 | +40.0% |
| Amounts payable | 17/49 | €122,439 | €154,665 | +€32,225 | +26.3% |
| Amounts payable within one year | 42/48 | €122,439 | €154,665 | +€32,225 | +26.3% |
| Trade debts | 44 | €29,260 | €56,871 | +€27,611 | +94.4% |
| Suppliers | 440/4 | €29,260 | €56,871 | +€27,611 | +94.4% |
| Taxes, remuneration and social security | 45 | €8,026 | €21,165 | +€13,140 | +163.7% |
| Taxes | 450/3 | €4,658 | €7,419 | +€2,761 | +59.3% |
| Remuneration and social security | 454/9 | €3,368 | €13,746 | +€10,378 | +308.2% |
| Other amounts payable | 47/48 | €85,153 | €76,628 | -€8,525 | -10.0% |
| Remuneration, social security and pensions | 62 | €1,987 | €4,154 | +€2,167 | +109.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €524 | €570 | +€46 | +8.8% |
| Other operating charges | 640/8 | €118 | €1,359 | +€1,241 | +1051.7% |
| Gross operating margin | 9900 | €6,771 | €12,673 | +€5,902 | +87.2% |
| Operating profit (loss) | 9901 | €4,141 | €6,589 | +€2,448 | +59.1% |
| Financial income | 75/76B | €378 | €438 | +€60 | +15.9% |
| Recurring financial income | 75 | €378 | €438 | +€60 | +15.9% |
| Financial charges | 65/66B | €246 | €279 | +€33 | +13.6% |
| Recurring financial charges | 65 | €246 | €279 | +€33 | +13.6% |
| Profit (loss) for the period before taxes | 9903 | €4,273 | €6,748 | +€2,474 | +57.9% |
| Profit (loss) for the period | 9904 | €4,273 | €6,748 | +€2,474 | +57.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,273 | €6,748 | +€2,474 | +57.9% |
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.