Emendo: what changed
Emendo
Largest movements
- Current investments -€549,055
no longer reported in 2025 (was €549,055)
- Cash +€287,853
up €287,853 (+446%), from €64,606 to €352,459
mainly Current investments (+€549,055) and Net result for the year (+€178,872)
- Receivables within one year +€233,814
up €233,814 (+75.5%), from €309,545 to €543,359
of which Trade receivables: +€238,871
- Intangible fixed assets +€198,836
up €198,836 (+27.4%), from €724,802 to €923,638
- Tangible fixed assets +€42,035
up €42,035 (+112%), from €37,377 to €79,412
of which Plant, machinery and equipment: +€28,250
- Other debts -€389,464
down €389,464 (-60.8%), from €640,499 to €251,035
- Reserves +€305,259
up €305,259 (+39.7%), from €768,826 to €1.1m
- Trade debts +€158,444
up €158,444 (+164%), from €96,422 to €254,866
- Tax, wage and social debts +€137,244
up €137,244 (+81.7%), from €167,953 to €305,198
of which Remuneration and social security: +€135,873
- Staff costs +€223,433
up €223,433 (+19.8%), from €1.1m to €1.4m
- Gross operating margin +€181,007
up €181,007 (+10.1%), from €1.8m to €2.0m
- Financial charges +€86,020
up €86,020 (+204%), from €42,188 to €128,208
of which Financial charges: +€47,052
- Depreciation +€58,407
up €58,407 (+97.4%), from €59,981 to €118,388
- Financial income -€54,245
down €54,245 (-76.2%), from €71,228 to €16,983
of which Financial income: -€51,470
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,685,386 | €1,898,869 | +€213,483 | +12.7% |
| Fixed assets | 21/28 | €762,179 | €1,003,050 | +€240,871 | +31.6% |
| Intangible fixed assets | 21 | €724,802 | €923,638 | +€198,836 | +27.4% |
| Tangible fixed assets | 22/27 | €37,377 | €79,412 | +€42,035 | +112% |
| Plant, machinery and equipment | 23 | €5,779 | €34,029 | +€28,250 | +489% |
| Furniture and vehicles | 24 | €31,598 | €45,383 | +€13,785 | +43.6% |
| Current assets | 29/58 | €923,206 | €895,818 | -€27,388 | -3.0% |
| Amounts receivable within one year | 40/41 | €309,545 | €543,359 | +€233,814 | +75.5% |
| Trade receivables | 40 | €299,731 | €538,603 | +€238,871 | +79.7% |
| Other amounts receivable | 41 | €9,814 | €4,757 | -€5,058 | -51.5% |
| Current investments | 50/53 | €549,055 | - | -€549,055 | |
| Cash at bank and in hand | 54/58 | €64,606 | €352,459 | +€287,853 | +446% |
| Total equity and liabilities | 10/49 | €1,685,386 | €1,898,869 | +€213,483 | +12.7% |
| Equity | 10/15 | €780,511 | €1,087,770 | +€307,259 | +39.4% |
| Contributions | 10/11 | €11,685 | €13,685 | +€2,000 | +17.1% |
| Reserves | 13 | €768,826 | €1,074,085 | +€305,259 | +39.7% |
| Distributable reserves | 133 | €768,826 | €1,074,085 | +€305,259 | +39.7% |
| Amounts payable | 17/49 | €904,874 | €811,098 | -€93,776 | -10.4% |
| Amounts payable within one year | 42/48 | €904,874 | €811,098 | -€93,776 | -10.4% |
| Trade debts | 44 | €96,422 | €254,866 | +€158,444 | +164% |
| Suppliers | 440/4 | €96,422 | €254,866 | +€158,444 | +164% |
| Taxes, remuneration and social security | 45 | €167,953 | €305,198 | +€137,244 | +81.7% |
| Taxes | 450/3 | €38,717 | €40,088 | +€1,371 | +3.5% |
| Remuneration and social security | 454/9 | €129,236 | €265,110 | +€135,873 | +105% |
| Other amounts payable | 47/48 | €640,499 | €251,035 | -€389,464 | -60.8% |
| Remuneration, social security and pensions | 62 | €1,129,283 | €1,352,716 | +€223,433 | +19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,981 | €118,388 | +€58,407 | +97.4% |
| Other operating charges | 640/8 | €71,673 | €119,442 | +€47,770 | +66.6% |
| Non-recurring operating charges | 66A | - | €3,706 | +€3,706 | |
| Gross operating margin | 9900 | €1,798,586 | €1,979,593 | +€181,007 | +10.1% |
| Operating profit (loss) | 9901 | €537,650 | €385,341 | -€152,309 | -28.3% |
| Financial income | 75/76B | €71,228 | €16,983 | -€54,245 | -76.2% |
| Recurring financial income | 75 | €51,567 | €97 | -€51,470 | -99.8% |
| Non-recurring financial income | 76B | €19,661 | €16,886 | -€2,775 | -14.1% |
| Financial charges | 65/66B | €42,188 | €128,208 | +€86,020 | +204% |
| Recurring financial charges | 65 | €40,019 | €87,070 | +€47,052 | +118% |
| Non-recurring financial charges | 66B | €2,170 | €41,138 | +€38,968 | +1,796% |
| Profit (loss) for the period before taxes | 9903 | €566,690 | €274,116 | -€292,574 | -51.6% |
| Income taxes | 67/77 | €148,891 | €95,243 | -€53,648 | -36.0% |
| Profit (loss) for the period | 9904 | €417,799 | €178,872 | -€238,926 | -57.2% |
| Profit (loss) for the period to be appropriated | 9905 | €417,799 | €178,872 | -€238,926 | -57.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.