EMENDO: 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.
EMENDO
Largest movements
- Receivables after one year -€50,000
down €50,000 (-100%), from €50,000 to €0
- Receivables within one year -€48,882
down €48,882 (-50.7%), from €96,435 to €47,553
of which Other amounts receivable: -€77,484
- Tangible fixed assets -€26,212
down €26,212 (-2.5%), from €1.1m to €1.0m
of which Land and buildings: -€22,129
- Reserves -€290,902
down €290,902 (-39.7%), from €733,362 to €442,460
of which Distributable reserves: -€290,902
- Other debts +€159,497
up €159,497 (+302%), from €52,870 to €212,367
- Debts after one year -€13,314
down €13,314 (-5.4%), from €248,331 to €235,017
- Trade debts +€12,775
up €12,775 (+230%), from €5,563 to €18,338
- Gross operating margin +€12,918
up €12,918 (+9.7%), from €132,962 to €145,880
- Taxes +€8,388
up €8,388 (+42.2%), from €19,852 to €28,240
- Other operating charges -€8,357
down €8,357 (-48.6%), from €17,185 to €8,828
- Depreciation -€1,913
down €1,913 (-4.8%), from €39,993 to €38,080
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 | €1,240,462 | €1,109,663 | -€130,799 | -10.5% |
| Fixed assets | 21/28 | €1,050,506 | €1,024,294 | -€26,212 | -2.5% |
| Tangible fixed assets | 22/27 | €1,050,481 | €1,024,269 | -€26,212 | -2.5% |
| Land and buildings | 22 | €1,035,373 | €1,013,243 | -€22,129 | -2.1% |
| Plant, machinery and equipment | 23 | €8,912 | €6,690 | -€2,222 | -24.9% |
| Furniture and vehicles | 24 | €6,197 | €4,337 | -€1,860 | -30.0% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €189,955 | €85,368 | -€104,587 | -55.1% |
| Amounts receivable after more than one year | 29 | €50,000 | €0 | -€50,000 | -100% |
| Other amounts receivable | 291 | €50,000 | €0 | -€50,000 | -100% |
| Amounts receivable within one year | 40/41 | €96,435 | €47,553 | -€48,882 | -50.7% |
| Trade receivables | 40 | €3,229 | €31,831 | +€28,602 | +886% |
| Other amounts receivable | 41 | €93,206 | €15,722 | -€77,484 | -83.1% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €41,254 | €35,495 | -€5,759 | -14.0% |
| Deferred charges and accrued income | 490/1 | €2,267 | €2,320 | +€53 | +2.4% |
| Total equity and liabilities | 10/49 | €1,240,462 | €1,109,663 | -€130,799 | -10.5% |
| Equity | 10/15 | €824,837 | €533,935 | -€290,902 | -35.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €733,362 | €442,460 | -€290,902 | -39.7% |
| Tax-exempt reserves | 132 | €8,004 | €8,004 | = | 0.0% |
| Distributable reserves | 133 | €725,359 | €434,456 | -€290,902 | -40.1% |
| Profit (loss) carried forward | 14 | €85,275 | €85,275 | = | 0.0% |
| Amounts payable | 17/49 | €415,625 | €575,728 | +€160,103 | +38.5% |
| Amounts payable after more than one year | 17 | €248,331 | €235,017 | -€13,314 | -5.4% |
| Financial debts | 170/4 | €248,331 | €235,017 | -€13,314 | -5.4% |
| Amounts payable within one year | 42/48 | €165,154 | €338,541 | +€173,387 | +105% |
| Current portion of amounts payable after more than one year | 42 | €34,231 | €22,053 | -€12,179 | -35.6% |
| Financial debts | 43 | €25,000 | €35,000 | +€10,000 | +40.0% |
| Credit institutions | 430/8 | €25,000 | €35,000 | +€10,000 | +40.0% |
| Trade debts | 44 | €5,563 | €18,338 | +€12,775 | +230% |
| Suppliers | 440/4 | €5,563 | €18,338 | +€12,775 | +230% |
| Taxes, remuneration and social security | 45 | €47,490 | €50,784 | +€3,294 | +6.9% |
| Taxes | 450/3 | €47,490 | €50,784 | +€3,294 | +6.9% |
| Other amounts payable | 47/48 | €52,870 | €212,367 | +€159,497 | +302% |
| Accrued charges and deferred income | 492/3 | €2,139 | €2,170 | +€31 | +1.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,993 | €38,080 | -€1,913 | -4.8% |
| Other operating charges | 640/8 | €17,185 | €8,828 | -€8,357 | -48.6% |
| Gross operating margin | 9900 | €132,962 | €145,880 | +€12,918 | +9.7% |
| Operating profit (loss) | 9901 | €75,784 | €98,972 | +€23,188 | +30.6% |
| Financial income | 75/76B | €6,379 | €7,396 | +€1,017 | +15.9% |
| Recurring financial income | 75 | €6,379 | €7,396 | +€1,017 | +15.9% |
| Financial charges | 65/66B | €9,586 | €9,031 | -€554 | -5.8% |
| Recurring financial charges | 65 | €9,586 | €9,031 | -€554 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €72,578 | €97,337 | +€24,760 | +34.1% |
| Income taxes | 67/77 | €19,852 | €28,240 | +€8,388 | +42.2% |
| Profit (loss) for the period | 9904 | €52,725 | €69,098 | +€16,372 | +31.1% |
| Profit (loss) for the period to be appropriated | 9905 | €52,725 | €69,098 | +€16,372 | +31.1% |
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 20 October 2026 via checked.be.