EMERALD: 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.
EMERALD
Largest movements
- Stocks and contracts +€625,997
up €625,997 (+41.4%), from €1.5m to €2.1m
- Cash -€176,076
down €176,076 (-68.6%), from €256,726 to €80,650
mainly Stocks and contracts (-€625,997) and Tax, wage and social debts (-€92,766)
- Receivables within one year +€46,920
up €46,920 (+600.9%), from €7,808 to €54,728
of which Trade receivables: +€46,920
- Trade debts +€642,534
up €642,534 (+45.7%), from €1.4m to €2.0m
- Tax, wage and social debts -€92,766
down €92,766 (-90.7%), from €102,250 to €9,485
- Gross operating margin -€28,533
down €28,533 (-89.9%), from €31,755 to €3,221
- Taxes -€4,562
down €4,562 (-63.4%), from €7,192 to €2,629
- Depreciation +€2,384
up €2,384 (+48.4%), from €4,927 to €7,312
- Financial charges +€2,200
up €2,200 (+27.8%), from €7,917 to €10,117
- Financial income -€389
down €389 (-13.3%), from €2,927 to €2,538
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 | €1,813,808 | €2,343,853 | +€530,045 | +29.2% |
| Fixed assets | 21/28 | €30,618 | €69,807 | +€39,188 | +128.0% |
| Tangible fixed assets | 22/27 | €30,618 | €49,807 | +€19,188 | +62.7% |
| Plant, machinery and equipment | 23 | €2,671 | €1,558 | -€1,112 | -41.7% |
| Other tangible fixed assets | 26 | €27,948 | €48,248 | +€20,301 | +72.6% |
| Financial fixed assets | 28 | - | €20,000 | +€20,000 | |
| Current assets | 29/58 | €1,783,190 | €2,274,046 | +€490,856 | +27.5% |
| Stocks and contracts in progress | 3 | €1,510,978 | €2,136,975 | +€625,997 | +41.4% |
| Stocks | 30/36 | €1,510,978 | €2,136,975 | +€625,997 | +41.4% |
| Amounts receivable within one year | 40/41 | €7,808 | €54,728 | +€46,920 | +600.9% |
| Trade receivables | 40 | - | €46,920 | +€46,920 | |
| Other amounts receivable | 41 | €7,808 | €7,808 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €256,726 | €80,650 | -€176,076 | -68.6% |
| Deferred charges and accrued income | 490/1 | €7,678 | €1,693 | -€5,985 | -78.0% |
| Total equity and liabilities | 10/49 | €1,813,808 | €2,343,853 | +€530,045 | +29.2% |
| Equity | 10/15 | €304,647 | €284,923 | -€19,724 | -6.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €242,600 | €222,900 | -€19,700 | -8.1% |
| Distributable reserves | 133 | €242,600 | €222,900 | -€19,700 | -8.1% |
| Profit (loss) carried forward | 14 | €74 | €50 | -€24 | -32.5% |
| Amounts payable | 17/49 | €1,509,161 | €2,058,930 | +€549,769 | +36.4% |
| Amounts payable within one year | 42/48 | €1,509,161 | €2,058,930 | +€549,769 | +36.4% |
| Trade debts | 44 | €1,406,911 | €2,049,445 | +€642,534 | +45.7% |
| Suppliers | 440/4 | €1,406,911 | €2,049,445 | +€642,534 | +45.7% |
| Taxes, remuneration and social security | 45 | €102,250 | €9,485 | -€92,766 | -90.7% |
| Taxes | 450/3 | €102,250 | €9,485 | -€92,766 | -90.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,927 | €7,312 | +€2,384 | +48.4% |
| Other operating charges | 640/8 | €5,192 | €5,426 | +€234 | +4.5% |
| Gross operating margin | 9900 | €31,755 | €3,221 | -€28,533 | -89.9% |
| Operating profit (loss) | 9901 | €21,635 | -€9,516 | -€31,151 | |
| Financial income | 75/76B | €2,927 | €2,538 | -€389 | -13.3% |
| Recurring financial income | 75 | €2,927 | €2,538 | -€389 | -13.3% |
| Financial charges | 65/66B | €7,917 | €10,117 | +€2,200 | +27.8% |
| Recurring financial charges | 65 | €7,917 | €10,117 | +€2,200 | +27.8% |
| Profit (loss) for the period before taxes | 9903 | €16,645 | -€17,095 | -€33,740 | |
| Income taxes | 67/77 | €7,192 | €2,629 | -€4,562 | -63.4% |
| Profit (loss) for the period | 9904 | €9,454 | -€19,724 | -€29,178 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,454 | -€19,724 | -€29,178 |
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 4 October 2026 via checked.be.