EMERGAMUS: 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.
EMERGAMUS
Largest movements
- Receivables within one year -€1.3m
down €1.3m (-79.6%), from €1.6m to €329,068
of which Other amounts receivable: -€1.3m
- Current investments -€1.1m
down €1.1m (-22.6%), from €4.7m to €3.6m
- Other debts -€1.5m
down €1.5m (-50.8%), from €2.9m to €1.4m
- Reserves -€921,030
down €921,030 (-21.4%), from €4.3m to €3.4m
- Financial income -€2.2m
down €2.2m (-79.6%), from €2.8m to €562,841
- Taxes -€214,052
down €214,052 (-73.5%), from €291,198 to €77,146
- Gross operating margin -€5,410
down €5,410 (-16.5%), from €32,843 to €27,433
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 | €26,456,344 | €24,087,220 | -€2.4m | -9.0% |
| Fixed assets | 21/28 | €20,145,042 | €20,144,281 | -€762 | 0.0% |
| Tangible fixed assets | 22/27 | €6,877 | €6,116 | -€762 | -11.1% |
| Furniture and vehicles | 24 | €6,877 | €6,116 | -€762 | -11.1% |
| Financial fixed assets | 28 | €20,138,165 | €20,138,165 | = | 0.0% |
| Current assets | 29/58 | €6,311,302 | €3,942,939 | -€2.4m | -37.5% |
| Amounts receivable within one year | 40/41 | €1,611,553 | €329,068 | -€1.3m | -79.6% |
| Trade receivables | 40 | €0 | €6,050 | +€6,050 | |
| Other amounts receivable | 41 | €1,611,553 | €323,018 | -€1.3m | -80.0% |
| Current investments | 50/53 | €4,650,000 | €3,600,000 | -€1.1m | -22.6% |
| Cash at bank and in hand | 54/58 | €48,683 | €12,747 | -€35,937 | -73.8% |
| Deferred charges and accrued income | 490/1 | €1,066 | €1,125 | +€59 | +5.5% |
| Total equity and liabilities | 10/49 | €26,456,344 | €24,087,220 | -€2.4m | -9.0% |
| Equity | 10/15 | €23,291,598 | €22,370,567 | -€921,030 | -4.0% |
| Contributions | 10/11 | €18,982,115 | €18,982,115 | = | 0.0% |
| Reserves | 13 | €4,309,483 | €3,388,452 | -€921,030 | -21.4% |
| Distributable reserves | 133 | €4,309,483 | €3,388,452 | -€921,030 | -21.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €3,164,747 | €1,716,652 | -€1.4m | -45.8% |
| Amounts payable within one year | 42/48 | €3,164,747 | €1,716,652 | -€1.4m | -45.8% |
| Trade debts | 44 | €900 | €18,599 | +€17,699 | +1,967% |
| Suppliers | 440/4 | €900 | €18,599 | +€17,699 | +1,967% |
| Taxes, remuneration and social security | 45 | €254,631 | €266,065 | +€11,434 | +4.5% |
| Taxes | 450/3 | €254,631 | €266,065 | +€11,434 | +4.5% |
| Other amounts payable | 47/48 | €2,909,215 | €1,431,988 | -€1.5m | -50.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €739 | €762 | +€23 | +3.1% |
| Other operating charges | 640/8 | €1,086 | €998 | -€87 | -8.0% |
| Gross operating margin | 9900 | €32,843 | €27,433 | -€5,410 | -16.5% |
| Operating profit (loss) | 9901 | €31,019 | €25,673 | -€5,346 | -17.2% |
| Financial income | 75/76B | €2,759,982 | €562,841 | -€2.2m | -79.6% |
| Recurring financial income | 75 | €2,759,982 | €562,841 | -€2.2m | -79.6% |
| Financial charges | 65/66B | €174 | €410 | +€236 | +136% |
| Recurring financial charges | 65 | €174 | €410 | +€236 | +136% |
| Profit (loss) for the period before taxes | 9903 | €2,790,827 | €588,103 | -€2.2m | -78.9% |
| Income taxes | 67/77 | €291,198 | €77,146 | -€214,052 | -73.5% |
| Profit (loss) for the period | 9904 | €2,499,629 | €510,958 | -€2.0m | -79.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,499,629 | €510,958 | -€2.0m | -79.6% |
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 28 October 2026 via checked.be.