EMIRHAN: 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.
EMIRHAN
Largest movements
- Cash -€23,927
down €23,927 (-88.5%), from €27,043 to €3,117
mainly Investment in fixed assets (net) (-€27,868) and Debts after one year (-€8,922)
- Tangible fixed assets +€12,985
up €12,985 (+41.0%), from €31,681 to €44,666
of which Furniture and vehicles: +€13,610
- Receivables within one year -€4,867
down €4,867 (-25.6%), from €19,044 to €14,177
of which Trade receivables: -€2,673
- Stocks and contracts +€4,635
up €4,635 (+297.0%), from €1,561 to €6,196
- Receivables after one year -€3,000
down €3,000 (-3.3%), from €90,000 to €87,000
- Current portion of long-term debt +€10,340
up €10,340 (+111.4%), from €9,285 to €19,625
- Debts after one year -€8,922
down €8,922 (-18.2%), from €48,981 to €40,059
- Other debts -€7,765
down €7,765 (-97.1%), from €8,000 to €236
- Trade debts -€6,577
down €6,577 (-45.5%), from €14,451 to €7,874
- Tax, wage and social debts -€4,684
down €4,684 (-36.2%), from €12,952 to €8,268
of which Taxes: -€5,220
- Gross operating margin -€8,670
down €8,670 (-19.0%), from €45,746 to €37,076
- Depreciation +€6,148
up €6,148 (+70.5%), from €8,717 to €14,865
- Taxes -€4,386
down €4,386 (-55.3%), from €7,938 to €3,552
- Other operating charges +€3,858
up €3,858 (+55.2%), from €6,988 to €10,847
- Financial charges +€954
up €954 (+24.5%), from €3,893 to €4,847
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 | €173,945 | €159,695 | -€14,249 | -8.2% |
| Fixed assets | 21/28 | €35,804 | €48,808 | +€13,004 | +36.3% |
| Tangible fixed assets | 22/27 | €31,681 | €44,666 | +€12,985 | +41.0% |
| Plant, machinery and equipment | 23 | €2,330 | €1,705 | -€625 | -26.8% |
| Furniture and vehicles | 24 | €29,351 | €42,961 | +€13,610 | +46.4% |
| Financial fixed assets | 28 | €4,123 | €4,142 | +€19 | +0.5% |
| Current assets | 29/58 | €138,141 | €110,888 | -€27,253 | -19.7% |
| Amounts receivable after more than one year | 29 | €90,000 | €87,000 | -€3,000 | -3.3% |
| Other amounts receivable | 291 | €90,000 | €87,000 | -€3,000 | -3.3% |
| Stocks and contracts in progress | 3 | €1,561 | €6,196 | +€4,635 | +297.0% |
| Stocks | 30/36 | €1,561 | €6,196 | +€4,635 | +297.0% |
| Amounts receivable within one year | 40/41 | €19,044 | €14,177 | -€4,867 | -25.6% |
| Trade receivables | 40 | €13,477 | €10,804 | -€2,673 | -19.8% |
| Other amounts receivable | 41 | €5,567 | €3,373 | -€2,194 | -39.4% |
| Cash at bank and in hand | 54/58 | €27,043 | €3,117 | -€23,927 | -88.5% |
| Deferred charges and accrued income | 490/1 | €493 | €398 | -€95 | -19.2% |
| Total equity and liabilities | 10/49 | €173,945 | €159,695 | -€14,249 | -8.2% |
| Equity | 10/15 | €80,275 | €83,633 | +€3,358 | +4.2% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Outside capital | 11 | €19,000 | €19,000 | = | 0.0% |
| Other | 1109/19 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €28,000 | +€3,000 | +12.0% |
| Distributable reserves | 133 | €25,000 | €28,000 | +€3,000 | +12.0% |
| Profit (loss) carried forward | 14 | €36,275 | €36,633 | +€358 | +1.0% |
| Amounts payable | 17/49 | €93,670 | €76,062 | -€17,607 | -18.8% |
| Amounts payable after more than one year | 17 | €48,981 | €40,059 | -€8,922 | -18.2% |
| Financial debts | 170/4 | €48,981 | €40,059 | -€8,922 | -18.2% |
| Amounts payable within one year | 42/48 | €44,689 | €36,004 | -€8,685 | -19.4% |
| Current portion of amounts payable after more than one year | 42 | €9,285 | €19,625 | +€10,340 | +111.4% |
| Trade debts | 44 | €14,451 | €7,874 | -€6,577 | -45.5% |
| Suppliers | 440/4 | €14,451 | €7,874 | -€6,577 | -45.5% |
| Taxes, remuneration and social security | 45 | €12,952 | €8,268 | -€4,684 | -36.2% |
| Taxes | 450/3 | €12,952 | €7,732 | -€5,220 | -40.3% |
| Remuneration and social security | 454/9 | - | €537 | +€537 | |
| Other amounts payable | 47/48 | €8,000 | €236 | -€7,765 | -97.1% |
| Remuneration, social security and pensions | 62 | - | €707 | +€707 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,717 | €14,865 | +€6,148 | +70.5% |
| Other operating charges | 640/8 | €6,988 | €10,847 | +€3,858 | +55.2% |
| Gross operating margin | 9900 | €45,746 | €37,076 | -€8,670 | -19.0% |
| Operating profit (loss) | 9901 | €30,041 | €10,658 | -€19,383 | -64.5% |
| Financial income | 75/76B | €1,080 | €1,099 | +€19 | +1.7% |
| Recurring financial income | 75 | €1,080 | €1,099 | +€19 | +1.7% |
| Financial charges | 65/66B | €3,893 | €4,847 | +€954 | +24.5% |
| Recurring financial charges | 65 | €3,893 | €4,847 | +€954 | +24.5% |
| Profit (loss) for the period before taxes | 9903 | €27,228 | €6,910 | -€20,318 | -74.6% |
| Income taxes | 67/77 | €7,938 | €3,552 | -€4,386 | -55.3% |
| Profit (loss) for the period | 9904 | €19,290 | €3,358 | -€15,932 | -82.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,290 | €3,358 | -€15,932 | -82.6% |
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 5 October 2026 via checked.be.