EMIRO: 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.
EMIRO
Largest movements
- Cash -€23,386
down €23,386 (-68.9%), from €33,948 to €10,562
mainly Debts after one year (-€20,718) and Short-term financial debts (-€5,039)
- Tangible fixed assets -€6,059
down €6,059 (-4.4%), from €138,999 to €132,939
of which Furniture and vehicles: -€3,181
- Debts after one year -€20,718
down €20,718 (-14.2%), from €146,409 to €125,691
of which Financial debts: -€20,634
- Short-term financial debts -€5,039
down €5,039 (-43.6%), from €11,561 to €6,521
- Trade debts -€3,937
down €3,937 (-6.9%), from €57,215 to €53,278
- Tax, wage and social debts -€3,739
down €3,739 (-12.4%), from €30,074 to €26,335
of which Remuneration and social security: -€4,018
- Gross operating margin -€23,148
down €23,148 (-11.9%), from €194,289 to €171,141
- Staff costs -€22,091
down €22,091 (-12.4%), from €178,622 to €156,532
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 | €267,031 | €235,414 | -€31,617 | -11.8% |
| Fixed assets | 21/28 | €223,999 | €217,939 | -€6,059 | -2.7% |
| Intangible fixed assets | 21 | €85,000 | €85,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €138,999 | €132,939 | -€6,059 | -4.4% |
| Plant, machinery and equipment | 23 | €38,865 | €37,895 | -€970 | -2.5% |
| Furniture and vehicles | 24 | €13,818 | €10,637 | -€3,181 | -23.0% |
| Leasing and similar rights | 25 | €10,316 | €8,407 | -€1,908 | -18.5% |
| Other tangible fixed assets | 26 | €76,000 | €76,000 | = | 0.0% |
| Current assets | 29/58 | €43,033 | €17,475 | -€25,557 | -59.4% |
| Stocks and contracts in progress | 3 | €3,750 | €3,925 | +€175 | +4.7% |
| Stocks | 30/36 | €3,750 | €3,925 | +€175 | +4.7% |
| Amounts receivable within one year | 40/41 | €5,334 | €2,988 | -€2,347 | -44.0% |
| Other amounts receivable | 41 | €5,334 | €2,988 | -€2,347 | -44.0% |
| Cash at bank and in hand | 54/58 | €33,948 | €10,562 | -€23,386 | -68.9% |
| Total equity and liabilities | 10/49 | €267,031 | €235,414 | -€31,617 | -11.8% |
| Equity | 10/15 | -€12,198 | -€11,657 | +€540 | +4.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,198 | -€12,657 | +€540 | +4.1% |
| Amounts payable | 17/49 | €279,229 | €247,072 | -€32,157 | -11.5% |
| Amounts payable after more than one year | 17 | €146,409 | €125,691 | -€20,718 | -14.2% |
| Financial debts | 170/4 | €146,178 | €125,544 | -€20,634 | -14.1% |
| Other amounts payable | 178/9 | €231 | €147 | -€84 | -36.2% |
| Amounts payable within one year | 42/48 | €118,820 | €106,769 | -€12,051 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €19,971 | €20,634 | +€664 | +3.3% |
| Financial debts | 43 | €11,561 | €6,521 | -€5,039 | -43.6% |
| Other loans | 439 | €11,561 | €6,521 | -€5,039 | -43.6% |
| Trade debts | 44 | €57,215 | €53,278 | -€3,937 | -6.9% |
| Suppliers | 440/4 | €57,215 | €53,278 | -€3,937 | -6.9% |
| Taxes, remuneration and social security | 45 | €30,074 | €26,335 | -€3,739 | -12.4% |
| Taxes | 450/3 | €500 | €779 | +€280 | +56.0% |
| Remuneration and social security | 454/9 | €29,574 | €25,556 | -€4,018 | -13.6% |
| Accrued charges and deferred income | 492/3 | €14,000 | €14,612 | +€612 | +4.4% |
| Remuneration, social security and pensions | 62 | €178,622 | €156,532 | -€22,091 | -12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,181 | €6,059 | +€1,878 | +44.9% |
| Other operating charges | 640/8 | €752 | €2,295 | +€1,543 | +205% |
| Gross operating margin | 9900 | €194,289 | €171,141 | -€23,148 | -11.9% |
| Operating profit (loss) | 9901 | €10,733 | €6,255 | -€4,478 | -41.7% |
| Financial income | 75/76B | €837 | €6 | -€831 | -99.3% |
| Recurring financial income | 75 | €837 | €6 | -€831 | -99.3% |
| Financial charges | 65/66B | €5,497 | €5,438 | -€58 | -1.1% |
| Recurring financial charges | 65 | €5,497 | €5,438 | -€58 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €6,074 | €823 | -€5,251 | -86.4% |
| Income taxes | 67/77 | - | €283 | +€283 | |
| Profit (loss) for the period | 9904 | €6,074 | €540 | -€5,534 | -91.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,074 | €540 | -€5,534 | -91.1% |
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 13 October 2026 via checked.be.