EMISAR: 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.
EMISAR
Largest movements
- Stocks and contracts -€12,863
down €12,863 (-71.4%), from €18,005 to €5,142
- Cash -€5,639
down €5,639 (-41.3%), from €13,665 to €8,026
mainly Trade debts (-€27,038) and Other debts (-€23,518)
- Tangible fixed assets +€3,634
up €3,634 (+8.2%), from €44,487 to €48,121
of which Plant, machinery and equipment: +€9,037
- Current investments -€3,599
no longer reported in 2024 (was €3,599)
- Deferred charges and accrued income -€2,371
down €2,371 (-49.3%), from €4,805 to €2,435
- Tax, wage and social debts +€27,269
up €27,269 (+180%), from €15,175 to €42,444
of which Taxes: +€26,708
- Trade debts -€27,038
down €27,038 (-32.7%), from €82,779 to €55,741
- Other debts -€23,518
down €23,518 (-53.4%), from €44,030 to €20,512
- Debts after one year -€5,519
down €5,519 (-40.0%), from €13,797 to €8,279
- Current portion of long-term debt +€3,347
up €3,347 (+22.6%), from €14,820 to €18,167
- Gross operating margin +€155,214
up €155,214, from -€5,382 to €149,832
- Staff costs +€19,302
up €19,302 (+18.6%), from €103,737 to €123,039
- Depreciation -€15,201
down €15,201 (-50.8%), from €29,926 to €14,725
- Other operating charges -€2,497
down €2,497 (-31.8%), from €7,858 to €5,361
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €93,880 | €70,732 | -€23,148 | -24.7% |
| Fixed assets | 21/28 | €49,057 | €52,528 | +€3,472 | +7.1% |
| Intangible fixed assets | 21 | €1,430 | €1,088 | -€343 | -24.0% |
| Tangible fixed assets | 22/27 | €44,487 | €48,121 | +€3,634 | +8.2% |
| Plant, machinery and equipment | 23 | €23,908 | €32,945 | +€9,037 | +37.8% |
| Furniture and vehicles | 24 | €20,579 | €15,177 | -€5,403 | -26.3% |
| Financial fixed assets | 28 | €3,140 | €3,320 | +€180 | +5.7% |
| Current assets | 29/58 | €44,823 | €18,204 | -€26,619 | -59.4% |
| Stocks and contracts in progress | 3 | €18,005 | €5,142 | -€12,863 | -71.4% |
| Stocks | 30/36 | €18,005 | €5,142 | -€12,863 | -71.4% |
| Amounts receivable within one year | 40/41 | €4,749 | €2,602 | -€2,148 | -45.2% |
| Other amounts receivable | 41 | €4,749 | €2,602 | -€2,148 | -45.2% |
| Current investments | 50/53 | €3,599 | - | -€3,599 | |
| Cash at bank and in hand | 54/58 | €13,665 | €8,026 | -€5,639 | -41.3% |
| Deferred charges and accrued income | 490/1 | €4,805 | €2,435 | -€2,371 | -49.3% |
| Total equity and liabilities | 10/49 | €93,880 | €70,732 | -€23,148 | -24.7% |
| Equity | 10/15 | -€76,721 | -€74,410 | +€2,311 | +3.0% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €66,409 | €66,409 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,875 | €1,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Distributable reserves | 133 | €64,534 | €64,534 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€161,880 | -€159,569 | +€2,311 | +1.4% |
| Amounts payable | 17/49 | €170,601 | €145,142 | -€25,459 | -14.9% |
| Amounts payable after more than one year | 17 | €13,797 | €8,279 | -€5,519 | -40.0% |
| Financial debts | 170/4 | €13,797 | €8,279 | -€5,519 | -40.0% |
| Amounts payable within one year | 42/48 | €156,804 | €136,864 | -€19,940 | -12.7% |
| Current portion of amounts payable after more than one year | 42 | €14,820 | €18,167 | +€3,347 | +22.6% |
| Trade debts | 44 | €82,779 | €55,741 | -€27,038 | -32.7% |
| Suppliers | 440/4 | €82,779 | €55,741 | -€27,038 | -32.7% |
| Taxes, remuneration and social security | 45 | €15,175 | €42,444 | +€27,269 | +180% |
| Taxes | 450/3 | €1,162 | €27,869 | +€26,708 | +2,299% |
| Remuneration and social security | 454/9 | €14,013 | €14,575 | +€562 | +4.0% |
| Other amounts payable | 47/48 | €44,030 | €20,512 | -€23,518 | -53.4% |
| Non-recurring operating income | 76A | - | €2,500 | +€2,500 | |
| Remuneration, social security and pensions | 62 | €103,737 | €123,039 | +€19,302 | +18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,926 | €14,725 | -€15,201 | -50.8% |
| Other operating charges | 640/8 | €7,858 | €5,361 | -€2,497 | -31.8% |
| Gross operating margin | 9900 | -€5,382 | €149,832 | +€155,214 | |
| Operating profit (loss) | 9901 | -€146,903 | €6,708 | +€153,611 | |
| Financial income | 75/76B | €82 | €15 | -€67 | -81.4% |
| Recurring financial income | 75 | €82 | €15 | -€67 | -81.4% |
| Financial charges | 65/66B | €4,254 | €4,173 | -€82 | -1.9% |
| Recurring financial charges | 65 | €4,254 | €4,173 | -€82 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | -€151,075 | €2,551 | +€153,625 | |
| Income taxes | 67/77 | - | €240 | +€240 | |
| Profit (loss) for the period | 9904 | -€151,075 | €2,311 | +€153,386 | |
| Profit (loss) for the period to be appropriated | 9905 | -€151,075 | €2,311 | +€153,386 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.