EMISI: 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.
EMISI
Largest movements
- Receivables within one year +€61,021
up €61,021 (+45.3%), from €134,559 to €195,579
of which Trade receivables: +€64,642
- Trade debts +€72,864
up €72,864 (+78.6%), from €92,705 to €165,569
- Debts after one year -€18,556
down €18,556 (-26.4%), from €70,421 to €51,865
- Profit (loss) carried forward -€11,300
down €11,300 (-46.2%), from €24,445 to €13,145
- Short-term financial debts +€5,357
up €5,357 (+4.1%), from €132,195 to €137,551
of which Credit institutions: +€3,357
- Advances received +€4,390
up €4,390, from €0 to €4,390
- Gross operating margin -€8,994
down €8,994 (-28.0%), from €32,068 to €23,074
- Financial charges -€4,911
down €4,911 (-22.9%), from €21,434 to €16,523
- Depreciation +€1,973
up €1,973 (+10.1%), from €19,471 to €21,444
- Other operating charges -€369
down €369 (-23.6%), from €1,563 to €1,194
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 | €361,360 | €415,049 | +€53,689 | +14.9% |
| Formation expenses | 20 | €11,320 | €8,002 | -€3,317 | -29.3% |
| Fixed assets | 21/28 | €105,065 | €100,807 | -€4,259 | -4.1% |
| Intangible fixed assets | 21 | €99,711 | €96,311 | -€3,399 | -3.4% |
| Tangible fixed assets | 22/27 | €4,864 | €4,005 | -€859 | -17.7% |
| Furniture and vehicles | 24 | €4,864 | €4,005 | -€859 | -17.7% |
| Financial fixed assets | 28 | €491 | €491 | = | 0.0% |
| Current assets | 29/58 | €244,975 | €306,240 | +€61,265 | +25.0% |
| Amounts receivable after more than one year | 29 | €91,000 | €91,000 | = | 0.0% |
| Other amounts receivable | 291 | €91,000 | €91,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €14,786 | €14,726 | -€60 | -0.4% |
| Stocks | 30/36 | €14,786 | €14,726 | -€60 | -0.4% |
| Amounts receivable within one year | 40/41 | €134,559 | €195,579 | +€61,021 | +45.3% |
| Trade receivables | 40 | €88,311 | €152,953 | +€64,642 | +73.2% |
| Other amounts receivable | 41 | €46,248 | €42,626 | -€3,621 | -7.8% |
| Cash at bank and in hand | 54/58 | €683 | €0 | -€683 | -100.0% |
| Deferred charges and accrued income | 490/1 | €3,948 | €4,935 | +€987 | +25.0% |
| Total equity and liabilities | 10/49 | €361,360 | €415,049 | +€53,689 | +14.9% |
| Equity | 10/15 | €44,905 | €33,605 | -€11,300 | -25.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,445 | €13,145 | -€11,300 | -46.2% |
| Amounts payable | 17/49 | €316,455 | €381,445 | +€64,989 | +20.5% |
| Amounts payable after more than one year | 17 | €70,421 | €51,865 | -€18,556 | -26.4% |
| Financial debts | 170/4 | €70,421 | €51,865 | -€18,556 | -26.4% |
| Amounts payable within one year | 42/48 | €245,826 | €328,054 | +€82,228 | +33.4% |
| Current portion of amounts payable after more than one year | 42 | €20,110 | €20,233 | +€123 | +0.6% |
| Financial debts | 43 | €132,195 | €137,551 | +€5,357 | +4.1% |
| Credit institutions | 430/8 | €131,776 | €135,132 | +€3,357 | +2.5% |
| Other loans | 439 | €419 | €2,419 | +€2,000 | +477.6% |
| Trade debts | 44 | €92,705 | €165,569 | +€72,864 | +78.6% |
| Suppliers | 440/4 | €92,705 | €165,569 | +€72,864 | +78.6% |
| Advances received on contracts in progress | 46 | €0 | €4,390 | +€4,390 | |
| Taxes, remuneration and social security | 45 | €817 | €311 | -€506 | -61.9% |
| Taxes | 450/3 | €817 | €311 | -€506 | -61.9% |
| Accrued charges and deferred income | 492/3 | €209 | €1,526 | +€1,317 | +630.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,471 | €21,444 | +€1,973 | +10.1% |
| Other operating charges | 640/8 | €1,563 | €1,194 | -€369 | -23.6% |
| Gross operating margin | 9900 | €32,068 | €23,074 | -€8,994 | -28.0% |
| Operating profit (loss) | 9901 | €11,034 | €437 | -€10,598 | -96.0% |
| Financial income | 75/76B | €5,162 | €4,935 | -€227 | -4.4% |
| Recurring financial income | 75 | €5,162 | €4,935 | -€227 | -4.4% |
| Financial charges | 65/66B | €21,434 | €16,523 | -€4,911 | -22.9% |
| Recurring financial charges | 65 | €21,434 | €16,523 | -€4,911 | -22.9% |
| Profit (loss) for the period before taxes | 9903 | -€5,238 | -€11,151 | -€5,913 | -112.9% |
| Income taxes | 67/77 | €162 | €149 | -€13 | -8.0% |
| Profit (loss) for the period | 9904 | -€5,400 | -€11,300 | -€5,901 | -109.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,400 | -€11,300 | -€5,901 | -109.3% |
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 28 September 2026 via checked.be.