Emitor: 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.
Emitor
Largest movements
- Financial fixed assets +€3.7m
new in 2025: €3.7m
- Receivables within one year -€188,755
down €188,755 (-51.7%), from €365,201 to €176,446
of which Trade receivables: -€205,700
- Cash +€161,978
up €161,978 (+56.8%), from €285,416 to €447,394
mainly Contributions, distributions and other (+€1.9m) and Debts after one year (+€1.6m)
- Contributions +€1.9m
up €1.9m (+18,550,000%), from €10 to €1.9m
- Debts after one year +€1.6m
new in 2025: €1.6m
- Current portion of long-term debt +€265,000
new in 2025: €265,000
- Tax, wage and social debts -€164,857
down €164,857 (-85.5%), from €192,815 to €27,957
- Reserves +€133,584
up €133,584 (+28.1%), from €474,731 to €608,315
- Gross operating margin -€182,199
down €182,199 (-47.4%), from €384,063 to €201,864
- Taxes -€54,401
down €54,401 (-46.5%), from €116,998 to €62,596
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 | €668,301 | €4,347,242 | +€3.7m | +550% |
| Fixed assets | 21/28 | €17,684 | €3,723,093 | +€3.7m | +20,953% |
| Tangible fixed assets | 22/27 | €17,684 | €13,093 | -€4,591 | -26.0% |
| Furniture and vehicles | 24 | €15,666 | €11,535 | -€4,130 | -26.4% |
| Other tangible fixed assets | 26 | €2,019 | €1,557 | -€461 | -22.8% |
| Financial fixed assets | 28 | - | €3,710,000 | +€3.7m | |
| Current assets | 29/58 | €650,617 | €624,149 | -€26,468 | -4.1% |
| Amounts receivable within one year | 40/41 | €365,201 | €176,446 | -€188,755 | -51.7% |
| Trade receivables | 40 | €361,185 | €155,485 | -€205,700 | -57.0% |
| Other amounts receivable | 41 | €4,016 | €20,961 | +€16,945 | +422% |
| Cash at bank and in hand | 54/58 | €285,416 | €447,394 | +€161,978 | +56.8% |
| Deferred charges and accrued income | 490/1 | - | €309 | +€309 | |
| Total equity and liabilities | 10/49 | €668,301 | €4,347,242 | +€3.7m | +550% |
| Equity | 10/15 | €474,741 | €2,463,325 | +€2.0m | +419% |
| Contributions | 10/11 | €10 | €1,855,010 | +€1.9m | +18,550,000% |
| Reserves | 13 | €474,731 | €608,315 | +€133,584 | +28.1% |
| Distributable reserves | 133 | €474,731 | €608,315 | +€133,584 | +28.1% |
| Amounts payable | 17/49 | €193,560 | €1,883,917 | +€1.7m | +873% |
| Amounts payable after more than one year | 17 | - | €1,590,000 | +€1.6m | |
| Financial debts | 170/4 | - | €1,590,000 | +€1.6m | |
| Amounts payable within one year | 42/48 | €193,560 | €293,894 | +€100,334 | +51.8% |
| Current portion of amounts payable after more than one year | 42 | - | €265,000 | +€265,000 | |
| Trade debts | 44 | €745 | €937 | +€191 | +25.7% |
| Suppliers | 440/4 | €745 | €937 | +€191 | +25.7% |
| Taxes, remuneration and social security | 45 | €192,815 | €27,957 | -€164,857 | -85.5% |
| Taxes | 450/3 | €192,815 | €27,957 | -€164,857 | -85.5% |
| Accrued charges and deferred income | 492/3 | - | €23 | +€23 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,537 | €4,591 | +€1,054 | +29.8% |
| Other operating charges | 640/8 | €210 | €675 | +€466 | +222% |
| Gross operating margin | 9900 | €384,063 | €201,864 | -€182,199 | -47.4% |
| Operating profit (loss) | 9901 | €380,316 | €196,597 | -€183,719 | -48.3% |
| Financial income | 75/76B | €381 | €189 | -€192 | -50.3% |
| Recurring financial income | 75 | €381 | €189 | -€192 | -50.3% |
| Financial charges | 65/66B | €159 | €606 | +€448 | +282% |
| Recurring financial charges | 65 | €159 | €606 | +€448 | +282% |
| Profit (loss) for the period before taxes | 9903 | €380,538 | €196,180 | -€184,358 | -48.4% |
| Income taxes | 67/77 | €116,998 | €62,596 | -€54,401 | -46.5% |
| Profit (loss) for the period | 9904 | €263,541 | €133,584 | -€129,957 | -49.3% |
| Profit (loss) for the period to be appropriated | 9905 | €263,541 | €133,584 | -€129,957 | -49.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.