EMMA: 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.
EMMA
Largest movements
- Current investments +€3.0m
up €3.0m (+198.1%), from €1.5m to €4.6m
- Cash -€1.3m
down €1.3m (-86.4%), from €1.5m to €209,237
mainly Current investments (-€3.0m) and Receivables within one year (-€613,064)
- Receivables within one year +€613,064
up €613,064 (+28.0%), from €2.2m to €2.8m
of which Trade receivables: +€2.2m
- Receivables after one year -€118,555
down €118,555 (-16.2%), from €732,587 to €614,032
- Reserves +€1.7m
up €1.7m (+28.4%), from €6.0m to €7.7m
of which Distributable reserves: +€1.4m
- Other debts +€383,145
up €383,145, from €0 to €383,145
- Gross operating margin +€850,799
up €850,799 (+63.7%), from €1.3m to €2.2m
- Financial charges -€577,979
down €577,979 (-89.6%), from €645,196 to €67,216
- Taxes +€186,525
up €186,525 (+49.0%), from €380,976 to €567,501
- Financial income -€41,456
down €41,456 (-18.3%), from €227,009 to €185,552
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 | €9,507,756 | €11,600,453 | +€2.1m | +22.0% |
| Fixed assets | 21/28 | €3,427,725 | €3,394,680 | -€33,045 | -1.0% |
| Tangible fixed assets | 22/27 | €127,893 | €94,848 | -€33,045 | -25.8% |
| Furniture and vehicles | 24 | €127,893 | €94,848 | -€33,045 | -25.8% |
| Financial fixed assets | 28 | €3,299,832 | €3,299,832 | = | 0.0% |
| Current assets | 29/58 | €6,080,031 | €8,205,773 | +€2.1m | +35.0% |
| Amounts receivable after more than one year | 29 | €732,587 | €614,032 | -€118,555 | -16.2% |
| Other amounts receivable | 291 | €732,587 | €614,032 | -€118,555 | -16.2% |
| Amounts receivable within one year | 40/41 | €2,190,955 | €2,804,020 | +€613,064 | +28.0% |
| Trade receivables | 40 | €11,367 | €2,183,812 | +€2.2m | +19112.7% |
| Other amounts receivable | 41 | €2,179,589 | €620,208 | -€1.6m | -71.5% |
| Current investments | 50/53 | €1,532,470 | €4,568,421 | +€3.0m | +198.1% |
| Cash at bank and in hand | 54/58 | €1,542,231 | €209,237 | -€1.3m | -86.4% |
| Deferred charges and accrued income | 490/1 | €81,787 | €10,063 | -€71,724 | -87.7% |
| Total equity and liabilities | 10/49 | €9,507,756 | €11,600,453 | +€2.1m | +22.0% |
| Equity | 10/15 | €9,490,751 | €11,192,442 | +€1.7m | +17.9% |
| Contributions | 10/11 | €3,497,775 | €3,497,775 | = | 0.0% |
| Reserves | 13 | €5,992,976 | €7,694,667 | +€1.7m | +28.4% |
| Tax-exempt reserves | 132 | €770,430 | €1,103,020 | +€332,590 | +43.2% |
| Distributable reserves | 133 | €5,222,546 | €6,591,647 | +€1.4m | +26.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €17,004 | €408,010 | +€391,006 | +2299.5% |
| Amounts payable within one year | 42/48 | €10,163 | €408,010 | +€397,847 | +3914.6% |
| Trade debts | 44 | €6,180 | €15,063 | +€8,883 | +143.7% |
| Suppliers | 440/4 | €6,180 | €15,063 | +€8,883 | +143.7% |
| Taxes, remuneration and social security | 45 | €3,983 | €9,803 | +€5,820 | +146.1% |
| Taxes | 450/3 | €3,983 | €9,803 | +€5,820 | +146.1% |
| Other amounts payable | 47/48 | €0 | €383,145 | +€383,145 | |
| Accrued charges and deferred income | 492/3 | €6,841 | €0 | -€6,841 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,076 | €33,045 | +€7,969 | +31.8% |
| Other operating charges | 640/8 | €2,044 | €1,883 | -€161 | -7.9% |
| Gross operating margin | 9900 | €1,334,985 | €2,185,784 | +€850,799 | +63.7% |
| Operating profit (loss) | 9901 | €1,307,864 | €2,150,856 | +€842,991 | +64.5% |
| Financial income | 75/76B | €227,009 | €185,552 | -€41,456 | -18.3% |
| Recurring financial income | 75 | €227,009 | €185,552 | -€41,456 | -18.3% |
| Financial charges | 65/66B | €645,196 | €67,216 | -€577,979 | -89.6% |
| Recurring financial charges | 65 | €645,196 | €67,216 | -€577,979 | -89.6% |
| Profit (loss) for the period before taxes | 9903 | €889,677 | €2,269,192 | +€1.4m | +155.1% |
| Income taxes | 67/77 | €380,976 | €567,501 | +€186,525 | +49.0% |
| Profit (loss) for the period | 9904 | €508,702 | €1,701,691 | +€1.2m | +234.5% |
| Transfer from tax-exempt reserves | 789 | €608,600 | €88,410 | -€520,190 | -85.5% |
| Transfer to tax-exempt reserves | 689 | €421,000 | €421,000 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €696,302 | €1,369,101 | +€672,799 | +96.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.