EMMA: 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.
EMMA
Largest movements
- Tangible fixed assets +€635,855
up €635,855 (+42.5%), from €1.5m to €2.1m
of which Land and buildings: +€642,146
- Cash -€207,280
down €207,280 (-55.8%), from €371,320 to €164,040
mainly Investment in fixed assets (net) (-€821,182) and Stocks and contracts (-€159,382)
- Stocks and contracts +€159,382
up €159,382 (+44.9%), from €355,119 to €514,501
- Receivables within one year -€87,618
down €87,618 (-62.3%), from €140,651 to €53,033
of which Trade receivables: -€77,548
- Reserves +€428,981
up €428,981 (+38.1%), from €1.1m to €1.6m
- Current portion of long-term debt +€148,042
up €148,042 (+101.2%), from €146,229 to €294,271
- Debts after one year -€74,733
down €74,733 (-10.2%), from €730,899 to €656,166
of which Financial debts: -€108,309
- Trade debts -€54,096
down €54,096 (-53.3%), from €101,445 to €47,349
- Tax, wage and social debts +€46,996
up €46,996 (+28.3%), from €165,982 to €212,978
of which Taxes: +€41,850
- Gross operating margin +€381,118
up €381,118 (+33.4%), from €1.1m to €1.5m
- Write-downs +€238,342
up €238,342 (+224.9%), from €105,986 to €344,329
- Staff costs +€65,100
up €65,100 (+28.7%), from €226,940 to €292,040
- Depreciation +€36,012
up €36,012 (+24.1%), from €149,315 to €185,327
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 | €2,373,620 | €2,869,454 | +€495,834 | +20.9% |
| Fixed assets | 21/28 | €1,497,382 | €2,133,237 | +€635,855 | +42.5% |
| Tangible fixed assets | 22/27 | €1,494,672 | €2,130,527 | +€635,855 | +42.5% |
| Land and buildings | 22 | €1,462,037 | €2,104,183 | +€642,146 | +43.9% |
| Plant, machinery and equipment | 23 | €1,936 | €3,295 | +€1,359 | +70.2% |
| Furniture and vehicles | 24 | €30,699 | €23,049 | -€7,650 | -24.9% |
| Financial fixed assets | 28 | €2,710 | €2,710 | = | 0.0% |
| Current assets | 29/58 | €876,238 | €736,216 | -€140,021 | -16.0% |
| Stocks and contracts in progress | 3 | €355,119 | €514,501 | +€159,382 | +44.9% |
| Stocks | 30/36 | €355,119 | €514,501 | +€159,382 | +44.9% |
| Amounts receivable within one year | 40/41 | €140,651 | €53,033 | -€87,618 | -62.3% |
| Trade receivables | 40 | €120,284 | €42,736 | -€77,548 | -64.5% |
| Other amounts receivable | 41 | €20,367 | €10,297 | -€10,070 | -49.4% |
| Cash at bank and in hand | 54/58 | €371,320 | €164,040 | -€207,280 | -55.8% |
| Deferred charges and accrued income | 490/1 | €9,148 | €4,642 | -€4,506 | -49.3% |
| Total equity and liabilities | 10/49 | €2,373,620 | €2,869,454 | +€495,834 | +20.9% |
| Equity | 10/15 | €1,225,995 | €1,654,975 | +€428,981 | +35.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,125,995 | €1,554,975 | +€428,981 | +38.1% |
| Distributable reserves | 133 | €1,125,995 | €1,554,975 | +€428,981 | +38.1% |
| Amounts payable | 17/49 | €1,147,625 | €1,214,478 | +€66,853 | +5.8% |
| Amounts payable after more than one year | 17 | €730,899 | €656,166 | -€74,733 | -10.2% |
| Financial debts | 170/4 | €590,116 | €481,807 | -€108,309 | -18.4% |
| Other amounts payable | 178/9 | €140,783 | €174,360 | +€33,576 | +23.8% |
| Amounts payable within one year | 42/48 | €413,657 | €554,598 | +€140,941 | +34.1% |
| Current portion of amounts payable after more than one year | 42 | €146,229 | €294,271 | +€148,042 | +101.2% |
| Trade debts | 44 | €101,445 | €47,349 | -€54,096 | -53.3% |
| Suppliers | 440/4 | €101,445 | €47,349 | -€54,096 | -53.3% |
| Taxes, remuneration and social security | 45 | €165,982 | €212,978 | +€46,996 | +28.3% |
| Taxes | 450/3 | €141,507 | €183,357 | +€41,850 | +29.6% |
| Remuneration and social security | 454/9 | €24,475 | €29,621 | +€5,145 | +21.0% |
| Accrued charges and deferred income | 492/3 | €3,069 | €3,714 | +€645 | +21.0% |
| Remuneration, social security and pensions | 62 | €226,940 | €292,040 | +€65,100 | +28.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €149,315 | €185,327 | +€36,012 | +24.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €105,986 | €344,329 | +€238,342 | +224.9% |
| Other operating charges | 640/8 | €70,283 | €76,202 | +€5,918 | +8.4% |
| Non-recurring operating charges | 66A | €118 | - | -€118 | |
| Gross operating margin | 9900 | €1,139,407 | €1,520,525 | +€381,118 | +33.4% |
| Operating profit (loss) | 9901 | €586,764 | €622,628 | +€35,863 | +6.1% |
| Financial income | 75/76B | €41,445 | €33,567 | -€7,877 | -19.0% |
| Recurring financial income | 75 | €37,072 | €33,567 | -€3,505 | -9.5% |
| Non-recurring financial income | 76B | €4,372 | - | -€4,372 | |
| Financial charges | 65/66B | €26,633 | €37,452 | +€10,818 | +40.6% |
| Recurring financial charges | 65 | €26,633 | €29,772 | +€3,138 | +11.8% |
| Non-recurring financial charges | 66B | - | €7,680 | +€7,680 | |
| Profit (loss) for the period before taxes | 9903 | €601,576 | €618,743 | +€17,167 | +2.9% |
| Income taxes | 67/77 | €192,136 | €189,763 | -€2,374 | -1.2% |
| Profit (loss) for the period | 9904 | €409,439 | €428,981 | +€19,541 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €409,439 | €428,981 | +€19,541 | +4.8% |
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 9 October 2026 via checked.be.