EMMA LAROC: 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 LAROC
Largest movements
- Receivables within one year +€1.4m
up €1.4m (+114%), from €1.2m to €2.6m
of which Other amounts receivable: +€1.4m
- Cash -€324,345
down €324,345 (-72.2%), from €449,372 to €125,027
mainly Receivables within one year (-€1.4m) and Current investments (-€161,778)
- Current investments +€161,778
new in 2025: €161,778
- Other debts +€904,986
up €904,986 (+44.1%), from €2.1m to €3.0m
- Reserves +€361,758
up €361,758 (+297%), from €121,986 to €483,744
- Debts after one year -€51,429
down €51,429 (-16.7%), from €308,571 to €257,143
- Financial income +€293,669
up €293,669 (+179%), from €164,234 to €457,903
- Gross operating margin +€34,584
up €34,584 (+104%), from €33,235 to €67,819
- Staff costs +€22,341
up €22,341 (+71.0%), from €31,445 to €53,786
- Financial charges -€20,289
down €20,289 (-60.5%), from €33,517 to €13,227
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 | €2,605,894 | €3,834,746 | +€1.2m | +47.2% |
| Fixed assets | 21/28 | €925,162 | €921,485 | -€3,677 | -0.4% |
| Tangible fixed assets | 22/27 | €9,223 | €12,246 | +€3,023 | +32.8% |
| Plant, machinery and equipment | 23 | €9,223 | €9,094 | -€129 | -1.4% |
| Furniture and vehicles | 24 | - | €3,152 | +€3,152 | |
| Financial fixed assets | 28 | €915,939 | €909,239 | -€6,700 | -0.7% |
| Current assets | 29/58 | €1,680,732 | €2,913,261 | +€1.2m | +73.3% |
| Stocks and contracts in progress | 3 | €6,384 | €6,591 | +€206 | +3.2% |
| Stocks | 30/36 | €6,384 | €6,591 | +€206 | +3.2% |
| Amounts receivable within one year | 40/41 | €1,221,438 | €2,614,899 | +€1.4m | +114% |
| Trade receivables | 40 | - | €7 | +€7 | |
| Other amounts receivable | 41 | €1,221,438 | €2,614,892 | +€1.4m | +114% |
| Current investments | 50/53 | - | €161,778 | +€161,778 | |
| Cash at bank and in hand | 54/58 | €449,372 | €125,027 | -€324,345 | -72.2% |
| Deferred charges and accrued income | 490/1 | €3,538 | €4,967 | +€1,429 | +40.4% |
| Total equity and liabilities | 10/49 | €2,605,894 | €3,834,746 | +€1.2m | +47.2% |
| Equity | 10/15 | €183,486 | €545,244 | +€361,758 | +197% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €121,986 | €483,744 | +€361,758 | +297% |
| Distributable reserves | 133 | €121,986 | €483,744 | +€361,758 | +297% |
| Amounts payable | 17/49 | €2,422,408 | €3,289,502 | +€867,094 | +35.8% |
| Amounts payable after more than one year | 17 | €308,571 | €257,143 | -€51,429 | -16.7% |
| Financial debts | 170/4 | €308,571 | €257,143 | -€51,429 | -16.7% |
| Amounts payable within one year | 42/48 | €2,113,836 | €3,032,359 | +€918,523 | +43.5% |
| Current portion of amounts payable after more than one year | 42 | €51,429 | €51,429 | = | 0.0% |
| Trade debts | 44 | €5,929 | €15,265 | +€9,336 | +157% |
| Suppliers | 440/4 | €5,929 | €15,265 | +€9,336 | +157% |
| Taxes, remuneration and social security | 45 | €5,378 | €9,579 | +€4,201 | +78.1% |
| Taxes | 450/3 | €2,564 | €5,200 | +€2,636 | +103% |
| Remuneration and social security | 454/9 | €2,814 | €4,379 | +€1,565 | +55.6% |
| Other amounts payable | 47/48 | €2,051,100 | €2,956,086 | +€904,986 | +44.1% |
| Remuneration, social security and pensions | 62 | €31,445 | €53,786 | +€22,341 | +71.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,134 | €2,760 | +€626 | +29.3% |
| Other operating charges | 640/8 | €2,458 | €1,942 | -€517 | -21.0% |
| Gross operating margin | 9900 | €33,235 | €67,819 | +€34,584 | +104% |
| Operating profit (loss) | 9901 | -€2,802 | €9,332 | +€12,134 | |
| Financial income | 75/76B | €164,234 | €457,903 | +€293,669 | +179% |
| Recurring financial income | 75 | €164,234 | €457,903 | +€293,669 | +179% |
| Financial charges | 65/66B | €33,517 | €13,227 | -€20,289 | -60.5% |
| Recurring financial charges | 65 | €33,517 | €13,227 | -€20,289 | -60.5% |
| Profit (loss) for the period before taxes | 9903 | €127,915 | €454,008 | +€326,093 | +255% |
| Profit (loss) for the period | 9904 | €127,915 | €454,008 | +€326,093 | +255% |
| Profit (loss) for the period to be appropriated | 9905 | €127,915 | €454,008 | +€326,093 | +255% |
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 26 October 2026 via checked.be.