EMMA LEVANTE: 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 LEVANTE
Largest movements
- Tangible fixed assets +€860,175
up €860,175 (+2,242%), from €38,374 to €898,549
of which Land and buildings: +€875,821
- Financial fixed assets -€590,688
down €590,688 (-100%), from €590,688 to €0
- Cash -€22,037
down €22,037 (-62.8%), from €35,116 to €13,079
mainly Investment in fixed assets (net) (-€339,773) and Other debts (-€298,802)
- Receivables within one year -€20,021
down €20,021 (-42.8%), from €46,744 to €26,723
of which Trade receivables: -€15,794
- Debts after one year +€583,122
up €583,122 (+46,132%), from €1,264 to €584,386
- Other debts -€298,802
down €298,802 (-98.3%), from €303,962 to €5,160
- Reserves -€72,780
down €72,780 (-20.6%), from €353,492 to €280,711
of which Distributable reserves: -€72,780
- Current portion of long-term debt +€19,090
up €19,090 (+252%), from €7,583 to €26,673
- Trade debts +€17,647
up €17,647 (+209%), from €8,424 to €26,071
- Depreciation +€60,413
up €60,413 (+612%), from €9,873 to €70,286
- Gross operating margin -€44,916
down €44,916 (-62.1%), from €72,354 to €27,438
- Other operating charges +€13,849
up €13,849 (+442%), from €3,133 to €16,982
- Financial charges -€5,262
down €5,262 (-29.2%), from €18,023 to €12,761
- Taxes -€2,013
down €2,013 (-78.9%), from €2,553 to €540
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 | €711,770 | €943,920 | +€232,151 | +32.6% |
| Fixed assets | 21/28 | €629,062 | €898,549 | +€269,487 | +42.8% |
| Tangible fixed assets | 22/27 | €38,374 | €898,549 | +€860,175 | +2,242% |
| Land and buildings | 22 | - | €875,821 | +€875,821 | |
| Furniture and vehicles | 24 | €33,374 | €22,727 | -€10,646 | -31.9% |
| Other tangible fixed assets | 26 | €5,000 | €0 | -€5,000 | -100% |
| Financial fixed assets | 28 | €590,688 | €0 | -€590,688 | -100% |
| Current assets | 29/58 | €82,708 | €45,371 | -€37,337 | -45.1% |
| Amounts receivable within one year | 40/41 | €46,744 | €26,723 | -€20,021 | -42.8% |
| Trade receivables | 40 | €28,825 | €13,031 | -€15,794 | -54.8% |
| Other amounts receivable | 41 | €17,919 | €13,692 | -€4,227 | -23.6% |
| Cash at bank and in hand | 54/58 | €35,116 | €13,079 | -€22,037 | -62.8% |
| Deferred charges and accrued income | 490/1 | €847 | €5,569 | +€4,721 | +557% |
| Total equity and liabilities | 10/49 | €711,770 | €943,920 | +€232,151 | +32.6% |
| Equity | 10/15 | €372,092 | €299,311 | -€72,780 | -19.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €353,492 | €280,711 | -€72,780 | -20.6% |
| Tax-exempt reserves | 132 | €26,050 | €26,050 | = | 0.0% |
| Distributable reserves | 133 | €327,442 | €254,661 | -€72,780 | -22.2% |
| Amounts payable | 17/49 | €339,678 | €644,609 | +€304,931 | +89.8% |
| Amounts payable after more than one year | 17 | €1,264 | €584,386 | +€583,122 | +46,132% |
| Financial debts | 170/4 | €1,264 | €584,386 | +€583,122 | +46,132% |
| Amounts payable within one year | 42/48 | €321,500 | €58,656 | -€262,844 | -81.8% |
| Current portion of amounts payable after more than one year | 42 | €7,583 | €26,673 | +€19,090 | +252% |
| Financial debts | 43 | - | €212 | +€212 | |
| Credit institutions | 430/8 | - | €212 | +€212 | |
| Trade debts | 44 | €8,424 | €26,071 | +€17,647 | +209% |
| Suppliers | 440/4 | €8,424 | €26,071 | +€17,647 | +209% |
| Taxes, remuneration and social security | 45 | €1,530 | €540 | -€990 | -64.7% |
| Taxes | 450/3 | €1,530 | €540 | -€990 | -64.7% |
| Other amounts payable | 47/48 | €303,962 | €5,160 | -€298,802 | -98.3% |
| Accrued charges and deferred income | 492/3 | €16,914 | €1,567 | -€15,347 | -90.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,873 | €70,286 | +€60,413 | +612% |
| Other operating charges | 640/8 | €3,133 | €16,982 | +€13,849 | +442% |
| Non-recurring operating charges | 66A | €39,827 | €0 | -€39,827 | -100% |
| Gross operating margin | 9900 | €72,354 | €27,438 | -€44,916 | -62.1% |
| Operating profit (loss) | 9901 | €19,521 | -€59,830 | -€79,350 | |
| Financial income | 75/76B | €1,824 | €350 | -€1,474 | -80.8% |
| Recurring financial income | 75 | €1,824 | €350 | -€1,474 | -80.8% |
| Financial charges | 65/66B | €18,023 | €12,761 | -€5,262 | -29.2% |
| Recurring financial charges | 65 | €18,023 | €12,761 | -€5,262 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €3,321 | -€72,241 | -€75,562 | |
| Income taxes | 67/77 | €2,553 | €540 | -€2,013 | -78.9% |
| Profit (loss) for the period | 9904 | €768 | -€72,780 | -€73,549 | |
| Profit (loss) for the period to be appropriated | 9905 | €768 | -€72,780 | -€73,549 |
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 23 October 2026 via checked.be.