EMMA PROJECTS: 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 PROJECTS
Largest movements
- Current investments -€250,000
down €250,000 (-100%), from €250,000 to €0
- Cash -€171,005
down €171,005 (-65.8%), from €259,785 to €88,779
mainly Investment in fixed assets (net) (-€317,172) and Contributions, distributions and other (-€221,514)
- Tangible fixed assets +€113,368
up €113,368 (+18.9%), from €599,447 to €712,815
of which Plant, machinery and equipment: +€113,955
- Receivables within one year +€24,700
up €24,700 (+34.2%), from €72,243 to €96,942
of which Trade receivables: +€37,414
- Other debts -€136,078
down €136,078 (-38.9%), from €349,912 to €213,834
- Reserves -€85,573
down €85,573 (-12.6%), from €676,944 to €591,370
- Debts after one year -€64,700
down €64,700 (-60.3%), from €107,366 to €42,667
- Current portion of long-term debt -€23,350
down €23,350 (-26.5%), from €88,049 to €64,700
- Financial income +€103,770
up €103,770 (+114,625%), from €91 to €103,861
- Depreciation +€34,025
up €34,025 (+18.7%), from €181,958 to €215,983
- Financial charges -€8,493
down €8,493 (-42.8%), from €19,867 to €11,374
- Taxes +€7,536
up €7,536 (+26.7%), from €28,223 to €35,759
- Gross operating margin -€3,710
down €3,710 (-1.2%), from €306,136 to €302,426
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 | €1,350,604 | €1,058,033 | -€292,571 | -21.7% |
| Fixed assets | 21/28 | €648,161 | €749,351 | +€101,190 | +15.6% |
| Intangible fixed assets | 21 | €48,714 | €36,536 | -€12,179 | -25.0% |
| Tangible fixed assets | 22/27 | €599,447 | €712,815 | +€113,368 | +18.9% |
| Land and buildings | 22 | €203,150 | €183,153 | -€19,997 | -9.8% |
| Plant, machinery and equipment | 23 | €376,915 | €490,870 | +€113,955 | +30.2% |
| Furniture and vehicles | 24 | €19,382 | €38,792 | +€19,410 | +100% |
| Current assets | 29/58 | €702,443 | €308,682 | -€393,761 | -56.1% |
| Stocks and contracts in progress | 3 | €118,563 | €120,258 | +€1,694 | +1.4% |
| Stocks | 30/36 | €118,563 | €120,258 | +€1,694 | +1.4% |
| Amounts receivable within one year | 40/41 | €72,243 | €96,942 | +€24,700 | +34.2% |
| Trade receivables | 40 | €52,243 | €89,657 | +€37,414 | +71.6% |
| Other amounts receivable | 41 | €20,000 | €7,285 | -€12,715 | -63.6% |
| Current investments | 50/53 | €250,000 | €0 | -€250,000 | -100% |
| Cash at bank and in hand | 54/58 | €259,785 | €88,779 | -€171,005 | -65.8% |
| Deferred charges and accrued income | 490/1 | €1,852 | €2,702 | +€851 | +45.9% |
| Total equity and liabilities | 10/49 | €1,350,604 | €1,058,033 | -€292,571 | -21.7% |
| Equity | 10/15 | €776,944 | €691,370 | -€85,573 | -11.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €676,944 | €591,370 | -€85,573 | -12.6% |
| Distributable reserves | 133 | €676,944 | €591,370 | -€85,573 | -12.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €573,660 | €366,662 | -€206,998 | -36.1% |
| Amounts payable after more than one year | 17 | €107,366 | €42,667 | -€64,700 | -60.3% |
| Financial debts | 170/4 | €107,366 | €42,667 | -€64,700 | -60.3% |
| Amounts payable within one year | 42/48 | €457,813 | €311,829 | -€145,983 | -31.9% |
| Current portion of amounts payable after more than one year | 42 | €88,049 | €64,700 | -€23,350 | -26.5% |
| Trade debts | 44 | €499 | €1,460 | +€961 | +193% |
| Suppliers | 440/4 | €499 | €1,460 | +€961 | +193% |
| Taxes, remuneration and social security | 45 | €19,352 | €31,835 | +€12,484 | +64.5% |
| Taxes | 450/3 | €17,103 | €29,587 | +€12,484 | +73.0% |
| Remuneration and social security | 454/9 | €2,249 | €2,249 | = | 0.0% |
| Other amounts payable | 47/48 | €349,912 | €213,834 | -€136,078 | -38.9% |
| Accrued charges and deferred income | 492/3 | €8,481 | €12,166 | +€3,685 | +43.5% |
| Non-recurring operating income | 76A | - | €8,463 | +€8,463 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €181,958 | €215,983 | +€34,025 | +18.7% |
| Other operating charges | 640/8 | €5,386 | €7,231 | +€1,845 | +34.3% |
| Gross operating margin | 9900 | €306,136 | €302,426 | -€3,710 | -1.2% |
| Operating profit (loss) | 9901 | €118,792 | €79,213 | -€39,580 | -33.3% |
| Financial income | 75/76B | €91 | €103,861 | +€103,770 | +114,625% |
| Recurring financial income | 75 | €91 | €103,861 | +€103,770 | +114,625% |
| Financial charges | 65/66B | €19,867 | €11,374 | -€8,493 | -42.8% |
| Recurring financial charges | 65 | €19,867 | €11,374 | -€8,493 | -42.8% |
| Profit (loss) for the period before taxes | 9903 | €99,016 | €171,700 | +€72,683 | +73.4% |
| Income taxes | 67/77 | €28,223 | €35,759 | +€7,536 | +26.7% |
| Profit (loss) for the period | 9904 | €70,793 | €135,940 | +€65,147 | +92.0% |
| Profit (loss) for the period to be appropriated | 9905 | €70,793 | €135,940 | +€65,147 | +92.0% |
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 19 October 2026 via checked.be.