Emmanuel: 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.
Emmanuel
Largest movements
- Cash +€212,293
up €212,293 (+38.4%), from €552,443 to €764,735
mainly Depreciation (+€202,091) and Contributions, distributions and other (+€102,308)
- Tangible fixed assets -€104,576
down €104,576 (-5.9%), from €1.8m to €1.7m
of which Land and buildings: -€111,405
- Receivables within one year -€89,942
down €89,942 (-28.3%), from €317,339 to €227,397
of which Other amounts receivable: -€105,986
- Investment grants +€102,308
up €102,308 (+11.9%), from €857,019 to €959,327
- Profit (loss) carried forward -€54,439
down €54,439 (-3.0%), from €1.8m to €1.8m
- Staff costs +€244,353
up €244,353 (+16.6%), from €1.5m to €1.7m
- Gross operating margin -€172,565
down €172,565 (-8.4%), from €2.0m to €1.9m
- Financial income -€33,544
down €33,544 (-24.8%), from €135,331 to €101,787
- Purchases and services +€25,385
up €25,385 (+9.4%), from €270,235 to €295,620
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 | €3,917,505 | €3,959,707 | +€42,202 | +1.1% |
| Fixed assets | 21/28 | €1,817,841 | €1,717,839 | -€100,002 | -5.5% |
| Intangible fixed assets | 21 | €38,727 | €43,301 | +€4,574 | +11.8% |
| Tangible fixed assets | 22/27 | €1,779,114 | €1,674,538 | -€104,576 | -5.9% |
| Land and buildings | 22 | €1,697,400 | €1,585,995 | -€111,405 | -6.6% |
| Plant, machinery and equipment | 23 | €3,808 | €9,498 | +€5,690 | +149.4% |
| Furniture and vehicles | 24 | €77,906 | €79,045 | +€1,139 | +1.5% |
| Current assets | 29/58 | €2,099,664 | €2,241,868 | +€142,204 | +6.8% |
| Amounts receivable within one year | 40/41 | €317,339 | €227,397 | -€89,942 | -28.3% |
| Trade receivables | 40 | €72,577 | €88,621 | +€16,044 | +22.1% |
| Other amounts receivable | 41 | €244,763 | €138,777 | -€105,986 | -43.3% |
| Current investments | 50/53 | €1,215,520 | €1,242,861 | +€27,341 | +2.2% |
| Cash at bank and in hand | 54/58 | €552,443 | €764,735 | +€212,293 | +38.4% |
| Deferred charges and accrued income | 490/1 | €14,362 | €6,874 | -€7,488 | -52.1% |
| Total equity and liabilities | 10/49 | €3,917,505 | €3,959,707 | +€42,202 | +1.1% |
| Equity | 10/15 | €3,515,051 | €3,561,547 | +€46,496 | +1.3% |
| Contributions | 10/11 | €720,864 | €720,864 | = | 0.0% |
| Capital | 10 | €720,864 | €720,864 | = | 0.0% |
| Reserves | 13 | €120,000 | €118,628 | -€1,372 | -1.1% |
| Profit (loss) carried forward | 14 | €1,817,168 | €1,762,728 | -€54,439 | -3.0% |
| Investment grants | 15 | €857,019 | €959,327 | +€102,308 | +11.9% |
| Provisions and deferred taxes | 16 | €103,000 | €103,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €103,000 | €103,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €103,000 | €103,000 | = | 0.0% |
| Amounts payable | 17/49 | €299,454 | €295,160 | -€4,294 | -1.4% |
| Amounts payable within one year | 42/48 | €292,036 | €292,931 | +€895 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €12,500 | - | -€12,500 | |
| Trade debts | 44 | €47,057 | €19,465 | -€27,592 | -58.6% |
| Suppliers | 440/4 | €47,057 | €19,465 | -€27,592 | -58.6% |
| Taxes, remuneration and social security | 45 | €232,053 | €273,466 | +€41,413 | +17.8% |
| Taxes | 450/3 | €10,862 | €16,413 | +€5,552 | +51.1% |
| Remuneration and social security | 454/9 | €221,191 | €257,053 | +€35,862 | +16.2% |
| Accrued charges and deferred income | 492/3 | €7,418 | €2,228 | -€5,190 | -70.0% |
| Turnover | 70 | €0 | - | = | |
| Non-recurring operating income | 76A | €8,325 | €90 | -€8,235 | -98.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €270,235 | €295,620 | +€25,385 | +9.4% |
| Remuneration, social security and pensions | 62 | €1,476,242 | €1,720,595 | +€244,353 | +16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193,088 | €202,091 | +€9,002 | +4.7% |
| Other operating charges | 640/8 | €59,515 | €64,077 | +€4,561 | +7.7% |
| Non-recurring operating charges | 66A | €37,073 | €21,993 | -€15,080 | -40.7% |
| Gross operating margin | 9900 | €2,043,131 | €1,870,565 | -€172,565 | -8.4% |
| Operating profit (loss) | 9901 | €174,213 | -€138,190 | -€312,402 | |
| Financial income | 75/76B | €135,331 | €101,787 | -€33,544 | -24.8% |
| Recurring financial income | 75 | €135,331 | €101,787 | -€33,544 | -24.8% |
| Financial charges | 65/66B | €18,000 | €19,409 | +€1,409 | +7.8% |
| Recurring financial charges | 65 | €18,000 | €19,409 | +€1,409 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €291,543 | -€55,812 | -€347,355 | |
| Profit (loss) for the period | 9904 | €291,543 | -€55,812 | -€347,355 | |
| Profit (loss) for the period to be appropriated | 9905 | €291,543 | -€55,812 | -€347,355 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.