EMMANUEL COLLIN: 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.
What changed
EMMANUEL COLLIN
NACE 69.203, Activities of company auditors
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€52,514
2024 · €32,080+€20,434
Equity
€431,507
2024 · €378,993+€52,514
Cash
€122,203
2024 · €70,751+€51,452
Balance sheet total
€712,833
2024 · €665,166+€47,666
Largest movements
Assets
- Cash +€51,452
up €51,452 (+72.7%), from €70,751 to €122,203
mainly Net result for the year (+€52,514) and Depreciation (+€12,773)
Equity and liabilities
- Reserves +€50,000
up €50,000 (+53.8%), from €92,860 to €142,860
of which Distributable reserves: +€50,000
- Debts after one year -€11,068
down €11,068 (-6.4%), from €174,117 to €163,049
Income statement
- Gross operating margin +€18,701
up €18,701 (+61.3%), from €30,518 to €49,220
- Taxes -€1,470
down €1,470 (-37.7%), from €3,903 to €2,433
- Financial charges -€527
down €527 (-6.6%), from €8,004 to €7,476
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.
Result 2024
€32,080
Gross operating margin
+€18,701
Depreciation
-€159
Other operating charges
-€206
Financial income
+€100
Financial charges
+€527
Taxes
+€1,470
Result 2025
€52,514
raises the resultlowers the result
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.
From operations
+€73,567
Investment
-€11,463
Financing
-€10,652
Cash 2024
€70,751
From operations (derived)
+€73,567
Net result for the year
+€52,514
Depreciation
+€12,773
Receivables within one year
+€2,509
Smaller working-capital items
-€34
Trade debts
+€1,695
Tax, wage and social debts
+€4,111
Investment (derived)
-€11,463
Investment in fixed assets (net)
-€11,463
Financing
-€10,652
Debts after one year
-€11,068
Current portion of long-term debt
+€416
Cash 2025
€122,203
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €665,166 | €712,833 | +€47,666 | +7.2% |
| Fixed assets | 21/28 | €387,954 | €386,645 | -€1,309 | -0.3% |
| Tangible fixed assets | 22/27 | €220,848 | €219,539 | -€1,309 | -0.6% |
| Land and buildings | 22 | €210,923 | €211,428 | +€506 | +0.2% |
| Furniture and vehicles | 24 | €6,922 | €5,687 | -€1,234 | -17.8% |
| Other tangible fixed assets | 26 | €3,004 | €2,423 | -€581 | -19.3% |
| Financial fixed assets | 28 | €167,106 | €167,106 | = | 0.0% |
| Current assets | 29/58 | €277,212 | €326,188 | +€48,976 | +17.7% |
| Amounts receivable after more than one year | 29 | €120,000 | €120,000 | = | 0.0% |
| Other amounts receivable | 291 | €120,000 | €120,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €83,037 | €80,528 | -€2,509 | -3.0% |
| Other amounts receivable | 41 | €83,037 | €80,528 | -€2,509 | -3.0% |
| Current investments | 50/53 | €1,800 | €1,800 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €70,751 | €122,203 | +€51,452 | +72.7% |
| Deferred charges and accrued income | 490/1 | €1,624 | €1,657 | +€33 | +2.0% |
| Total equity and liabilities | 10/49 | €665,166 | €712,833 | +€47,666 | +7.2% |
| Equity | 10/15 | €378,993 | €431,507 | +€52,514 | +13.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €92,860 | €142,860 | +€50,000 | +53.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €91,000 | €141,000 | +€50,000 | +54.9% |
| Profit (loss) carried forward | 14 | €273,733 | €276,247 | +€2,514 | +0.9% |
| Provisions and deferred taxes | 16 | €50,000 | €50,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €50,000 | €50,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable | 17/49 | €236,173 | €231,326 | -€4,848 | -2.1% |
| Amounts payable after more than one year | 17 | €174,117 | €163,049 | -€11,068 | -6.4% |
| Financial debts | 170/4 | €174,117 | €163,049 | -€11,068 | -6.4% |
| Amounts payable within one year | 42/48 | €60,573 | €66,795 | +€6,221 | +10.3% |
| Current portion of amounts payable after more than one year | 42 | €11,152 | €11,568 | +€416 | +3.7% |
| Trade debts | 44 | €1,563 | €3,258 | +€1,695 | +108% |
| Suppliers | 440/4 | €1,563 | €3,258 | +€1,695 | +108% |
| Taxes, remuneration and social security | 45 | €2,858 | €6,969 | +€4,111 | +144% |
| Taxes | 450/3 | €2,858 | €6,969 | +€4,111 | +144% |
| Other amounts payable | 47/48 | €45,000 | €45,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,483 | €1,482 | -€1 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,614 | €12,773 | +€159 | +1.3% |
| Other operating charges | 640/8 | €3,711 | €3,916 | +€206 | +5.5% |
| Gross operating margin | 9900 | €30,518 | €49,220 | +€18,701 | +61.3% |
| Operating profit (loss) | 9901 | €14,194 | €32,531 | +€18,337 | +129% |
| Financial income | 75/76B | €29,793 | €29,893 | +€100 | +0.3% |
| Recurring financial income | 75 | €29,793 | €29,893 | +€100 | +0.3% |
| Financial charges | 65/66B | €8,004 | €7,476 | -€527 | -6.6% |
| Recurring financial charges | 65 | €8,004 | €7,476 | -€527 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €35,983 | €54,947 | +€18,965 | +52.7% |
| Income taxes | 67/77 | €3,903 | €2,433 | -€1,470 | -37.7% |
| Profit (loss) for the period | 9904 | €32,080 | €52,514 | +€20,434 | +63.7% |
| Profit (loss) for the period to be appropriated | 9905 | €32,080 | €52,514 | +€20,434 | +63.7% |
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 16 October 2026 via checked.be.