Emmanuel Szafran: 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.
Emmanuel Szafran
Largest movements
- Cash -€39,806
down €39,806 (-59.1%), from €67,370 to €27,564
mainly Other debts (-€28,038) and Tax, wage and social debts (-€20,803)
- Receivables within one year +€7,075
new in 2025: €7,075
- Deferred charges and accrued income -€6,377
down €6,377 (-97.0%), from €6,574 to €196
- Tangible fixed assets -€5,425
down €5,425 (-39.0%), from €13,918 to €8,493
- Other debts -€28,038
down €28,038 (-49.6%), from €56,552 to €28,513
- Tax, wage and social debts -€20,803
down €20,803 (-84.1%), from €24,740 to €3,937
- Profit (loss) carried forward +€3,264
up €3,264 (+606%), from €539 to €3,803
- Trade debts +€1,044
up €1,044 (+74.8%), from €1,395 to €2,438
- Gross operating margin -€62,986
down €62,986 (-82.7%), from €76,136 to €13,149
- Taxes -€12,705
down €12,705 (-81.3%), from €15,630 to €2,925
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 | €88,225 | €43,691 | -€44,533 | -50.5% |
| Fixed assets | 21/28 | €14,281 | €8,856 | -€5,425 | -38.0% |
| Tangible fixed assets | 22/27 | €13,918 | €8,493 | -€5,425 | -39.0% |
| Furniture and vehicles | 24 | €13,918 | €8,493 | -€5,425 | -39.0% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €73,944 | €34,835 | -€39,109 | -52.9% |
| Amounts receivable within one year | 40/41 | - | €7,075 | +€7,075 | |
| Other amounts receivable | 41 | - | €7,075 | +€7,075 | |
| Cash at bank and in hand | 54/58 | €67,370 | €27,564 | -€39,806 | -59.1% |
| Deferred charges and accrued income | 490/1 | €6,574 | €196 | -€6,377 | -97.0% |
| Total equity and liabilities | 10/49 | €88,225 | €43,691 | -€44,533 | -50.5% |
| Equity | 10/15 | €5,539 | €8,803 | +€3,264 | +58.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €539 | €3,803 | +€3,264 | +606% |
| Amounts payable | 17/49 | €82,686 | €34,888 | -€47,798 | -57.8% |
| Amounts payable within one year | 42/48 | €82,686 | €34,888 | -€47,798 | -57.8% |
| Trade debts | 44 | €1,395 | €2,438 | +€1,044 | +74.8% |
| Suppliers | 440/4 | €1,395 | €2,438 | +€1,044 | +74.8% |
| Taxes, remuneration and social security | 45 | €24,740 | €3,937 | -€20,803 | -84.1% |
| Taxes | 450/3 | €24,740 | €3,937 | -€20,803 | -84.1% |
| Other amounts payable | 47/48 | €56,552 | €28,513 | -€28,038 | -49.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,547 | €6,642 | +€94 | +1.4% |
| Other operating charges | 640/8 | - | €25 | +€25 | |
| Gross operating margin | 9900 | €76,136 | €13,149 | -€62,986 | -82.7% |
| Operating profit (loss) | 9901 | €69,588 | €6,483 | -€63,106 | -90.7% |
| Financial income | 75/76B | €390 | - | -€390 | |
| Recurring financial income | 75 | €390 | - | -€390 | |
| Financial charges | 65/66B | €324 | €293 | -€31 | -9.5% |
| Recurring financial charges | 65 | €324 | €293 | -€31 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €69,654 | €6,189 | -€63,465 | -91.1% |
| Income taxes | 67/77 | €15,630 | €2,925 | -€12,705 | -81.3% |
| Profit (loss) for the period | 9904 | €54,024 | €3,264 | -€50,759 | -94.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,024 | €3,264 | -€50,759 | -94.0% |
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 28 October 2026 via checked.be.