EMMAR: 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.
EMMAR
Largest movements
- Receivables within one year -€29,482
down €29,482 (-19.9%), from €147,782 to €118,300
of which Other amounts receivable: -€25,647
- Cash -€9,309
down €9,309 (-78.8%), from €11,808 to €2,499
mainly Contributions, distributions and other (-€50,000) and Debts after one year (-€6,771)
- Tangible fixed assets -€2,924
down €2,924 (-9.6%), from €30,574 to €27,650
of which Land and buildings: -€3,765
- Reserves -€40,705
down €40,705 (-29.5%), from €137,894 to €97,189
of which Distributable reserves: -€40,705
- Debts after one year -€6,771
down €6,771 (-29.3%), from €23,093 to €16,322
- Short-term financial debts +€6,047
new in 2025: €6,047
- Gross operating margin -€18,908
down €18,908 (-54.1%), from €34,954 to €16,046
- Taxes -€4,051
down €4,051 (-57.8%), from €7,005 to €2,954
- Financial charges +€895
up €895 (+18.1%), from €4,931 to €5,826
- Financial income -€649
down €649 (-8.0%), from €8,136 to €7,487
- Depreciation -€388
down €388 (-8.7%), from €4,456 to €4,068
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 | €191,865 | €150,996 | -€40,869 | -21.3% |
| Fixed assets | 21/28 | €31,499 | €28,575 | -€2,924 | -9.3% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €30,574 | €27,650 | -€2,924 | -9.6% |
| Land and buildings | 22 | €30,572 | €26,807 | -€3,765 | -12.3% |
| Plant, machinery and equipment | 23 | €2 | €844 | +€841 | +35,505% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €925 | €925 | = | 0.0% |
| Current assets | 29/58 | €160,366 | €122,421 | -€37,945 | -23.7% |
| Amounts receivable within one year | 40/41 | €147,782 | €118,300 | -€29,482 | -19.9% |
| Trade receivables | 40 | €6,664 | €2,829 | -€3,835 | -57.5% |
| Other amounts receivable | 41 | €141,118 | €115,470 | -€25,647 | -18.2% |
| Cash at bank and in hand | 54/58 | €11,808 | €2,499 | -€9,309 | -78.8% |
| Deferred charges and accrued income | 490/1 | €776 | €1,622 | +€846 | +109% |
| Total equity and liabilities | 10/49 | €191,865 | €150,996 | -€40,869 | -21.3% |
| Equity | 10/15 | €156,494 | €115,789 | -€40,705 | -26.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €137,894 | €97,189 | -€40,705 | -29.5% |
| Tax-exempt reserves | 132 | €13,000 | €13,000 | = | 0.0% |
| Distributable reserves | 133 | €124,894 | €84,189 | -€40,705 | -32.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €35,371 | €35,207 | -€164 | -0.5% |
| Amounts payable after more than one year | 17 | €23,093 | €16,322 | -€6,771 | -29.3% |
| Financial debts | 170/4 | €23,093 | €16,322 | -€6,771 | -29.3% |
| Amounts payable within one year | 42/48 | €11,478 | €17,637 | +€6,159 | +53.7% |
| Current portion of amounts payable after more than one year | 42 | €6,640 | €6,771 | +€131 | +2.0% |
| Financial debts | 43 | - | €6,047 | +€6,047 | |
| Credit institutions | 430/8 | - | €6,047 | +€6,047 | |
| Trade debts | 44 | €4,568 | €4,585 | +€16 | +0.4% |
| Suppliers | 440/4 | €4,568 | €4,585 | +€16 | +0.4% |
| Taxes, remuneration and social security | 45 | €270 | €234 | -€36 | -13.3% |
| Taxes | 450/3 | €270 | €234 | -€36 | -13.3% |
| Accrued charges and deferred income | 492/3 | €800 | €1,248 | +€448 | +56.0% |
| Non-recurring operating income | 76A | €3,490 | €0 | -€3,490 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,456 | €4,068 | -€388 | -8.7% |
| Other operating charges | 640/8 | €1,465 | €1,390 | -€74 | -5.1% |
| Gross operating margin | 9900 | €34,954 | €16,046 | -€18,908 | -54.1% |
| Operating profit (loss) | 9901 | €29,033 | €10,588 | -€18,445 | -63.5% |
| Financial income | 75/76B | €8,136 | €7,487 | -€649 | -8.0% |
| Recurring financial income | 75 | €8,136 | €7,487 | -€649 | -8.0% |
| Financial charges | 65/66B | €4,931 | €5,826 | +€895 | +18.1% |
| Recurring financial charges | 65 | €4,931 | €5,826 | +€895 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | €32,238 | €12,249 | -€19,989 | -62.0% |
| Income taxes | 67/77 | €7,005 | €2,954 | -€4,051 | -57.8% |
| Profit (loss) for the period | 9904 | €25,233 | €9,295 | -€15,938 | -63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €25,233 | €9,295 | -€15,938 | -63.2% |
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 17 October 2026 via checked.be.