EMMAR: 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.
EMMAR
Largest movements
- Tangible fixed assets +€800,947
up €800,947 (+65.2%), from €1.2m to €2.0m
of which Land and buildings: +€804,907
- Debts after one year +€890,500
up €890,500 (+254.4%), from €350,000 to €1.2m
- Other debts -€40,876
down €40,876 (-7.3%), from €561,428 to €520,552
- Profit (loss) carried forward -€30,630
down €30,630 (-60.2%), from -€50,891 to -€81,522
- Depreciation +€80,877
up €80,877 (+292.8%), from €27,622 to €108,499
- Gross operating margin +€51,212
up €51,212 (+172.1%), from €29,763 to €80,975
- Financial income +€2,780
up €2,780 (+4808.2%), from €58 to €2,838
- Financial charges +€1,235
up €1,235 (+109.3%), from €1,130 to €2,366
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 | €1,239,460 | €2,076,479 | +€837,018 | +67.5% |
| Fixed assets | 21/28 | €1,228,418 | €2,029,365 | +€800,947 | +65.2% |
| Tangible fixed assets | 22/27 | €1,228,418 | €2,029,365 | +€800,947 | +65.2% |
| Land and buildings | 22 | €1,216,184 | €2,021,091 | +€804,907 | +66.2% |
| Plant, machinery and equipment | 23 | €2,331 | €1,437 | -€894 | -38.3% |
| Furniture and vehicles | 24 | €9,902 | €6,836 | -€3,066 | -31.0% |
| Current assets | 29/58 | €11,043 | €47,114 | +€36,071 | +326.7% |
| Amounts receivable within one year | 40/41 | €901 | €14,653 | +€13,752 | +1526.2% |
| Trade receivables | 40 | €901 | €14,253 | +€13,352 | +1481.8% |
| Other amounts receivable | 41 | - | €400 | +€400 | |
| Cash at bank and in hand | 54/58 | €7,452 | €28,165 | +€20,713 | +277.9% |
| Deferred charges and accrued income | 490/1 | €2,689 | €4,296 | +€1,607 | +59.7% |
| Total equity and liabilities | 10/49 | €1,239,460 | €2,076,479 | +€837,018 | +67.5% |
| Equity | 10/15 | €319,109 | €288,478 | -€30,630 | -9.6% |
| Contributions | 10/11 | €370,000 | €370,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,891 | -€81,522 | -€30,630 | -60.2% |
| Amounts payable | 17/49 | €920,352 | €1,788,001 | +€867,649 | +94.3% |
| Amounts payable after more than one year | 17 | €350,000 | €1,240,500 | +€890,500 | +254.4% |
| Financial debts | 170/4 | €350,000 | €1,240,500 | +€890,500 | +254.4% |
| Amounts payable within one year | 42/48 | €570,352 | €547,501 | -€22,851 | -4.0% |
| Trade debts | 44 | €1,737 | €9,697 | +€7,960 | +458.2% |
| Suppliers | 440/4 | €1,737 | €9,697 | +€7,960 | +458.2% |
| Advances received on contracts in progress | 46 | €1,543 | €1,543 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €5,644 | €15,709 | +€10,065 | +178.3% |
| Taxes | 450/3 | €5,644 | €15,709 | +€10,065 | +178.3% |
| Other amounts payable | 47/48 | €561,428 | €520,552 | -€40,876 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,622 | €108,499 | +€80,877 | +292.8% |
| Other operating charges | 640/8 | €3,053 | €3,323 | +€270 | +8.8% |
| Gross operating margin | 9900 | €29,763 | €80,975 | +€51,212 | +172.1% |
| Operating profit (loss) | 9901 | -€913 | -€30,848 | -€29,935 | -3279.3% |
| Financial income | 75/76B | €58 | €2,838 | +€2,780 | +4808.2% |
| Recurring financial income | 75 | €58 | €2,838 | +€2,780 | +4808.2% |
| Financial charges | 65/66B | €1,130 | €2,366 | +€1,235 | +109.3% |
| Recurring financial charges | 65 | €1,130 | €2,366 | +€1,235 | +109.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,985 | -€30,376 | -€28,390 | -1429.9% |
| Income taxes | 67/77 | €189 | €255 | +€66 | +34.6% |
| Profit (loss) for the period | 9904 | -€2,175 | -€30,630 | -€28,456 | -1308.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,175 | -€30,630 | -€28,456 | -1308.5% |
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 6 October 2026 via checked.be.