EMMARED: 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.
EMMARED
Largest movements
- Receivables after one year -€54,349
no longer reported in 2025 (was €54,349)
- Cash +€19,584
up €19,584 (+48.5%), from €40,355 to €59,939
mainly Receivables after one year (+€54,349) and Net result for the year (+€19,841)
- Receivables within one year -€11,424
down €11,424 (-35.4%), from €32,271 to €20,847
of which Trade receivables: -€15,168
- Tangible fixed assets -€4,565
down €4,565 (-21.7%), from €21,048 to €16,483
of which Furniture and vehicles: -€3,162
- Other debts -€30,782
down €30,782 (-65.2%), from €47,183 to €16,400
- Profit (loss) carried forward +€19,841
up €19,841, from -€11,767 to €8,073
- Reserves -€16,400
down €16,400 (-23.0%), from €71,408 to €55,008
- Accrued charges and deferred income -€15,000
no longer reported in 2025 (was €15,000)
- Debts after one year -€6,567
down €6,567 (-69.5%), from €9,452 to €2,885
- Gross operating margin +€37,404
up €37,404, from -€660 to €36,744
- Financial income -€2,985
down €2,985 (-86.2%), from €3,465 to €480
- Staff costs +€2,740
up €2,740 (+156.4%), from €1,752 to €4,491
- Depreciation +€1,425
up €1,425 (+15.4%), from €9,245 to €10,669
- Financial charges -€1,248
down €1,248 (-74.9%), from €1,666 to €418
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 | €150,515 | €99,786 | -€50,729 | -33.7% |
| Fixed assets | 21/28 | €21,363 | €16,798 | -€4,565 | -21.4% |
| Tangible fixed assets | 22/27 | €21,048 | €16,483 | -€4,565 | -21.7% |
| Plant, machinery and equipment | 23 | €1,404 | - | -€1,404 | |
| Furniture and vehicles | 24 | €19,645 | €16,483 | -€3,162 | -16.1% |
| Financial fixed assets | 28 | €315 | €315 | = | 0.0% |
| Current assets | 29/58 | €129,152 | €82,988 | -€46,164 | -35.7% |
| Amounts receivable after more than one year | 29 | €54,349 | - | -€54,349 | |
| Other amounts receivable | 291 | €54,349 | - | -€54,349 | |
| Amounts receivable within one year | 40/41 | €32,271 | €20,847 | -€11,424 | -35.4% |
| Trade receivables | 40 | €22,311 | €7,143 | -€15,168 | -68.0% |
| Other amounts receivable | 41 | €9,959 | €13,704 | +€3,745 | +37.6% |
| Cash at bank and in hand | 54/58 | €40,355 | €59,939 | +€19,584 | +48.5% |
| Deferred charges and accrued income | 490/1 | €2,177 | €2,202 | +€25 | +1.1% |
| Total equity and liabilities | 10/49 | €150,515 | €99,786 | -€50,729 | -33.7% |
| Equity | 10/15 | €65,841 | €69,281 | +€3,440 | +5.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €71,408 | €55,008 | -€16,400 | -23.0% |
| Distributable reserves | 133 | €71,408 | €55,008 | -€16,400 | -23.0% |
| Profit (loss) carried forward | 14 | -€11,767 | €8,073 | +€19,841 | |
| Amounts payable | 17/49 | €84,674 | €30,504 | -€54,170 | -64.0% |
| Amounts payable after more than one year | 17 | €9,452 | €2,885 | -€6,567 | -69.5% |
| Financial debts | 170/4 | €9,452 | €2,885 | -€6,567 | -69.5% |
| Amounts payable within one year | 42/48 | €60,222 | €27,619 | -€32,603 | -54.1% |
| Current portion of amounts payable after more than one year | 42 | €6,960 | €6,828 | -€132 | -1.9% |
| Trade debts | 44 | €523 | €1,431 | +€908 | +173.4% |
| Suppliers | 440/4 | €523 | €1,431 | +€908 | +173.4% |
| Taxes, remuneration and social security | 45 | €5,556 | €2,959 | -€2,597 | -46.7% |
| Taxes | 450/3 | €5,556 | €2,914 | -€2,642 | -47.6% |
| Remuneration and social security | 454/9 | - | €46 | +€46 | |
| Other amounts payable | 47/48 | €47,183 | €16,400 | -€30,782 | -65.2% |
| Accrued charges and deferred income | 492/3 | €15,000 | - | -€15,000 | |
| Remuneration, social security and pensions | 62 | €1,752 | €4,491 | +€2,740 | +156.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,245 | €10,669 | +€1,425 | +15.4% |
| Other operating charges | 640/8 | €302 | €290 | -€13 | -4.2% |
| Gross operating margin | 9900 | -€660 | €36,744 | +€37,404 | |
| Operating profit (loss) | 9901 | -€11,959 | €21,294 | +€33,252 | |
| Financial income | 75/76B | €3,465 | €480 | -€2,985 | -86.2% |
| Recurring financial income | 75 | €3,465 | €480 | -€2,985 | -86.2% |
| Financial charges | 65/66B | €1,666 | €418 | -€1,248 | -74.9% |
| Recurring financial charges | 65 | €1,666 | €418 | -€1,248 | -74.9% |
| Profit (loss) for the period before taxes | 9903 | -€10,159 | €21,355 | +€31,515 | |
| Income taxes | 67/77 | €470 | €1,515 | +€1,045 | +222.1% |
| Profit (loss) for the period | 9904 | -€10,630 | €19,841 | +€30,470 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,630 | €19,841 | +€30,470 |
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 5 October 2026 via checked.be.