EMMASO: 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
EMMASO
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€200,028
2024 · €174,666+€25,362
Equity
€2.5m
2024 · €2.4m+€143,502
Cash
€75,043
2024 · €63,778+€11,265
Balance sheet total
€13.6m
2024 · €12.4m+€1.2m
Largest movements
Assets
- Financial fixed assets +€1.6m
up €1.6m (+237%), from €666,667 to €2.2m
- Tangible fixed assets -€222,286
down €222,286 (-2.0%), from €11.4m to €11.2m
of which Plant, machinery and equipment: -€515,403
- Receivables within one year -€185,067
down €185,067 (-95.3%), from €194,163 to €9,096
of which Trade receivables: -€129,671
Equity and liabilities
- Debts after one year +€1.6m
up €1.6m (+30.0%), from €5.4m to €7.1m
- Other debts -€404,287
down €404,287 (-22.5%), from €1.8m to €1.4m
- Trade debts -€258,509
down €258,509 (-50.0%), from €516,901 to €258,393
- Profit (loss) carried forward +€200,028
up €200,028 (+82.0%), from €243,982 to €444,010
Income statement
- Gross operating margin +€73,013
up €73,013 (+4.5%), from €1.6m to €1.7m
- Depreciation +€30,338
up €30,338 (+4.3%), from €698,034 to €728,372
- Staff costs +€27,525
up €27,525 (+5.4%), from €505,424 to €532,949
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
€174,666
Gross operating margin
+€73,013
Staff costs
-€27,525
Depreciation
-€30,338
Other operating charges
+€5,052
Other operating items
-€12,726
Financial income
+€3,105
Financial charges
+€13,969
Taxes
+€812
Result 2025
€200,028
raises the resultlowers the resultnot broken down further in the accounts
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
+€438,136
Investment
-€2.1m
Financing
+€1.7m
Cash 2024
€63,778
From operations (derived)
+€438,136
Net result for the year
+€200,028
Depreciation
+€728,372
Stocks and contracts
-€5,000
Receivables within one year
+€185,067
Deferred charges and accrued income
+€5,956
Trade debts
-€258,509
Tax, wage and social debts
-€7,387
Other debts
-€404,287
Accrued charges and deferred income
-€6,106
Investment (derived)
-€2.1m
Investment in fixed assets (net)
-€2.1m
Current investments
-€0
Financing
+€1.7m
Debts after one year
+€1.6m
Current portion of long-term debt
+€29,320
Short-term financial debts
+€50,823
Contributions, distributions and other
-€56,526
Cash 2025
€75,043
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,414,121 | €13,594,077 | +€1.2m | +9.5% |
| Fixed assets | 21/28 | €12,063,506 | €13,418,220 | +€1.4m | +11.2% |
| Tangible fixed assets | 22/27 | €11,396,839 | €11,174,553 | -€222,286 | -2.0% |
| Land and buildings | 22 | €5,978,762 | €6,286,534 | +€307,772 | +5.1% |
| Plant, machinery and equipment | 23 | €5,169,699 | €4,654,296 | -€515,403 | -10.0% |
| Furniture and vehicles | 24 | €420 | - | -€420 | |
| Other tangible fixed assets | 26 | €247,957 | €233,723 | -€14,234 | -5.7% |
| Financial fixed assets | 28 | €666,667 | €2,243,667 | +€1.6m | +237% |
| Current assets | 29/58 | €350,615 | €175,857 | -€174,758 | -49.8% |
| Stocks and contracts in progress | 3 | €60,000 | €65,000 | +€5,000 | +8.3% |
| Stocks | 30/36 | €60,000 | €65,000 | +€5,000 | +8.3% |
| Amounts receivable within one year | 40/41 | €194,163 | €9,096 | -€185,067 | -95.3% |
| Trade receivables | 40 | €135,599 | €5,928 | -€129,671 | -95.6% |
| Other amounts receivable | 41 | €58,564 | €3,168 | -€55,396 | -94.6% |
| Current investments | 50/53 | €75 | €75 | +€0 | +0.5% |
| Cash at bank and in hand | 54/58 | €63,778 | €75,043 | +€11,265 | +17.7% |
| Deferred charges and accrued income | 490/1 | €32,600 | €26,644 | -€5,956 | -18.3% |
| Total equity and liabilities | 10/49 | €12,414,121 | €13,594,077 | +€1.2m | +9.5% |
| Equity | 10/15 | €2,387,286 | €2,530,788 | +€143,502 | +6.0% |
| Contributions | 10/11 | €135,945 | €135,945 | = | 0.0% |
| Reserves | 13 | €1,442,097 | €1,442,097 | = | 0.0% |
| Distributable reserves | 133 | €1,442,097 | €1,442,097 | = | 0.0% |
| Profit (loss) carried forward | 14 | €243,982 | €444,010 | +€200,028 | +82.0% |
| Investment grants | 15 | €565,262 | €508,736 | -€56,526 | -10.0% |
| Amounts payable | 17/49 | €10,026,834 | €11,063,289 | +€1.0m | +10.3% |
| Amounts payable after more than one year | 17 | €5,436,599 | €7,069,197 | +€1.6m | +30.0% |
| Financial debts | 170/4 | €5,436,599 | €7,069,197 | +€1.6m | +30.0% |
| Amounts payable within one year | 42/48 | €4,584,130 | €3,994,091 | -€590,039 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €611,788 | €641,108 | +€29,320 | +4.8% |
| Financial debts | 43 | €1,584,503 | €1,635,326 | +€50,823 | +3.2% |
| Credit institutions | 430/8 | €1,584,503 | €1,635,326 | +€50,823 | +3.2% |
| Trade debts | 44 | €516,901 | €258,393 | -€258,509 | -50.0% |
| Suppliers | 440/4 | €516,901 | €258,393 | -€258,509 | -50.0% |
| Taxes, remuneration and social security | 45 | €70,499 | €63,112 | -€7,387 | -10.5% |
| Taxes | 450/3 | €26,083 | €13,886 | -€12,198 | -46.8% |
| Remuneration and social security | 454/9 | €44,416 | €49,227 | +€4,811 | +10.8% |
| Other amounts payable | 47/48 | €1,800,439 | €1,396,152 | -€404,287 | -22.5% |
| Accrued charges and deferred income | 492/3 | €6,106 | - | -€6,106 | |
| Non-recurring operating income | 76A | €92,349 | €206,229 | +€113,880 | +123% |
| Remuneration, social security and pensions | 62 | €505,424 | €532,949 | +€27,525 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €698,034 | €728,372 | +€30,338 | +4.3% |
| Other operating charges | 640/8 | €16,717 | €11,665 | -€5,052 | -30.2% |
| Non-recurring operating charges | 66A | €22,060 | €34,785 | +€12,726 | +57.7% |
| Gross operating margin | 9900 | €1,635,459 | €1,708,471 | +€73,013 | +4.5% |
| Operating profit (loss) | 9901 | €393,225 | €400,700 | +€7,475 | +1.9% |
| Financial income | 75/76B | €56,559 | €59,664 | +€3,105 | +5.5% |
| Recurring financial income | 75 | €56,559 | €59,664 | +€3,105 | +5.5% |
| Financial charges | 65/66B | €274,305 | €260,336 | -€13,969 | -5.1% |
| Recurring financial charges | 65 | €274,305 | €260,336 | -€13,969 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €175,479 | €200,028 | +€24,550 | +14.0% |
| Income taxes | 67/77 | €813 | €0 | -€812 | -100.0% |
| Profit (loss) for the period | 9904 | €174,666 | €200,028 | +€25,362 | +14.5% |
| Profit (loss) for the period to be appropriated | 9905 | €174,666 | €200,028 | +€25,362 | +14.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.