EMNO MANAGEMENT: 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.
EMNO MANAGEMENT
Largest movements
- Cash -€161,583
down €161,583 (-81.5%), from €198,206 to €36,623
mainly Contributions, distributions and other (-€300,000) and Receivables within one year (-€42,265)
- Receivables after one year -€100,785
no longer reported in 2025 (was €100,785)
- Receivables within one year +€42,265
up €42,265 (+128%), from €33,128 to €75,393
of which Other amounts receivable: +€21,949
- Tangible fixed assets +€29,675
up €29,675 (+681%), from €4,355 to €34,030
of which Other tangible fixed assets: +€30,563
- Reserves -€236,896
down €236,896 (-88.4%), from €268,000 to €31,104
- Other debts +€39,976
up €39,976 (+1,584%), from €2,524 to €42,500
- Trade debts +€24,408
up €24,408 (+715%), from €3,415 to €27,823
- Tax, wage and social debts -€21,226
down €21,226 (-33.7%), from €62,969 to €41,743
- Gross operating margin -€15,164
down €15,164 (-15.2%), from €99,794 to €84,630
- Taxes -€4,637
down €4,637 (-21.3%), from €21,721 to €17,084
- Financial charges +€2,154
up €2,154 (+1,124%), from €192 to €2,345
- Financial income -€2,037
down €2,037 (-66.4%), from €3,069 to €1,032
- Depreciation +€1,982
up €1,982 (+205%), from €965 to €2,947
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 | €339,785 | €146,046 | -€193,738 | -57.0% |
| Fixed assets | 21/28 | €4,355 | €34,030 | +€29,675 | +681% |
| Tangible fixed assets | 22/27 | €4,355 | €34,030 | +€29,675 | +681% |
| Furniture and vehicles | 24 | €2,022 | €1,134 | -€888 | -43.9% |
| Other tangible fixed assets | 26 | €2,333 | €32,896 | +€30,563 | +1,310% |
| Current assets | 29/58 | €335,430 | €112,016 | -€223,414 | -66.6% |
| Amounts receivable after more than one year | 29 | €100,785 | - | -€100,785 | |
| Other amounts receivable | 291 | €100,785 | - | -€100,785 | |
| Amounts receivable within one year | 40/41 | €33,128 | €75,393 | +€42,265 | +128% |
| Trade receivables | 40 | €33,128 | €53,443 | +€20,316 | +61.3% |
| Other amounts receivable | 41 | - | €21,949 | +€21,949 | |
| Cash at bank and in hand | 54/58 | €198,206 | €36,623 | -€161,583 | -81.5% |
| Deferred charges and accrued income | 490/1 | €3,311 | - | -€3,311 | |
| Total equity and liabilities | 10/49 | €339,785 | €146,046 | -€193,738 | -57.0% |
| Equity | 10/15 | €270,876 | €33,980 | -€236,896 | -87.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €268,000 | €31,104 | -€236,896 | -88.4% |
| Distributable reserves | 133 | €268,000 | €31,104 | -€236,896 | -88.4% |
| Profit (loss) carried forward | 14 | €376 | €376 | = | 0.0% |
| Amounts payable | 17/49 | €68,909 | €112,066 | +€43,158 | +62.6% |
| Amounts payable within one year | 42/48 | €68,909 | €112,066 | +€43,158 | +62.6% |
| Trade debts | 44 | €3,415 | €27,823 | +€24,408 | +715% |
| Suppliers | 440/4 | €3,415 | €27,823 | +€24,408 | +715% |
| Taxes, remuneration and social security | 45 | €62,969 | €41,743 | -€21,226 | -33.7% |
| Taxes | 450/3 | €62,969 | €41,743 | -€21,226 | -33.7% |
| Other amounts payable | 47/48 | €2,524 | €42,500 | +€39,976 | +1,584% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €965 | €2,947 | +€1,982 | +205% |
| Other operating charges | 640/8 | €1,952 | €182 | -€1,770 | -90.7% |
| Gross operating margin | 9900 | €99,794 | €84,630 | -€15,164 | -15.2% |
| Operating profit (loss) | 9901 | €96,877 | €81,501 | -€15,375 | -15.9% |
| Financial income | 75/76B | €3,069 | €1,032 | -€2,037 | -66.4% |
| Recurring financial income | 75 | €3,069 | €1,032 | -€2,037 | -66.4% |
| Financial charges | 65/66B | €192 | €2,345 | +€2,154 | +1,124% |
| Recurring financial charges | 65 | €192 | €2,345 | +€2,154 | +1,124% |
| Profit (loss) for the period before taxes | 9903 | €99,754 | €80,188 | -€19,566 | -19.6% |
| Income taxes | 67/77 | €21,721 | €17,084 | -€4,637 | -21.3% |
| Profit (loss) for the period | 9904 | €78,032 | €63,104 | -€14,929 | -19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €78,032 | €63,104 | -€14,929 | -19.1% |
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 25 October 2026 via checked.be.