EMPALU: 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.
EMPALU
Largest movements
- Cash -€428,288
down €428,288 (-75.4%), from €568,274 to €139,986
mainly Investment in fixed assets (net) (-€199,611) and Debts after one year (-€149,694)
- Receivables within one year +€131,176
up €131,176 (+31.1%), from €421,866 to €553,042
of which Trade receivables: +€376,137
- Stocks and contracts +€127,760
up €127,760 (+28.4%), from €449,716 to €577,476
- Tangible fixed assets +€52,459
up €52,459 (+3.0%), from €1.8m to €1.8m
of which Other tangible fixed assets: +€92,553
- Debts after one year -€149,694
down €149,694 (-13.6%), from €1.1m to €950,356
- Trade debts +€93,191
up €93,191 (+6.4%), from €1.5m to €1.6m
- Other debts -€45,363
down €45,363 (-90.7%), from €50,000 to €4,637
- Gross operating margin +€76,737
up €76,737 (+9.4%), from €816,128 to €892,865
- Depreciation +€52,402
up €52,402 (+55.3%), from €94,751 to €147,153
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,205,024 | €3,089,777 | -€115,247 | -3.6% |
| Fixed assets | 21/28 | €1,757,447 | €1,809,906 | +€52,459 | +3.0% |
| Tangible fixed assets | 22/27 | €1,755,647 | €1,808,106 | +€52,459 | +3.0% |
| Land and buildings | 22 | €315,719 | €307,501 | -€8,217 | -2.6% |
| Plant, machinery and equipment | 23 | €186,433 | €152,368 | -€34,065 | -18.3% |
| Furniture and vehicles | 24 | €3,166 | €5,354 | +€2,188 | +69.1% |
| Other tangible fixed assets | 26 | €1,250,330 | €1,342,883 | +€92,553 | +7.4% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €1,447,577 | €1,279,871 | -€167,706 | -11.6% |
| Stocks and contracts in progress | 3 | €449,716 | €577,476 | +€127,760 | +28.4% |
| Stocks | 30/36 | €449,716 | €577,476 | +€127,760 | +28.4% |
| Amounts receivable within one year | 40/41 | €421,866 | €553,042 | +€131,176 | +31.1% |
| Trade receivables | 40 | €176,575 | €552,711 | +€376,137 | +213% |
| Other amounts receivable | 41 | €245,292 | €331 | -€244,961 | -99.9% |
| Cash at bank and in hand | 54/58 | €568,274 | €139,986 | -€428,288 | -75.4% |
| Deferred charges and accrued income | 490/1 | €7,722 | €9,367 | +€1,645 | +21.3% |
| Total equity and liabilities | 10/49 | €3,205,024 | €3,089,777 | -€115,247 | -3.6% |
| Equity | 10/15 | €295,731 | €296,720 | +€989 | +0.3% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €95,731 | €96,720 | +€989 | +1.0% |
| Distributable reserves | 133 | €95,731 | €96,720 | +€989 | +1.0% |
| Amounts payable | 17/49 | €2,909,293 | €2,793,057 | -€116,236 | -4.0% |
| Amounts payable after more than one year | 17 | €1,100,050 | €950,356 | -€149,694 | -13.6% |
| Financial debts | 170/4 | €1,100,050 | €950,356 | -€149,694 | -13.6% |
| Amounts payable within one year | 42/48 | €1,809,244 | €1,842,701 | +€33,458 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €151,825 | €154,023 | +€2,197 | +1.4% |
| Financial debts | 43 | €97,500 | €75,000 | -€22,500 | -23.1% |
| Credit institutions | 430/8 | €97,500 | €75,000 | -€22,500 | -23.1% |
| Trade debts | 44 | €1,464,251 | €1,557,442 | +€93,191 | +6.4% |
| Suppliers | 440/4 | €1,464,251 | €1,557,442 | +€93,191 | +6.4% |
| Taxes, remuneration and social security | 45 | €45,667 | €51,600 | +€5,933 | +13.0% |
| Taxes | 450/3 | - | €716 | +€716 | |
| Remuneration and social security | 454/9 | €45,667 | €50,883 | +€5,216 | +11.4% |
| Other amounts payable | 47/48 | €50,000 | €4,637 | -€45,363 | -90.7% |
| Non-recurring operating income | 76A | €11,512 | - | -€11,512 | |
| Remuneration, social security and pensions | 62 | €396,154 | €398,323 | +€2,169 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,751 | €147,153 | +€52,402 | +55.3% |
| Other operating charges | 640/8 | €10,405 | €9,976 | -€429 | -4.1% |
| Non-recurring operating charges | 66A | €115,565 | €225,961 | +€110,397 | +95.5% |
| Gross operating margin | 9900 | €816,128 | €892,865 | +€76,737 | +9.4% |
| Operating profit (loss) | 9901 | €199,253 | €111,452 | -€87,801 | -44.1% |
| Financial income | 75/76B | €46 | €597 | +€550 | +1,190% |
| Recurring financial income | 75 | €46 | €597 | +€550 | +1,190% |
| Financial charges | 65/66B | €109,526 | €110,343 | +€817 | +0.7% |
| Recurring financial charges | 65 | €109,526 | €110,343 | +€817 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €89,773 | €1,705 | -€88,068 | -98.1% |
| Income taxes | 67/77 | €8,614 | €716 | -€7,898 | -91.7% |
| Profit (loss) for the period | 9904 | €81,159 | €989 | -€80,170 | -98.8% |
| Profit (loss) for the period to be appropriated | 9905 | €81,159 | €989 | -€80,170 | -98.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.