EMRA: 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.
EMRA
Largest movements
- Financial fixed assets +€150,000
up €150,000 (+150.0%), from €100,000 to €250,000
- Current investments +€100,000
new in 2025: €100,000
- Tangible fixed assets -€25,962
down €25,962 (-8.4%), from €309,625 to €283,662
of which Land and buildings: -€16,073
- Receivables within one year -€23,737
down €23,737 (-92.7%), from €25,612 to €1,875
of which Trade receivables: -€12,195
- Cash -€9,489
down €9,489 (-93.1%), from €10,189 to €700
mainly Investment in fixed assets (net) (-€150,000) and Current investments (-€100,000)
- Other debts +€227,326
up €227,326 (+55.0%), from €413,258 to €640,584
- Profit (loss) carried forward -€27,625
down €27,625 (-66.8%), from -€41,331 to -€68,956
- Debts after one year -€10,212
down €10,212 (-22.3%), from €45,709 to €35,498
- Financial income -€4,398
down €4,398 (-73.3%), from €6,000 to €1,602
- Other operating charges -€4,027
down €4,027 (-87.0%), from €4,628 to €600
- Gross operating margin -€2,777
down €2,777, from €2,088 to -€689
- Depreciation +€1,780
up €1,780 (+7.4%), from €24,182 to €25,962
- Financial charges -€558
down €558 (-23.7%), from €2,357 to €1,799
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 | €448,249 | €637,184 | +€188,935 | +42.1% |
| Fixed assets | 21/28 | €409,625 | €533,662 | +€124,038 | +30.3% |
| Tangible fixed assets | 22/27 | €309,625 | €283,662 | -€25,962 | -8.4% |
| Land and buildings | 22 | €294,865 | €278,792 | -€16,073 | -5.5% |
| Furniture and vehicles | 24 | €14,759 | €4,870 | -€9,889 | -67.0% |
| Financial fixed assets | 28 | €100,000 | €250,000 | +€150,000 | +150.0% |
| Current assets | 29/58 | €38,625 | €103,522 | +€64,897 | +168.0% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €25,612 | €1,875 | -€23,737 | -92.7% |
| Trade receivables | 40 | €12,700 | €505 | -€12,195 | -96.0% |
| Other amounts receivable | 41 | €12,912 | €1,370 | -€11,542 | -89.4% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €10,189 | €700 | -€9,489 | -93.1% |
| Deferred charges and accrued income | 490/1 | €2,824 | €947 | -€1,877 | -66.5% |
| Total equity and liabilities | 10/49 | €448,249 | €637,184 | +€188,935 | +42.1% |
| Equity | 10/15 | -€22,731 | -€50,356 | -€27,625 | -121.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,331 | -€68,956 | -€27,625 | -66.8% |
| Amounts payable | 17/49 | €470,981 | €687,540 | +€216,560 | +46.0% |
| Amounts payable after more than one year | 17 | €45,709 | €35,498 | -€10,212 | -22.3% |
| Financial debts | 170/4 | €45,709 | €35,498 | -€10,212 | -22.3% |
| Amounts payable within one year | 42/48 | €425,271 | €652,043 | +€226,771 | +53.3% |
| Current portion of amounts payable after more than one year | 42 | €10,017 | €10,212 | +€195 | +1.9% |
| Trade debts | 44 | €1,544 | €332 | -€1,212 | -78.5% |
| Suppliers | 440/4 | €1,544 | €332 | -€1,212 | -78.5% |
| Taxes, remuneration and social security | 45 | €452 | €915 | +€463 | +102.3% |
| Taxes | 450/3 | €452 | €915 | +€463 | +102.3% |
| Other amounts payable | 47/48 | €413,258 | €640,584 | +€227,326 | +55.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,182 | €25,962 | +€1,780 | +7.4% |
| Other operating charges | 640/8 | €4,628 | €600 | -€4,027 | -87.0% |
| Gross operating margin | 9900 | €2,088 | -€689 | -€2,777 | |
| Operating profit (loss) | 9901 | -€26,722 | -€27,251 | -€530 | -2.0% |
| Financial income | 75/76B | €6,000 | €1,602 | -€4,398 | -73.3% |
| Recurring financial income | 75 | €6,000 | €1,602 | -€4,398 | -73.3% |
| Financial charges | 65/66B | €2,357 | €1,799 | -€558 | -23.7% |
| Recurring financial charges | 65 | €2,357 | €1,799 | -€558 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | -€23,079 | -€27,449 | -€4,370 | -18.9% |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | -€23,253 | -€27,625 | -€4,372 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,253 | -€27,625 | -€4,372 | -18.8% |
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 10 October 2026 via checked.be.