EMRA: 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.
EMRA
Largest movements
- Cash +€34,090
up €34,090 (+62.6%), from €54,478 to €88,568
mainly Other debts (+€69,081) and Depreciation (+€32,656)
- Tangible fixed assets -€27,098
down €27,098 (-39.0%), from €69,422 to €42,323
of which Leasing and similar rights: -€19,199
- Stocks and contracts +€11,195
up €11,195 (+61.8%), from €18,126 to €29,320
- Receivables within one year +€7,129
up €7,129 (+167.8%), from €4,249 to €11,379
- Intangible fixed assets -€5,557
down €5,557 (-75.3%), from €7,385 to €1,827
- Other debts +€69,081
new in 2025: €69,081
- Debts after one year -€17,737
down €17,737 (-52.2%), from €33,997 to €16,260
- Tax, wage and social debts -€17,390
down €17,390 (-62.8%), from €27,675 to €10,285
of which Taxes: -€16,624
- Profit (loss) carried forward -€7,577
new in 2025: -€7,577
- Trade debts -€3,853
down €3,853 (-42.2%), from €9,131 to €5,278
- Gross operating margin -€22,236
down €22,236 (-18.2%), from €122,469 to €100,233
- Staff costs -€4,445
down €4,445 (-6.8%), from €65,316 to €60,871
- Taxes -€4,386
down €4,386 (-100.0%), from €4,387 to €1
- Other operating charges +€3,407
up €3,407 (+67.3%), from €5,061 to €8,468
- Financial charges +€1,386
up €1,386 (+28.6%), from €4,852 to €6,237
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 | €159,111 | €182,589 | +€23,478 | +14.8% |
| Fixed assets | 21/28 | €82,257 | €49,601 | -€32,656 | -39.7% |
| Intangible fixed assets | 21 | €7,385 | €1,827 | -€5,557 | -75.3% |
| Tangible fixed assets | 22/27 | €69,422 | €42,323 | -€27,098 | -39.0% |
| Plant, machinery and equipment | 23 | €11,735 | €4,972 | -€6,764 | -57.6% |
| Furniture and vehicles | 24 | €1,935 | €799 | -€1,136 | -58.7% |
| Leasing and similar rights | 25 | €55,751 | €36,552 | -€19,199 | -34.4% |
| Financial fixed assets | 28 | €5,451 | €5,451 | = | 0.0% |
| Current assets | 29/58 | €76,854 | €132,987 | +€56,134 | +73.0% |
| Stocks and contracts in progress | 3 | €18,126 | €29,320 | +€11,195 | +61.8% |
| Stocks | 30/36 | €18,126 | €29,320 | +€11,195 | +61.8% |
| Amounts receivable within one year | 40/41 | €4,249 | €11,379 | +€7,129 | +167.8% |
| Other amounts receivable | 41 | €4,249 | €11,379 | +€7,129 | +167.8% |
| Cash at bank and in hand | 54/58 | €54,478 | €88,568 | +€34,090 | +62.6% |
| Deferred charges and accrued income | 490/1 | - | €3,720 | +€3,720 | |
| Total equity and liabilities | 10/49 | €159,111 | €182,589 | +€23,478 | +14.8% |
| Equity | 10/15 | €71,525 | €63,948 | -€7,577 | -10.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €61,525 | €61,525 | = | 0.0% |
| Distributable reserves | 133 | €61,525 | €61,525 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€7,577 | -€7,577 | |
| Amounts payable | 17/49 | €87,585 | €118,641 | +€31,055 | +35.5% |
| Amounts payable after more than one year | 17 | €33,997 | €16,260 | -€17,737 | -52.2% |
| Financial debts | 170/4 | €33,997 | €16,260 | -€17,737 | -52.2% |
| Amounts payable within one year | 42/48 | €53,588 | €102,381 | +€48,793 | +91.1% |
| Current portion of amounts payable after more than one year | 42 | €16,783 | €17,737 | +€954 | +5.7% |
| Trade debts | 44 | €9,131 | €5,278 | -€3,853 | -42.2% |
| Suppliers | 440/4 | €9,131 | €5,278 | -€3,853 | -42.2% |
| Taxes, remuneration and social security | 45 | €27,675 | €10,285 | -€17,390 | -62.8% |
| Taxes | 450/3 | €22,628 | €6,005 | -€16,624 | -73.5% |
| Remuneration and social security | 454/9 | €5,046 | €4,280 | -€766 | -15.2% |
| Other amounts payable | 47/48 | - | €69,081 | +€69,081 | |
| Remuneration, social security and pensions | 62 | €65,316 | €60,871 | -€4,445 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,656 | €32,656 | = | 0.0% |
| Other operating charges | 640/8 | €5,061 | €8,468 | +€3,407 | +67.3% |
| Gross operating margin | 9900 | €122,469 | €100,233 | -€22,236 | -18.2% |
| Operating profit (loss) | 9901 | €19,436 | -€1,762 | -€21,198 | |
| Financial income | 75/76B | - | €423 | +€423 | |
| Recurring financial income | 75 | - | €423 | +€423 | |
| Financial charges | 65/66B | €4,852 | €6,237 | +€1,386 | +28.6% |
| Recurring financial charges | 65 | €4,852 | €6,237 | +€1,386 | +28.6% |
| Profit (loss) for the period before taxes | 9903 | €14,584 | -€7,576 | -€22,160 | |
| Income taxes | 67/77 | €4,387 | €1 | -€4,386 | -100.0% |
| Profit (loss) for the period | 9904 | €10,197 | -€7,577 | -€17,774 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,197 | -€7,577 | -€17,774 |
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.