EMSA: 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.
EMSA
Largest movements
- Receivables within one year +€122,178
up €122,178 (+1319.5%), from €9,260 to €131,437
of which Trade receivables: +€125,559
- Tangible fixed assets +€57,847
up €57,847 (+838.9%), from €6,896 to €64,743
of which Other tangible fixed assets: +€46,238
- Stocks and contracts -€22,035
down €22,035 (-100.0%), from €22,035 to €0
- Cash -€13,035
down €13,035 (-41.2%), from €31,663 to €18,628
mainly Receivables within one year (-€122,178) and Investment in fixed assets (net) (-€63,964)
- Intangible fixed assets -€2,661
down €2,661 (-33.7%), from €7,892 to €5,230
- Trade debts +€67,448
up €67,448 (+990.6%), from €6,809 to €74,257
- Reserves +€48,000
up €48,000 (+184.6%), from €26,000 to €74,000
- Tax, wage and social debts +€15,897
up €15,897 (+238.6%), from €6,664 to €22,561
- Other debts +€12,755
up €12,755 (+506.6%), from €2,518 to €15,272
- Gross operating margin +€30,466
up €30,466 (+82.3%), from €37,010 to €67,475
- Depreciation +€5,298
up €5,298 (+152.3%), from €3,480 to €8,778
- Taxes +€4,664
up €4,664 (+70.5%), from €6,613 to €11,277
- Financial income +€863
new in 2025: €863
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 | €77,745 | €222,000 | +€144,255 | +185.5% |
| Fixed assets | 21/28 | €14,787 | €69,973 | +€55,186 | +373.2% |
| Intangible fixed assets | 21 | €7,892 | €5,230 | -€2,661 | -33.7% |
| Tangible fixed assets | 22/27 | €6,896 | €64,743 | +€57,847 | +838.9% |
| Furniture and vehicles | 24 | €6,896 | €18,505 | +€11,610 | +168.4% |
| Other tangible fixed assets | 26 | - | €46,238 | +€46,238 | |
| Current assets | 29/58 | €62,958 | €152,027 | +€89,069 | +141.5% |
| Stocks and contracts in progress | 3 | €22,035 | €0 | -€22,035 | -100.0% |
| Stocks | 30/36 | €22,035 | €0 | -€22,035 | -100.0% |
| Amounts receivable within one year | 40/41 | €9,260 | €131,437 | +€122,178 | +1319.5% |
| Trade receivables | 40 | €5,277 | €130,837 | +€125,559 | +2379.2% |
| Other amounts receivable | 41 | €3,982 | €601 | -€3,382 | -84.9% |
| Cash at bank and in hand | 54/58 | €31,663 | €18,628 | -€13,035 | -41.2% |
| Deferred charges and accrued income | 490/1 | - | €1,962 | +€1,962 | |
| Total equity and liabilities | 10/49 | €77,745 | €222,000 | +€144,255 | +185.5% |
| Equity | 10/15 | €61,755 | €109,910 | +€48,156 | +78.0% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €26,000 | €74,000 | +€48,000 | +184.6% |
| Distributable reserves | 133 | €26,000 | €74,000 | +€48,000 | +184.6% |
| Profit (loss) carried forward | 14 | €755 | €910 | +€156 | +20.6% |
| Amounts payable | 17/49 | €15,990 | €112,090 | +€96,100 | +601.0% |
| Amounts payable within one year | 42/48 | €15,990 | €112,090 | +€96,100 | +601.0% |
| Trade debts | 44 | €6,809 | €74,257 | +€67,448 | +990.6% |
| Suppliers | 440/4 | €6,809 | €74,257 | +€67,448 | +990.6% |
| Taxes, remuneration and social security | 45 | €6,664 | €22,561 | +€15,897 | +238.6% |
| Taxes | 450/3 | €6,664 | €22,561 | +€15,897 | +238.6% |
| Other amounts payable | 47/48 | €2,518 | €15,272 | +€12,755 | +506.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,480 | €8,778 | +€5,298 | +152.3% |
| Other operating charges | 640/8 | €150 | €0 | -€150 | -100.0% |
| Gross operating margin | 9900 | €37,010 | €67,475 | +€30,466 | +82.3% |
| Operating profit (loss) | 9901 | €33,380 | €58,698 | +€25,318 | +75.8% |
| Financial income | 75/76B | - | €863 | +€863 | |
| Recurring financial income | 75 | - | €863 | +€863 | |
| Financial charges | 65/66B | €12 | €128 | +€117 | +992.9% |
| Recurring financial charges | 65 | €12 | €128 | +€117 | +992.9% |
| Profit (loss) for the period before taxes | 9903 | €33,368 | €59,433 | +€26,064 | +78.1% |
| Income taxes | 67/77 | €6,613 | €11,277 | +€4,664 | +70.5% |
| Profit (loss) for the period | 9904 | €26,755 | €48,156 | +€21,401 | +80.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,755 | €48,156 | +€21,401 | +80.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.