EMSTARIE: 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.
EMSTARIE
Largest movements
- Cash -€8,894
down €8,894 (-41.4%), from €21,459 to €12,566
mainly Net result for the year (-€14,839) and Receivables within one year (-€1,514)
- Tangible fixed assets -€7,830
down €7,830 (-39.9%), from €19,607 to €11,776
- Receivables within one year +€1,514
up €1,514 (+135%), from €1,119 to €2,634
of which Trade receivables: +€2,371
- Profit (loss) carried forward -€14,839
down €14,839 (-37.2%), from €39,927 to €25,088
- Gross operating margin -€26,728
down €26,728, from €21,094 to -€5,634
- Taxes -€2,554
down €2,554 (-93.3%), from €2,737 to €182
- Depreciation -€782
down €782 (-9.1%), from €8,612 to €7,830
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 | €42,636 | €27,717 | -€14,919 | -35.0% |
| Fixed assets | 21/28 | €19,607 | €11,776 | -€7,830 | -39.9% |
| Tangible fixed assets | 22/27 | €19,607 | €11,776 | -€7,830 | -39.9% |
| Furniture and vehicles | 24 | €19,607 | €11,776 | -€7,830 | -39.9% |
| Current assets | 29/58 | €23,029 | €15,941 | -€7,088 | -30.8% |
| Amounts receivable within one year | 40/41 | €1,119 | €2,634 | +€1,514 | +135% |
| Trade receivables | 40 | €0 | €2,371 | +€2,371 | |
| Other amounts receivable | 41 | €1,119 | €263 | -€856 | -76.5% |
| Cash at bank and in hand | 54/58 | €21,459 | €12,566 | -€8,894 | -41.4% |
| Deferred charges and accrued income | 490/1 | €451 | €742 | +€291 | +64.6% |
| Total equity and liabilities | 10/49 | €42,636 | €27,717 | -€14,919 | -35.0% |
| Equity | 10/15 | €40,927 | €26,088 | -€14,839 | -36.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,927 | €25,088 | -€14,839 | -37.2% |
| Amounts payable | 17/49 | €1,709 | €1,629 | -€80 | -4.7% |
| Amounts payable within one year | 42/48 | €1,549 | €1,629 | +€80 | +5.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €31 | €205 | +€175 | +567% |
| Suppliers | 440/4 | €31 | €205 | +€175 | +567% |
| Taxes, remuneration and social security | 45 | €0 | €182 | +€182 | |
| Taxes | 450/3 | €0 | €182 | +€182 | |
| Other amounts payable | 47/48 | €1,519 | €1,241 | -€277 | -18.3% |
| Accrued charges and deferred income | 492/3 | €160 | €0 | -€160 | -100% |
| Non-recurring operating income | 76A | €14,076 | €0 | -€14,076 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,612 | €7,830 | -€782 | -9.1% |
| Other operating charges | 640/8 | €990 | €927 | -€63 | -6.3% |
| Gross operating margin | 9900 | €21,094 | -€5,634 | -€26,728 | |
| Operating profit (loss) | 9901 | €11,492 | -€14,391 | -€25,883 | |
| Financial charges | 65/66B | €68 | €265 | +€197 | +289% |
| Recurring financial charges | 65 | €68 | €265 | +€197 | +289% |
| Profit (loss) for the period before taxes | 9903 | €11,424 | -€14,656 | -€26,080 | |
| Income taxes | 67/77 | €2,737 | €182 | -€2,554 | -93.3% |
| Profit (loss) for the period | 9904 | €8,687 | -€14,839 | -€23,526 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,687 | -€14,839 | -€23,526 |
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 20 October 2026 via checked.be.