Emulco: 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.
Emulco
Largest movements
- Receivables within one year +€265,023
up €265,023 (+11.6%), from €2.3m to €2.6m
of which Other amounts receivable: +€345,613
- Tangible fixed assets -€163,116
down €163,116 (-45.1%), from €361,782 to €198,666
of which Other tangible fixed assets: -€165,741
- Stocks and contracts +€77,429
up €77,429 (+49.9%), from €155,313 to €232,741
- Other debts +€1.1m
up €1.1m (+57.7%), from €1.9m to €3.1m
- Profit (loss) carried forward -€838,907
down €838,907 (-18.7%), from -€4.5m to -€5.3m
- Accrued charges and deferred income -€67,988
down €67,988 (-29.9%), from €227,013 to €159,025
- Staff costs +€83,769
up €83,769 (+33.3%), from €251,933 to €335,702
- Write-downs -€77,429
new in 2025: -€77,429
- Financial charges +€52,644
up €52,644 (+49.3%), from €106,709 to €159,353
- Financial income +€13,800
up €13,800 (+36.0%), from €38,360 to €52,160
- Depreciation -€7,966
down €7,966 (-4.5%), from €175,254 to €167,288
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 | €4,827,538 | €5,058,571 | +€231,033 | +4.8% |
| Fixed assets | 21/28 | €2,361,783 | €2,198,667 | -€163,116 | -6.9% |
| Tangible fixed assets | 22/27 | €361,782 | €198,666 | -€163,116 | -45.1% |
| Plant, machinery and equipment | 23 | €6,310 | €9,037 | +€2,726 | +43.2% |
| Furniture and vehicles | 24 | €120 | €19 | -€101 | -84.2% |
| Other tangible fixed assets | 26 | €355,352 | €189,611 | -€165,741 | -46.6% |
| Financial fixed assets | 28 | €2,000,001 | €2,000,001 | = | 0.0% |
| Current assets | 29/58 | €2,465,755 | €2,859,904 | +€394,149 | +16.0% |
| Stocks and contracts in progress | 3 | €155,313 | €232,741 | +€77,429 | +49.9% |
| Stocks | 30/36 | €155,313 | €232,741 | +€77,429 | +49.9% |
| Amounts receivable within one year | 40/41 | €2,290,044 | €2,555,067 | +€265,023 | +11.6% |
| Trade receivables | 40 | €387,782 | €307,191 | -€80,591 | -20.8% |
| Other amounts receivable | 41 | €1,902,263 | €2,247,876 | +€345,613 | +18.2% |
| Cash at bank and in hand | 54/58 | €12,413 | €57,565 | +€45,152 | +364% |
| Deferred charges and accrued income | 490/1 | €7,985 | €14,530 | +€6,545 | +82.0% |
| Total equity and liabilities | 10/49 | €4,827,538 | €5,058,571 | +€231,033 | +4.8% |
| Equity | 10/15 | €2,463,646 | €1,624,739 | -€838,907 | -34.1% |
| Contributions | 10/11 | €6,945,966 | €6,945,966 | = | 0.0% |
| Capital | 10 | €6,945,966 | €6,945,966 | = | 0.0% |
| Issued capital | 100 | €6,945,966 | €6,945,966 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,482,320 | -€5,321,227 | -€838,907 | -18.7% |
| Amounts payable | 17/49 | €2,363,892 | €3,433,832 | +€1.1m | +45.3% |
| Amounts payable within one year | 42/48 | €2,136,879 | €3,274,807 | +€1.1m | +53.3% |
| Current portion of amounts payable after more than one year | 42 | €40,725 | - | -€40,725 | |
| Trade debts | 44 | €134,641 | €153,737 | +€19,095 | +14.2% |
| Suppliers | 440/4 | €134,641 | €153,737 | +€19,095 | +14.2% |
| Taxes, remuneration and social security | 45 | €17,383 | €55,137 | +€37,755 | +217% |
| Taxes | 450/3 | €26 | €4,023 | +€3,997 | +15,225% |
| Remuneration and social security | 454/9 | €17,356 | €51,115 | +€33,758 | +195% |
| Other amounts payable | 47/48 | €1,944,130 | €3,065,934 | +€1.1m | +57.7% |
| Accrued charges and deferred income | 492/3 | €227,013 | €159,025 | -€67,988 | -29.9% |
| Remuneration, social security and pensions | 62 | €251,933 | €335,702 | +€83,769 | +33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,254 | €167,288 | -€7,966 | -4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€77,429 | -€77,429 | |
| Other operating charges | 640/8 | €3,032 | €1,418 | -€1,614 | -53.2% |
| Gross operating margin | 9900 | -€307,876 | -€303,825 | +€4,051 | +1.3% |
| Operating profit (loss) | 9901 | -€738,094 | -€730,805 | +€7,289 | +1.0% |
| Financial income | 75/76B | €38,360 | €52,160 | +€13,800 | +36.0% |
| Recurring financial income | 75 | €38,360 | €52,160 | +€13,800 | +36.0% |
| Financial charges | 65/66B | €106,709 | €159,353 | +€52,644 | +49.3% |
| Recurring financial charges | 65 | €106,709 | €159,353 | +€52,644 | +49.3% |
| Profit (loss) for the period before taxes | 9903 | -€806,444 | -€837,998 | -€31,554 | -3.9% |
| Income taxes | 67/77 | €5 | €909 | +€904 | +18,008% |
| Profit (loss) for the period | 9904 | -€806,449 | -€838,907 | -€32,458 | -4.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€806,449 | -€838,907 | -€32,458 | -4.0% |
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 25 October 2026 via checked.be.