EMULSIO CONSULT: 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.
EMULSIO CONSULT
Largest movements
- Receivables within one year -€21,021
down €21,021 (-67.0%), from €31,359 to €10,338
of which Trade receivables: -€19,780
- Cash +€16,611
up €16,611 (+308%), from €5,390 to €22,001
mainly Receivables within one year (+€21,021) and Tax, wage and social debts (+€11,341)
- Tangible fixed assets -€2,753
down €2,753 (-39.6%), from €6,955 to €4,203
- Intangible fixed assets -€2,621
down €2,621 (-26.3%), from €9,971 to €7,350
- Trade debts -€11,703
down €11,703 (-44.0%), from €26,570 to €14,867
- Tax, wage and social debts +€11,341
up €11,341 (+78.3%), from €14,478 to €25,818
of which Taxes: +€11,341
- Accrued charges and deferred income -€11,096
down €11,096 (-100.0%), from €11,096 to €0
- Other debts +€7,252
new in 2025: €7,252
- Current portion of long-term debt -€5,929
down €5,929 (-38.7%), from €15,310 to €9,381
- Gross operating margin -€9,740
down €9,740 (-32.7%), from €29,822 to €20,082
- Taxes +€3,495
up €3,495 (+503%), from €695 to €4,190
- Other operating charges +€1,245
up €1,245 (+24.5%), from €5,082 to €6,327
- Financial charges -€1,207
down €1,207 (-59.7%), from €2,020 to €814
- Depreciation +€629
up €629 (+11.8%), from €5,306 to €5,934
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 | €53,923 | €44,181 | -€9,742 | -18.1% |
| Fixed assets | 21/28 | €16,926 | €11,553 | -€5,373 | -31.7% |
| Intangible fixed assets | 21 | €9,971 | €7,350 | -€2,621 | -26.3% |
| Tangible fixed assets | 22/27 | €6,955 | €4,203 | -€2,753 | -39.6% |
| Furniture and vehicles | 24 | €6,955 | €4,203 | -€2,753 | -39.6% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €36,997 | €32,628 | -€4,369 | -11.8% |
| Amounts receivable within one year | 40/41 | €31,359 | €10,338 | -€21,021 | -67.0% |
| Trade receivables | 40 | €30,118 | €10,338 | -€19,780 | -65.7% |
| Other amounts receivable | 41 | €1,241 | €0 | -€1,241 | -100% |
| Cash at bank and in hand | 54/58 | €5,390 | €22,001 | +€16,611 | +308% |
| Deferred charges and accrued income | 490/1 | €248 | €289 | +€41 | +16.5% |
| Total equity and liabilities | 10/49 | €53,923 | €44,181 | -€9,742 | -18.1% |
| Equity | 10/15 | -€15,963 | -€13,137 | +€2,826 | +17.7% |
| Contributions | 10/11 | €12,200 | €12,200 | = | 0.0% |
| Reserves | 13 | €11,000 | €11,000 | = | 0.0% |
| Distributable reserves | 133 | €11,000 | €11,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,163 | -€36,337 | +€2,826 | +7.2% |
| Amounts payable | 17/49 | €69,886 | €57,318 | -€12,568 | -18.0% |
| Amounts payable after more than one year | 17 | €2,432 | €0 | -€2,432 | -100% |
| Financial debts | 170/4 | €2,432 | €0 | -€2,432 | -100% |
| Amounts payable within one year | 42/48 | €56,357 | €57,318 | +€961 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €15,310 | €9,381 | -€5,929 | -38.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €26,570 | €14,867 | -€11,703 | -44.0% |
| Suppliers | 440/4 | €26,570 | €14,867 | -€11,703 | -44.0% |
| Taxes, remuneration and social security | 45 | €14,478 | €25,818 | +€11,341 | +78.3% |
| Taxes | 450/3 | €14,478 | €25,818 | +€11,341 | +78.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €7,252 | +€7,252 | |
| Accrued charges and deferred income | 492/3 | €11,096 | €0 | -€11,096 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,306 | €5,934 | +€629 | +11.8% |
| Other operating charges | 640/8 | €5,082 | €6,327 | +€1,245 | +24.5% |
| Gross operating margin | 9900 | €29,822 | €20,082 | -€9,740 | -32.7% |
| Operating profit (loss) | 9901 | €19,435 | €7,821 | -€11,614 | -59.8% |
| Financial income | 75/76B | €399 | €8 | -€391 | -98.0% |
| Recurring financial income | 75 | €399 | €8 | -€391 | -98.0% |
| Financial charges | 65/66B | €2,020 | €814 | -€1,207 | -59.7% |
| Recurring financial charges | 65 | €2,020 | €814 | -€1,207 | -59.7% |
| Profit (loss) for the period before taxes | 9903 | €17,813 | €7,015 | -€10,798 | -60.6% |
| Income taxes | 67/77 | €695 | €4,190 | +€3,495 | +503% |
| Profit (loss) for the period | 9904 | €17,119 | €2,826 | -€14,293 | -83.5% |
| Profit (loss) for the period to be appropriated | 9905 | €17,119 | €2,826 | -€14,293 | -83.5% |
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 17 October 2026 via checked.be.