EMVALEM: 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.
EMVALEM
Largest movements
- Stocks and contracts +€478,023
new in 2025: €478,023
- Cash -€284,243
down €284,243 (-68.1%), from €417,504 to €133,261
mainly Stocks and contracts (-€478,023) and Investment in fixed assets (net) (-€44,200)
- Financial fixed assets +€44,200
new in 2025: €44,200
- Receivables within one year +€43,760
up €43,760 (+115%), from €38,096 to €81,857
of which Trade receivables: +€41,904
- Reserves +€117,307
up €117,307 (+68.9%), from €170,209 to €287,516
- Other debts +€100,000
up €100,000 (+55.6%), from €180,000 to €280,000
- Trade debts +€45,573
up €45,573 (+65.1%), from €70,000 to €115,573
- Tax, wage and social debts +€20,283
up €20,283 (+58.2%), from €34,868 to €55,151
- Turnover -€1.7m
no longer reported in 2025 (was €1.7m)
- Purchases and services -€1.5m
no longer reported in 2025 (was €1.5m)
- Gross operating margin -€84,655
down €84,655 (-32.9%), from €257,296 to €172,641
- Taxes -€24,621
down €24,621 (-33.8%), from €72,764 to €48,143
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 | €455,827 | €738,991 | +€283,164 | +62.1% |
| Fixed assets | 21/28 | - | €44,200 | +€44,200 | |
| Financial fixed assets | 28 | - | €44,200 | +€44,200 | |
| Current assets | 29/58 | €455,827 | €694,791 | +€238,964 | +52.4% |
| Stocks and contracts in progress | 3 | - | €478,023 | +€478,023 | |
| Stocks | 30/36 | - | €478,023 | +€478,023 | |
| Amounts receivable within one year | 40/41 | €38,096 | €81,857 | +€43,760 | +115% |
| Trade receivables | 40 | €38,096 | €80,000 | +€41,904 | +110% |
| Other amounts receivable | 41 | - | €1,857 | +€1,857 | |
| Cash at bank and in hand | 54/58 | €417,504 | €133,261 | -€284,243 | -68.1% |
| Deferred charges and accrued income | 490/1 | €226 | €1,650 | +€1,424 | +630% |
| Total equity and liabilities | 10/49 | €455,827 | €738,991 | +€283,164 | +62.1% |
| Equity | 10/15 | €170,959 | €288,266 | +€117,307 | +68.6% |
| Contributions | 10/11 | €750 | €750 | = | 0.0% |
| Reserves | 13 | €170,209 | €287,516 | +€117,307 | +68.9% |
| Distributable reserves | 133 | €170,209 | €287,516 | +€117,307 | +68.9% |
| Amounts payable | 17/49 | €284,868 | €450,725 | +€165,857 | +58.2% |
| Amounts payable within one year | 42/48 | €284,868 | €450,725 | +€165,857 | +58.2% |
| Trade debts | 44 | €70,000 | €115,573 | +€45,573 | +65.1% |
| Suppliers | 440/4 | €70,000 | €115,573 | +€45,573 | +65.1% |
| Taxes, remuneration and social security | 45 | €34,868 | €55,151 | +€20,283 | +58.2% |
| Taxes | 450/3 | €34,868 | €55,151 | +€20,283 | +58.2% |
| Other amounts payable | 47/48 | €180,000 | €280,000 | +€100,000 | +55.6% |
| Turnover | 70 | €1,747,123 | - | -€1.7m | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,489,827 | - | -€1.5m | |
| Other operating charges | 640/8 | €1,936 | €1,149 | -€788 | -40.7% |
| Gross operating margin | 9900 | €257,296 | €172,641 | -€84,655 | -32.9% |
| Operating profit (loss) | 9901 | €255,360 | €171,493 | -€83,867 | -32.8% |
| Financial income | 75/76B | €484 | €230 | -€254 | -52.5% |
| Recurring financial income | 75 | €484 | €230 | -€254 | -52.5% |
| Financial charges | 65/66B | €12,871 | €6,272 | -€6,599 | -51.3% |
| Recurring financial charges | 65 | €12,871 | €6,272 | -€6,599 | -51.3% |
| Profit (loss) for the period before taxes | 9903 | €242,973 | €165,451 | -€77,522 | -31.9% |
| Income taxes | 67/77 | €72,764 | €48,143 | -€24,621 | -33.8% |
| Profit (loss) for the period | 9904 | €170,209 | €117,307 | -€52,901 | -31.1% |
| Profit (loss) for the period to be appropriated | 9905 | €170,209 | €117,307 | -€52,901 | -31.1% |
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 15 October 2026 via checked.be.