L'eMAJ: 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.
L'eMAJ
Largest movements
- Cash +€51,214
up €51,214 (+137%), from €37,447 to €88,662
mainly Net result for the year (+€77,939) and Other debts (+€74,191)
- Receivables within one year -€27,343
down €27,343 (-36.0%), from €75,965 to €48,622
of which Trade receivables: -€27,343
- Tangible fixed assets -€11,023
down €11,023 (-27.1%), from €40,651 to €29,628
of which Furniture and vehicles: -€10,206
- Profit (loss) carried forward -€79,051
down €79,051 (-100.0%), from €79,053 to €2
- Other debts +€74,191
up €74,191 (+1,104%), from €6,720 to €80,911
- Tax, wage and social debts +€27,704
up €27,704 (+380%), from €7,290 to €34,994
of which Taxes: +€25,527
- Debts after one year -€11,235
down €11,235 (-45.1%), from €24,909 to €13,673
- Gross operating margin -€2,706
down €2,706 (-2.3%), from €120,155 to €117,449
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 | €154,183 | €166,990 | +€12,807 | +8.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €40,728 | €29,706 | -€11,023 | -27.1% |
| Tangible fixed assets | 22/27 | €40,651 | €29,628 | -€11,023 | -27.1% |
| Plant, machinery and equipment | 23 | €2,238 | €1,421 | -€817 | -36.5% |
| Furniture and vehicles | 24 | €38,413 | €28,207 | -€10,206 | -26.6% |
| Financial fixed assets | 28 | €77 | €77 | = | 0.0% |
| Current assets | 29/58 | €113,455 | €137,284 | +€23,829 | +21.0% |
| Amounts receivable within one year | 40/41 | €75,965 | €48,622 | -€27,343 | -36.0% |
| Trade receivables | 40 | €75,965 | €48,622 | -€27,343 | -36.0% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €37,447 | €88,662 | +€51,214 | +137% |
| Deferred charges and accrued income | 490/1 | €42 | - | -€42 | |
| Total equity and liabilities | 10/49 | €154,183 | €166,990 | +€12,807 | +8.3% |
| Equity | 10/15 | €99,513 | €20,462 | -€79,051 | -79.4% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,053 | €2 | -€79,051 | -100.0% |
| Amounts payable | 17/49 | €54,670 | €146,528 | +€91,858 | +168% |
| Amounts payable after more than one year | 17 | €24,909 | €13,673 | -€11,235 | -45.1% |
| Financial debts | 170/4 | €24,909 | €13,673 | -€11,235 | -45.1% |
| Amounts payable within one year | 42/48 | €28,672 | €131,765 | +€103,093 | +360% |
| Current portion of amounts payable after more than one year | 42 | €10,806 | €11,235 | +€429 | +4.0% |
| Trade debts | 44 | €3,856 | €4,625 | +€769 | +19.9% |
| Suppliers | 440/4 | €3,856 | €4,625 | +€769 | +19.9% |
| Taxes, remuneration and social security | 45 | €7,290 | €34,994 | +€27,704 | +380% |
| Taxes | 450/3 | €7,290 | €32,817 | +€25,527 | +350% |
| Remuneration and social security | 454/9 | - | €2,177 | +€2,177 | |
| Other amounts payable | 47/48 | €6,720 | €80,911 | +€74,191 | +1,104% |
| Accrued charges and deferred income | 492/3 | €1,089 | €1,089 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,031 | €13,968 | -€63 | -0.4% |
| Other operating charges | 640/8 | €2,287 | €1,452 | -€835 | -36.5% |
| Non-recurring operating charges | 66A | €244 | - | -€244 | |
| Gross operating margin | 9900 | €120,155 | €117,449 | -€2,706 | -2.3% |
| Operating profit (loss) | 9901 | €103,593 | €102,029 | -€1,564 | -1.5% |
| Financial charges | 65/66B | €1,738 | €1,334 | -€405 | -23.3% |
| Recurring financial charges | 65 | €1,738 | €1,334 | -€405 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | €101,855 | €100,695 | -€1,160 | -1.1% |
| Income taxes | 67/77 | €23,500 | €22,757 | -€744 | -3.2% |
| Profit (loss) for the period | 9904 | €78,355 | €77,939 | -€416 | -0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €78,355 | €77,939 | -€416 | -0.5% |
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 19 October 2026 via checked.be.