L'Emulation: what changed
Two fiscal 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'Emulation
Largest movements
- Tangible fixed assets -€4,656
down €4,656 (-4.8%), from €97,970 to €93,314
- Cash +€1,332
up €1,332 (+8.5%), from €15,760 to €17,092
mainly Depreciation (+€4,656) and Accrued charges and deferred income (+€28)
- Reserves -€3,376
down €3,376 (-10.8%), from €31,390 to €28,014
of which Tax-exempt reserves: -€3,376
- Profit (loss) carried forward +€1,163
up €1,163 (+12.8%), from €9,101 to €10,264
- Gross operating margin -€1,585
down €1,585 (-18.1%), from €8,760 to €7,175
- Depreciation -€330
down €330 (-6.6%), from €4,986 to €4,656
- Financial charges -€145
down €145 (-17.6%), from €823 to €678
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.
Cash bridge derived
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 | €114,197 | €110,887 | -€3,310 | -2.9% |
| Fixed assets | 21/28 | €97,970 | €93,314 | -€4,656 | -4.8% |
| Tangible fixed assets | 22/27 | €97,970 | €93,314 | -€4,656 | -4.8% |
| Land and buildings | 22 | €97,970 | €93,314 | -€4,656 | -4.8% |
| Current assets | 29/58 | €16,227 | €17,572 | +€1,345 | +8.3% |
| Cash at bank and in hand | 54/58 | €15,760 | €17,092 | +€1,332 | +8.5% |
| Deferred charges and accrued income | 490/1 | €467 | €480 | +€13 | +2.8% |
| Total equity and liabilities | 10/49 | €114,197 | €110,887 | -€3,310 | -2.9% |
| Equity | 10/15 | €102,491 | €100,278 | -€2,213 | -2.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €31,390 | €28,014 | -€3,376 | -10.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,190 | €21,814 | -€3,376 | -13.4% |
| Profit (loss) carried forward | 14 | €9,101 | €10,264 | +€1,163 | +12.8% |
| Provisions and deferred taxes | 16 | €8,397 | €7,271 | -€1,125 | -13.4% |
| Deferred taxes | 168 | €8,397 | €7,271 | -€1,125 | -13.4% |
| Amounts payable | 17/49 | €3,309 | €3,337 | +€28 | +0.8% |
| Amounts payable within one year | 42/48 | €2,365 | €2,365 | = | 0.0% |
| Other amounts payable | 47/48 | €2,365 | €2,365 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €944 | €972 | +€28 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,986 | €4,656 | -€330 | -6.6% |
| Other operating charges | 640/8 | €5,237 | €5,179 | -€58 | -1.1% |
| Gross operating margin | 9900 | €8,760 | €7,175 | -€1,585 | -18.1% |
| Operating profit (loss) | 9901 | -€1,463 | -€2,660 | -€1,196 | -81.8% |
| Financial charges | 65/66B | €823 | €678 | -€145 | -17.6% |
| Recurring financial charges | 65 | €823 | €678 | -€145 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | -€2,287 | -€3,338 | -€1,052 | -46.0% |
| Transfer from deferred taxes | 780 | €1,197 | €1,125 | -€71 | -6.0% |
| Profit (loss) for the period | 9904 | -€1,090 | -€2,213 | -€1,123 | -103.0% |
| Transfer from tax-exempt reserves | 789 | €3,590 | €3,376 | -€214 | -6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,500 | €1,163 | -€1,337 | -53.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.