STUDIO EMMA: 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.
STUDIO EMMA
Largest movements
- Receivables within one year +€138,230
up €138,230 (+22.4%), from €617,756 to €755,985
of which Trade receivables: +€73,407
- Cash +€62,833
up €62,833 (+50.8%), from €123,596 to €186,430
mainly Contributions, distributions and other (+€850,000) and Trade debts (+€106,062)
- Intangible fixed assets -€19,213
down €19,213 (-44.0%), from €43,633 to €24,420
- Profit (loss) carried forward +€222,692
up €222,692 (+29.5%), from -€755,989 to -€533,298
- Other debts -€187,779
down €187,779 (-100.0%), from €187,779 to €0
- Short-term financial debts -€122,007
down €122,007 (-30.5%), from €399,732 to €277,724
- Trade debts +€106,062
up €106,062 (+50.5%), from €209,975 to €316,038
- Contributions +€100,000
up €100,000 (+19.3%), from €518,600 to €618,600
- Staff costs +€175,756
up €175,756 (+8.6%), from €2.0m to €2.2m
- Gross operating margin -€54,775
down €54,775 (-3.0%), from €1.8m to €1.8m
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 | €901,336 | €1,078,082 | +€176,746 | +19.6% |
| Fixed assets | 21/28 | €122,668 | €102,205 | -€20,462 | -16.7% |
| Intangible fixed assets | 21 | €43,633 | €24,420 | -€19,213 | -44.0% |
| Tangible fixed assets | 22/27 | €25,105 | €23,855 | -€1,250 | -5.0% |
| Plant, machinery and equipment | 23 | €15,759 | €8,596 | -€7,163 | -45.5% |
| Furniture and vehicles | 24 | €7,684 | €13,997 | +€6,313 | +82.2% |
| Other tangible fixed assets | 26 | €1,662 | €1,262 | -€400 | -24.0% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €53,930 | €53,930 | = | 0.0% |
| Current assets | 29/58 | €778,669 | €975,877 | +€197,208 | +25.3% |
| Amounts receivable within one year | 40/41 | €617,756 | €755,985 | +€138,230 | +22.4% |
| Trade receivables | 40 | €522,562 | €595,969 | +€73,407 | +14.0% |
| Other amounts receivable | 41 | €95,194 | €160,016 | +€64,823 | +68.1% |
| Cash at bank and in hand | 54/58 | €123,596 | €186,430 | +€62,833 | +50.8% |
| Deferred charges and accrued income | 490/1 | €37,317 | €33,462 | -€3,855 | -10.3% |
| Total equity and liabilities | 10/49 | €901,336 | €1,078,082 | +€176,746 | +19.6% |
| Equity | 10/15 | -€237,389 | €85,302 | +€322,692 | |
| Contributions | 10/11 | €518,600 | €618,600 | +€100,000 | +19.3% |
| Profit (loss) carried forward | 14 | -€755,989 | -€533,298 | +€222,692 | +29.5% |
| Amounts payable | 17/49 | €1,138,726 | €992,780 | -€145,946 | -12.8% |
| Amounts payable within one year | 42/48 | €1,136,851 | €955,586 | -€181,265 | -15.9% |
| Financial debts | 43 | €399,732 | €277,724 | -€122,007 | -30.5% |
| Credit institutions | 430/8 | €399,732 | €277,724 | -€122,007 | -30.5% |
| Trade debts | 44 | €209,975 | €316,038 | +€106,062 | +50.5% |
| Suppliers | 440/4 | €209,975 | €316,038 | +€106,062 | +50.5% |
| Advances received on contracts in progress | 46 | €43,278 | €11,492 | -€31,786 | -73.4% |
| Taxes, remuneration and social security | 45 | €296,087 | €350,332 | +€54,246 | +18.3% |
| Taxes | 450/3 | €75,538 | €107,796 | +€32,259 | +42.7% |
| Remuneration and social security | 454/9 | €220,549 | €242,536 | +€21,987 | +10.0% |
| Other amounts payable | 47/48 | €187,779 | €0 | -€187,779 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,875 | €37,194 | +€35,319 | +1883.8% |
| Non-recurring operating income | 76A | - | €3,872 | +€3,872 | |
| Remuneration, social security and pensions | 62 | €2,044,058 | €2,219,814 | +€175,756 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,306 | €31,750 | -€11,556 | -26.7% |
| Other operating charges | 640/8 | €7,592 | €3,316 | -€4,276 | -56.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,834,818 | €1,780,042 | -€54,775 | -3.0% |
| Operating profit (loss) | 9901 | -€260,138 | -€474,837 | -€214,699 | -82.5% |
| Financial income | 75/76B | €2,805 | €1,641 | -€1,164 | -41.5% |
| Recurring financial income | 75 | €2,805 | €1,641 | -€1,164 | -41.5% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €40,652 | €51,019 | +€10,367 | +25.5% |
| Recurring financial charges | 65 | €40,652 | €51,019 | +€10,367 | +25.5% |
| Profit (loss) for the period before taxes | 9903 | -€297,985 | -€524,214 | -€226,229 | -75.9% |
| Income taxes | 67/77 | €3,060 | €3,094 | +€34 | +1.1% |
| Profit (loss) for the period | 9904 | -€301,045 | -€527,308 | -€226,263 | -75.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€301,045 | -€527,308 | -€226,263 | -75.2% |
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 8 October 2026 via checked.be.