EMCA: what changed
EMCA
Largest movements
- Cash -€29,778
down €29,778 (-45.4%), from €65,572 to €35,793
mainly Net result for the year (-€29,657) and Trade debts (-€13,402)
- Receivables within one year -€10,528
down €10,528 (-21.3%), from €49,498 to €38,969
of which Trade receivables: -€5,427
- Tangible fixed assets -€6,968
down €6,968 (-33.8%), from €20,618 to €13,650
of which Furniture and vehicles: -€6,837
- Financial fixed assets -€4,088
down €4,088 (-98.2%), from €4,163 to €74
- Profit (loss) carried forward -€29,657
down €29,657 (-36.9%), from €80,480 to €50,823
- Trade debts -€13,402
down €13,402 (-39.3%), from €34,085 to €20,683
- Current portion of long-term debt -€3,696
down €3,696 (-66.2%), from €5,582 to €1,886
- Tax, wage and social debts -€2,575
down €2,575 (-85.5%), from €3,011 to €435
- Debts after one year -€1,886
down €1,886 (-100%), from €1,886 to €0
- Gross operating margin +€4,555
up €4,555 (+19.3%), from -€23,631 to -€19,076
- Staff costs -€2,703
down €2,703 (-100%), from €2,703 to €0
- Write-downs +€2,601
new in 2025: €2,601
- Financial income +€792
up €792 (+2,217%), from €36 to €828
- Other operating charges +€362
up €362 (+36.4%), from €993 to €1,355
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €167,737 | €116,520 | -€51,217 | -30.5% |
| Fixed assets | 21/28 | €24,780 | €13,724 | -€11,056 | -44.6% |
| Tangible fixed assets | 22/27 | €20,618 | €13,650 | -€6,968 | -33.8% |
| Plant, machinery and equipment | 23 | €653 | €522 | -€131 | -20.0% |
| Furniture and vehicles | 24 | €19,965 | €13,127 | -€6,837 | -34.2% |
| Financial fixed assets | 28 | €4,163 | €74 | -€4,088 | -98.2% |
| Current assets | 29/58 | €142,957 | €102,796 | -€40,161 | -28.1% |
| Amounts receivable within one year | 40/41 | €49,498 | €38,969 | -€10,528 | -21.3% |
| Trade receivables | 40 | €28,995 | €23,569 | -€5,427 | -18.7% |
| Other amounts receivable | 41 | €20,503 | €15,401 | -€5,102 | -24.9% |
| Current investments | 50/53 | €27,887 | €28,034 | +€146 | +0.5% |
| Cash at bank and in hand | 54/58 | €65,572 | €35,793 | -€29,778 | -45.4% |
| Total equity and liabilities | 10/49 | €167,737 | €116,520 | -€51,217 | -30.5% |
| Equity | 10/15 | €123,173 | €93,516 | -€29,657 | -24.1% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €23,943 | €23,943 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,875 | €1,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Distributable reserves | 133 | €22,068 | €22,068 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,480 | €50,823 | -€29,657 | -36.9% |
| Amounts payable | 17/49 | €44,564 | €23,004 | -€21,560 | -48.4% |
| Amounts payable after more than one year | 17 | €1,886 | €0 | -€1,886 | -100% |
| Financial debts | 170/4 | €1,886 | €0 | -€1,886 | -100% |
| Amounts payable within one year | 42/48 | €42,678 | €23,004 | -€19,674 | -46.1% |
| Current portion of amounts payable after more than one year | 42 | €5,582 | €1,886 | -€3,696 | -66.2% |
| Trade debts | 44 | €34,085 | €20,683 | -€13,402 | -39.3% |
| Suppliers | 440/4 | €34,085 | €20,683 | -€13,402 | -39.3% |
| Taxes, remuneration and social security | 45 | €3,011 | €435 | -€2,575 | -85.5% |
| Taxes | 450/3 | €3,011 | €435 | -€2,575 | -85.5% |
| Remuneration, social security and pensions | 62 | €2,703 | €0 | -€2,703 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,015 | €6,968 | -€47 | -0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,601 | +€2,601 | |
| Other operating charges | 640/8 | €993 | €1,355 | +€362 | +36.4% |
| Gross operating margin | 9900 | -€23,631 | -€19,076 | +€4,555 | +19.3% |
| Operating profit (loss) | 9901 | -€34,342 | -€30,000 | +€4,342 | +12.6% |
| Financial income | 75/76B | €36 | €828 | +€792 | +2,217% |
| Recurring financial income | 75 | €36 | €828 | +€792 | +2,217% |
| Financial charges | 65/66B | €458 | €298 | -€160 | -35.0% |
| Recurring financial charges | 65 | €458 | €298 | -€160 | -35.0% |
| Profit (loss) for the period before taxes | 9903 | -€34,764 | -€29,470 | +€5,295 | +15.2% |
| Income taxes | 67/77 | - | €187 | +€187 | |
| Profit (loss) for the period | 9904 | -€34,764 | -€29,657 | +€5,107 | +14.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,764 | -€29,657 | +€5,107 | +14.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.