EMAR: what changed
EMAR
Largest movements
- Cash +€1.1m
up €1.1m (+1,041%), from €103,833 to €1.2m
mainly Short-term financial debts (+€1.5m) and Other debts (+€441,478)
- Stocks and contracts +€1.0m
up €1.0m (+22.5%), from €4.6m to €5.6m
- Receivables within one year +€414,759
up €414,759 (+83.2%), from €498,241 to €913,000
of which Trade receivables: +€389,500
- Short-term financial debts +€1.5m
up €1.5m (+45.6%), from €3.4m to €4.9m
- Other debts +€441,478
up €441,478 (+47.9%), from €921,347 to €1.4m
- Profit (loss) carried forward +€401,691
up €401,691 (+67.0%), from €599,745 to €1.0m
- Tax, wage and social debts +€133,926
up €133,926 (+1,005%), from €13,326 to €147,251
of which Taxes: +€133,926
- Gross operating margin +€457,362
up €457,362 (+161%), from €283,849 to €741,212
- Taxes +€137,294
up €137,294 (+1,363%), from €10,074 to €147,368
- Staff costs -€36,612
down €36,612, from €35,761 to -€851
- Financial charges -€20,982
down €20,982 (-10.0%), from €210,276 to €189,294
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 | €5,159,684 | €7,680,270 | +€2.5m | +48.9% |
| Current assets | 29/58 | €5,159,684 | €7,680,270 | +€2.5m | +48.9% |
| Stocks and contracts in progress | 3 | €4,557,603 | €5,581,558 | +€1.0m | +22.5% |
| Stocks | 30/36 | €4,557,603 | €5,581,558 | +€1.0m | +22.5% |
| Amounts receivable within one year | 40/41 | €498,241 | €913,000 | +€414,759 | +83.2% |
| Trade receivables | 40 | €473,500 | €863,000 | +€389,500 | +82.3% |
| Other amounts receivable | 41 | €24,741 | €50,000 | +€25,259 | +102% |
| Cash at bank and in hand | 54/58 | €103,833 | €1,184,993 | +€1.1m | +1,041% |
| Deferred charges and accrued income | 490/1 | €7 | €719 | +€712 | +10,333% |
| Total equity and liabilities | 10/49 | €5,159,684 | €7,680,270 | +€2.5m | +48.9% |
| Equity | 10/15 | €847,245 | €1,248,936 | +€401,691 | +47.4% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Capital | 10 | €225,000 | €225,000 | = | 0.0% |
| Issued capital | 100 | €225,000 | €225,000 | = | 0.0% |
| Reserves | 13 | €22,500 | €22,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €22,500 | €22,500 | = | 0.0% |
| Legal reserve | 130 | €22,500 | €22,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €599,745 | €1,001,436 | +€401,691 | +67.0% |
| Amounts payable | 17/49 | €4,312,439 | €6,431,334 | +€2.1m | +49.1% |
| Amounts payable within one year | 42/48 | €4,312,439 | €6,431,334 | +€2.1m | +49.1% |
| Financial debts | 43 | €3,377,766 | €4,917,910 | +€1.5m | +45.6% |
| Credit institutions | 430/8 | €3,377,766 | €4,917,910 | +€1.5m | +45.6% |
| Trade debts | 44 | €0 | €3,347 | +€3,347 | |
| Suppliers | 440/4 | €0 | €3,347 | +€3,347 | |
| Taxes, remuneration and social security | 45 | €13,326 | €147,251 | +€133,926 | +1,005% |
| Taxes | 450/3 | €13,326 | €147,251 | +€133,926 | +1,005% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €921,347 | €1,362,825 | +€441,478 | +47.9% |
| Remuneration, social security and pensions | 62 | €35,761 | -€851 | -€36,612 | |
| Other operating charges | 640/8 | €3,601 | €3,710 | +€108 | +3.0% |
| Gross operating margin | 9900 | €283,849 | €741,212 | +€457,362 | +161% |
| Operating profit (loss) | 9901 | €244,487 | €738,353 | +€493,866 | +202% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €210,276 | €189,294 | -€20,982 | -10.0% |
| Recurring financial charges | 65 | €210,276 | €189,294 | -€20,982 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €34,212 | €549,059 | +€514,847 | +1,505% |
| Income taxes | 67/77 | €10,074 | €147,368 | +€137,294 | +1,363% |
| Profit (loss) for the period | 9904 | €24,138 | €401,691 | +€377,553 | +1,564% |
| Profit (loss) for the period to be appropriated | 9905 | €24,138 | €401,691 | +€377,553 | +1,564% |
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 2 November 2026 via checked.be.