EMTWO: 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.
EMTWO
Largest movements
- Cash -€23,167
down €23,167 (-26.3%), from €87,923 to €64,756
mainly Contributions, distributions and other (-€80,000) and Debts after one year (-€23,288)
- Tangible fixed assets -€23,042
down €23,042 (-16.3%), from €141,785 to €118,742
of which Furniture and vehicles: -€11,864
- Financial fixed assets +€5,600
up €5,600 (+40.0%), from €14,000 to €19,600
- Receivables within one year +€3,030
up €3,030 (+30.1%), from €10,056 to €13,086
of which Trade receivables: +€4,138
- Reserves -€23,378
down €23,378 (-27.1%), from €86,165 to €62,787
of which Distributable reserves: -€23,378
- Debts after one year -€23,288
down €23,288 (-69.6%), from €33,456 to €10,168
- Other debts +€11,871
up €11,871 (+14.6%), from €81,157 to €93,028
- Tax, wage and social debts -€3,817
down €3,817 (-45.5%), from €8,385 to €4,568
of which Remuneration and social security: -€3,583
- Gross operating margin -€6,222
down €6,222 (-5.6%), from €111,516 to €105,294
- Financial charges +€3,432
up €3,432 (+164%), from €2,091 to €5,523
- Taxes -€2,337
down €2,337 (-13.2%), from €17,639 to €15,302
- Depreciation +€2,188
up €2,188 (+8.8%), from €24,984 to €27,172
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 | €255,065 | €217,565 | -€37,500 | -14.7% |
| Fixed assets | 21/28 | €155,785 | €138,342 | -€17,442 | -11.2% |
| Tangible fixed assets | 22/27 | €141,785 | €118,742 | -€23,042 | -16.3% |
| Furniture and vehicles | 24 | €57,741 | €45,877 | -€11,864 | -20.5% |
| Other tangible fixed assets | 26 | €84,043 | €72,865 | -€11,178 | -13.3% |
| Financial fixed assets | 28 | €14,000 | €19,600 | +€5,600 | +40.0% |
| Current assets | 29/58 | €99,281 | €79,223 | -€20,058 | -20.2% |
| Amounts receivable within one year | 40/41 | €10,056 | €13,086 | +€3,030 | +30.1% |
| Trade receivables | 40 | €8,695 | €12,832 | +€4,138 | +47.6% |
| Other amounts receivable | 41 | €1,361 | €254 | -€1,107 | -81.4% |
| Cash at bank and in hand | 54/58 | €87,923 | €64,756 | -€23,167 | -26.3% |
| Deferred charges and accrued income | 490/1 | €1,302 | €1,381 | +€79 | +6.1% |
| Total equity and liabilities | 10/49 | €255,065 | €217,565 | -€37,500 | -14.7% |
| Equity | 10/15 | €104,715 | €81,337 | -€23,378 | -22.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €86,165 | €62,787 | -€23,378 | -27.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €86,165 | €62,787 | -€23,378 | -27.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €150,350 | €136,228 | -€14,122 | -9.4% |
| Amounts payable after more than one year | 17 | €33,456 | €10,168 | -€23,288 | -69.6% |
| Financial debts | 170/4 | €33,456 | €10,168 | -€23,288 | -69.6% |
| Amounts payable within one year | 42/48 | €116,828 | €125,964 | +€9,135 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €24,717 | €23,288 | -€1,429 | -5.8% |
| Trade debts | 44 | €2,569 | €5,080 | +€2,511 | +97.7% |
| Suppliers | 440/4 | €2,569 | €5,080 | +€2,511 | +97.7% |
| Taxes, remuneration and social security | 45 | €8,385 | €4,568 | -€3,817 | -45.5% |
| Taxes | 450/3 | €4,801 | €4,568 | -€234 | -4.9% |
| Remuneration and social security | 454/9 | €3,583 | €0 | -€3,583 | -100% |
| Other amounts payable | 47/48 | €81,157 | €93,028 | +€11,871 | +14.6% |
| Accrued charges and deferred income | 492/3 | €66 | €96 | +€30 | +46.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,984 | €27,172 | +€2,188 | +8.8% |
| Other operating charges | 640/8 | €763 | €676 | -€87 | -11.3% |
| Gross operating margin | 9900 | €111,516 | €105,294 | -€6,222 | -5.6% |
| Operating profit (loss) | 9901 | €85,769 | €77,445 | -€8,324 | -9.7% |
| Financial income | 75/76B | €0 | €2 | +€1 | +14,900% |
| Recurring financial income | 75 | €0 | €2 | +€1 | +14,900% |
| Financial charges | 65/66B | €2,091 | €5,523 | +€3,432 | +164% |
| Recurring financial charges | 65 | €2,091 | €5,523 | +€3,432 | +164% |
| Profit (loss) for the period before taxes | 9903 | €83,678 | €71,924 | -€11,754 | -14.0% |
| Income taxes | 67/77 | €17,639 | €15,302 | -€2,337 | -13.2% |
| Profit (loss) for the period | 9904 | €66,039 | €56,622 | -€9,417 | -14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €66,039 | €56,622 | -€9,417 | -14.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.