EMALEXE: 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.
EMALEXE
Largest movements
- Receivables within one year -€331,422
down €331,422 (-84.5%), from €392,044 to €60,622
of which Other amounts receivable: -€347,359
- Other debts -€646,856
down €646,856 (-29.2%), from €2.2m to €1.6m
- Debts after one year -€579,159
down €579,159 (-37.7%), from €1.5m to €958,842
of which Financial debts: -€483,783
- Reserves +€464,875
up €464,875 (+139%), from €334,634 to €799,509
- Current portion of long-term debt +€341,276
up €341,276 (+56.0%), from €609,210 to €950,486
- Tax, wage and social debts +€64,305
up €64,305 (+304%), from €21,172 to €85,477
of which Taxes: +€66,305
- Financial income -€1.1m
no longer reported in 2025 (was €1.1m)
- Gross operating margin +€302,829
up €302,829 (+72.3%), from €418,723 to €721,552
- Taxes +€82,192
up €82,192 (+106%), from €77,641 to €159,833
- Financial charges -€23,473
down €23,473 (-22.4%), from €104,928 to €81,455
- Depreciation +€10,532
up €10,532 (+338%), from €3,117 to €13,649
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 | €4,768,737 | €4,402,101 | -€366,636 | -7.7% |
| Fixed assets | 21/28 | €4,339,860 | €4,326,210 | -€13,649 | -0.3% |
| Tangible fixed assets | 22/27 | €64,860 | €51,210 | -€13,649 | -21.0% |
| Plant, machinery and equipment | 23 | €227 | €103 | -€124 | -54.7% |
| Furniture and vehicles | 24 | €64,633 | €51,108 | -€13,525 | -20.9% |
| Financial fixed assets | 28 | €4,275,000 | €4,275,000 | = | 0.0% |
| Current assets | 29/58 | €428,877 | €75,890 | -€352,987 | -82.3% |
| Amounts receivable within one year | 40/41 | €392,044 | €60,622 | -€331,422 | -84.5% |
| Trade receivables | 40 | €44,685 | €60,622 | +€15,937 | +35.7% |
| Other amounts receivable | 41 | €347,359 | - | -€347,359 | |
| Cash at bank and in hand | 54/58 | €35,036 | €13,722 | -€21,314 | -60.8% |
| Deferred charges and accrued income | 490/1 | €1,798 | €1,547 | -€251 | -14.0% |
| Total equity and liabilities | 10/49 | €4,768,737 | €4,402,101 | -€366,636 | -7.7% |
| Equity | 10/15 | €364,634 | €829,509 | +€464,875 | +127% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €334,634 | €799,509 | +€464,875 | +139% |
| Distributable reserves | 133 | €334,634 | €799,509 | +€464,875 | +139% |
| Amounts payable | 17/49 | €4,404,103 | €3,572,591 | -€831,512 | -18.9% |
| Amounts payable after more than one year | 17 | €1,538,001 | €958,842 | -€579,159 | -37.7% |
| Financial debts | 170/4 | €1,403,500 | €919,717 | -€483,783 | -34.5% |
| Trade debts | 175 | €134,501 | €39,125 | -€95,376 | -70.9% |
| Amounts payable within one year | 42/48 | €2,845,139 | €2,602,058 | -€243,081 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €609,210 | €950,486 | +€341,276 | +56.0% |
| Trade debts | 44 | €2,768 | €962 | -€1,806 | -65.3% |
| Suppliers | 440/4 | €2,768 | €962 | -€1,806 | -65.3% |
| Taxes, remuneration and social security | 45 | €21,172 | €85,477 | +€64,305 | +304% |
| Taxes | 450/3 | €19,172 | €85,477 | +€66,305 | +346% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | €2,211,989 | €1,565,133 | -€646,856 | -29.2% |
| Accrued charges and deferred income | 492/3 | €20,963 | €11,691 | -€9,272 | -44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,117 | €13,649 | +€10,532 | +338% |
| Other operating charges | 640/8 | €7,419 | €1,740 | -€5,679 | -76.6% |
| Gross operating margin | 9900 | €418,723 | €721,552 | +€302,829 | +72.3% |
| Operating profit (loss) | 9901 | €408,187 | €706,163 | +€297,976 | +73.0% |
| Financial income | 75/76B | €1,050,000 | - | -€1.1m | |
| Recurring financial income | 75 | €1,050,000 | - | -€1.1m | |
| Financial charges | 65/66B | €104,928 | €81,455 | -€23,473 | -22.4% |
| Recurring financial charges | 65 | €104,928 | €81,455 | -€23,473 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €1,353,258 | €624,708 | -€728,550 | -53.8% |
| Income taxes | 67/77 | €77,641 | €159,833 | +€82,192 | +106% |
| Profit (loss) for the period | 9904 | €1,275,617 | €464,875 | -€810,742 | -63.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,275,617 | €464,875 | -€810,742 | -63.6% |
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 23 October 2026 via checked.be.