Dr. Embo K.: 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.
Dr. Embo K.
Largest movements
- Current investments -€180,000
no longer reported in 2025 (was €180,000)
- Cash -€141,430
down €141,430 (-95.9%), from €147,412 to €5,982
mainly Contributions, distributions and other (-€350,000) and Investment in fixed assets (net) (-€94,438)
- Tangible fixed assets +€84,455
up €84,455 (+98.2%), from €85,981 to €170,436
of which Land and buildings: +€93,390
- Deferred charges and accrued income +€47,914
up €47,914 (+132%), from €36,211 to €84,124
- Reserves -€281,132
down €281,132 (-79.9%), from €351,946 to €70,814
- Debts after one year +€85,699
up €85,699 (+147%), from €58,178 to €143,878
- Other debts +€19,882
up €19,882 (+320%), from €6,213 to €26,094
- Tax, wage and social debts -€12,918
down €12,918 (-82.9%), from €15,583 to €2,666
of which Taxes: -€9,492
- Gross operating margin -€82,994
down €82,994 (-48.1%), from €172,621 to €89,627
- Taxes -€16,938
down €16,938 (-48.9%), from €34,658 to €17,720
- Financial income +€12,857
new in 2025: €12,857
- Other operating charges -€8,455
down €8,455 (-87.7%), from €9,643 to €1,188
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 | €452,272 | €260,543 | -€191,730 | -42.4% |
| Fixed assets | 21/28 | €85,981 | €170,436 | +€84,455 | +98.2% |
| Tangible fixed assets | 22/27 | €85,981 | €170,436 | +€84,455 | +98.2% |
| Land and buildings | 22 | €72,000 | €165,390 | +€93,390 | +130% |
| Furniture and vehicles | 24 | €13,981 | €5,047 | -€8,934 | -63.9% |
| Current assets | 29/58 | €366,291 | €90,106 | -€276,185 | -75.4% |
| Amounts receivable within one year | 40/41 | €2,669 | - | -€2,669 | |
| Trade receivables | 40 | €2,669 | - | -€2,669 | |
| Current investments | 50/53 | €180,000 | - | -€180,000 | |
| Cash at bank and in hand | 54/58 | €147,412 | €5,982 | -€141,430 | -95.9% |
| Deferred charges and accrued income | 490/1 | €36,211 | €84,124 | +€47,914 | +132% |
| Total equity and liabilities | 10/49 | €452,272 | €260,543 | -€191,730 | -42.4% |
| Equity | 10/15 | €357,946 | €76,814 | -€281,132 | -78.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €351,946 | €70,814 | -€281,132 | -79.9% |
| Distributable reserves | 133 | €351,946 | €70,814 | -€281,132 | -79.9% |
| Amounts payable | 17/49 | €94,326 | €183,729 | +€89,403 | +94.8% |
| Amounts payable after more than one year | 17 | €58,178 | €143,878 | +€85,699 | +147% |
| Financial debts | 170/4 | €58,178 | €143,878 | +€85,699 | +147% |
| Amounts payable within one year | 42/48 | €36,148 | €39,851 | +€3,703 | +10.2% |
| Current portion of amounts payable after more than one year | 42 | €11,595 | €8,738 | -€2,856 | -24.6% |
| Trade debts | 44 | €2,757 | €2,353 | -€404 | -14.7% |
| Suppliers | 440/4 | €2,757 | €2,353 | -€404 | -14.7% |
| Taxes, remuneration and social security | 45 | €15,583 | €2,666 | -€12,918 | -82.9% |
| Taxes | 450/3 | €12,158 | €2,666 | -€9,492 | -78.1% |
| Remuneration and social security | 454/9 | €3,425 | - | -€3,425 | |
| Other amounts payable | 47/48 | €6,213 | €26,094 | +€19,882 | +320% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,964 | €9,982 | +€1,018 | +11.4% |
| Other operating charges | 640/8 | €9,643 | €1,188 | -€8,455 | -87.7% |
| Gross operating margin | 9900 | €172,621 | €89,627 | -€82,994 | -48.1% |
| Operating profit (loss) | 9901 | €154,014 | €78,457 | -€75,557 | -49.1% |
| Financial income | 75/76B | - | €12,857 | +€12,857 | |
| Recurring financial income | 75 | - | €12,857 | +€12,857 | |
| Financial charges | 65/66B | €3,033 | €4,727 | +€1,694 | +55.8% |
| Recurring financial charges | 65 | €3,033 | €4,727 | +€1,694 | +55.8% |
| Profit (loss) for the period before taxes | 9903 | €150,981 | €86,587 | -€64,394 | -42.7% |
| Income taxes | 67/77 | €34,658 | €17,720 | -€16,938 | -48.9% |
| Profit (loss) for the period | 9904 | €116,323 | €68,868 | -€47,456 | -40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €116,323 | €68,868 | -€47,456 | -40.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.