Dr. Emmerechts Jan: 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. Emmerechts Jan
Largest movements
- Tangible fixed assets +€242,758
up €242,758 (+593%), from €40,907 to €283,665
of which Land and buildings: +€251,726
- Cash -€204,086
down €204,086 (-80.4%), from €253,858 to €49,771
mainly Investment in fixed assets (net) (-€262,501) and Contributions, distributions and other (-€192,760)
- Deferred charges and accrued income -€47,017
down €47,017 (-34.6%), from €136,012 to €88,995
- Intangible fixed assets -€44,169
down €44,169 (-39.5%), from €111,824 to €67,655
- Current investments +€36,000
up €36,000 (+116%), from €31,000 to €67,000
- Debts after one year +€87,043
new in 2025: €87,043
- Reserves -€42,500
down €42,500 (-12.6%), from €337,322 to €294,822
- Other debts -€35,126
down €35,126 (-18.4%), from €191,289 to €156,163
- Tax, wage and social debts -€26,373
no longer reported in 2025 (was €26,373)
- Current portion of long-term debt +€12,957
new in 2025: €12,957
- Gross operating margin -€67,993
down €67,993 (-20.8%), from €326,770 to €258,777
- Taxes -€13,966
down €13,966 (-23.3%), from €59,873 to €45,907
- Depreciation -€12,178
down €12,178 (-16.0%), from €76,090 to €63,912
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 | €575,317 | €575,690 | +€373 | +0.1% |
| Fixed assets | 21/28 | €152,731 | €351,320 | +€198,589 | +130% |
| Intangible fixed assets | 21 | €111,824 | €67,655 | -€44,169 | -39.5% |
| Tangible fixed assets | 22/27 | €40,907 | €283,665 | +€242,758 | +593% |
| Land and buildings | 22 | €19,157 | €270,883 | +€251,726 | +1,314% |
| Plant, machinery and equipment | 23 | €3,285 | €5,779 | +€2,494 | +75.9% |
| Furniture and vehicles | 24 | €18,465 | €7,003 | -€11,462 | -62.1% |
| Current assets | 29/58 | €422,586 | €224,370 | -€198,216 | -46.9% |
| Amounts receivable within one year | 40/41 | €1,716 | €18,604 | +€16,887 | +984% |
| Other amounts receivable | 41 | €1,716 | €18,604 | +€16,887 | +984% |
| Current investments | 50/53 | €31,000 | €67,000 | +€36,000 | +116% |
| Cash at bank and in hand | 54/58 | €253,858 | €49,771 | -€204,086 | -80.4% |
| Deferred charges and accrued income | 490/1 | €136,012 | €88,995 | -€47,017 | -34.6% |
| Total equity and liabilities | 10/49 | €575,317 | €575,690 | +€373 | +0.1% |
| Equity | 10/15 | €355,922 | €313,422 | -€42,500 | -11.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €337,322 | €294,822 | -€42,500 | -12.6% |
| Distributable reserves | 133 | €337,322 | €294,822 | -€42,500 | -12.6% |
| Amounts payable | 17/49 | €219,395 | €262,268 | +€42,873 | +19.5% |
| Amounts payable after more than one year | 17 | - | €87,043 | +€87,043 | |
| Financial debts | 170/4 | - | €87,043 | +€87,043 | |
| Amounts payable within one year | 42/48 | €219,395 | €175,225 | -€44,170 | -20.1% |
| Current portion of amounts payable after more than one year | 42 | - | €12,957 | +€12,957 | |
| Trade debts | 44 | €1,733 | €6,105 | +€4,372 | +252% |
| Suppliers | 440/4 | €1,733 | €6,105 | +€4,372 | +252% |
| Taxes, remuneration and social security | 45 | €26,373 | - | -€26,373 | |
| Taxes | 450/3 | €26,373 | - | -€26,373 | |
| Other amounts payable | 47/48 | €191,289 | €156,163 | -€35,126 | -18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,090 | €63,912 | -€12,178 | -16.0% |
| Other operating charges | 640/8 | €635 | €1,192 | +€557 | +87.6% |
| Gross operating margin | 9900 | €326,770 | €258,777 | -€67,993 | -20.8% |
| Operating profit (loss) | 9901 | €250,045 | €193,672 | -€56,372 | -22.5% |
| Financial income | 75/76B | €213 | €2,851 | +€2,638 | +1,241% |
| Recurring financial income | 75 | €213 | €2,851 | +€2,638 | +1,241% |
| Financial charges | 65/66B | €168 | €356 | +€188 | +112% |
| Recurring financial charges | 65 | €168 | €356 | +€188 | +112% |
| Profit (loss) for the period before taxes | 9903 | €250,089 | €196,168 | -€53,922 | -21.6% |
| Income taxes | 67/77 | €59,873 | €45,907 | -€13,966 | -23.3% |
| Profit (loss) for the period | 9904 | €190,216 | €150,260 | -€39,955 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €190,216 | €150,260 | -€39,955 | -21.0% |
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 18 October 2026 via checked.be.