E.J.M.: 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.
E.J.M.
Largest movements
- Current investments +€65,837
up €65,837 (+17.7%), from €370,951 to €436,788
- Tangible fixed assets +€56,302
up €56,302 (+99,123%), from €57 to €56,358
of which Furniture and vehicles: +€51,056
- Cash -€38,871
down €38,871 (-52.0%), from €74,798 to €35,927
mainly Contributions, distributions and other (-€71,000) and Current investments (-€65,837)
- Receivables within one year +€5,499
new in 2025: €5,499
of which Other amounts receivable: +€4,375
- Debts after one year +€40,648
new in 2025: €40,648
- Profit (loss) carried forward +€37,103
up €37,103, from -€37,103 to €0
- Other debts +€31,675
up €31,675 (+80.5%), from €39,325 to €71,000
- Reserves -€16,112
down €16,112 (-4.1%), from €393,600 to €377,488
of which Distributable reserves: -€16,112
- Tax, wage and social debts -€10,714
down €10,714 (-46.3%), from €23,152 to €12,438
- Gross operating margin +€19,384
up €19,384 (+16.2%), from €119,402 to €138,785
- Depreciation +€2,579
up €2,579 (+4,540%), from €57 to €2,635
- Financial charges +€1,958
up €1,958 (+159%), from €1,233 to €3,191
- Other operating charges +€1,575
up €1,575 (+1,499%), from €105 to €1,680
- Taxes +€1,474
up €1,474 (+3.7%), from €40,215 to €41,689
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 | €449,161 | €539,549 | +€90,387 | +20.1% |
| Fixed assets | 21/28 | €2,323 | €58,625 | +€56,302 | +2,423% |
| Tangible fixed assets | 22/27 | €57 | €56,358 | +€56,302 | +99,123% |
| Plant, machinery and equipment | 23 | - | €5,246 | +€5,246 | |
| Furniture and vehicles | 24 | €57 | €51,113 | +€51,056 | +89,887% |
| Financial fixed assets | 28 | €2,267 | €2,267 | = | 0.0% |
| Current assets | 29/58 | €446,838 | €480,924 | +€34,086 | +7.6% |
| Amounts receivable within one year | 40/41 | - | €5,499 | +€5,499 | |
| Trade receivables | 40 | - | €1,125 | +€1,125 | |
| Other amounts receivable | 41 | - | €4,375 | +€4,375 | |
| Current investments | 50/53 | €370,951 | €436,788 | +€65,837 | +17.7% |
| Cash at bank and in hand | 54/58 | €74,798 | €35,927 | -€38,871 | -52.0% |
| Deferred charges and accrued income | 490/1 | €1,089 | €2,709 | +€1,620 | +149% |
| Total equity and liabilities | 10/49 | €449,161 | €539,549 | +€90,387 | +20.1% |
| Equity | 10/15 | €381,497 | €402,488 | +€20,991 | +5.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €393,600 | €377,488 | -€16,112 | -4.1% |
| Non-distributable reserves | 130/1 | - | €0 | = | |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Distributable reserves | 133 | €393,600 | €377,488 | -€16,112 | -4.1% |
| Profit (loss) carried forward | 14 | -€37,103 | €0 | +€37,103 | |
| Amounts payable | 17/49 | €67,665 | €137,061 | +€69,396 | +103% |
| Amounts payable after more than one year | 17 | - | €40,648 | +€40,648 | |
| Financial debts | 170/4 | - | €40,648 | +€40,648 | |
| Amounts payable within one year | 42/48 | €67,665 | €95,176 | +€27,511 | +40.7% |
| Current portion of amounts payable after more than one year | 42 | - | €10,112 | +€10,112 | |
| Trade debts | 44 | €5,188 | €1,625 | -€3,562 | -68.7% |
| Suppliers | 440/4 | €5,188 | €1,625 | -€3,562 | -68.7% |
| Taxes, remuneration and social security | 45 | €23,152 | €12,438 | -€10,714 | -46.3% |
| Taxes | 450/3 | €23,152 | €12,438 | -€10,714 | -46.3% |
| Other amounts payable | 47/48 | €39,325 | €71,000 | +€31,675 | +80.5% |
| Accrued charges and deferred income | 492/3 | - | €1,237 | +€1,237 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57 | €2,635 | +€2,579 | +4,540% |
| Other operating charges | 640/8 | €105 | €1,680 | +€1,575 | +1,499% |
| Gross operating margin | 9900 | €119,402 | €138,785 | +€19,384 | +16.2% |
| Operating profit (loss) | 9901 | €119,240 | €134,469 | +€15,230 | +12.8% |
| Financial income | 75/76B | €2,858 | €2,402 | -€456 | -16.0% |
| Recurring financial income | 75 | €2,858 | €2,402 | -€456 | -16.0% |
| Financial charges | 65/66B | €1,233 | €3,191 | +€1,958 | +159% |
| Recurring financial charges | 65 | €1,233 | €3,191 | +€1,958 | +159% |
| Profit (loss) for the period before taxes | 9903 | €120,864 | €133,680 | +€12,816 | +10.6% |
| Income taxes | 67/77 | €40,215 | €41,689 | +€1,474 | +3.7% |
| Profit (loss) for the period | 9904 | €80,650 | €91,991 | +€11,342 | +14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €80,650 | €91,991 | +€11,342 | +14.1% |
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 16 October 2026 via checked.be.