E.M.C.: what changed
Two fiscal 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.M.C.
Largest movements
- Receivables within one year +€64,630
up €64,630 (+83.1%), from €77,768 to €142,398
of which Trade receivables: +€37,569
- Cash +€29,381
up €29,381 (+180.6%), from €16,269 to €45,650
mainly Contributions, distributions and other (+€62,624) and Trade debts (+€39,242)
- Tangible fixed assets +€9,782
new in 2025: €9,782
of which Plant, machinery and equipment: +€5,975
- Profit (loss) carried forward +€64,648
up €64,648 (+142.6%), from €45,334 to €109,982
- Trade debts +€39,242
up €39,242 (+595.0%), from €6,595 to €45,836
- Gross operating margin -€40,201
down €40,201 (-76.8%), from €52,378 to €12,177
- Financial charges -€16,514
down €16,514 (-96.7%), from €17,074 to €560
of which Non-recurring financial charges: -€16,672
- Taxes +€4,616
new in 2025: €4,616
- Depreciation +€3,791
new in 2025: €3,791
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.
Cash bridge derived
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 | €94,337 | €198,394 | +€104,057 | +110.3% |
| Fixed assets | 21/28 | €200 | €9,982 | +€9,782 | +4890.9% |
| Tangible fixed assets | 22/27 | - | €9,782 | +€9,782 | |
| Plant, machinery and equipment | 23 | - | €5,975 | +€5,975 | |
| Furniture and vehicles | 24 | - | €3,807 | +€3,807 | |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €94,137 | €188,412 | +€94,275 | +100.1% |
| Amounts receivable within one year | 40/41 | €77,768 | €142,398 | +€64,630 | +83.1% |
| Trade receivables | 40 | €37,289 | €74,859 | +€37,569 | +100.8% |
| Other amounts receivable | 41 | €40,479 | €67,540 | +€27,061 | +66.9% |
| Cash at bank and in hand | 54/58 | €16,269 | €45,650 | +€29,381 | +180.6% |
| Deferred charges and accrued income | 490/1 | €100 | €363 | +€263 | +263.5% |
| Total equity and liabilities | 10/49 | €94,337 | €198,394 | +€104,057 | +110.3% |
| Equity | 10/15 | €62,194 | €126,842 | +€64,648 | +103.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,334 | €109,982 | +€64,648 | +142.6% |
| Amounts payable | 17/49 | €32,144 | €71,552 | +€39,408 | +122.6% |
| Amounts payable within one year | 42/48 | €32,144 | €71,505 | +€39,361 | +122.5% |
| Trade debts | 44 | €6,595 | €45,836 | +€39,242 | +595.0% |
| Suppliers | 440/4 | €6,595 | €45,836 | +€39,242 | +595.0% |
| Taxes, remuneration and social security | 45 | €25,549 | €25,669 | +€120 | +0.5% |
| Taxes | 450/3 | €25,549 | €25,669 | +€120 | +0.5% |
| Accrued charges and deferred income | 492/3 | - | €47 | +€47 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,791 | +€3,791 | |
| Other operating charges | 640/8 | €348 | €400 | +€52 | +15.0% |
| Non-recurring operating charges | 66A | €2,428 | €786 | -€1,642 | -67.6% |
| Gross operating margin | 9900 | €52,378 | €12,177 | -€40,201 | -76.8% |
| Operating profit (loss) | 9901 | €49,603 | €7,201 | -€42,402 | -85.5% |
| Financial charges | 65/66B | €17,074 | €560 | -€16,514 | -96.7% |
| Recurring financial charges | 65 | €402 | €560 | +€158 | +39.3% |
| Non-recurring financial charges | 66B | €16,672 | - | -€16,672 | |
| Profit (loss) for the period before taxes | 9903 | €32,529 | €6,641 | -€25,888 | -79.6% |
| Income taxes | 67/77 | - | €4,616 | +€4,616 | |
| Profit (loss) for the period | 9904 | €32,529 | €2,025 | -€30,504 | -93.8% |
| Profit (loss) for the period to be appropriated | 9905 | €32,529 | €2,025 | -€30,504 | -93.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.