E.M.D.: 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.D.
Largest movements
- Cash -€7,975
down €7,975 (-12.4%), from €64,062 to €56,086
mainly Contributions, distributions and other (-€13,325) and Accrued charges and deferred income (-€1,800)
- Reserves -€13,325
down €13,325 (-87.8%), from €15,184 to €1,859
of which Distributable reserves: -€13,325
- Profit (loss) carried forward +€3,165
up €3,165 (+12.1%), from €26,170 to €29,335
- Other debts +€2,200
up €2,200 (+100.0%), from €2,200 to €4,400
- Accrued charges and deferred income -€1,800
no longer reported in 2025 (was €1,800)
- Trade debts +€1,785
up €1,785 (+1552.9%), from €115 to €1,900
- Gross operating margin +€15,208
up €15,208, from -€10,531 to €4,677
- Taxes +€666
new in 2025: €666
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 | €64,062 | €56,086 | -€7,975 | -12.4% |
| Current assets | 29/58 | €64,062 | €56,086 | -€7,975 | -12.4% |
| Cash at bank and in hand | 54/58 | €64,062 | €56,086 | -€7,975 | -12.4% |
| Total equity and liabilities | 10/49 | €64,062 | €56,086 | -€7,975 | -12.4% |
| Equity | 10/15 | €59,947 | €49,786 | -€10,160 | -16.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €15,184 | €1,859 | -€13,325 | -87.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €13,325 | - | -€13,325 | |
| Profit (loss) carried forward | 14 | €26,170 | €29,335 | +€3,165 | +12.1% |
| Amounts payable | 17/49 | €4,115 | €6,300 | +€2,185 | +53.1% |
| Amounts payable within one year | 42/48 | €2,315 | €6,300 | +€3,985 | +172.1% |
| Trade debts | 44 | €115 | €1,900 | +€1,785 | +1552.9% |
| Suppliers | 440/4 | €115 | €1,900 | +€1,785 | +1552.9% |
| Other amounts payable | 47/48 | €2,200 | €4,400 | +€2,200 | +100.0% |
| Accrued charges and deferred income | 492/3 | €1,800 | - | -€1,800 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€10,531 | €4,677 | +€15,208 | |
| Operating profit (loss) | 9901 | -€10,918 | €4,277 | +€15,195 | |
| Financial charges | 65/66B | €525 | €446 | -€79 | -15.0% |
| Recurring financial charges | 65 | €525 | €446 | -€79 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | -€11,443 | €3,831 | +€15,274 | |
| Income taxes | 67/77 | - | €666 | +€666 | |
| Profit (loss) for the period | 9904 | -€11,443 | €3,165 | +€14,608 | |
| Transfer from tax-exempt reserves | 789 | - | €0 | = | |
| Transfer to tax-exempt reserves | 689 | - | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,443 | €3,165 | +€14,608 |
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 8 October 2026 via checked.be.