E.M.E.: 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.E.
Largest movements
- Cash +€310,428
up €310,428 (+70.1%), from €442,840 to €753,268
mainly Net result for the year (+€202,513) and Investment in fixed assets (net) (+€86,297)
- Tangible fixed assets -€149,519
down €149,519 (-9.5%), from €1.6m to €1.4m
- Reserves +€161,712
up €161,712 (+15.5%), from €1.0m to €1.2m
of which Tax-exempt reserves: +€151,856
- Provisions +€56,811
up €56,811 (+36.2%), from €157,080 to €213,891
- Current portion of long-term debt -€43,630
down €43,630 (-64.0%), from €68,163 to €24,534
- Debts after one year -€24,534
no longer reported in 2025 (was €24,534)
- Gross operating margin +€163,427
up €163,427 (+84.8%), from €192,723 to €356,150
- Taxes -€14,709
down €14,709 (-49.1%), from €29,959 to €15,250
- Depreciation -€9,125
down €9,125 (-12.6%), from €72,347 to €63,222
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 | €2,190,428 | €2,350,667 | +€160,239 | +7.3% |
| Fixed assets | 21/28 | €1,572,465 | €1,422,946 | -€149,519 | -9.5% |
| Tangible fixed assets | 22/27 | €1,572,465 | €1,422,946 | -€149,519 | -9.5% |
| Land and buildings | 22 | €1,572,465 | €1,422,946 | -€149,519 | -9.5% |
| Current assets | 29/58 | €617,963 | €927,721 | +€309,758 | +50.1% |
| Amounts receivable within one year | 40/41 | €1,663 | €1,663 | = | 0.0% |
| Other amounts receivable | 41 | €1,663 | €1,663 | = | 0.0% |
| Current investments | 50/53 | €167,749 | €167,749 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €442,840 | €753,268 | +€310,428 | +70.1% |
| Deferred charges and accrued income | 490/1 | €5,711 | €5,041 | -€670 | -11.7% |
| Total equity and liabilities | 10/49 | €2,190,428 | €2,350,667 | +€160,239 | +7.3% |
| Equity | 10/15 | €1,930,309 | €2,092,021 | +€161,712 | +8.4% |
| Contributions | 10/11 | €883,740 | €883,740 | = | 0.0% |
| Capital | 10 | €883,740 | €883,740 | = | 0.0% |
| Issued capital | 100 | €883,740 | €883,740 | = | 0.0% |
| Reserves | 13 | €1,046,569 | €1,208,280 | +€161,712 | +15.5% |
| Non-distributable reserves | 130/1 | €43,383 | €45,576 | +€2,193 | +5.1% |
| Legal reserve | 130 | €43,383 | €45,576 | +€2,193 | +5.1% |
| Tax-exempt reserves | 132 | €325,064 | €476,920 | +€151,856 | +46.7% |
| Distributable reserves | 133 | €678,122 | €685,784 | +€7,663 | +1.1% |
| Provisions and deferred taxes | 16 | €157,080 | €213,891 | +€56,811 | +36.2% |
| Deferred taxes | 168 | €157,080 | €213,891 | +€56,811 | +36.2% |
| Amounts payable | 17/49 | €103,039 | €44,755 | -€58,284 | -56.6% |
| Amounts payable after more than one year | 17 | €24,534 | - | -€24,534 | |
| Financial debts | 170/4 | €24,534 | - | -€24,534 | |
| Amounts payable within one year | 42/48 | €73,238 | €42,174 | -€31,063 | -42.4% |
| Current portion of amounts payable after more than one year | 42 | €68,163 | €24,534 | -€43,630 | -64.0% |
| Trade debts | 44 | €678 | €9,089 | +€8,411 | +1240.3% |
| Suppliers | 440/4 | €678 | €9,089 | +€8,411 | +1240.3% |
| Taxes, remuneration and social security | 45 | €2,781 | €6,936 | +€4,156 | +149.4% |
| Taxes | 450/3 | €2,781 | €6,936 | +€4,156 | +149.4% |
| Other amounts payable | 47/48 | €1,615 | €1,615 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €5,268 | €2,580 | -€2,687 | -51.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,347 | €63,222 | -€9,125 | -12.6% |
| Other operating charges | 640/8 | €24,914 | €25,571 | +€657 | +2.6% |
| Gross operating margin | 9900 | €192,723 | €356,150 | +€163,427 | +84.8% |
| Operating profit (loss) | 9901 | €95,461 | €267,357 | +€171,895 | +180.1% |
| Financial income | 75/76B | €3,116 | €3,674 | +€558 | +17.9% |
| Recurring financial income | 75 | €3,116 | €3,674 | +€558 | +17.9% |
| Financial charges | 65/66B | €6,539 | €3,258 | -€3,281 | -50.2% |
| Recurring financial charges | 65 | €6,539 | €3,258 | -€3,281 | -50.2% |
| Profit (loss) for the period before taxes | 9903 | €92,038 | €267,773 | +€175,735 | +190.9% |
| Transfer from deferred taxes | 780 | €8,154 | €8,154 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €58,164 | +€58,164 | |
| Income taxes | 67/77 | €29,959 | €15,250 | -€14,709 | -49.1% |
| Profit (loss) for the period | 9904 | €70,233 | €202,513 | +€132,280 | +188.3% |
| Transfer from tax-exempt reserves | 789 | €15,835 | €15,835 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €174,493 | +€174,493 | |
| Profit (loss) for the period to be appropriated | 9905 | €86,069 | €43,855 | -€42,213 | -49.0% |
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 6 October 2026 via checked.be.