E.M.G.: 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.M.G.
Largest movements
- Cash +€177,406
up €177,406 (+56.6%), from €313,229 to €490,635
mainly Net result for the year (+€118,241) and Other debts (+€41,568)
- Tangible fixed assets -€46,685
down €46,685 (-8.0%), from €585,555 to €538,870
- Stocks and contracts -€20,279
down €20,279 (-29.7%), from €68,183 to €47,905
- Reserves +€118,241
up €118,241 (+15.8%), from €749,460 to €867,701
of which Distributable reserves: +€118,241
- Current portion of long-term debt -€41,810
down €41,810 (-67.6%), from €61,876 to €20,066
- Other debts +€41,568
up €41,568 (+377.4%), from €11,015 to €52,583
- Debts after one year -€20,066
down €20,066 (-100.0%), from €20,066 to €0
- Gross operating margin -€16,756
down €16,756 (-7.7%), from €218,615 to €201,860
- Taxes -€12,770
down €12,770 (-24.4%), from €52,431 to €39,661
- Depreciation -€7,780
down €7,780 (-17.7%), from €43,993 to €36,213
- Financial income +€4,506
up €4,506 (+231.2%), from €1,949 to €6,455
- Other operating charges -€2,314
down €2,314 (-20.8%), from €11,103 to €8,789
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 | €1,021,899 | €1,138,467 | +€116,569 | +11.4% |
| Fixed assets | 21/28 | €586,284 | €539,599 | -€46,685 | -8.0% |
| Tangible fixed assets | 22/27 | €585,555 | €538,870 | -€46,685 | -8.0% |
| Land and buildings | 22 | €448,768 | €428,812 | -€19,956 | -4.4% |
| Plant, machinery and equipment | 23 | €1,023 | €45 | -€978 | -95.6% |
| Furniture and vehicles | 24 | €29,263 | €11,393 | -€17,869 | -61.1% |
| Other tangible fixed assets | 26 | €106,501 | €98,620 | -€7,882 | -7.4% |
| Financial fixed assets | 28 | €729 | €729 | = | 0.0% |
| Current assets | 29/58 | €435,614 | €598,868 | +€163,254 | +37.5% |
| Stocks and contracts in progress | 3 | €68,183 | €47,905 | -€20,279 | -29.7% |
| Stocks | 30/36 | €68,183 | €47,905 | -€20,279 | -29.7% |
| Amounts receivable within one year | 40/41 | €50,461 | €56,984 | +€6,522 | +12.9% |
| Trade receivables | 40 | €40,746 | €47,726 | +€6,981 | +17.1% |
| Other amounts receivable | 41 | €9,716 | €9,258 | -€458 | -4.7% |
| Cash at bank and in hand | 54/58 | €313,229 | €490,635 | +€177,406 | +56.6% |
| Deferred charges and accrued income | 490/1 | €3,740 | €3,344 | -€396 | -10.6% |
| Total equity and liabilities | 10/49 | €1,021,899 | €1,138,467 | +€116,569 | +11.4% |
| Equity | 10/15 | €878,925 | €997,165 | +€118,241 | +13.5% |
| Contributions | 10/11 | €129,100 | €129,100 | = | 0.0% |
| Contributions outside capital | 11 | €129,100 | €129,100 | = | 0.0% |
| Other | 1109/19 | €129,100 | €129,100 | = | 0.0% |
| Reserves | 13 | €749,460 | €867,701 | +€118,241 | +15.8% |
| Non-distributable reserves | 130/1 | €12,910 | €12,910 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,910 | €12,910 | = | 0.0% |
| Tax-exempt reserves | 132 | €79,750 | €79,750 | = | 0.0% |
| Distributable reserves | 133 | €656,800 | €775,041 | +€118,241 | +18.0% |
| Profit (loss) carried forward | 14 | €364 | €364 | = | 0.0% |
| Amounts payable | 17/49 | €142,974 | €141,302 | -€1,672 | -1.2% |
| Amounts payable after more than one year | 17 | €20,066 | €0 | -€20,066 | -100.0% |
| Financial debts | 170/4 | €20,066 | €0 | -€20,066 | -100.0% |
| Amounts payable within one year | 42/48 | €121,693 | €139,830 | +€18,138 | +14.9% |
| Current portion of amounts payable after more than one year | 42 | €61,876 | €20,066 | -€41,810 | -67.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €24,483 | €32,788 | +€8,304 | +33.9% |
| Suppliers | 440/4 | €24,483 | €32,788 | +€8,304 | +33.9% |
| Advances received on contracts in progress | 46 | €1,600 | €3,270 | +€1,670 | +104.4% |
| Taxes, remuneration and social security | 45 | €22,718 | €31,124 | +€8,406 | +37.0% |
| Taxes | 450/3 | €22,718 | €31,124 | +€8,406 | +37.0% |
| Other amounts payable | 47/48 | €11,015 | €52,583 | +€41,568 | +377.4% |
| Accrued charges and deferred income | 492/3 | €1,215 | €1,471 | +€256 | +21.1% |
| Non-recurring operating income | 76A | €0 | €76 | +€76 | |
| Remuneration, social security and pensions | 62 | €572 | €0 | -€572 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,993 | €36,213 | -€7,780 | -17.7% |
| Other operating charges | 640/8 | €11,103 | €8,789 | -€2,314 | -20.8% |
| Non-recurring operating charges | 66A | - | €3,148 | +€3,148 | |
| Gross operating margin | 9900 | €218,615 | €201,860 | -€16,756 | -7.7% |
| Operating profit (loss) | 9901 | €162,947 | €153,709 | -€9,238 | -5.7% |
| Financial income | 75/76B | €1,949 | €6,455 | +€4,506 | +231.2% |
| Recurring financial income | 75 | €1,949 | €6,455 | +€4,506 | +231.2% |
| Financial charges | 65/66B | €3,857 | €2,263 | -€1,594 | -41.3% |
| Recurring financial charges | 65 | €3,857 | €2,263 | -€1,594 | -41.3% |
| Profit (loss) for the period before taxes | 9903 | €161,040 | €157,902 | -€3,138 | -1.9% |
| Income taxes | 67/77 | €52,431 | €39,661 | -€12,770 | -24.4% |
| Profit (loss) for the period | 9904 | €108,609 | €118,241 | +€9,632 | +8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €108,609 | €118,241 | +€9,632 | +8.9% |
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 11 October 2026 via checked.be.