E.M.G.: 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.G.
Largest movements
- Tangible fixed assets -€20,319
down €20,319 (-4.4%), from €460,124 to €439,805
- Cash -€9,929
down €9,929 (-64.3%), from €15,443 to €5,515
mainly Other debts (-€14,927) and Current portion of long-term debt (-€10,335)
- Receivables within one year +€8,059
up €8,059 (+14.0%), from €57,699 to €65,758
of which Trade receivables: +€8,059
- Profit (loss) carried forward +€19,155
up €19,155 (+18.6%), from €103,034 to €122,189
- Other debts -€14,927
no longer reported in 2025 (was €14,927)
- Current portion of long-term debt -€10,335
down €10,335 (-65.7%), from €15,734 to €5,399
- Reserves -€9,018
down €9,018 (-10.9%), from €83,042 to €74,024
of which Tax-exempt reserves: -€9,018
- Debts after one year -€5,399
down €5,399 (-2.2%), from €240,236 to €234,838
of which Financial debts: -€5,399
- Gross operating margin +€2,593
up €2,593 (+6.5%), from €39,690 to €42,283
- Financial charges -€1,561
down €1,561 (-70.9%), from €2,200 to €639
- Taxes +€901
up €901 (+16.4%), from €5,497 to €6,398
- Other operating charges +€779
up €779 (+11.1%), from €7,017 to €7,796
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 | €533,266 | €511,077 | -€22,189 | -4.2% |
| Fixed assets | 21/28 | €460,124 | €439,805 | -€20,319 | -4.4% |
| Tangible fixed assets | 22/27 | €460,124 | €439,805 | -€20,319 | -4.4% |
| Land and buildings | 22 | €460,124 | €439,805 | -€20,319 | -4.4% |
| Current assets | 29/58 | €73,142 | €71,272 | -€1,870 | -2.6% |
| Amounts receivable within one year | 40/41 | €57,699 | €65,758 | +€8,059 | +14.0% |
| Trade receivables | 40 | €54,844 | €62,903 | +€8,059 | +14.7% |
| Other amounts receivable | 41 | €2,854 | €2,854 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €15,443 | €5,515 | -€9,929 | -64.3% |
| Total equity and liabilities | 10/49 | €533,266 | €511,077 | -€22,189 | -4.2% |
| Equity | 10/15 | €248,075 | €258,213 | +€10,138 | +4.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €83,042 | €74,024 | -€9,018 | -10.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,408 | €26,390 | -€9,018 | -25.5% |
| Distributable reserves | 133 | €41,434 | €41,434 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,034 | €122,189 | +€19,155 | +18.6% |
| Provisions and deferred taxes | 16 | €11,803 | €8,797 | -€3,006 | -25.5% |
| Deferred taxes | 168 | €11,803 | €8,797 | -€3,006 | -25.5% |
| Amounts payable | 17/49 | €273,388 | €244,068 | -€29,320 | -10.7% |
| Amounts payable after more than one year | 17 | €240,236 | €234,838 | -€5,399 | -2.2% |
| Financial debts | 170/4 | €5,399 | - | -€5,399 | |
| Other amounts payable | 178/9 | €234,838 | €234,838 | = | 0.0% |
| Amounts payable within one year | 42/48 | €33,152 | €9,230 | -€23,922 | -72.2% |
| Current portion of amounts payable after more than one year | 42 | €15,734 | €5,399 | -€10,335 | -65.7% |
| Trade debts | 44 | €558 | €532 | -€26 | -4.6% |
| Suppliers | 440/4 | €558 | €532 | -€26 | -4.6% |
| Taxes, remuneration and social security | 45 | €1,932 | €3,299 | +€1,367 | +70.7% |
| Taxes | 450/3 | €1,932 | €3,299 | +€1,367 | +70.7% |
| Other amounts payable | 47/48 | €14,927 | - | -€14,927 | |
| Non-recurring operating income | 76A | - | €76 | +€76 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,507 | €20,319 | -€188 | -0.9% |
| Other operating charges | 640/8 | €7,017 | €7,796 | +€779 | +11.1% |
| Gross operating margin | 9900 | €39,690 | €42,283 | +€2,593 | +6.5% |
| Operating profit (loss) | 9901 | €12,167 | €14,169 | +€2,002 | +16.5% |
| Financial charges | 65/66B | €2,200 | €639 | -€1,561 | -70.9% |
| Recurring financial charges | 65 | €2,200 | €639 | -€1,561 | -70.9% |
| Profit (loss) for the period before taxes | 9903 | €9,967 | €13,529 | +€3,563 | +35.7% |
| Transfer from deferred taxes | 780 | €3,006 | €3,006 | = | 0.0% |
| Income taxes | 67/77 | €5,497 | €6,398 | +€901 | +16.4% |
| Profit (loss) for the period | 9904 | €7,476 | €10,138 | +€2,662 | +35.6% |
| Transfer from tax-exempt reserves | 789 | €9,018 | €9,018 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,494 | €19,155 | +€2,662 | +16.1% |
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.