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 +€23,690
up €23,690 (+36.2%), from €65,416 to €89,106
of which Other tangible fixed assets: +€25,400
- Cash -€17,185
down €17,185 (-63.5%), from €27,066 to €9,881
mainly Trade debts (-€50,817) and Other debts (-€34,610)
- Trade debts -€50,817
down €50,817 (-96.0%), from €52,959 to €2,142
- Reserves +€45,166
up €45,166 (+5.2%), from €876,930 to €922,095
of which Distributable reserves: +€45,166
- Other debts -€34,610
down €34,610 (-51.1%), from €67,758 to €33,148
- Debts after one year +€23,676
up €23,676 (+78.5%), from €30,145 to €53,822
- Financial income +€58,743
up €58,743 (+4813.7%), from €1,220 to €59,964
- Gross operating margin -€42,652
down €42,652 (-82.7%), from €51,575 to €8,924
- Taxes -€7,215
down €7,215 (-60.4%), from €11,949 to €4,734
- Depreciation +€4,086
up €4,086 (+56.3%), from €7,258 to €11,344
- Financial charges +€1,378
up €1,378 (+28.3%), from €4,867 to €6,245
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 | €1,064,281 | €1,051,255 | -€13,026 | -1.2% |
| Fixed assets | 21/28 | €1,020,826 | €1,036,817 | +€15,991 | +1.6% |
| Tangible fixed assets | 22/27 | €65,416 | €89,106 | +€23,690 | +36.2% |
| Furniture and vehicles | 24 | €3,506 | €1,796 | -€1,710 | -48.8% |
| Other tangible fixed assets | 26 | €61,910 | €87,310 | +€25,400 | +41.0% |
| Financial fixed assets | 28 | €955,409 | €947,711 | -€7,698 | -0.8% |
| Current assets | 29/58 | €43,455 | €14,437 | -€29,018 | -66.8% |
| Amounts receivable within one year | 40/41 | €15,072 | €4,557 | -€10,516 | -69.8% |
| Trade receivables | 40 | €12,342 | €2,965 | -€9,378 | -76.0% |
| Other amounts receivable | 41 | €2,730 | €1,592 | -€1,138 | -41.7% |
| Cash at bank and in hand | 54/58 | €27,066 | €9,881 | -€17,185 | -63.5% |
| Deferred charges and accrued income | 490/1 | €1,316 | €0 | -€1,316 | -100.0% |
| Total equity and liabilities | 10/49 | €1,064,281 | €1,051,255 | -€13,026 | -1.2% |
| Equity | 10/15 | €896,930 | €942,095 | +€45,166 | +5.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €876,930 | €922,095 | +€45,166 | +5.2% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €866,930 | €912,095 | +€45,166 | +5.2% |
| Amounts payable | 17/49 | €167,351 | €109,159 | -€58,192 | -34.8% |
| Amounts payable after more than one year | 17 | €30,145 | €53,822 | +€23,676 | +78.5% |
| Financial debts | 170/4 | €30,145 | €53,822 | +€23,676 | +78.5% |
| Amounts payable within one year | 42/48 | €136,722 | €51,410 | -€85,311 | -62.4% |
| Current portion of amounts payable after more than one year | 42 | €9,624 | €9,986 | +€362 | +3.8% |
| Trade debts | 44 | €52,959 | €2,142 | -€50,817 | -96.0% |
| Suppliers | 440/4 | €52,959 | €2,142 | -€50,817 | -96.0% |
| Taxes, remuneration and social security | 45 | €6,380 | €6,134 | -€247 | -3.9% |
| Taxes | 450/3 | €6,380 | €6,134 | -€247 | -3.9% |
| Other amounts payable | 47/48 | €67,758 | €33,148 | -€34,610 | -51.1% |
| Accrued charges and deferred income | 492/3 | €484 | €3,927 | +€3,443 | +711.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,258 | €11,344 | +€4,086 | +56.3% |
| Other operating charges | 640/8 | €1,773 | €1,399 | -€374 | -21.1% |
| Gross operating margin | 9900 | €51,575 | €8,924 | -€42,652 | -82.7% |
| Operating profit (loss) | 9901 | €42,544 | -€3,819 | -€46,363 | |
| Financial income | 75/76B | €1,220 | €59,964 | +€58,743 | +4813.7% |
| Recurring financial income | 75 | €1,220 | €59,964 | +€58,743 | +4813.7% |
| Financial charges | 65/66B | €4,867 | €6,245 | +€1,378 | +28.3% |
| Recurring financial charges | 65 | €4,867 | €6,245 | +€1,378 | +28.3% |
| Profit (loss) for the period before taxes | 9903 | €38,897 | €49,899 | +€11,002 | +28.3% |
| Income taxes | 67/77 | €11,949 | €4,734 | -€7,215 | -60.4% |
| Profit (loss) for the period | 9904 | €26,948 | €45,166 | +€18,217 | +67.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,948 | €45,166 | +€18,217 | +67.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.