E.M.G.E.: 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.E.
Largest movements
- Current investments -€1.5m
down €1.5m (-27.3%), from €5.5m to €4.0m
- Receivables within one year +€1.2m
up €1.2m (+72.2%), from €1.6m to €2.8m
of which Other amounts receivable: +€1.2m
- Financial fixed assets +€187,500
up €187,500 (+35.4%), from €529,000 to €716,500
- Other debts -€92,500
down €92,500 (-6.5%), from €1.4m to €1.3m
- Financial income -€5.1m
down €5.1m (-98.6%), from €5.2m to €73,255
of which Non-recurring financial income: -€5.2m
- Gross operating margin +€651,033
up €651,033, from -€555,247 to €95,786
- Other operating charges -€29,590
down €29,590 (-59.7%), from €49,573 to €19,983
- Financial charges -€17,404
down €17,404 (-15.0%), from €115,829 to €98,425
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.
Derived cash bridge
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 | €8,572,934 | €8,456,215 | -€116,719 | -1.4% |
| Fixed assets | 21/28 | €1,163,571 | €1,386,061 | +€222,489 | +19.1% |
| Tangible fixed assets | 22/27 | €634,571 | €669,561 | +€34,989 | +5.5% |
| Land and buildings | 22 | €631,980 | €660,176 | +€28,196 | +4.5% |
| Plant, machinery and equipment | 23 | - | €4,281 | +€4,281 | |
| Furniture and vehicles | 24 | €2,592 | €5,104 | +€2,512 | +96.9% |
| Financial fixed assets | 28 | €529,000 | €716,500 | +€187,500 | +35.4% |
| Current assets | 29/58 | €7,409,363 | €7,070,155 | -€339,208 | -4.6% |
| Amounts receivable within one year | 40/41 | €1,635,509 | €2,816,918 | +€1.2m | +72.2% |
| Trade receivables | 40 | €874 | €26,560 | +€25,685 | +2,938% |
| Other amounts receivable | 41 | €1,634,634 | €2,790,358 | +€1.2m | +70.7% |
| Current investments | 50/53 | €5,500,000 | €4,000,000 | -€1.5m | -27.3% |
| Cash at bank and in hand | 54/58 | €272,699 | €251,452 | -€21,247 | -7.8% |
| Deferred charges and accrued income | 490/1 | €1,156 | €1,785 | +€629 | +54.4% |
| Total equity and liabilities | 10/49 | €8,572,934 | €8,456,215 | -€116,719 | -1.4% |
| Equity | 10/15 | €6,996,696 | €6,993,959 | -€2,737 | 0.0% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Capital | 10 | €90,000 | €90,000 | = | 0.0% |
| Issued capital | 100 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €2,553,612 | €2,550,897 | -€2,716 | -0.1% |
| Non-distributable reserves | 130/1 | €9,000 | €9,000 | = | 0.0% |
| Legal reserve | 130 | €9,000 | €9,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €44,612 | €41,897 | -€2,716 | -6.1% |
| Distributable reserves | 133 | €2,500,000 | €2,500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,353,084 | €4,353,062 | -€21 | 0.0% |
| Provisions and deferred taxes | 16 | €29,742 | €27,931 | -€1,810 | -6.1% |
| Deferred taxes | 168 | €29,742 | €27,931 | -€1,810 | -6.1% |
| Amounts payable | 17/49 | €1,546,497 | €1,434,325 | -€112,172 | -7.3% |
| Amounts payable within one year | 42/48 | €1,431,751 | €1,336,260 | -€95,491 | -6.7% |
| Trade debts | 44 | €881 | - | -€881 | |
| Suppliers | 440/4 | €881 | - | -€881 | |
| Taxes, remuneration and social security | 45 | €4,673 | €2,563 | -€2,110 | -45.2% |
| Taxes | 450/3 | €4,673 | €2,563 | -€2,110 | -45.2% |
| Other amounts payable | 47/48 | €1,426,197 | €1,333,697 | -€92,500 | -6.5% |
| Accrued charges and deferred income | 492/3 | €114,746 | €98,065 | -€16,681 | -14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,554 | €55,182 | -€3,372 | -5.8% |
| Other operating charges | 640/8 | €49,573 | €19,983 | -€29,590 | -59.7% |
| Gross operating margin | 9900 | -€555,247 | €95,786 | +€651,033 | |
| Operating profit (loss) | 9901 | -€663,374 | €20,622 | +€683,995 | |
| Financial income | 75/76B | €5,188,547 | €73,255 | -€5.1m | -98.6% |
| Recurring financial income | 75 | €5,188,547 | €73,255 | -€5.1m | -98.6% |
| Non-recurring financial income | 76B | €5,188,547 | - | -€5.2m | |
| Financial charges | 65/66B | €115,829 | €98,425 | -€17,404 | -15.0% |
| Recurring financial charges | 65 | €115,829 | €98,425 | -€17,404 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €4,409,345 | -€4,547 | -€4.4m | |
| Transfer from deferred taxes | 780 | €1,810 | €1,810 | = | 0.0% |
| Profit (loss) for the period | 9904 | €4,411,155 | -€2,737 | -€4.4m | |
| Transfer from tax-exempt reserves | 789 | €2,716 | €2,716 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,413,871 | -€21 | -€4.4m |
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 14 October 2026 via checked.be.