E.M.L.: 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.L.
Largest movements
- Tangible fixed assets +€18,184
up €18,184 (+19.0%), from €95,890 to €114,074
of which Other tangible fixed assets: +€16,662
- Cash -€15,103
down €15,103 (-47.6%), from €31,730 to €16,627
mainly Investment in fixed assets (net) (-€28,937) and Receivables within one year (-€6,684)
- Receivables within one year +€6,684
up €6,684 (+30.0%), from €22,289 to €28,973
of which Other amounts receivable: +€6,634
- Profit (loss) carried forward +€7,082
up €7,082 (+18.1%), from -€39,022 to -€31,940
- Other debts +€5,331
up €5,331 (+2.9%), from €181,046 to €186,377
- Depreciation +€8,616
up €8,616 (+403%), from €2,136 to €10,752
- Gross operating margin +€2,282
up €2,282 (+12.9%), from €17,749 to €20,031
- Financial income +€375
up €375 (+47.9%), from €783 to €1,158
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 | €264,426 | €274,195 | +€9,769 | +3.7% |
| Fixed assets | 21/28 | €210,257 | €228,441 | +€18,184 | +8.6% |
| Tangible fixed assets | 22/27 | €95,890 | €114,074 | +€18,184 | +19.0% |
| Furniture and vehicles | 24 | €6,891 | €8,412 | +€1,522 | +22.1% |
| Other tangible fixed assets | 26 | €89,000 | €105,662 | +€16,662 | +18.7% |
| Financial fixed assets | 28 | €114,367 | €114,367 | = | 0.0% |
| Current assets | 29/58 | €54,169 | €45,754 | -€8,415 | -15.5% |
| Amounts receivable within one year | 40/41 | €22,289 | €28,973 | +€6,684 | +30.0% |
| Trade receivables | 40 | - | €50 | +€50 | |
| Other amounts receivable | 41 | €22,289 | €28,923 | +€6,634 | +29.8% |
| Cash at bank and in hand | 54/58 | €31,730 | €16,627 | -€15,103 | -47.6% |
| Deferred charges and accrued income | 490/1 | €150 | €154 | +€4 | +2.6% |
| Total equity and liabilities | 10/49 | €264,426 | €274,195 | +€9,769 | +3.7% |
| Equity | 10/15 | €80,635 | €87,717 | +€7,082 | +8.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €113,457 | €113,457 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,022 | -€31,940 | +€7,082 | +18.1% |
| Amounts payable | 17/49 | €183,791 | €186,478 | +€2,687 | +1.5% |
| Amounts payable within one year | 42/48 | €183,791 | €186,478 | +€2,687 | +1.5% |
| Trade debts | 44 | €2,646 | €0 | -€2,646 | -100% |
| Suppliers | 440/4 | €2,646 | €0 | -€2,646 | -100% |
| Taxes, remuneration and social security | 45 | €99 | €101 | +€2 | +1.7% |
| Taxes | 450/3 | €99 | €101 | +€2 | +1.7% |
| Other amounts payable | 47/48 | €181,046 | €186,377 | +€5,331 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,136 | €10,752 | +€8,616 | +403% |
| Other operating charges | 640/8 | €698 | €579 | -€120 | -17.1% |
| Gross operating margin | 9900 | €17,749 | €20,031 | +€2,282 | +12.9% |
| Operating profit (loss) | 9901 | €14,914 | €8,700 | -€6,214 | -41.7% |
| Financial income | 75/76B | €783 | €1,158 | +€375 | +47.9% |
| Recurring financial income | 75 | €783 | €1,158 | +€375 | +47.9% |
| Financial charges | 65/66B | €2,719 | €2,776 | +€57 | +2.1% |
| Recurring financial charges | 65 | €2,719 | €2,776 | +€57 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €12,978 | €7,082 | -€5,896 | -45.4% |
| Profit (loss) for the period | 9904 | €12,978 | €7,082 | -€5,896 | -45.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,978 | €7,082 | -€5,896 | -45.4% |
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 19 October 2026 via checked.be.