E&M MANAGEMENT: 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.
What changed
E&M MANAGEMENT
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€25,425
2024 · €178,875-€204,300
Equity
€578,386
2024 · €603,810-€25,425
Cash
€13,286
2024 · €4,699+€8,587
Balance sheet total
€753,586
2024 · €1.1m-€321,289
Largest movements
Assets
- Tangible fixed assets -€327,258
down €327,258 (-54.8%), from €597,504 to €270,246
of which Land and buildings: -€324,429
Equity and liabilities
- Short-term financial debts -€240,840
down €240,840 (-100.0%), from €240,840 to €0
- Tax, wage and social debts -€50,955
down €50,955 (-42.8%), from €119,170 to €68,214
- Profit (loss) carried forward -€25,425
down €25,425 (-4.4%), from €583,350 to €557,926
Income statement
- Gross operating margin -€324,141
down €324,141, from €321,631 to -€2,510
- Taxes -€67,901
down €67,901 (-99.5%), from €68,260 to €359
- Write-downs -€29,299
down €29,299 (-100.0%), from €29,299 to €0
- Depreciation -€13,189
down €13,189 (-53.9%), from €24,447 to €11,258
- Financial charges -€8,239
down €8,239 (-47.5%), from €17,354 to €9,115
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.
Result 2024
€178,875
Gross operating margin
-€324,141
Depreciation
+€13,189
Write-downs
+€29,299
Other operating charges
-€297
Other operating items
-€274
Financial income
+€1,784
Financial charges
+€8,239
Taxes
+€67,901
Result 2025
-€25,425
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.
From operations
-€67,312
Investment
+€316,000
Financing
-€240,101
Cash 2024
€4,699
From operations (derived)
-€67,312
Net result for the year
-€25,425
Depreciation
+€11,258
Receivables within one year
+€2,524
Deferred charges and accrued income
+€92
Trade debts
-€5,542
Tax, wage and social debts
-€50,955
Other debts
+€2,104
Accrued charges and deferred income
-€1,368
Investment (derived)
+€316,000
Investment in fixed assets (net)
+€316,000
Financing
-€240,101
Debts after one year
-€1,281
Current portion of long-term debt
+€2,020
Short-term financial debts
-€240,840
Cash 2025
€13,286
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,074,874 | €753,586 | -€321,289 | -29.9% |
| Fixed assets | 21/28 | €1,020,966 | €693,708 | -€327,258 | -32.1% |
| Tangible fixed assets | 22/27 | €597,504 | €270,246 | -€327,258 | -54.8% |
| Land and buildings | 22 | €589,435 | €265,006 | -€324,429 | -55.0% |
| Plant, machinery and equipment | 23 | €8,013 | €5,240 | -€2,773 | -34.6% |
| Furniture and vehicles | 24 | €56 | €0 | -€56 | -100.0% |
| Financial fixed assets | 28 | €423,462 | €423,462 | = | 0.0% |
| Current assets | 29/58 | €53,908 | €59,878 | +€5,970 | +11.1% |
| Amounts receivable within one year | 40/41 | €49,117 | €46,592 | -€2,524 | -5.1% |
| Trade receivables | 40 | €0 | €6,754 | +€6,754 | |
| Other amounts receivable | 41 | €49,117 | €39,839 | -€9,278 | -18.9% |
| Cash at bank and in hand | 54/58 | €4,699 | €13,286 | +€8,587 | +182.7% |
| Deferred charges and accrued income | 490/1 | €92 | €0 | -€92 | -100.0% |
| Total equity and liabilities | 10/49 | €1,074,874 | €753,586 | -€321,289 | -29.9% |
| Equity | 10/15 | €603,810 | €578,386 | -€25,425 | -4.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €583,350 | €557,926 | -€25,425 | -4.4% |
| Amounts payable | 17/49 | €471,064 | €175,200 | -€295,864 | -62.8% |
| Amounts payable after more than one year | 17 | €1,281 | €0 | -€1,281 | -100.0% |
| Financial debts | 170/4 | €1,281 | €0 | -€1,281 | -100.0% |
| Amounts payable within one year | 42/48 | €464,169 | €170,955 | -€293,214 | -63.2% |
| Current portion of amounts payable after more than one year | 42 | €10,513 | €12,533 | +€2,020 | +19.2% |
| Financial debts | 43 | €240,840 | €0 | -€240,840 | -100.0% |
| Credit institutions | 430/8 | €240,840 | €0 | -€240,840 | -100.0% |
| Trade debts | 44 | €68,034 | €62,491 | -€5,542 | -8.1% |
| Suppliers | 440/4 | €68,034 | €62,491 | -€5,542 | -8.1% |
| Taxes, remuneration and social security | 45 | €119,170 | €68,214 | -€50,955 | -42.8% |
| Taxes | 450/3 | €119,170 | €68,214 | -€50,955 | -42.8% |
| Other amounts payable | 47/48 | €25,612 | €27,716 | +€2,104 | +8.2% |
| Accrued charges and deferred income | 492/3 | €5,614 | €4,245 | -€1,368 | -24.4% |
| Non-recurring operating income | 76A | €333,774 | €19,000 | -€314,774 | -94.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,447 | €11,258 | -€13,189 | -53.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €29,299 | €0 | -€29,299 | -100.0% |
| Other operating charges | 640/8 | €3,401 | €3,698 | +€297 | +8.7% |
| Non-recurring operating charges | 66A | - | €274 | +€274 | |
| Gross operating margin | 9900 | €321,631 | -€2,510 | -€324,141 | |
| Operating profit (loss) | 9901 | €264,484 | -€17,740 | -€282,224 | |
| Financial income | 75/76B | €5 | €1,790 | +€1,784 | +33350.8% |
| Recurring financial income | 75 | €5 | €1,790 | +€1,784 | +33350.8% |
| Financial charges | 65/66B | €17,354 | €9,115 | -€8,239 | -47.5% |
| Recurring financial charges | 65 | €17,354 | €9,115 | -€8,239 | -47.5% |
| Profit (loss) for the period before taxes | 9903 | €247,135 | -€25,066 | -€272,201 | |
| Income taxes | 67/77 | €68,260 | €359 | -€67,901 | -99.5% |
| Profit (loss) for the period | 9904 | €178,875 | -€25,425 | -€204,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €178,875 | -€25,425 | -€204,300 |
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.