E&M PROXY: 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 PROXY
Largest movements
- Tangible fixed assets -€80,794
down €80,794 (-8.1%), from €1.0m to €922,789
of which Other tangible fixed assets: -€64,623
- Cash -€72,194
down €72,194 (-38.9%), from €185,431 to €113,237
mainly Debts after one year (-€224,882) and Investment in fixed assets (net) (-€6,858)
- Stocks and contracts -€17,262
down €17,262 (-6.5%), from €263,965 to €246,704
- Debts after one year -€224,882
down €224,882 (-18.1%), from €1.2m to €1.0m
of which Financial debts: -€118,408
- Reserves +€48,522
up €48,522 (+112.1%), from €43,288 to €91,811
- Staff costs +€53,797
up €53,797 (+17.2%), from €312,603 to €366,400
- Gross operating margin -€39,734
down €39,734 (-6.9%), from €579,596 to €539,862
- Other operating charges -€28,186
down €28,186 (-95.5%), from €29,517 to €1,332
- Taxes +€8,676
up €8,676 (+247.9%), from €3,500 to €12,176
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 | €1,707,101 | €1,528,463 | -€178,639 | -10.5% |
| Formation expenses | 20 | €13,122 | €9,665 | -€3,456 | -26.3% |
| Fixed assets | 21/28 | €1,003,583 | €922,789 | -€80,794 | -8.1% |
| Tangible fixed assets | 22/27 | €1,003,583 | €922,789 | -€80,794 | -8.1% |
| Plant, machinery and equipment | 23 | €126,055 | €114,357 | -€11,698 | -9.3% |
| Furniture and vehicles | 24 | €20,607 | €16,136 | -€4,472 | -21.7% |
| Other tangible fixed assets | 26 | €856,921 | €792,297 | -€64,623 | -7.5% |
| Current assets | 29/58 | €690,396 | €596,008 | -€94,389 | -13.7% |
| Stocks and contracts in progress | 3 | €263,965 | €246,704 | -€17,262 | -6.5% |
| Stocks | 30/36 | €263,965 | €246,704 | -€17,262 | -6.5% |
| Amounts receivable within one year | 40/41 | €233,632 | €226,491 | -€7,142 | -3.1% |
| Trade receivables | 40 | €38,723 | €55,017 | +€16,295 | +42.1% |
| Other amounts receivable | 41 | €194,909 | €171,473 | -€23,436 | -12.0% |
| Cash at bank and in hand | 54/58 | €185,431 | €113,237 | -€72,194 | -38.9% |
| Deferred charges and accrued income | 490/1 | €7,368 | €9,576 | +€2,208 | +30.0% |
| Total equity and liabilities | 10/49 | €1,707,101 | €1,528,463 | -€178,639 | -10.5% |
| Equity | 10/15 | €143,288 | €191,811 | +€48,522 | +33.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €43,288 | €91,811 | +€48,522 | +112.1% |
| Distributable reserves | 133 | €43,288 | €91,811 | +€48,522 | +112.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,563,813 | €1,336,652 | -€227,161 | -14.5% |
| Amounts payable after more than one year | 17 | €1,245,690 | €1,020,809 | -€224,882 | -18.1% |
| Financial debts | 170/4 | €430,284 | €311,876 | -€118,408 | -27.5% |
| Trade debts | 175 | €535,406 | €428,932 | -€106,474 | -19.9% |
| Other amounts payable | 178/9 | €280,000 | €280,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €318,123 | €315,844 | -€2,279 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €120,298 | €124,462 | +€4,164 | +3.5% |
| Financial debts | 43 | €3,939 | €3,968 | +€29 | +0.7% |
| Credit institutions | 430/8 | €3,939 | €3,968 | +€29 | +0.7% |
| Trade debts | 44 | €137,876 | €137,565 | -€311 | -0.2% |
| Suppliers | 440/4 | €137,876 | €137,565 | -€311 | -0.2% |
| Taxes, remuneration and social security | 45 | €56,009 | €49,848 | -€6,161 | -11.0% |
| Taxes | 450/3 | €10,479 | €2,691 | -€7,788 | -74.3% |
| Remuneration and social security | 454/9 | €45,530 | €47,157 | +€1,627 | +3.6% |
| Remuneration, social security and pensions | 62 | €312,603 | €366,400 | +€53,797 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,454 | €91,108 | +€654 | +0.7% |
| Other operating charges | 640/8 | €29,517 | €1,332 | -€28,186 | -95.5% |
| Gross operating margin | 9900 | €579,596 | €539,862 | -€39,734 | -6.9% |
| Operating profit (loss) | 9901 | €147,022 | €81,023 | -€65,999 | -44.9% |
| Financial income | 75/76B | €1,650 | €3,811 | +€2,160 | +130.9% |
| Recurring financial income | 75 | €1,650 | €3,811 | +€2,160 | +130.9% |
| Financial charges | 65/66B | €27,125 | €24,135 | -€2,990 | -11.0% |
| Recurring financial charges | 65 | €27,125 | €24,135 | -€2,990 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €121,547 | €60,698 | -€60,849 | -50.1% |
| Income taxes | 67/77 | €3,500 | €12,176 | +€8,676 | +247.9% |
| Profit (loss) for the period | 9904 | €118,047 | €48,522 | -€69,525 | -58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €118,047 | €48,522 | -€69,525 | -58.9% |
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 29 September 2026 via checked.be.