E.M.S.: 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.S.
Largest movements
- Current investments +€60,258
up €60,258 (+100.3%), from €60,078 to €120,336
- Tangible fixed assets -€31,309
down €31,309 (-2.6%), from €1.2m to €1.2m
of which Land and buildings: -€31,309
- Receivables after one year -€23,333
down €23,333 (-23.3%), from €100,157 to €76,824
- Cash -€18,139
down €18,139 (-24.3%), from €74,691 to €56,552
mainly Current investments (-€60,258) and Debts after one year (-€25,626)
- Debts after one year -€25,626
down €25,626 (-12.0%), from €213,153 to €187,527
- Reserves +€16,834
up €16,834 (+5.1%), from €331,241 to €348,075
of which Distributable reserves: +€16,834
- Turnover -€20,191
down €20,191 (-16.4%), from €123,074 to €102,883
- Gross operating margin -€15,911
down €15,911 (-14.3%), from €111,114 to €95,203
- Other operating charges -€5,331
down €5,331 (-17.8%), from €29,989 to €24,658
- Purchases and services -€4,280
down €4,280 (-35.8%), from €11,960 to €7,680
- Financial charges -€3,499
down €3,499 (-20.3%), from €17,278 to €13,779
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 | €1,429,656 | €1,417,037 | -€12,619 | -0.9% |
| Fixed assets | 21/28 | €1,189,945 | €1,158,636 | -€31,309 | -2.6% |
| Tangible fixed assets | 22/27 | €1,189,945 | €1,158,636 | -€31,309 | -2.6% |
| Land and buildings | 22 | €973,831 | €942,522 | -€31,309 | -3.2% |
| Other tangible fixed assets | 26 | €216,114 | €216,114 | = | 0.0% |
| Current assets | 29/58 | €239,711 | €258,401 | +€18,690 | +7.8% |
| Amounts receivable after more than one year | 29 | €100,157 | €76,824 | -€23,333 | -23.3% |
| Other amounts receivable | 291 | €100,157 | €76,824 | -€23,333 | -23.3% |
| Amounts receivable within one year | 40/41 | €4,785 | €4,689 | -€96 | -2.0% |
| Other amounts receivable | 41 | €4,785 | €4,689 | -€96 | -2.0% |
| Current investments | 50/53 | €60,078 | €120,336 | +€60,258 | +100.3% |
| Cash at bank and in hand | 54/58 | €74,691 | €56,552 | -€18,139 | -24.3% |
| Total equity and liabilities | 10/49 | €1,429,656 | €1,417,037 | -€12,619 | -0.9% |
| Equity | 10/15 | €976,647 | €993,317 | +€16,670 | +1.7% |
| Contributions | 10/11 | €645,000 | €645,000 | = | 0.0% |
| Capital | 10 | €645,000 | €645,000 | = | 0.0% |
| Issued capital | 100 | €645,000 | €645,000 | = | 0.0% |
| Reserves | 13 | €331,241 | €348,075 | +€16,834 | +5.1% |
| Non-distributable reserves | 130/1 | €52,241 | €52,241 | = | 0.0% |
| Legal reserve | 130 | €52,241 | €52,241 | = | 0.0% |
| Distributable reserves | 133 | €279,000 | €295,834 | +€16,834 | +6.0% |
| Profit (loss) carried forward | 14 | €406 | €242 | -€164 | -40.4% |
| Amounts payable | 17/49 | €453,009 | €423,720 | -€29,289 | -6.5% |
| Amounts payable after more than one year | 17 | €213,153 | €187,527 | -€25,626 | -12.0% |
| Financial debts | 170/4 | €213,153 | €187,527 | -€25,626 | -12.0% |
| Amounts payable within one year | 42/48 | €238,050 | €234,322 | -€3,728 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €24,420 | €27,985 | +€3,565 | +14.6% |
| Trade debts | 44 | €2,239 | €7,142 | +€4,903 | +219.0% |
| Suppliers | 440/4 | €2,239 | €7,142 | +€4,903 | +219.0% |
| Taxes, remuneration and social security | 45 | €8,001 | €5,031 | -€2,970 | -37.1% |
| Taxes | 450/3 | €8,001 | €5,031 | -€2,970 | -37.1% |
| Other amounts payable | 47/48 | €203,390 | €194,164 | -€9,226 | -4.5% |
| Accrued charges and deferred income | 492/3 | €1,806 | €1,871 | +€65 | +3.6% |
| Turnover | 70 | €123,074 | €102,883 | -€20,191 | -16.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €11,960 | €7,680 | -€4,280 | -35.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,417 | €35,751 | +€334 | +0.9% |
| Other operating charges | 640/8 | €29,989 | €24,658 | -€5,331 | -17.8% |
| Gross operating margin | 9900 | €111,114 | €95,203 | -€15,911 | -14.3% |
| Operating profit (loss) | 9901 | €45,708 | €34,794 | -€10,914 | -23.9% |
| Financial income | 75/76B | €1,281 | €1,560 | +€279 | +21.8% |
| Recurring financial income | 75 | €1,281 | €1,560 | +€279 | +21.8% |
| Financial charges | 65/66B | €17,278 | €13,779 | -€3,499 | -20.3% |
| Recurring financial charges | 65 | €17,278 | €13,779 | -€3,499 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €29,711 | €22,575 | -€7,136 | -24.0% |
| Income taxes | 67/77 | €8,088 | €5,905 | -€2,183 | -27.0% |
| Profit (loss) for the period | 9904 | €21,623 | €16,670 | -€4,953 | -22.9% |
| Profit (loss) for the period to be appropriated | 9905 | €21,623 | €16,670 | -€4,953 | -22.9% |
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 9 October 2026 via checked.be.