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
- Receivables within one year +€435,974
up €435,974 (+367%), from €118,667 to €554,641
of which Trade receivables: +€348,386
- Tangible fixed assets +€135,785
up €135,785 (+22.1%), from €614,289 to €750,074
of which Land and buildings: +€160,612
- Stocks and contracts -€41,945
down €41,945 (-53.3%), from €78,765 to €36,820
of which Contracts in progress: -€51,500
- Trade debts +€255,366
up €255,366 (+166%), from €153,981 to €409,347
- Debts after one year +€180,586
up €180,586 (+58.7%), from €307,644 to €488,230
of which Financial debts: +€180,586
- Reserves +€93,408
up €93,408 (+33.4%), from €279,570 to €372,977
of which Distributable reserves: +€96,828
- Short-term financial debts -€75,360
down €75,360 (-100%), from €75,360 to €0
- Current portion of long-term debt +€73,276
new in 2025: €73,276
- Gross operating margin +€149,719
up €149,719 (+70.4%), from €212,612 to €362,331
- Other operating charges +€79,915
up €79,915 (+409%), from €19,549 to €99,464
- Taxes +€16,327
up €16,327 (+44.0%), from €37,141 to €53,468
- Depreciation +€9,802
up €9,802 (+14.5%), from €67,534 to €77,336
- Financial charges +€7,540
up €7,540 (+23.3%), from €32,407 to €39,947
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 | €887,751 | €1,415,383 | +€527,632 | +59.4% |
| Fixed assets | 21/28 | €614,539 | €750,324 | +€135,785 | +22.1% |
| Tangible fixed assets | 22/27 | €614,289 | €750,074 | +€135,785 | +22.1% |
| Land and buildings | 22 | €521,604 | €682,215 | +€160,612 | +30.8% |
| Plant, machinery and equipment | 23 | €5,948 | €4,095 | -€1,852 | -31.1% |
| Furniture and vehicles | 24 | €10,962 | €7,354 | -€3,608 | -32.9% |
| Leasing and similar rights | 25 | €75,775 | €56,409 | -€19,367 | -25.6% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €273,212 | €665,059 | +€391,847 | +143% |
| Stocks and contracts in progress | 3 | €78,765 | €36,820 | -€41,945 | -53.3% |
| Stocks | 30/36 | €18,765 | €28,320 | +€9,555 | +50.9% |
| Contracts in progress | 37 | €60,000 | €8,500 | -€51,500 | -85.8% |
| Amounts receivable within one year | 40/41 | €118,667 | €554,641 | +€435,974 | +367% |
| Trade receivables | 40 | €100,522 | €448,908 | +€348,386 | +347% |
| Other amounts receivable | 41 | €18,145 | €105,733 | +€87,588 | +483% |
| Cash at bank and in hand | 54/58 | €65,784 | €61,232 | -€4,552 | -6.9% |
| Deferred charges and accrued income | 490/1 | €9,996 | €12,366 | +€2,370 | +23.7% |
| Total equity and liabilities | 10/49 | €887,751 | €1,415,383 | +€527,632 | +59.4% |
| Equity | 10/15 | €341,543 | €434,951 | +€93,408 | +27.3% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €279,570 | €372,977 | +€93,408 | +33.4% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €29,753 | €26,333 | -€3,420 | -11.5% |
| Distributable reserves | 133 | €243,620 | €340,447 | +€96,828 | +39.7% |
| Provisions and deferred taxes | 16 | €3,661 | €2,521 | -€1,140 | -31.1% |
| Provisions for liabilities and charges | 160/5 | €0 | €2,521 | +€2,521 | |
| Taxes | 161 | €0 | €2,521 | +€2,521 | |
| Deferred taxes | 168 | €3,661 | €0 | -€3,661 | -100% |
| Amounts payable | 17/49 | €542,547 | €977,911 | +€435,365 | +80.2% |
| Amounts payable after more than one year | 17 | €307,644 | €488,230 | +€180,586 | +58.7% |
| Financial debts | 170/4 | €306,354 | €486,940 | +€180,586 | +58.9% |
| Other amounts payable | 178/9 | €1,290 | €1,290 | = | 0.0% |
| Amounts payable within one year | 42/48 | €233,639 | €489,348 | +€255,709 | +109% |
| Current portion of amounts payable after more than one year | 42 | - | €73,276 | +€73,276 | |
| Financial debts | 43 | €75,360 | €0 | -€75,360 | -100% |
| Credit institutions | 430/8 | €75,360 | €0 | -€75,360 | -100% |
| Trade debts | 44 | €153,981 | €409,347 | +€255,366 | +166% |
| Suppliers | 440/4 | €153,981 | €409,347 | +€255,366 | +166% |
| Taxes, remuneration and social security | 45 | €547 | €6,232 | +€5,685 | +1,039% |
| Taxes | 450/3 | €547 | €6,232 | +€5,685 | +1,039% |
| Other amounts payable | 47/48 | €3,750 | €493 | -€3,257 | -86.8% |
| Accrued charges and deferred income | 492/3 | €1,264 | €333 | -€931 | -73.6% |
| Remuneration, social security and pensions | 62 | €196 | €0 | -€196 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,534 | €77,336 | +€9,802 | +14.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,065 | €0 | -€4,065 | -100% |
| Other operating charges | 640/8 | €19,549 | €99,464 | +€79,915 | +409% |
| Gross operating margin | 9900 | €212,612 | €362,331 | +€149,719 | +70.4% |
| Operating profit (loss) | 9901 | €121,267 | €185,531 | +€64,263 | +53.0% |
| Financial income | 75/76B | €5 | €152 | +€147 | +3,009% |
| Recurring financial income | 75 | €5 | €152 | +€147 | +3,009% |
| Financial charges | 65/66B | €32,407 | €39,947 | +€7,540 | +23.3% |
| Recurring financial charges | 65 | €32,407 | €39,947 | +€7,540 | +23.3% |
| Profit (loss) for the period before taxes | 9903 | €88,865 | €145,736 | +€56,871 | +64.0% |
| Transfer from deferred taxes | 780 | €1,140 | €1,140 | = | 0.0% |
| Income taxes | 67/77 | €37,141 | €53,468 | +€16,327 | +44.0% |
| Profit (loss) for the period | 9904 | €52,864 | €93,408 | +€40,544 | +76.7% |
| Transfer from tax-exempt reserves | 789 | €3,420 | €3,420 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €56,284 | €96,828 | +€40,544 | +72.0% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.