E.M.S.G.: 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.G.
Largest movements
- Current investments -€176,902
down €176,902 (-28.5%), from €620,901 to €443,999
- Cash +€137,049
up €137,049 (+297%), from €46,105 to €183,154
mainly Current investments (+€176,902) and Net result for the year (+€159,462)
- Stocks and contracts +€71,911
up €71,911 (+1,138%), from €6,320 to €78,231
of which Contracts in progress: +€70,431
- Receivables within one year +€48,679
up €48,679 (+58.1%), from €83,844 to €132,523
of which Trade receivables: +€30,234
- Tangible fixed assets -€15,827
down €15,827 (-22.6%), from €70,139 to €54,311
of which Furniture and vehicles: -€19,614
- Reserves +€57,462
up €57,462 (+8.7%), from €664,127 to €721,589
of which Distributable reserves: +€57,462
- Trade debts +€38,806
up €38,806 (+884%), from €4,390 to €43,196
- Tax, wage and social debts -€18,418
down €18,418 (-54.3%), from €33,938 to €15,520
of which Taxes: -€22,215
- Gross operating margin +€78,113
up €78,113 (+28.5%), from €274,066 to €352,178
- Financial income -€56,041
down €56,041 (-83.1%), from €67,471 to €11,429
- Financial charges +€17,470
up €17,470 (+10,441%), from €167 to €17,638
- Staff costs +€11,689
up €11,689 (+14.9%), from €78,481 to €90,170
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 | €834,348 | €908,902 | +€74,555 | +8.9% |
| Fixed assets | 21/28 | €77,177 | €61,440 | -€15,737 | -20.4% |
| Tangible fixed assets | 22/27 | €70,139 | €54,311 | -€15,827 | -22.6% |
| Plant, machinery and equipment | 23 | €5,247 | €9,034 | +€3,787 | +72.2% |
| Furniture and vehicles | 24 | €64,891 | €45,277 | -€19,614 | -30.2% |
| Financial fixed assets | 28 | €7,038 | €7,129 | +€90 | +1.3% |
| Current assets | 29/58 | €757,170 | €847,462 | +€90,292 | +11.9% |
| Stocks and contracts in progress | 3 | €6,320 | €78,231 | +€71,911 | +1,138% |
| Stocks | 30/36 | €6,320 | €7,800 | +€1,480 | +23.4% |
| Contracts in progress | 37 | - | €70,431 | +€70,431 | |
| Amounts receivable within one year | 40/41 | €83,844 | €132,523 | +€48,679 | +58.1% |
| Trade receivables | 40 | €74,887 | €105,121 | +€30,234 | +40.4% |
| Other amounts receivable | 41 | €8,957 | €27,402 | +€18,445 | +206% |
| Current investments | 50/53 | €620,901 | €443,999 | -€176,902 | -28.5% |
| Cash at bank and in hand | 54/58 | €46,105 | €183,154 | +€137,049 | +297% |
| Deferred charges and accrued income | 490/1 | €0 | €9,554 | +€9,554 | |
| Total equity and liabilities | 10/49 | €834,348 | €908,902 | +€74,555 | +8.9% |
| Equity | 10/15 | €682,727 | €740,189 | +€57,462 | +8.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €664,127 | €721,589 | +€57,462 | +8.7% |
| Non-distributable reserves | 130/1 | €17,747 | €17,747 | = | 0.0% |
| Reserves not available under the articles | 1311 | €17,747 | €17,747 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €627,630 | €685,092 | +€57,462 | +9.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €151,620 | €168,713 | +€17,093 | +11.3% |
| Amounts payable within one year | 42/48 | €149,179 | €160,717 | +€11,538 | +7.7% |
| Trade debts | 44 | €4,390 | €43,196 | +€38,806 | +884% |
| Suppliers | 440/4 | €4,390 | €43,196 | +€38,806 | +884% |
| Taxes, remuneration and social security | 45 | €33,938 | €15,520 | -€18,418 | -54.3% |
| Taxes | 450/3 | €23,571 | €1,356 | -€22,215 | -94.2% |
| Remuneration and social security | 454/9 | €10,367 | €14,164 | +€3,797 | +36.6% |
| Other amounts payable | 47/48 | €110,850 | €102,000 | -€8,850 | -8.0% |
| Accrued charges and deferred income | 492/3 | €2,441 | €7,996 | +€5,555 | +228% |
| Remuneration, social security and pensions | 62 | €78,481 | €90,170 | +€11,689 | +14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,271 | €21,657 | +€386 | +1.8% |
| Other operating charges | 640/8 | €1,295 | €1,315 | +€21 | +1.6% |
| Gross operating margin | 9900 | €274,066 | €352,178 | +€78,113 | +28.5% |
| Operating profit (loss) | 9901 | €173,019 | €239,036 | +€66,017 | +38.2% |
| Financial income | 75/76B | €67,471 | €11,429 | -€56,041 | -83.1% |
| Recurring financial income | 75 | €67,471 | €11,429 | -€56,041 | -83.1% |
| Financial charges | 65/66B | €167 | €17,638 | +€17,470 | +10,441% |
| Recurring financial charges | 65 | €167 | €17,638 | +€17,470 | +10,441% |
| Profit (loss) for the period before taxes | 9903 | €240,322 | €232,827 | -€7,495 | -3.1% |
| Income taxes | 67/77 | €72,527 | €73,365 | +€839 | +1.2% |
| Profit (loss) for the period | 9904 | €167,795 | €159,462 | -€8,333 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €167,795 | €159,462 | -€8,333 | -5.0% |
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 28 October 2026 via checked.be.