E.M.V.: 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.
What changed
E.M.V.
NACE 73.200, Market research and public opinion polling
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€60,406
2024 · €230,938-€291,345
Equity
€13.2m
2024 · €13.9m-€754,926
Cash
€1.5m
2024 · €1.6m-€52,843
Balance sheet total
€14.6m
2024 · €15.3m-€717,436
Largest movements
Assets
- Current investments -€694,570
down €694,570 (-41.8%), from €1.7m to €967,125
Equity and liabilities
- Reserves -€754,926
down €754,926 (-7.8%), from €9.6m to €8.9m
of which Distributable reserves: -€754,926
Income statement
- Financial income -€338,607
down €338,607 (-85.7%), from €395,148 to €56,541
- Financial charges -€37,918
down €37,918 (-22.5%), from €168,890 to €130,973
- Taxes -€23,176
down €23,176 (-100.0%), from €23,176 to €0
- Gross operating margin -€13,933
down €13,933 (-46.9%), from €29,717 to €15,784
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
€230,938
Gross operating margin
-€13,933
Other operating charges
+€102
Financial income
-€338,607
Financial charges
+€37,918
Taxes
+€23,176
Result 2025
-€60,406
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
-€52,893
Investment
+€694,570
Financing
-€694,520
Cash 2024
€1.6m
From operations (derived)
-€52,893
Net result for the year
-€60,406
Depreciation
+€506
Smaller working-capital items
-€451
Deferred charges and accrued income
-€30,000
Tax, wage and social debts
-€3,202
Other debts
+€68,009
Accrued charges and deferred income
-€27,348
Investment (derived)
+€694,570
Current investments
+€694,570
Financing
-€694,520
Contributions, distributions and other
-€694,520
Cash 2025
€1.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,287,075 | €14,569,639 | -€717,436 | -4.7% |
| Fixed assets | 21/28 | €12,029,563 | €12,029,057 | -€506 | 0.0% |
| Tangible fixed assets | 22/27 | €1,773 | €1,267 | -€506 | -28.5% |
| Furniture and vehicles | 24 | €1,773 | €1,267 | -€506 | -28.5% |
| Financial fixed assets | 28 | €12,027,790 | €12,027,790 | = | 0.0% |
| Current assets | 29/58 | €3,257,512 | €2,540,582 | -€716,930 | -22.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €43,658 | €44,140 | +€482 | +1.1% |
| Trade receivables | 40 | €43,658 | €36,178 | -€7,480 | -17.1% |
| Other amounts receivable | 41 | €0 | €7,962 | +€7,962 | |
| Current investments | 50/53 | €1,661,695 | €967,125 | -€694,570 | -41.8% |
| Cash at bank and in hand | 54/58 | €1,552,159 | €1,499,317 | -€52,843 | -3.4% |
| Deferred charges and accrued income | 490/1 | €0 | €30,000 | +€30,000 | |
| Total equity and liabilities | 10/49 | €15,287,075 | €14,569,639 | -€717,436 | -4.7% |
| Equity | 10/15 | €13,947,659 | €13,192,733 | -€754,926 | -5.4% |
| Contributions | 10/11 | €4,319,491 | €4,319,491 | = | 0.0% |
| Reserves | 13 | €9,628,168 | €8,873,242 | -€754,926 | -7.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €9,628,168 | €8,873,242 | -€754,926 | -7.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,339,416 | €1,376,906 | +€37,490 | +2.8% |
| Amounts payable after more than one year | 17 | €849,836 | €849,836 | = | 0.0% |
| Financial debts | 170/4 | €849,836 | €849,836 | = | 0.0% |
| Amounts payable within one year | 42/48 | €398,241 | €463,078 | +€64,838 | +16.3% |
| Trade debts | 44 | €968 | €998 | +€31 | +3.2% |
| Suppliers | 440/4 | €968 | €998 | +€31 | +3.2% |
| Taxes, remuneration and social security | 45 | €8,511 | €5,309 | -€3,202 | -37.6% |
| Taxes | 450/3 | €8,511 | €5,309 | -€3,202 | -37.6% |
| Other amounts payable | 47/48 | €388,762 | €456,771 | +€68,009 | +17.5% |
| Accrued charges and deferred income | 492/3 | €91,339 | €63,991 | -€27,348 | -29.9% |
| Non-recurring operating income | 76A | €11,736 | €0 | -€11,736 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €506 | €506 | = | 0.0% |
| Other operating charges | 640/8 | €1,355 | €1,253 | -€102 | -7.5% |
| Gross operating margin | 9900 | €29,717 | €15,784 | -€13,933 | -46.9% |
| Operating profit (loss) | 9901 | €27,857 | €14,026 | -€13,831 | -49.7% |
| Financial income | 75/76B | €395,148 | €56,541 | -€338,607 | -85.7% |
| Recurring financial income | 75 | €395,148 | €56,541 | -€338,607 | -85.7% |
| Financial charges | 65/66B | €168,890 | €130,973 | -€37,918 | -22.5% |
| Recurring financial charges | 65 | €168,890 | €130,973 | -€37,918 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €254,114 | -€60,406 | -€314,520 | |
| Income taxes | 67/77 | €23,176 | €0 | -€23,176 | -100.0% |
| Profit (loss) for the period | 9904 | €230,938 | -€60,406 | -€291,345 | |
| Profit (loss) for the period to be appropriated | 9905 | €230,938 | -€60,406 | -€291,345 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.