E.M.V.A.: 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.V.A.
Largest movements
- Tangible fixed assets -€3,492
down €3,492 (-4.9%), from €70,818 to €67,326
of which Land and buildings: -€3,799
- Cash -€2,051
down €2,051 (-83.5%), from €2,456 to €405
mainly Tax, wage and social debts (-€3,092) and Other debts (-€3,009)
- Stocks and contracts -€1,086
no longer reported in 2025 (was €1,086)
- Tax, wage and social debts -€3,092
down €3,092 (-96.5%), from €3,203 to €111
- Other debts -€3,009
down €3,009 (-8.9%), from €33,809 to €30,801
- Depreciation -€1,788
down €1,788 (-31.4%), from €5,698 to €3,910
- Gross operating margin -€1,353
down €1,353 (-22.2%), from €6,091 to €4,739
- Other operating charges -€376
down €376 (-47.1%), from €797 to €422
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 | €76,158 | €69,981 | -€6,177 | -8.1% |
| Fixed assets | 21/28 | €70,818 | €67,326 | -€3,492 | -4.9% |
| Tangible fixed assets | 22/27 | €70,818 | €67,326 | -€3,492 | -4.9% |
| Land and buildings | 22 | €70,818 | €67,019 | -€3,799 | -5.4% |
| Plant, machinery and equipment | 23 | - | €306 | +€306 | |
| Current assets | 29/58 | €5,340 | €2,656 | -€2,685 | -50.3% |
| Stocks and contracts in progress | 3 | €1,086 | - | -€1,086 | |
| Stocks | 30/36 | €1,086 | - | -€1,086 | |
| Amounts receivable within one year | 40/41 | €1,798 | €2,251 | +€453 | +25.2% |
| Trade receivables | 40 | €1,790 | €2,250 | +€460 | +25.7% |
| Other amounts receivable | 41 | €8 | €1 | -€7 | -90.5% |
| Cash at bank and in hand | 54/58 | €2,456 | €405 | -€2,051 | -83.5% |
| Total equity and liabilities | 10/49 | €76,158 | €69,981 | -€6,177 | -8.1% |
| Equity | 10/15 | €37,902 | €38,171 | +€269 | +0.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €870 | €870 | = | 0.0% |
| Other | 1319 | €870 | €870 | = | 0.0% |
| Tax-exempt reserves | 132 | €20 | €20 | = | 0.0% |
| Distributable reserves | 133 | €24,110 | €24,110 | = | 0.0% |
| Profit (loss) carried forward | 14 | €502 | €771 | +€269 | +53.6% |
| Amounts payable | 17/49 | €38,257 | €31,811 | -€6,446 | -16.8% |
| Amounts payable within one year | 42/48 | €38,257 | €31,811 | -€6,446 | -16.8% |
| Trade debts | 44 | €1,244 | €899 | -€345 | -27.7% |
| Suppliers | 440/4 | €1,244 | €899 | -€345 | -27.7% |
| Taxes, remuneration and social security | 45 | €3,203 | €111 | -€3,092 | -96.5% |
| Taxes | 450/3 | €3,203 | €111 | -€3,092 | -96.5% |
| Other amounts payable | 47/48 | €33,809 | €30,801 | -€3,009 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,698 | €3,910 | -€1,788 | -31.4% |
| Other operating charges | 640/8 | €797 | €422 | -€376 | -47.1% |
| Gross operating margin | 9900 | €6,091 | €4,739 | -€1,353 | -22.2% |
| Operating profit (loss) | 9901 | -€404 | €407 | +€811 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €88 | €138 | +€50 | +56.4% |
| Recurring financial charges | 65 | €88 | €138 | +€50 | +56.4% |
| Profit (loss) for the period before taxes | 9903 | -€492 | €269 | +€761 | |
| Profit (loss) for the period | 9904 | -€492 | €269 | +€761 | |
| Profit (loss) for the period to be appropriated | 9905 | -€492 | €269 | +€761 |
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 8 October 2026 via checked.be.