E.ME.KO.: 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.ME.KO.
Largest movements
- Tangible fixed assets +€421,307
up €421,307 (+9.8%), from €4.3m to €4.7m
of which Plant, machinery and equipment: +€715,669
- Cash -€112,765
down €112,765 (-68.0%), from €165,902 to €53,137
mainly Investment in fixed assets (net) (-€1.3m) and Net result for the year (-€148,237)
- Receivables within one year -€61,493
down €61,493 (-5.4%), from €1.1m to €1.1m
of which Other amounts receivable: -€446,189
- Trade debts +€177,092
up €177,092 (+48.8%), from €362,633 to €539,725
- Tax, wage and social debts +€155,186
up €155,186 (+1032.1%), from €15,036 to €170,221
of which Remuneration and social security: +€107,976
- Profit (loss) carried forward -€148,237
down €148,237 (-27.2%), from -€545,456 to -€693,693
- Other debts -€109,499
down €109,499 (-3.6%), from €3.0m to €2.9m
- Current portion of long-term debt +€85,406
up €85,406 (+22.8%), from €375,245 to €460,651
- Gross operating margin +€1.1m
up €1.1m (+170.8%), from €637,823 to €1.7m
- Staff costs +€540,548
up €540,548 (+311.7%), from €173,426 to €713,974
- Depreciation +€522,022
up €522,022 (+152.1%), from €343,177 to €865,200
- Financial charges +€151,254
up €151,254 (+104.9%), from €144,188 to €295,442
- Other operating charges +€17,512
up €17,512 (+87.3%), from €20,057 to €37,569
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 | €5,648,287 | €5,894,064 | +€245,778 | +4.4% |
| Fixed assets | 21/28 | €4,307,715 | €4,739,007 | +€431,292 | +10.0% |
| Intangible fixed assets | 21 | - | €9,986 | +€9,986 | |
| Tangible fixed assets | 22/27 | €4,307,715 | €4,729,021 | +€421,307 | +9.8% |
| Plant, machinery and equipment | 23 | €1,919,680 | €2,635,349 | +€715,669 | +37.3% |
| Furniture and vehicles | 24 | - | €83,127 | +€83,127 | |
| Leasing and similar rights | 25 | €1,082,756 | €894,357 | -€188,399 | -17.4% |
| Other tangible fixed assets | 26 | €1,305,278 | €1,116,188 | -€189,091 | -14.5% |
| Current assets | 29/58 | €1,340,572 | €1,155,057 | -€185,515 | -13.8% |
| Amounts receivable within one year | 40/41 | €1,146,188 | €1,084,695 | -€61,493 | -5.4% |
| Trade receivables | 40 | €248,244 | €632,940 | +€384,695 | +155.0% |
| Other amounts receivable | 41 | €897,944 | €451,755 | -€446,189 | -49.7% |
| Cash at bank and in hand | 54/58 | €165,902 | €53,137 | -€112,765 | -68.0% |
| Deferred charges and accrued income | 490/1 | €28,482 | €17,225 | -€11,257 | -39.5% |
| Total equity and liabilities | 10/49 | €5,648,287 | €5,894,064 | +€245,778 | +4.4% |
| Equity | 10/15 | -€297,002 | -€445,239 | -€148,237 | -49.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €186,454 | €186,454 | = | 0.0% |
| Non-distributable reserves | 130/1 | €837 | €837 | = | 0.0% |
| Legal reserve | 130 | €837 | €837 | = | 0.0% |
| Tax-exempt reserves | 132 | €185,616 | €185,616 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€545,456 | -€693,693 | -€148,237 | -27.2% |
| Provisions and deferred taxes | 16 | €50,000 | €50,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €50,000 | €50,000 | = | 0.0% |
| Environmental obligations | 163 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable | 17/49 | €5,895,289 | €6,289,303 | +€394,014 | +6.7% |
| Amounts payable after more than one year | 17 | €1,736,400 | €1,754,984 | +€18,584 | +1.1% |
| Financial debts | 170/4 | €1,736,400 | €1,754,984 | +€18,584 | +1.1% |
| Amounts payable within one year | 42/48 | €4,156,512 | €4,464,696 | +€308,185 | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €375,245 | €460,651 | +€85,406 | +22.8% |
| Financial debts | 43 | €394,000 | €394,000 | = | 0.0% |
| Credit institutions | 430/8 | €394,000 | €394,000 | = | 0.0% |
| Trade debts | 44 | €362,633 | €539,725 | +€177,092 | +48.8% |
| Suppliers | 440/4 | €362,633 | €539,725 | +€177,092 | +48.8% |
| Taxes, remuneration and social security | 45 | €15,036 | €170,221 | +€155,186 | +1032.1% |
| Taxes | 450/3 | - | €47,209 | +€47,209 | |
| Remuneration and social security | 454/9 | €15,036 | €123,012 | +€107,976 | +718.1% |
| Other amounts payable | 47/48 | €3,009,598 | €2,900,099 | -€109,499 | -3.6% |
| Accrued charges and deferred income | 492/3 | €2,378 | €69,623 | +€67,246 | +2828.3% |
| Non-recurring operating income | 76A | €66,000 | €0 | -€66,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €173,426 | €713,974 | +€540,548 | +311.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €343,177 | €865,200 | +€522,022 | +152.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €20,057 | €37,569 | +€17,512 | +87.3% |
| Gross operating margin | 9900 | €637,823 | €1,727,532 | +€1.1m | +170.8% |
| Operating profit (loss) | 9901 | €101,163 | €110,790 | +€9,627 | +9.5% |
| Financial income | 75/76B | €41,437 | €36,415 | -€5,022 | -12.1% |
| Recurring financial income | 75 | €41,437 | €36,415 | -€5,022 | -12.1% |
| Financial charges | 65/66B | €144,188 | €295,442 | +€151,254 | +104.9% |
| Recurring financial charges | 65 | €144,188 | €295,442 | +€151,254 | +104.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,588 | -€148,237 | -€146,649 | -9235.9% |
| Profit (loss) for the period | 9904 | -€1,588 | -€148,237 | -€146,649 | -9235.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,588 | -€148,237 | -€146,649 | -9235.9% |
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 11 October 2026 via checked.be.