E.MS.P.: 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.MS.P.
Largest movements
- Tangible fixed assets +€59,165
up €59,165, from €0 to €59,165
of which Furniture and vehicles: +€56,982
- Cash -€23,005
down €23,005 (-50.9%), from €45,158 to €22,153
mainly Investment in fixed assets (net) (-€61,038) and Current investments (-€7,951)
- Current investments +€7,951
up €7,951 (+2.0%), from €391,204 to €399,155
- Debts after one year +€42,155
new in 2025: €42,155
of which Financial debts: +€31,885
- Current portion of long-term debt +€7,501
new in 2025: €7,501
- Gross operating margin -€9,969
down €9,969, from €5,126 to -€4,843
- Other operating charges -€2,296
down €2,296 (-78.5%), from €2,923 to €627
- Financial income +€1,879
up €1,879 (+47.4%), from €3,965 to €5,845
- Depreciation +€1,873
up €1,873, from €0 to €1,873
- Taxes -€764
down €764 (-59.0%), from €1,296 to €532
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 | €439,877 | €486,626 | +€46,749 | +10.6% |
| Fixed assets | 21/28 | €0 | €59,165 | +€59,165 | |
| Tangible fixed assets | 22/27 | €0 | €59,165 | +€59,165 | |
| Plant, machinery and equipment | 23 | €0 | €2,183 | +€2,183 | |
| Furniture and vehicles | 24 | - | €56,982 | +€56,982 | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €439,877 | €427,461 | -€12,416 | -2.8% |
| Amounts receivable within one year | 40/41 | €3,516 | €6,154 | +€2,638 | +75.0% |
| Trade receivables | 40 | €1,221 | €0 | -€1,221 | -100.0% |
| Other amounts receivable | 41 | €2,295 | €6,154 | +€3,859 | +168.2% |
| Current investments | 50/53 | €391,204 | €399,155 | +€7,951 | +2.0% |
| Cash at bank and in hand | 54/58 | €45,158 | €22,153 | -€23,005 | -50.9% |
| Total equity and liabilities | 10/49 | €439,877 | €486,626 | +€46,749 | +10.6% |
| Equity | 10/15 | €436,101 | €433,678 | -€2,423 | -0.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €386,601 | €386,601 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €381,601 | €381,601 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€500 | -€2,923 | -€2,423 | -484.1% |
| Amounts payable | 17/49 | €3,776 | €52,948 | +€49,172 | +1302.1% |
| Amounts payable after more than one year | 17 | - | €42,155 | +€42,155 | |
| Financial debts | 170/4 | - | €31,885 | +€31,885 | |
| Other amounts payable | 178/9 | - | €10,270 | +€10,270 | |
| Amounts payable within one year | 42/48 | €3,776 | €10,704 | +€6,927 | +183.4% |
| Current portion of amounts payable after more than one year | 42 | - | €7,501 | +€7,501 | |
| Trade debts | 44 | €3,066 | €2,852 | -€214 | -7.0% |
| Suppliers | 440/4 | €3,066 | €2,852 | -€214 | -7.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €710 | €350 | -€360 | -50.7% |
| Taxes | 450/3 | €710 | €350 | -€360 | -50.7% |
| Accrued charges and deferred income | 492/3 | €0 | €90 | +€90 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €1,873 | +€1,873 | |
| Other operating charges | 640/8 | €2,923 | €627 | -€2,296 | -78.5% |
| Gross operating margin | 9900 | €5,126 | -€4,843 | -€9,969 | |
| Operating profit (loss) | 9901 | €2,203 | -€7,343 | -€9,546 | |
| Financial income | 75/76B | €3,965 | €5,845 | +€1,879 | +47.4% |
| Recurring financial income | 75 | €3,965 | €5,845 | +€1,879 | +47.4% |
| Financial charges | 65/66B | €73 | €392 | +€320 | +438.8% |
| Recurring financial charges | 65 | €73 | €392 | +€320 | +438.8% |
| Profit (loss) for the period before taxes | 9903 | €6,095 | -€1,891 | -€7,986 | |
| Income taxes | 67/77 | €1,296 | €532 | -€764 | -59.0% |
| Profit (loss) for the period | 9904 | €4,799 | -€2,423 | -€7,222 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,799 | -€2,423 | -€7,222 |
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 5 October 2026 via checked.be.