EJM: 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.
EJM
Largest movements
- Tangible fixed assets -€12,023
down €12,023 (-27.8%), from €43,184 to €31,162
of which Plant, machinery and equipment: -€6,139
- Cash +€6,435
up €6,435 (+1417.7%), from €454 to €6,889
mainly Net result for the year (+€14,168) and Depreciation (+€12,023)
- Stocks and contracts -€1,342
down €1,342 (-29.8%), from €4,494 to €3,153
- Deferred charges and accrued income -€792
down €792 (-61.6%), from €1,287 to €494
- Receivables within one year -€791
down €791 (-38.4%), from €2,060 to €1,269
- Other debts -€27,034
down €27,034 (-94.3%), from €28,680 to €1,646
- Reserves +€8,057
new in 2025: €8,057
- Profit (loss) carried forward +€6,111
no longer reported in 2025 (was -€6,111)
- Current portion of long-term debt +€6,000
new in 2025: €6,000
- Tax, wage and social debts -€1,865
down €1,865 (-31.0%), from €6,021 to €4,155
of which Taxes: -€2,101
- Gross operating margin +€4,715
up €4,715 (+8.7%), from €54,016 to €58,731
- Depreciation +€3,532
up €3,532 (+41.6%), from €8,491 to €12,023
- Write-downs -€1,580
no longer reported in 2025 (was €1,580)
- Other operating charges -€782
down €782 (-49.5%), from €1,582 to €800
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 | €51,766 | €43,253 | -€8,513 | -16.4% |
| Fixed assets | 21/28 | €43,471 | €31,448 | -€12,023 | -27.7% |
| Tangible fixed assets | 22/27 | €43,184 | €31,162 | -€12,023 | -27.8% |
| Land and buildings | 22 | €1,985 | €1,777 | -€208 | -10.5% |
| Plant, machinery and equipment | 23 | €22,104 | €15,965 | -€6,139 | -27.8% |
| Furniture and vehicles | 24 | €19,095 | €13,420 | -€5,675 | -29.7% |
| Financial fixed assets | 28 | €286 | €286 | = | 0.0% |
| Current assets | 29/58 | €8,295 | €11,805 | +€3,510 | +42.3% |
| Stocks and contracts in progress | 3 | €4,494 | €3,153 | -€1,342 | -29.8% |
| Stocks | 30/36 | €4,494 | €3,153 | -€1,342 | -29.8% |
| Amounts receivable within one year | 40/41 | €2,060 | €1,269 | -€791 | -38.4% |
| Trade receivables | 40 | €2,060 | €1,269 | -€791 | -38.4% |
| Cash at bank and in hand | 54/58 | €454 | €6,889 | +€6,435 | +1417.7% |
| Deferred charges and accrued income | 490/1 | €1,287 | €494 | -€792 | -61.6% |
| Total equity and liabilities | 10/49 | €51,766 | €43,253 | -€8,513 | -16.4% |
| Equity | 10/15 | €12,489 | €26,657 | +€14,168 | +113.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €8,057 | +€8,057 | |
| Distributable reserves | 133 | - | €8,057 | +€8,057 | |
| Profit (loss) carried forward | 14 | -€6,111 | - | +€6,111 | |
| Amounts payable | 17/49 | €39,277 | €16,596 | -€22,681 | -57.7% |
| Amounts payable within one year | 42/48 | €39,277 | €16,596 | -€22,681 | -57.7% |
| Current portion of amounts payable after more than one year | 42 | - | €6,000 | +€6,000 | |
| Financial debts | 43 | €881 | - | -€881 | |
| Credit institutions | 430/8 | €881 | - | -€881 | |
| Trade debts | 44 | €3,694 | €4,795 | +€1,100 | +29.8% |
| Suppliers | 440/4 | €3,694 | €4,795 | +€1,100 | +29.8% |
| Taxes, remuneration and social security | 45 | €6,021 | €4,155 | -€1,865 | -31.0% |
| Taxes | 450/3 | €3,461 | €1,360 | -€2,101 | -60.7% |
| Remuneration and social security | 454/9 | €2,559 | €2,795 | +€236 | +9.2% |
| Other amounts payable | 47/48 | €28,680 | €1,646 | -€27,034 | -94.3% |
| Remuneration, social security and pensions | 62 | €24,783 | €24,906 | +€123 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,491 | €12,023 | +€3,532 | +41.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,580 | - | -€1,580 | |
| Other operating charges | 640/8 | €1,582 | €800 | -€782 | -49.5% |
| Non-recurring operating charges | 66A | €395 | €28 | -€367 | -92.9% |
| Gross operating margin | 9900 | €54,016 | €58,731 | +€4,715 | +8.7% |
| Operating profit (loss) | 9901 | €17,186 | €20,975 | +€3,789 | +22.0% |
| Financial income | 75/76B | €178 | - | -€178 | |
| Recurring financial income | 75 | €178 | - | -€178 | |
| Financial charges | 65/66B | €1,071 | €805 | -€265 | -24.8% |
| Recurring financial charges | 65 | €1,071 | €805 | -€265 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €16,293 | €20,170 | +€3,876 | +23.8% |
| Income taxes | 67/77 | €5,462 | €6,002 | +€540 | +9.9% |
| Profit (loss) for the period | 9904 | €10,831 | €14,168 | +€3,337 | +30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €10,831 | €14,168 | +€3,337 | +30.8% |
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.