EM²: 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.
EM²
Largest movements
- Tangible fixed assets -€45,605
down €45,605 (-5.7%), from €797,481 to €751,876
- Receivables within one year +€12,973
up €12,973 (+501.3%), from €2,588 to €15,561
- Debts after one year -€96,938
down €96,938 (-26.7%), from €363,609 to €266,671
- Profit (loss) carried forward +€69,740
up €69,740 (+59.5%), from €117,276 to €187,016
- Accrued charges and deferred income +€35,516
up €35,516 (+4305.0%), from €825 to €36,341
- Other debts -€28,446
down €28,446 (-21.7%), from €131,089 to €102,643
- Tax, wage and social debts -€8,701
down €8,701 (-38.1%), from €22,866 to €14,165
- Turnover +€10,175
up €10,175 (+5.9%), from €171,206 to €181,381
- Purchases and services +€5,610
up €5,610 (+42.6%), from €13,162 to €18,772
- Gross operating margin +€5,407
up €5,407 (+3.0%), from €178,804 to €184,211
- Financial charges -€3,377
down €3,377 (-13.8%), from €24,543 to €21,166
- Taxes +€2,799
up €2,799 (+12.2%), from €22,866 to €25,665
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 | €835,787 | €809,975 | -€25,812 | -3.1% |
| Fixed assets | 21/28 | €797,861 | €752,256 | -€45,605 | -5.7% |
| Tangible fixed assets | 22/27 | €797,481 | €751,876 | -€45,605 | -5.7% |
| Land and buildings | 22 | €797,481 | €751,876 | -€45,605 | -5.7% |
| Financial fixed assets | 28 | €380 | €380 | = | 0.0% |
| Current assets | 29/58 | €37,926 | €57,719 | +€19,793 | +52.2% |
| Amounts receivable within one year | 40/41 | €2,588 | €15,561 | +€12,973 | +501.3% |
| Other amounts receivable | 41 | €2,588 | €15,561 | +€12,973 | +501.3% |
| Current investments | 50/53 | €267 | €269 | +€2 | +0.7% |
| Cash at bank and in hand | 54/58 | €30,925 | €34,137 | +€3,212 | +10.4% |
| Deferred charges and accrued income | 490/1 | €4,146 | €7,752 | +€3,606 | +87.0% |
| Total equity and liabilities | 10/49 | €835,787 | €809,975 | -€25,812 | -3.1% |
| Equity | 10/15 | €223,476 | €293,216 | +€69,740 | +31.2% |
| Contributions | 10/11 | €106,200 | €106,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €117,276 | €187,016 | +€69,740 | +59.5% |
| Amounts payable | 17/49 | €612,311 | €516,759 | -€95,552 | -15.6% |
| Amounts payable after more than one year | 17 | €363,609 | €266,671 | -€96,938 | -26.7% |
| Financial debts | 170/4 | €363,609 | €266,671 | -€96,938 | -26.7% |
| Amounts payable within one year | 42/48 | €247,877 | €213,747 | -€34,130 | -13.8% |
| Current portion of amounts payable after more than one year | 42 | €93,922 | €96,939 | +€3,017 | +3.2% |
| Taxes, remuneration and social security | 45 | €22,866 | €14,165 | -€8,701 | -38.1% |
| Taxes | 450/3 | €22,866 | €14,165 | -€8,701 | -38.1% |
| Other amounts payable | 47/48 | €131,089 | €102,643 | -€28,446 | -21.7% |
| Accrued charges and deferred income | 492/3 | €825 | €36,341 | +€35,516 | +4305.0% |
| Turnover | 70 | €171,206 | €181,381 | +€10,175 | +5.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €13,162 | €18,772 | +€5,610 | +42.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,123 | €45,605 | -€1,518 | -3.2% |
| Other operating charges | 640/8 | €22,702 | €22,651 | -€51 | -0.2% |
| Non-recurring operating charges | 66A | €62 | - | -€62 | |
| Gross operating margin | 9900 | €178,804 | €184,211 | +€5,407 | +3.0% |
| Operating profit (loss) | 9901 | €108,917 | €115,955 | +€7,038 | +6.5% |
| Financial income | 75/76B | €23 | €616 | +€593 | +2578.3% |
| Recurring financial income | 75 | €23 | €616 | +€593 | +2578.3% |
| Financial charges | 65/66B | €24,543 | €21,166 | -€3,377 | -13.8% |
| Recurring financial charges | 65 | €24,543 | €21,166 | -€3,377 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €84,397 | €95,405 | +€11,008 | +13.0% |
| Income taxes | 67/77 | €22,866 | €25,665 | +€2,799 | +12.2% |
| Profit (loss) for the period | 9904 | €61,531 | €69,740 | +€8,209 | +13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €61,531 | €69,740 | +€8,209 | +13.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.