EM Business Services: 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.
EM Business Services
Largest movements
- Tangible fixed assets +€51,041
up €51,041 (+5.7%), from €893,463 to €944,504
of which Plant, machinery and equipment: +€44,541
- Cash -€18,124
down €18,124 (-22.7%), from €79,957 to €61,833
mainly Contributions, distributions and other (-€239,537) and Investment in fixed assets (net) (-€126,741)
- Receivables within one year -€17,033
down €17,033 (-37.2%), from €45,793 to €28,760
- Reserves -€168,355
down €168,355 (-36.7%), from €459,101 to €290,746
of which Distributable reserves: -€168,355
- Other debts +€85,488
new in 2025: €85,488
- Debts after one year +€67,768
up €67,768 (+37.2%), from €182,002 to €249,770
- Trade debts +€11,603
up €11,603 (+75.4%), from €15,394 to €26,997
- Gross operating margin +€59,844
up €59,844 (+20.2%), from €296,316 to €356,160
- Staff costs +€41,432
up €41,432 (+41.9%), from €98,942 to €140,374
- Depreciation +€17,271
up €17,271 (+25.4%), from €67,958 to €85,229
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.
Derived cash bridge
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 | €1,061,569 | €1,067,924 | +€6,355 | +0.6% |
| Fixed assets | 21/28 | €935,819 | €977,331 | +€41,512 | +4.4% |
| Tangible fixed assets | 22/27 | €893,463 | €944,504 | +€51,041 | +5.7% |
| Land and buildings | 22 | €655,003 | €678,887 | +€23,884 | +3.6% |
| Plant, machinery and equipment | 23 | €189,180 | €233,721 | +€44,541 | +23.5% |
| Furniture and vehicles | 24 | €49,280 | €31,896 | -€17,384 | -35.3% |
| Financial fixed assets | 28 | €42,356 | €32,827 | -€9,529 | -22.5% |
| Current assets | 29/58 | €125,750 | €90,593 | -€35,157 | -28.0% |
| Amounts receivable within one year | 40/41 | €45,793 | €28,760 | -€17,033 | -37.2% |
| Other amounts receivable | 41 | €45,793 | €28,760 | -€17,033 | -37.2% |
| Cash at bank and in hand | 54/58 | €79,957 | €61,833 | -€18,124 | -22.7% |
| Total equity and liabilities | 10/49 | €1,061,569 | €1,067,924 | +€6,355 | +0.6% |
| Equity | 10/15 | €741,436 | €573,081 | -€168,355 | -22.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | €12,400 | = | 0.0% |
| Issued capital | 100 | €18,550 | €18,550 | = | 0.0% |
| Uncalled capital | 101 | €6,150 | €6,150 | = | 0.0% |
| Reserves | 13 | €459,101 | €290,746 | -€168,355 | -36.7% |
| Non-distributable reserves | 130/1 | €5,211 | €5,211 | = | 0.0% |
| Legal reserve | 130 | €5,211 | €5,211 | = | 0.0% |
| Distributable reserves | 133 | €453,890 | €285,535 | -€168,355 | -37.1% |
| Profit (loss) carried forward | 14 | €269,935 | €269,935 | = | 0.0% |
| Amounts payable | 17/49 | €320,132 | €494,842 | +€174,710 | +54.6% |
| Amounts payable after more than one year | 17 | €182,002 | €249,770 | +€67,768 | +37.2% |
| Financial debts | 170/4 | €182,002 | €249,770 | +€67,768 | +37.2% |
| Amounts payable within one year | 42/48 | €138,130 | €245,072 | +€106,942 | +77.4% |
| Trade debts | 44 | €15,394 | €26,997 | +€11,603 | +75.4% |
| Suppliers | 440/4 | €15,394 | €26,997 | +€11,603 | +75.4% |
| Taxes, remuneration and social security | 45 | €122,736 | €132,587 | +€9,851 | +8.0% |
| Taxes | 450/3 | €112,496 | €120,126 | +€7,630 | +6.8% |
| Remuneration and social security | 454/9 | €10,240 | €12,461 | +€2,220 | +21.7% |
| Other amounts payable | 47/48 | - | €85,488 | +€85,488 | |
| Remuneration, social security and pensions | 62 | €98,942 | €140,374 | +€41,432 | +41.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,958 | €85,229 | +€17,271 | +25.4% |
| Non-recurring operating charges | 66A | - | €18,778 | +€18,778 | |
| Gross operating margin | 9900 | €296,316 | €356,160 | +€59,844 | +20.2% |
| Operating profit (loss) | 9901 | €129,416 | €111,778 | -€17,638 | -13.6% |
| Financial income | 75/76B | €1,013 | €1,013 | = | 0.0% |
| Recurring financial income | 75 | €1,013 | €1,013 | = | 0.0% |
| Financial charges | 65/66B | €8,555 | €8,665 | +€110 | +1.3% |
| Recurring financial charges | 65 | €8,555 | €8,665 | +€110 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €121,874 | €104,126 | -€17,747 | -14.6% |
| Income taxes | 67/77 | €31,535 | €32,945 | +€1,410 | +4.5% |
| Profit (loss) for the period | 9904 | €90,339 | €71,182 | -€19,157 | -21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €90,339 | €71,182 | -€19,157 | -21.2% |
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 22 October 2026 via checked.be.