EM CONSULT: 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.
EM CONSULT
Largest movements
- Tangible fixed assets -€18,512
down €18,512 (-3.1%), from €601,074 to €582,562
of which Land and buildings: -€17,658
- Receivables within one year -€13,484
down €13,484 (-57.8%), from €23,312 to €9,828
of which Trade receivables: -€9,484
- Cash -€8,232
down €8,232 (-17.4%), from €47,310 to €39,078
mainly Contributions, distributions and other (-€111,225) and Accrued charges and deferred income (-€4,337)
- Reserves -€69,683
down €69,683 (-21.7%), from €320,952 to €251,269
of which Distributable reserves: -€65,198
- Other debts +€37,944
up €37,944 (+25.0%), from €151,607 to €189,551
- Gross operating margin -€12,168
down €12,168 (-10.5%), from €115,695 to €103,527
- Financial charges -€4,299
down €4,299 (-30.0%), from €14,337 to €10,038
- Taxes -€4,101
down €4,101 (-13.2%), from €30,990 to €26,889
- Other operating charges +€2,766
up €2,766 (+99.4%), from €2,784 to €5,550
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 | €671,736 | €631,468 | -€40,268 | -6.0% |
| Fixed assets | 21/28 | €601,074 | €582,562 | -€18,512 | -3.1% |
| Tangible fixed assets | 22/27 | €601,074 | €582,562 | -€18,512 | -3.1% |
| Land and buildings | 22 | €581,699 | €564,042 | -€17,658 | -3.0% |
| Furniture and vehicles | 24 | €3,875 | €3,020 | -€855 | -22.1% |
| Other tangible fixed assets | 26 | €15,500 | €15,500 | = | 0.0% |
| Current assets | 29/58 | €70,662 | €48,906 | -€21,756 | -30.8% |
| Amounts receivable within one year | 40/41 | €23,312 | €9,828 | -€13,484 | -57.8% |
| Trade receivables | 40 | €19,312 | €9,828 | -€9,484 | -49.1% |
| Other amounts receivable | 41 | €4,000 | - | -€4,000 | |
| Cash at bank and in hand | 54/58 | €47,310 | €39,078 | -€8,232 | -17.4% |
| Deferred charges and accrued income | 490/1 | €40 | - | -€40 | |
| Total equity and liabilities | 10/49 | €671,736 | €631,468 | -€40,268 | -6.0% |
| Equity | 10/15 | €461,178 | €391,495 | -€69,683 | -15.1% |
| Contributions | 10/11 | €8,059 | €8,059 | = | 0.0% |
| Reserves | 13 | €320,952 | €251,269 | -€69,683 | -21.7% |
| Tax-exempt reserves | 132 | €109,135 | €104,650 | -€4,485 | -4.1% |
| Distributable reserves | 133 | €211,817 | €146,619 | -€65,198 | -30.8% |
| Profit (loss) carried forward | 14 | €132,167 | €132,167 | = | 0.0% |
| Provisions and deferred taxes | 16 | €36,378 | €34,883 | -€1,495 | -4.1% |
| Deferred taxes | 168 | €36,378 | €34,883 | -€1,495 | -4.1% |
| Amounts payable | 17/49 | €174,179 | €205,089 | +€30,910 | +17.7% |
| Amounts payable within one year | 42/48 | €161,774 | €197,021 | +€35,247 | +21.8% |
| Trade debts | 44 | €2,675 | €736 | -€1,939 | -72.5% |
| Suppliers | 440/4 | €2,675 | €736 | -€1,939 | -72.5% |
| Taxes, remuneration and social security | 45 | €7,492 | €6,734 | -€758 | -10.1% |
| Taxes | 450/3 | €7,492 | €6,734 | -€758 | -10.1% |
| Other amounts payable | 47/48 | €151,607 | €189,551 | +€37,944 | +25.0% |
| Accrued charges and deferred income | 492/3 | €12,406 | €8,068 | -€4,337 | -35.0% |
| Non-recurring operating income | 76A | €2,393 | €13,309 | +€10,916 | +456.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,808 | €20,638 | -€170 | -0.8% |
| Other operating charges | 640/8 | €2,784 | €5,550 | +€2,766 | +99.4% |
| Non-recurring operating charges | 66A | €53 | €366 | +€313 | +590.6% |
| Gross operating margin | 9900 | €115,695 | €103,527 | -€12,168 | -10.5% |
| Operating profit (loss) | 9901 | €92,050 | €76,974 | -€15,077 | -16.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €14,337 | €10,038 | -€4,299 | -30.0% |
| Recurring financial charges | 65 | €14,337 | €10,038 | -€4,299 | -30.0% |
| Profit (loss) for the period before taxes | 9903 | €77,713 | €66,936 | -€10,778 | -13.9% |
| Transfer from deferred taxes | 780 | €1,495 | €1,495 | = | 0.0% |
| Income taxes | 67/77 | €30,990 | €26,889 | -€4,101 | -13.2% |
| Profit (loss) for the period | 9904 | €48,218 | €41,542 | -€6,676 | -13.8% |
| Transfer from tax-exempt reserves | 789 | €4,485 | €4,485 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,703 | €46,027 | -€6,676 | -12.7% |
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 7 October 2026 via checked.be.