EM Consulting: 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 Consulting
Largest movements
- Current investments +€71,001
up €71,001 (+10.5%), from €676,143 to €747,144
- Receivables within one year +€65,837
up €65,837 (+95.4%), from €69,000 to €134,837
of which Other amounts receivable: +€48,541
- Cash -€27,877
down €27,877 (-75.3%), from €36,999 to €9,122
mainly Contributions, distributions and other (-€200,507) and Current investments (-€71,001)
- Tangible fixed assets -€18,931
down €18,931 (-25.8%), from €73,392 to €54,462
of which Furniture and vehicles: -€17,601
- Other debts +€225,495
up €225,495 (+109%), from €207,335 to €432,830
- Reserves -€138,595
down €138,595 (-25.3%), from €548,772 to €410,177
of which Distributable reserves: -€138,595
- Gross operating margin -€19,157
down €19,157 (-15.0%), from €127,519 to €108,362
- Financial income +€5,207
up €5,207 (+40.2%), from €12,960 to €18,167
- Taxes -€3,491
down €3,491 (-11.4%), from €30,576 to €27,086
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 | €855,535 | €945,566 | +€90,031 | +10.5% |
| Fixed assets | 21/28 | €73,392 | €54,462 | -€18,931 | -25.8% |
| Tangible fixed assets | 22/27 | €73,392 | €54,462 | -€18,931 | -25.8% |
| Plant, machinery and equipment | 23 | €1,813 | €1,133 | -€680 | -37.5% |
| Furniture and vehicles | 24 | €70,929 | €53,328 | -€17,601 | -24.8% |
| Other tangible fixed assets | 26 | €650 | - | -€650 | |
| Current assets | 29/58 | €782,142 | €891,104 | +€108,962 | +13.9% |
| Amounts receivable within one year | 40/41 | €69,000 | €134,837 | +€65,837 | +95.4% |
| Trade receivables | 40 | - | €17,297 | +€17,297 | |
| Other amounts receivable | 41 | €69,000 | €117,541 | +€48,541 | +70.3% |
| Current investments | 50/53 | €676,143 | €747,144 | +€71,001 | +10.5% |
| Cash at bank and in hand | 54/58 | €36,999 | €9,122 | -€27,877 | -75.3% |
| Total equity and liabilities | 10/49 | €855,535 | €945,566 | +€90,031 | +10.5% |
| Equity | 10/15 | €615,102 | €476,507 | -€138,595 | -22.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €548,772 | €410,177 | -€138,595 | -25.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €546,912 | €408,317 | -€138,595 | -25.3% |
| Profit (loss) carried forward | 14 | €47,730 | €47,730 | = | 0.0% |
| Amounts payable | 17/49 | €240,432 | €469,059 | +€228,626 | +95.1% |
| Amounts payable within one year | 42/48 | €240,432 | €469,059 | +€228,626 | +95.1% |
| Trade debts | 44 | €2,209 | €2,314 | +€105 | +4.8% |
| Suppliers | 440/4 | €2,209 | €2,314 | +€105 | +4.8% |
| Taxes, remuneration and social security | 45 | €30,889 | €33,914 | +€3,026 | +9.8% |
| Taxes | 450/3 | €30,889 | €33,914 | +€3,026 | +9.8% |
| Other amounts payable | 47/48 | €207,335 | €432,830 | +€225,495 | +109% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,406 | €18,931 | +€525 | +2.9% |
| Other operating charges | 640/8 | €1,571 | €1,496 | -€75 | -4.8% |
| Gross operating margin | 9900 | €127,519 | €108,362 | -€19,157 | -15.0% |
| Operating profit (loss) | 9901 | €107,542 | €87,935 | -€19,607 | -18.2% |
| Financial income | 75/76B | €12,960 | €18,167 | +€5,207 | +40.2% |
| Recurring financial income | 75 | €12,960 | €18,167 | +€5,207 | +40.2% |
| Financial charges | 65/66B | €16,797 | €17,105 | +€308 | +1.8% |
| Recurring financial charges | 65 | €16,797 | €17,105 | +€308 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | €103,706 | €88,997 | -€14,708 | -14.2% |
| Income taxes | 67/77 | €30,576 | €27,086 | -€3,491 | -11.4% |
| Profit (loss) for the period | 9904 | €73,129 | €61,912 | -€11,218 | -15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €73,129 | €61,912 | -€11,218 | -15.3% |
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 16 October 2026 via checked.be.