EM FINANCE: 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 FINANCE
Largest movements
- Financial fixed assets -€3.7m
down €3.7m (-100%), from €3.7m to €0
- Current investments -€1.0m
down €1.0m (-38.7%), from €2.7m to €1.7m
- Receivables within one year -€195,908
down €195,908 (-22.4%), from €875,766 to €679,858
of which Other amounts receivable: -€211,091
- Other debts -€5.6m
down €5.6m (-83.4%), from €6.8m to €1.1m
- Reserves +€714,211
up €714,211 (+64.3%), from €1.1m to €1.8m
of which Distributable reserves: +€714,211
- Gross operating margin +€205,745
up €205,745, from -€61,979 to €143,767
- Financial income -€25,500
down €25,500 (-3.6%), from €714,580 to €689,080
of which Financial income: -€414,610
- Depreciation -€13,735
down €13,735 (-90.4%), from €15,201 to €1,466
- Financial charges -€7,543
down €7,543 (-7.2%), from €104,088 to €96,545
- Taxes +€1,988
up €1,988 (+869%), from €229 to €2,217
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 | €8,071,585 | €3,162,006 | -€4.9m | -60.8% |
| Fixed assets | 21/28 | €3,701,568 | €472 | -€3.7m | -100.0% |
| Tangible fixed assets | 22/27 | €1,938 | €472 | -€1,466 | -75.7% |
| Plant, machinery and equipment | 23 | €1,605 | €472 | -€1,133 | -70.6% |
| Furniture and vehicles | 24 | €333 | €0 | -€333 | -100% |
| Financial fixed assets | 28 | €3,699,630 | €0 | -€3.7m | -100% |
| Current assets | 29/58 | €4,370,017 | €3,161,534 | -€1.2m | -27.7% |
| Amounts receivable after more than one year | 29 | €724,030 | €719,063 | -€4,968 | -0.7% |
| Other amounts receivable | 291 | €724,030 | €719,063 | -€4,968 | -0.7% |
| Amounts receivable within one year | 40/41 | €875,766 | €679,858 | -€195,908 | -22.4% |
| Trade receivables | 40 | €646,633 | €661,816 | +€15,183 | +2.3% |
| Other amounts receivable | 41 | €229,133 | €18,042 | -€211,091 | -92.1% |
| Current investments | 50/53 | €2,700,583 | €1,656,099 | -€1.0m | -38.7% |
| Cash at bank and in hand | 54/58 | €68,450 | €94,162 | +€25,712 | +37.6% |
| Deferred charges and accrued income | 490/1 | €1,187 | €12,352 | +€11,165 | +941% |
| Total equity and liabilities | 10/49 | €8,071,585 | €3,162,006 | -€4.9m | -60.8% |
| Equity | 10/15 | €1,309,442 | €2,023,653 | +€714,211 | +54.5% |
| Contributions | 10/11 | €198,315 | €198,315 | = | 0.0% |
| Capital | 10 | €198,315 | €198,315 | = | 0.0% |
| Issued capital | 100 | €198,315 | €198,315 | = | 0.0% |
| Reserves | 13 | €1,111,127 | €1,825,338 | +€714,211 | +64.3% |
| Non-distributable reserves | 130/1 | €19,831 | €19,831 | = | 0.0% |
| Legal reserve | 130 | €19,831 | €19,831 | = | 0.0% |
| Distributable reserves | 133 | €1,091,296 | €1,805,507 | +€714,211 | +65.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €6,762,142 | €1,138,353 | -€5.6m | -83.2% |
| Amounts payable within one year | 42/48 | €6,762,142 | €1,138,353 | -€5.6m | -83.2% |
| Trade debts | 44 | €1,132 | €15,827 | +€14,695 | +1,298% |
| Suppliers | 440/4 | €1,132 | €15,827 | +€14,695 | +1,298% |
| Other amounts payable | 47/48 | €6,761,010 | €1,122,525 | -€5.6m | -83.4% |
| Non-recurring operating income | 76A | - | €142,845 | +€142,845 | |
| Remuneration, social security and pensions | 62 | €439 | €567 | +€128 | +29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,201 | €1,466 | -€13,735 | -90.4% |
| Other operating charges | 640/8 | €3,464 | €1,802 | -€1,661 | -48.0% |
| Non-recurring operating charges | 66A | €0 | €16,039 | +€16,039 | |
| Gross operating margin | 9900 | -€61,979 | €143,767 | +€205,745 | |
| Operating profit (loss) | 9901 | -€81,082 | €123,892 | +€204,974 | |
| Financial income | 75/76B | €714,580 | €689,080 | -€25,500 | -3.6% |
| Recurring financial income | 75 | €714,580 | €299,970 | -€414,610 | -58.0% |
| Non-recurring financial income | 76B | - | €389,110 | +€389,110 | |
| Financial charges | 65/66B | €104,088 | €96,545 | -€7,543 | -7.2% |
| Recurring financial charges | 65 | €104,088 | €96,545 | -€7,543 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €529,410 | €716,428 | +€187,018 | +35.3% |
| Income taxes | 67/77 | €229 | €2,217 | +€1,988 | +869% |
| Profit (loss) for the period | 9904 | €529,181 | €714,211 | +€185,030 | +35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €529,181 | €714,211 | +€185,030 | +35.0% |
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 25 October 2026 via checked.be.