EM IMMO: 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 IMMO
Largest movements
- Stocks and contracts +€532,364
up €532,364 (+400.1%), from €133,045 to €665,409
- Receivables within one year -€314,685
down €314,685 (-32.8%), from €959,523 to €644,837
of which Other amounts receivable: -€344,229
- Cash -€198,432
down €198,432 (-96.0%), from €206,766 to €8,334
mainly Stocks and contracts (-€532,364) and Net result for the year (-€146,047)
- Short-term financial debts +€200,000
up €200,000, from €0 to €200,000
- Reserves -€145,000
down €145,000 (-58.0%), from €250,000 to €105,000
of which Distributable reserves: -€145,000
- Tax, wage and social debts -€37,527
down €37,527 (-100.0%), from €37,527 to €0
- Turnover -€1.9m
no longer reported in 2025 (was €1.9m)
- Purchases and services -€145,615
down €145,615 (-89.5%), from €162,738 to €17,122
- Gross operating margin -€111,895
down €111,895 (-387.2%), from -€28,899 to -€140,794
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 | €1,299,333 | €1,318,580 | +€19,247 | +1.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Current assets | 29/58 | €1,299,333 | €1,318,580 | +€19,247 | +1.5% |
| Stocks and contracts in progress | 3 | €133,045 | €665,409 | +€532,364 | +400.1% |
| Stocks | 30/36 | €133,045 | €665,409 | +€532,364 | +400.1% |
| Amounts receivable within one year | 40/41 | €959,523 | €644,837 | -€314,685 | -32.8% |
| Trade receivables | 40 | €202,800 | €232,344 | +€29,544 | +14.6% |
| Other amounts receivable | 41 | €756,723 | €412,493 | -€344,229 | -45.5% |
| Cash at bank and in hand | 54/58 | €206,766 | €8,334 | -€198,432 | -96.0% |
| Total equity and liabilities | 10/49 | €1,299,333 | €1,318,580 | +€19,247 | +1.5% |
| Equity | 10/15 | €1,253,478 | €1,107,431 | -€146,047 | -11.7% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Other | 1109/19 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €250,000 | €105,000 | -€145,000 | -58.0% |
| Non-distributable reserves | 130/1 | €70,000 | €70,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €70,000 | €70,000 | = | 0.0% |
| Distributable reserves | 133 | €180,000 | €35,000 | -€145,000 | -80.6% |
| Profit (loss) carried forward | 14 | €3,478 | €2,431 | -€1,047 | -30.1% |
| Amounts payable | 17/49 | €45,855 | €211,150 | +€165,294 | +360.5% |
| Amounts payable within one year | 42/48 | €40,203 | €211,150 | +€170,946 | +425.2% |
| Financial debts | 43 | €0 | €200,000 | +€200,000 | |
| Credit institutions | 430/8 | €0 | €200,000 | +€200,000 | |
| Trade debts | 44 | €1,096 | €9,570 | +€8,473 | +772.9% |
| Suppliers | 440/4 | €1,096 | €9,570 | +€8,473 | +772.9% |
| Taxes, remuneration and social security | 45 | €37,527 | €0 | -€37,527 | -100.0% |
| Taxes | 450/3 | €37,527 | €0 | -€37,527 | -100.0% |
| Other amounts payable | 47/48 | €1,580 | €1,580 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €5,652 | €0 | -€5,652 | -100.0% |
| Turnover | 70 | €1,888,365 | - | -€1.9m | |
| Goods, raw materials, services and sundry goods | 60/61 | €162,738 | €17,122 | -€145,615 | -89.5% |
| Other operating charges | 640/8 | €1,932 | €1,051 | -€881 | -45.6% |
| Operating charges capitalised as restructuring costs | 649 | €0 | - | = | |
| Gross operating margin | 9900 | -€28,899 | -€140,794 | -€111,895 | -387.2% |
| Operating profit (loss) | 9901 | -€30,832 | -€141,845 | -€111,014 | -360.1% |
| Financial income | 75/76B | €767 | €279 | -€488 | -63.6% |
| Recurring financial income | 75 | €767 | €279 | -€488 | -63.6% |
| Financial charges | 65/66B | €12,339 | €4,481 | -€7,858 | -63.7% |
| Recurring financial charges | 65 | €12,339 | €4,481 | -€7,858 | -63.7% |
| Profit (loss) for the period before taxes | 9903 | -€42,404 | -€146,047 | -€103,643 | -244.4% |
| Income taxes | 67/77 | €0 | €0 | = | |
| Profit (loss) for the period | 9904 | -€42,404 | -€146,047 | -€103,643 | -244.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€42,404 | -€146,047 | -€103,643 | -244.4% |
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 10 October 2026 via checked.be.