EM Invest: what changed
EM Invest
Largest movements
- Tangible fixed assets -€173,399
down €173,399 (-26.7%), from €650,443 to €477,045
of which Land and buildings: -€168,544
- Cash +€111,270
up €111,270 (+1,500%), from €7,417 to €118,687
mainly Contributions, distributions and other (+€700,000) and Investment in fixed assets (net) (+€151,551)
- Short-term financial debts -€781,500
no longer reported in 2025 (was €781,500)
of which Other loans: -€609,000
- Contributions +€700,000
up €700,000 (+233%), from €300,000 to €1.0m
- Trade debts +€19,877
up €19,877 (+1,407%), from €1,413 to €21,289
- Purchases and services +€57,647
up €57,647 (+364%), from €15,845 to €73,492
- Depreciation -€7,851
down €7,851 (-26.4%), from €29,699 to €21,848
- Financial charges -€7,367
down €7,367 (-54.7%), from €13,463 to €6,096
- Gross operating margin +€5,432
up €5,432 (+22.9%), from €23,690 to €29,122
- Other operating charges -€1,463
down €1,463 (-46.5%), from €3,146 to €1,683
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €697,860 | €635,732 | -€62,129 | -8.9% |
| Fixed assets | 21/28 | €690,443 | €517,045 | -€173,399 | -25.1% |
| Tangible fixed assets | 22/27 | €650,443 | €477,045 | -€173,399 | -26.7% |
| Land and buildings | 22 | €630,924 | €462,380 | -€168,544 | -26.7% |
| Plant, machinery and equipment | 23 | €19,519 | €14,664 | -€4,855 | -24.9% |
| Financial fixed assets | 28 | €40,000 | €40,000 | = | 0.0% |
| Current assets | 29/58 | €7,417 | €118,687 | +€111,270 | +1,500% |
| Cash at bank and in hand | 54/58 | €7,417 | €118,687 | +€111,270 | +1,500% |
| Total equity and liabilities | 10/49 | €697,860 | €635,732 | -€62,129 | -8.9% |
| Equity | 10/15 | -€87,401 | €612,094 | +€699,495 | |
| Contributions | 10/11 | €300,000 | €1,000,000 | +€700,000 | +233% |
| Reserves | 13 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€417,401 | -€417,906 | -€505 | -0.1% |
| Amounts payable | 17/49 | €785,261 | €23,637 | -€761,623 | -97.0% |
| Amounts payable within one year | 42/48 | €782,913 | €21,289 | -€761,623 | -97.3% |
| Financial debts | 43 | €781,500 | - | -€781,500 | |
| Credit institutions | 430/8 | €172,500 | - | -€172,500 | |
| Other loans | 439 | €609,000 | - | -€609,000 | |
| Trade debts | 44 | €1,413 | €21,289 | +€19,877 | +1,407% |
| Suppliers | 440/4 | €1,413 | €21,289 | +€19,877 | +1,407% |
| Accrued charges and deferred income | 492/3 | €2,348 | €2,348 | = | 0.0% |
| Turnover | 70 | €39,535 | €40,724 | +€1,189 | +3.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €15,845 | €73,492 | +€57,647 | +364% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,699 | €21,848 | -€7,851 | -26.4% |
| Other operating charges | 640/8 | €3,146 | €1,683 | -€1,463 | -46.5% |
| Gross operating margin | 9900 | €23,690 | €29,122 | +€5,432 | +22.9% |
| Operating profit (loss) | 9901 | -€9,154 | €5,591 | +€14,745 | |
| Financial charges | 65/66B | €13,463 | €6,096 | -€7,367 | -54.7% |
| Recurring financial charges | 65 | €13,463 | €6,096 | -€7,367 | -54.7% |
| Profit (loss) for the period before taxes | 9903 | -€22,618 | -€505 | +€22,112 | +97.8% |
| Profit (loss) for the period | 9904 | -€22,618 | -€505 | +€22,112 | +97.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,618 | -€505 | +€22,112 | +97.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.