EM-JE PROJECTS: 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-JE PROJECTS
Largest movements
- Financial fixed assets -€2.1m
down €2.1m (-56.9%), from €3.7m to €1.6m
- Debts after one year -€1.6m
down €1.6m (-96.2%), from €1.7m to €62,806
- Profit (loss) carried forward -€520,287
down €520,287 (-87.5%), from €594,638 to €74,351
- Financial charges +€481,275
up €481,275 (+1,781%), from €27,022 to €508,297
of which Non-recurring financial charges: +€505,633
- Depreciation -€48,415
down €48,415 (-76.0%), from €63,667 to €15,252
- Gross operating margin +€5,541
up €5,541 (+95.5%), from -€5,803 to -€263
- Financial income +€2,975
up €2,975 (+70.5%), from €4,223 to €7,198
- Other operating charges +€400
up €400 (+12.2%), from €3,273 to €3,672
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 | €4,515,533 | €2,376,864 | -€2.1m | -47.4% |
| Fixed assets | 21/28 | €4,196,237 | €2,059,057 | -€2.1m | -50.9% |
| Tangible fixed assets | 22/27 | €469,035 | €453,195 | -€15,840 | -3.4% |
| Land and buildings | 22 | €448,084 | €437,510 | -€10,575 | -2.4% |
| Furniture and vehicles | 24 | €20,950 | €15,685 | -€5,266 | -25.1% |
| Financial fixed assets | 28 | €3,727,202 | €1,605,863 | -€2.1m | -56.9% |
| Current assets | 29/58 | €319,296 | €317,807 | -€1,489 | -0.5% |
| Amounts receivable within one year | 40/41 | €294,713 | €293,141 | -€1,572 | -0.5% |
| Trade receivables | 40 | - | €5,928 | +€5,928 | |
| Other amounts receivable | 41 | €294,713 | €287,213 | -€7,500 | -2.5% |
| Cash at bank and in hand | 54/58 | €19,896 | €17,372 | -€2,523 | -12.7% |
| Deferred charges and accrued income | 490/1 | €4,687 | €7,294 | +€2,607 | +55.6% |
| Total equity and liabilities | 10/49 | €4,515,533 | €2,376,864 | -€2.1m | -47.4% |
| Equity | 10/15 | €2,715,977 | €2,195,690 | -€520,287 | -19.2% |
| Contributions | 10/11 | €2,121,339 | €2,121,339 | = | 0.0% |
| Profit (loss) carried forward | 14 | €594,638 | €74,351 | -€520,287 | -87.5% |
| Amounts payable | 17/49 | €1,799,556 | €181,174 | -€1.6m | -89.9% |
| Amounts payable after more than one year | 17 | €1,652,496 | €62,806 | -€1.6m | -96.2% |
| Financial debts | 170/4 | €1,652,496 | €62,806 | -€1.6m | -96.2% |
| Amounts payable within one year | 42/48 | €121,277 | €117,051 | -€4,225 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €3,680 | €3,828 | +€148 | +4.0% |
| Trade debts | 44 | €13,183 | - | -€13,183 | |
| Suppliers | 440/4 | €13,183 | - | -€13,183 | |
| Other amounts payable | 47/48 | €104,413 | €113,224 | +€8,810 | +8.4% |
| Accrued charges and deferred income | 492/3 | €25,782 | €1,317 | -€24,465 | -94.9% |
| Non-recurring operating income | 76A | - | €366 | +€366 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,667 | €15,252 | -€48,415 | -76.0% |
| Other operating charges | 640/8 | €3,273 | €3,672 | +€400 | +12.2% |
| Gross operating margin | 9900 | -€5,803 | -€263 | +€5,541 | +95.5% |
| Operating profit (loss) | 9901 | -€72,744 | -€19,187 | +€53,557 | +73.6% |
| Financial income | 75/76B | €4,223 | €7,198 | +€2,975 | +70.5% |
| Recurring financial income | 75 | €4,223 | €7,198 | +€2,975 | +70.5% |
| Financial charges | 65/66B | €27,022 | €508,297 | +€481,275 | +1,781% |
| Recurring financial charges | 65 | €27,022 | €2,664 | -€24,358 | -90.1% |
| Non-recurring financial charges | 66B | - | €505,633 | +€505,633 | |
| Profit (loss) for the period before taxes | 9903 | -€95,543 | -€520,287 | -€424,744 | -445% |
| Profit (loss) for the period | 9904 | -€95,543 | -€520,287 | -€424,744 | -445% |
| Profit (loss) for the period to be appropriated | 9905 | -€95,543 | -€520,287 | -€424,744 | -445% |
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.