EM-KA PROJECTEN: 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-KA PROJECTEN
Largest movements
- Stocks and contracts -€95,667
down €95,667 (-100%), from €95,667 to €0
- Tangible fixed assets -€37,727
down €37,727 (-4.1%), from €915,512 to €877,786
of which Land and buildings: -€31,653
- Cash +€11,694
up €11,694 (+115%), from €10,135 to €21,828
mainly Stocks and contracts (+€95,667) and Depreciation (+€70,075)
- Other debts -€85,228
down €85,228 (-29.3%), from €290,398 to €205,170
- Debts after one year -€72,904
down €72,904 (-14.6%), from €500,383 to €427,478
- Tax, wage and social debts +€22,537
up €22,537 (+312%), from €7,229 to €29,766
of which Taxes: +€20,737
- Profit (loss) carried forward +€22,376
up €22,376 (+53.7%), from -€41,651 to -€19,275
- Gross operating margin +€41,957
up €41,957 (+59.7%), from €70,335 to €112,292
- Other operating charges +€3,669
up €3,669 (+130%), from €2,815 to €6,484
- Financial charges -€2,620
down €2,620 (-11.5%), from €22,708 to €20,088
- Taxes +€1,639
up €1,639, from €0 to €1,639
- Depreciation -€1,594
down €1,594 (-2.2%), from €71,670 to €70,075
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 | €1,027,683 | €906,325 | -€121,358 | -11.8% |
| Fixed assets | 21/28 | €915,712 | €877,986 | -€37,727 | -4.1% |
| Tangible fixed assets | 22/27 | €915,512 | €877,786 | -€37,727 | -4.1% |
| Land and buildings | 22 | €871,815 | €840,161 | -€31,653 | -3.6% |
| Plant, machinery and equipment | 23 | €339 | €0 | -€339 | -100% |
| Furniture and vehicles | 24 | €43,359 | €37,624 | -€5,735 | -13.2% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €111,970 | €28,339 | -€83,631 | -74.7% |
| Stocks and contracts in progress | 3 | €95,667 | €0 | -€95,667 | -100% |
| Stocks | 30/36 | €95,667 | €0 | -€95,667 | -100% |
| Amounts receivable within one year | 40/41 | €2,384 | €4,265 | +€1,881 | +78.9% |
| Trade receivables | 40 | €1,200 | €3,450 | +€2,250 | +188% |
| Other amounts receivable | 41 | €1,184 | €815 | -€369 | -31.2% |
| Cash at bank and in hand | 54/58 | €10,135 | €21,828 | +€11,694 | +115% |
| Deferred charges and accrued income | 490/1 | €3,785 | €2,246 | -€1,539 | -40.7% |
| Total equity and liabilities | 10/49 | €1,027,683 | €906,325 | -€121,358 | -11.8% |
| Equity | 10/15 | €125,070 | €140,749 | +€15,680 | +12.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €160,521 | €153,824 | -€6,697 | -4.2% |
| Non-distributable reserves | 130/1 | €252 | €252 | = | 0.0% |
| Reserves not available under the articles | 1311 | €252 | €252 | = | 0.0% |
| Tax-exempt reserves | 132 | €126,648 | €119,951 | -€6,697 | -5.3% |
| Distributable reserves | 133 | €33,621 | €33,621 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,651 | -€19,275 | +€22,376 | +53.7% |
| Provisions and deferred taxes | 16 | €31,662 | €29,988 | -€1,674 | -5.3% |
| Deferred taxes | 168 | €31,662 | €29,988 | -€1,674 | -5.3% |
| Amounts payable | 17/49 | €870,951 | €735,588 | -€135,363 | -15.5% |
| Amounts payable after more than one year | 17 | €500,383 | €427,478 | -€72,904 | -14.6% |
| Financial debts | 170/4 | €500,383 | €427,478 | -€72,904 | -14.6% |
| Amounts payable within one year | 42/48 | €370,569 | €308,109 | -€62,459 | -16.9% |
| Current portion of amounts payable after more than one year | 42 | €70,543 | €72,904 | +€2,361 | +3.3% |
| Trade debts | 44 | €2,399 | €269 | -€2,129 | -88.8% |
| Suppliers | 440/4 | €2,399 | €269 | -€2,129 | -88.8% |
| Taxes, remuneration and social security | 45 | €7,229 | €29,766 | +€22,537 | +312% |
| Taxes | 450/3 | €7,229 | €27,966 | +€20,737 | +287% |
| Remuneration and social security | 454/9 | €0 | €1,800 | +€1,800 | |
| Other amounts payable | 47/48 | €290,398 | €205,170 | -€85,228 | -29.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,670 | €70,075 | -€1,594 | -2.2% |
| Other operating charges | 640/8 | €2,815 | €6,484 | +€3,669 | +130% |
| Gross operating margin | 9900 | €70,335 | €112,292 | +€41,957 | +59.7% |
| Operating profit (loss) | 9901 | -€4,149 | €35,733 | +€39,882 | |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €22,708 | €20,088 | -€2,620 | -11.5% |
| Recurring financial charges | 65 | €22,708 | €20,088 | -€2,620 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | -€26,858 | €15,645 | +€42,502 | |
| Transfer from deferred taxes | 780 | €1,821 | €1,674 | -€147 | -8.1% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €0 | €1,639 | +€1,639 | |
| Profit (loss) for the period | 9904 | -€25,037 | €15,680 | +€40,716 | |
| Transfer from tax-exempt reserves | 789 | €7,284 | €6,697 | -€587 | -8.1% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,753 | €22,376 | +€40,129 |
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 27 October 2026 via checked.be.