EM&S CONSTRUCT: what changed
EM&S CONSTRUCT
Largest movements
- Receivables within one year +€47,532
up €47,532 (+170%), from €28,020 to €75,552
of which Trade receivables: +€44,187
- Receivables after one year -€33,390
down €33,390 (-59.8%), from €55,857 to €22,468
- Cash -€26,940
down €26,940 (-83.3%), from €32,341 to €5,401
mainly Receivables within one year (-€47,532) and Other debts (-€20,000)
- Deferred charges and accrued income +€3,337
up €3,337 (+148%), from €2,255 to €5,592
- Tangible fixed assets +€2,435
up €2,435 (+47.1%), from €5,169 to €7,605
- Other debts -€20,000
no longer reported in 2025 (was €20,000)
- Trade debts +€12,513
up €12,513 (+159%), from €7,892 to €20,405
- Profit (loss) carried forward +€7,276
up €7,276 (+9.7%), from €74,914 to €82,190
- Tax, wage and social debts -€7,023
down €7,023 (-37.4%), from €18,779 to €11,756
- Gross operating margin -€59,390
down €59,390 (-84.5%), from €70,303 to €10,913
- Taxes -€7,799
down €7,799 (-76.4%), from €10,212 to €2,412
- Depreciation +€1,184
up €1,184 (+410%), from €289 to €1,473
- Staff costs +€735
up €735 (+97.4%), from €755 to €1,490
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 | €124,085 | €116,851 | -€7,234 | -5.8% |
| Formation expenses | 20 | €442 | €234 | -€208 | -47.1% |
| Fixed assets | 21/28 | €5,169 | €7,605 | +€2,435 | +47.1% |
| Tangible fixed assets | 22/27 | €5,169 | €7,605 | +€2,435 | +47.1% |
| Furniture and vehicles | 24 | €5,169 | €7,605 | +€2,435 | +47.1% |
| Current assets | 29/58 | €118,473 | €109,012 | -€9,461 | -8.0% |
| Amounts receivable after more than one year | 29 | €55,857 | €22,468 | -€33,390 | -59.8% |
| Other amounts receivable | 291 | €55,857 | €22,468 | -€33,390 | -59.8% |
| Amounts receivable within one year | 40/41 | €28,020 | €75,552 | +€47,532 | +170% |
| Trade receivables | 40 | €26,714 | €70,901 | +€44,187 | +165% |
| Other amounts receivable | 41 | €1,306 | €4,651 | +€3,345 | +256% |
| Cash at bank and in hand | 54/58 | €32,341 | €5,401 | -€26,940 | -83.3% |
| Deferred charges and accrued income | 490/1 | €2,255 | €5,592 | +€3,337 | +148% |
| Total equity and liabilities | 10/49 | €124,085 | €116,851 | -€7,234 | -5.8% |
| Equity | 10/15 | €77,414 | €84,690 | +€7,276 | +9.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,914 | €82,190 | +€7,276 | +9.7% |
| Amounts payable | 17/49 | €46,671 | €32,161 | -€14,510 | -31.1% |
| Amounts payable within one year | 42/48 | €46,671 | €32,161 | -€14,510 | -31.1% |
| Trade debts | 44 | €7,892 | €20,405 | +€12,513 | +159% |
| Suppliers | 440/4 | €7,892 | €20,405 | +€12,513 | +159% |
| Taxes, remuneration and social security | 45 | €18,779 | €11,756 | -€7,023 | -37.4% |
| Taxes | 450/3 | €18,779 | €11,756 | -€7,023 | -37.4% |
| Other amounts payable | 47/48 | €20,000 | - | -€20,000 | |
| Remuneration, social security and pensions | 62 | €755 | €1,490 | +€735 | +97.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €289 | €1,473 | +€1,184 | +410% |
| Other operating charges | 640/8 | €487 | €100 | -€387 | -79.5% |
| Gross operating margin | 9900 | €70,303 | €10,913 | -€59,390 | -84.5% |
| Operating profit (loss) | 9901 | €68,772 | €7,850 | -€60,922 | -88.6% |
| Financial income | 75/76B | €2,670 | €2,560 | -€110 | -4.1% |
| Recurring financial income | 75 | €2,670 | €2,560 | -€110 | -4.1% |
| Financial charges | 65/66B | €483 | €721 | +€239 | +49.4% |
| Recurring financial charges | 65 | €483 | €721 | +€239 | +49.4% |
| Profit (loss) for the period before taxes | 9903 | €70,959 | €9,688 | -€61,270 | -86.3% |
| Income taxes | 67/77 | €10,212 | €2,412 | -€7,799 | -76.4% |
| Profit (loss) for the period | 9904 | €60,747 | €7,276 | -€53,471 | -88.0% |
| Profit (loss) for the period to be appropriated | 9905 | €60,747 | €7,276 | -€53,471 | -88.0% |
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 4 November 2026 via checked.be.