EM-VI: 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-VI
Largest movements
- Tangible fixed assets -€14,644
down €14,644 (-5.1%), from €286,882 to €272,238
of which Land and buildings: -€14,279
- Receivables within one year +€5,929
up €5,929 (+34.3%), from €17,265 to €23,194
- Debts after one year -€14,787
down €14,787 (-6.4%), from €232,307 to €217,520
- Reserves +€4,562
up €4,562 (+62.1%), from €7,343 to €11,905
- Gross operating margin -€2,310
down €2,310 (-8.1%), from €28,374 to €26,064
- Taxes +€663
new in 2026: €663
- Financial charges -€352
down €352 (-7.7%), from €4,587 to €4,235
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €307,414 | €296,913 | -€10,500 | -3.4% |
| Formation expenses | 20 | €299 | €83 | -€217 | -72.4% |
| Fixed assets | 21/28 | €286,882 | €272,238 | -€14,644 | -5.1% |
| Tangible fixed assets | 22/27 | €286,882 | €272,238 | -€14,644 | -5.1% |
| Land and buildings | 22 | €285,889 | €271,610 | -€14,279 | -5.0% |
| Furniture and vehicles | 24 | €993 | €628 | -€365 | -36.7% |
| Current assets | 29/58 | €20,232 | €24,593 | +€4,361 | +21.6% |
| Amounts receivable within one year | 40/41 | €17,265 | €23,194 | +€5,929 | +34.3% |
| Trade receivables | 40 | €17,265 | €23,194 | +€5,929 | +34.3% |
| Cash at bank and in hand | 54/58 | €2,778 | €1,206 | -€1,572 | -56.6% |
| Deferred charges and accrued income | 490/1 | €190 | €193 | +€3 | +1.6% |
| Total equity and liabilities | 10/49 | €307,414 | €296,913 | -€10,500 | -3.4% |
| Equity | 10/15 | €11,343 | €15,905 | +€4,562 | +40.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €7,343 | €11,905 | +€4,562 | +62.1% |
| Distributable reserves | 133 | €7,343 | €11,905 | +€4,562 | +62.1% |
| Amounts payable | 17/49 | €296,070 | €281,008 | -€15,062 | -5.1% |
| Amounts payable after more than one year | 17 | €232,307 | €217,520 | -€14,787 | -6.4% |
| Financial debts | 170/4 | €232,307 | €217,520 | -€14,787 | -6.4% |
| Amounts payable within one year | 42/48 | €63,763 | €63,488 | -€275 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €14,548 | €14,787 | +€239 | +1.6% |
| Trade debts | 44 | €562 | €160 | -€402 | -71.5% |
| Suppliers | 440/4 | €562 | €160 | -€402 | -71.5% |
| Taxes, remuneration and social security | 45 | €1,615 | €1,454 | -€162 | -10.0% |
| Taxes | 450/3 | €1,615 | €1,454 | -€162 | -10.0% |
| Other amounts payable | 47/48 | €47,037 | €47,087 | +€50 | +0.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,058 | €14,861 | -€197 | -1.3% |
| Other operating charges | 640/8 | €1,899 | €1,755 | -€143 | -7.6% |
| Gross operating margin | 9900 | €28,374 | €26,064 | -€2,310 | -8.1% |
| Operating profit (loss) | 9901 | €11,417 | €9,448 | -€1,969 | -17.2% |
| Financial income | 75/76B | €9 | €11 | +€3 | +29.2% |
| Recurring financial income | 75 | €9 | €11 | +€3 | +29.2% |
| Financial charges | 65/66B | €4,587 | €4,235 | -€352 | -7.7% |
| Recurring financial charges | 65 | €4,587 | €4,235 | -€352 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €6,839 | €5,224 | -€1,614 | -23.6% |
| Income taxes | 67/77 | - | €663 | +€663 | |
| Profit (loss) for the period | 9904 | €6,839 | €4,562 | -€2,277 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,839 | €4,562 | -€2,277 | -33.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.