EMAC: 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.
EMAC
Largest movements
- Receivables within one year +€144,438
up €144,438 (+68.9%), from €209,778 to €354,215
- Receivables after one year +€95,000
up €95,000 (+100%), from €95,000 to €190,000
- Current investments +€46,637
up €46,637 (+184%), from €25,393 to €72,030
- Tangible fixed assets +€42,442
up €42,442 (+159%), from €26,643 to €69,085
of which Other tangible fixed assets: +€45,836
- Cash -€36,892
down €36,892 (-6.1%), from €608,831 to €571,939
mainly Receivables within one year (-€144,438) and Contributions, distributions and other (-€100,000)
- Reserves +€253,185
up €253,185 (+20.7%), from €1.2m to €1.5m
- Tax, wage and social debts +€68,175
up €68,175 (+179%), from €38,085 to €106,261
of which Taxes: +€68,175
- Trade debts -€30,907
down €30,907 (-49.7%), from €62,164 to €31,258
- Gross operating margin +€87,339
up €87,339 (+46.0%), from €189,881 to €277,219
- Financial income +€34,407
up €34,407 (+21.7%), from €158,215 to €192,621
- Taxes +€27,979
up €27,979 (+36.4%), from €76,871 to €104,851
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 | €1,329,873 | €1,622,475 | +€292,603 | +22.0% |
| Fixed assets | 21/28 | €388,563 | €431,005 | +€42,442 | +10.9% |
| Tangible fixed assets | 22/27 | €26,643 | €69,085 | +€42,442 | +159% |
| Plant, machinery and equipment | 23 | €16,326 | €13,527 | -€2,799 | -17.1% |
| Furniture and vehicles | 24 | €595 | €0 | -€595 | -100% |
| Other tangible fixed assets | 26 | €9,722 | €55,558 | +€45,836 | +471% |
| Financial fixed assets | 28 | €361,920 | €361,920 | = | 0.0% |
| Current assets | 29/58 | €941,309 | €1,191,470 | +€250,161 | +26.6% |
| Amounts receivable after more than one year | 29 | €95,000 | €190,000 | +€95,000 | +100% |
| Other amounts receivable | 291 | €95,000 | €190,000 | +€95,000 | +100% |
| Amounts receivable within one year | 40/41 | €209,778 | €354,215 | +€144,438 | +68.9% |
| Trade receivables | 40 | €209,778 | €354,215 | +€144,438 | +68.9% |
| Current investments | 50/53 | €25,393 | €72,030 | +€46,637 | +184% |
| Cash at bank and in hand | 54/58 | €608,831 | €571,939 | -€36,892 | -6.1% |
| Deferred charges and accrued income | 490/1 | €2,307 | €3,286 | +€979 | +42.4% |
| Total equity and liabilities | 10/49 | €1,329,873 | €1,622,475 | +€292,603 | +22.0% |
| Equity | 10/15 | €1,228,968 | €1,482,153 | +€253,185 | +20.6% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €1,222,668 | €1,475,853 | +€253,185 | +20.7% |
| Distributable reserves | 133 | €1,222,668 | €1,475,853 | +€253,185 | +20.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €100,905 | €140,322 | +€39,417 | +39.1% |
| Amounts payable within one year | 42/48 | €100,800 | €140,218 | +€39,417 | +39.1% |
| Trade debts | 44 | €62,164 | €31,258 | -€30,907 | -49.7% |
| Suppliers | 440/4 | €62,164 | €31,258 | -€30,907 | -49.7% |
| Taxes, remuneration and social security | 45 | €38,085 | €106,261 | +€68,175 | +179% |
| Taxes | 450/3 | €38,085 | €106,261 | +€68,175 | +179% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €551 | €2,699 | +€2,149 | +390% |
| Accrued charges and deferred income | 492/3 | €104 | €104 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,283 | €7,452 | -€831 | -10.0% |
| Other operating charges | 640/8 | €2,978 | €2,914 | -€64 | -2.2% |
| Gross operating margin | 9900 | €189,881 | €277,219 | +€87,339 | +46.0% |
| Operating profit (loss) | 9901 | €178,620 | €266,854 | +€88,234 | +49.4% |
| Financial income | 75/76B | €158,215 | €192,621 | +€34,407 | +21.7% |
| Recurring financial income | 75 | €158,215 | €192,621 | +€34,407 | +21.7% |
| Financial charges | 65/66B | €443 | €1,439 | +€996 | +225% |
| Recurring financial charges | 65 | €443 | €1,439 | +€996 | +225% |
| Profit (loss) for the period before taxes | 9903 | €336,392 | €458,036 | +€121,644 | +36.2% |
| Income taxes | 67/77 | €76,871 | €104,851 | +€27,979 | +36.4% |
| Profit (loss) for the period | 9904 | €259,520 | €353,185 | +€93,665 | +36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €259,520 | €353,185 | +€93,665 | +36.1% |
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 14 October 2026 via checked.be.