EMAC Belgium: 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.
What changed
EMAC Belgium
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€192,153
2024 · -€382,402+€574,555
Equity
€582,196
2024 · €447,205+€134,991
Cash
€95,297
2024 · €119,091-€23,794
Balance sheet total
€5.6m
2024 · €6.2m-€622,894
Largest movements
Assets
- Tangible fixed assets -€511,984
down €511,984 (-11.1%), from €4.6m to €4.1m
of which Leasing and similar rights: -€428,561
- Stocks and contracts -€280,025
down €280,025 (-28.9%), from €967,522 to €687,497
of which Contracts in progress: -€247,378
- Receivables within one year +€208,795
up €208,795 (+43.7%), from €477,714 to €686,510
of which Trade receivables: +€215,067
Equity and liabilities
- Debts after one year -€604,391
down €604,391 (-17.9%), from €3.4m to €2.8m
- Profit (loss) carried forward +€192,153
up €192,153 (+46.7%), from -€411,186 to -€219,033
- Trade debts -€186,435
down €186,435 (-31.7%), from €588,866 to €402,431
- Current portion of long-term debt +€143,100
up €143,100 (+33.0%), from €433,471 to €576,571
- Advances received -€109,457
down €109,457 (-45.7%), from €239,407 to €129,949
Income statement
- Turnover +€1.6m
up €1.6m (+27.8%), from €5.7m to €7.3m
- Goods and materials +€449,079
up €449,079 (+15.9%), from €2.8m to €3.3m
of which Purchases: +€799,514
- Staff costs +€183,663
up €183,663 (+9.6%), from €1.9m to €2.1m
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.
Result 2024
-€382,402
Turnover
+€1.6m
Other operating income
+€38,275
Goods and materials
-€449,079
Services and other goods
-€68,801
Staff costs
-€183,663
Depreciation
+€72,446
Write-downs
+€1,359
Other operating charges
+€23,336
Other operating items
-€495,036
Financial income
+€4,038
Financial charges
+€37,251
Taxes
-€860
Result 2025
€192,153
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€444,371
Investment
-€856
Financing
-€467,310
Cash 2024
€119,091
From operations (derived)
+€444,371
Net result for the year
+€192,153
Depreciation
+€531,741
Stocks and contracts
+€280,025
Receivables within one year
-€208,795
Deferred charges and accrued income
-€3,016
Trade debts
-€186,435
Tax, wage and social debts
-€51,845
Advances received
-€109,457
Investment (derived)
-€856
Investment in fixed assets (net)
-€856
Financing
-€467,310
Debts after one year
-€604,391
Current portion of long-term debt
+€143,100
Short-term financial debts
+€51,144
Contributions, distributions and other
-€57,163
Cash 2025
€95,297
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,224,381 | €5,601,487 | -€622,894 | -10.0% |
| Fixed assets | 21/28 | €4,639,209 | €4,108,323 | -€530,886 | -11.4% |
| Intangible fixed assets | 21 | €23,261 | €4,359 | -€18,902 | -81.3% |
| Tangible fixed assets | 22/27 | €4,615,699 | €4,103,715 | -€511,984 | -11.1% |
| Land and buildings | 22 | €2,021,820 | €1,945,470 | -€76,350 | -3.8% |
| Plant, machinery and equipment | 23 | €193,540 | €190,834 | -€2,707 | -1.4% |
| Furniture and vehicles | 24 | €8,133 | €3,767 | -€4,366 | -53.7% |
| Leasing and similar rights | 25 | €2,392,206 | €1,963,644 | -€428,561 | -17.9% |
| Financial fixed assets | 28 | €249 | €249 | = | 0.0% |
| Other financial fixed assets | 284/8 | €249 | €249 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €249 | €249 | = | 0.0% |
| Current assets | 29/58 | €1,585,172 | €1,493,164 | -€92,008 | -5.8% |
| Stocks and contracts in progress | 3 | €967,522 | €687,497 | -€280,025 | -28.9% |
| Stocks | 30/36 | €688,101 | €655,454 | -€32,647 | -4.7% |
| Goods purchased for resale | 34 | €688,101 | €655,454 | -€32,647 | -4.7% |
| Contracts in progress | 37 | €279,421 | €32,043 | -€247,378 | -88.5% |
| Amounts receivable within one year | 40/41 | €477,714 | €686,510 | +€208,795 | +43.7% |
| Trade receivables | 40 | €453,040 | €668,107 | +€215,067 | +47.5% |
| Other amounts receivable | 41 | €24,675 | €18,403 | -€6,272 | -25.4% |
| Cash at bank and in hand | 54/58 | €119,091 | €95,297 | -€23,794 | -20.0% |
| Deferred charges and accrued income | 490/1 | €20,845 | €23,860 | +€3,016 | +14.5% |
| Total equity and liabilities | 10/49 | €6,224,381 | €5,601,487 | -€622,894 | -10.0% |
| Equity | 10/15 | €447,205 | €582,196 | +€134,991 | +30.2% |
| Contributions | 10/11 | €523,723 | €523,723 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€411,186 | -€219,033 | +€192,153 | +46.7% |
| Investment grants | 15 | €334,669 | €277,506 | -€57,163 | -17.1% |
| Amounts payable | 17/49 | €5,777,176 | €5,019,291 | -€757,885 | -13.1% |
| Amounts payable after more than one year | 17 | €3,384,218 | €2,779,826 | -€604,391 | -17.9% |
| Financial debts | 170/4 | €3,384,218 | €2,779,826 | -€604,391 | -17.9% |
| Subordinated loans | 170 | €683,333 | €583,333 | -€100,000 | -14.6% |
| Leasing and similar obligations | 172 | €1,921,006 | €1,380,454 | -€540,552 | -28.1% |
| Credit institutions | 173 | - | €157,700 | +€157,700 | |
| Other loans | 174 | €779,878 | €658,339 | -€121,539 | -15.6% |
| Amounts payable within one year | 42/48 | €2,392,958 | €2,239,465 | -€153,493 | -6.4% |
| Current portion of amounts payable after more than one year | 42 | €433,471 | €576,571 | +€143,100 | +33.0% |
| Financial debts | 43 | €727,175 | €778,319 | +€51,144 | +7.0% |
| Credit institutions | 430/8 | €727,175 | €778,319 | +€51,144 | +7.0% |
| Trade debts | 44 | €588,866 | €402,431 | -€186,435 | -31.7% |
| Suppliers | 440/4 | €588,866 | €402,431 | -€186,435 | -31.7% |
| Advances received on contracts in progress | 46 | €239,407 | €129,949 | -€109,457 | -45.7% |
| Taxes, remuneration and social security | 45 | €404,039 | €352,194 | -€51,845 | -12.8% |
| Taxes | 450/3 | €205,377 | €137,606 | -€67,771 | -33.0% |
| Remuneration and social security | 454/9 | €198,663 | €214,588 | +€15,926 | +8.0% |
| Operating income | 70/76A | €6,109,427 | €7,254,624 | +€1.1m | +18.7% |
| Turnover | 70 | €5,734,730 | €7,330,020 | +€1.6m | +27.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €279,421 | -€247,378 | -€526,799 | |
| Other operating income | 74 | €95,277 | €133,551 | +€38,275 | +40.2% |
| Non-recurring operating income | 76A | - | €38,431 | +€38,431 | |
| Operating charges | 60/66A | €6,377,490 | €6,988,561 | +€611,071 | +9.6% |
| Goods for resale, raw materials and consumables | 60 | €2,817,653 | €3,266,732 | +€449,079 | +15.9% |
| Purchases | 600/8 | €2,434,571 | €3,234,085 | +€799,514 | +32.8% |
| Change in stocks: decrease (increase) | 609 | €383,083 | €32,647 | -€350,435 | -91.5% |
| Services and other goods | 61 | €935,246 | €1,004,047 | +€68,801 | +7.4% |
| Remuneration, social security and pensions | 62 | €1,923,010 | €2,106,673 | +€183,663 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €604,188 | €531,741 | -€72,446 | -12.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,359 | €0 | -€1,359 | -100% |
| Other operating charges | 640/8 | €77,208 | €53,872 | -€23,336 | -30.2% |
| Non-recurring operating charges | 66A | €18,827 | €25,495 | +€6,668 | +35.4% |
| Operating profit (loss) | 9901 | -€268,063 | €266,063 | +€534,127 | |
| Financial income | 75/76B | €63,564 | €67,602 | +€4,038 | +6.4% |
| Recurring financial income | 75 | €63,564 | €67,602 | +€4,038 | +6.4% |
| Other financial income | 752/9 | €63,564 | €67,602 | +€4,038 | +6.4% |
| Financial charges | 65/66B | €177,798 | €140,547 | -€37,251 | -21.0% |
| Recurring financial charges | 65 | €177,798 | €140,547 | -€37,251 | -21.0% |
| Debt charges | 650 | €166,571 | €124,260 | -€42,312 | -25.4% |
| Other financial charges | 652/9 | €11,227 | €16,288 | +€5,061 | +45.1% |
| Profit (loss) for the period before taxes | 9903 | -€382,297 | €193,118 | +€575,415 | |
| Income taxes | 67/77 | €105 | €965 | +€860 | +823% |
| Taxes | 670/3 | €1,000 | €1,000 | = | 0.0% |
| Tax adjustments and reversals of tax provisions | 77 | €896 | €35 | -€860 | -96.0% |
| Profit (loss) for the period | 9904 | -€382,402 | €192,153 | +€574,555 | |
| Profit (loss) for the period to be appropriated | 9905 | -€382,402 | €192,153 | +€574,555 |
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 25 October 2026 via checked.be.