emac works: 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 works
Largest movements
- Tangible fixed assets +€20,084
up €20,084 (+3.8%), from €530,662 to €550,746
of which Furniture and vehicles: +€23,797
- Debts after one year -€73,533
down €73,533 (-33.1%), from €221,937 to €148,404
- Short-term financial debts +€29,100
up €29,100 (+862%), from €3,376 to €32,476
- Current portion of long-term debt +€23,618
new in 2025: €23,618
- Trade debts +€11,324
up €11,324 (+61.9%), from €18,292 to €29,616
- Reserves +€10,000
up €10,000 (+27.1%), from €36,859 to €46,859
of which Distributable reserves: +€10,000
- Gross operating margin -€8,861
down €8,861 (-6.2%), from €142,241 to €133,380
- Financial income +€8,543
up €8,543 (+95.1%), from €8,983 to €17,526
of which Non-recurring financial income: +€11,000
- Depreciation +€4,457
up €4,457 (+14.6%), from €30,465 to €34,922
- Taxes -€2,124
down €2,124 (-12.9%), from €16,457 to €14,333
- Staff costs -€1,658
down €1,658 (-4.2%), from €39,514 to €37,856
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 | €745,365 | €751,593 | +€6,228 | +0.8% |
| Fixed assets | 21/28 | €532,281 | €552,095 | +€19,814 | +3.7% |
| Intangible fixed assets | 21 | €1,485 | €1,215 | -€270 | -18.2% |
| Tangible fixed assets | 22/27 | €530,662 | €550,746 | +€20,084 | +3.8% |
| Land and buildings | 22 | €451,972 | €448,259 | -€3,713 | -0.8% |
| Furniture and vehicles | 24 | €78,690 | €102,487 | +€23,797 | +30.2% |
| Financial fixed assets | 28 | €134 | €134 | = | 0.0% |
| Current assets | 29/58 | €213,084 | €199,498 | -€13,586 | -6.4% |
| Stocks and contracts in progress | 3 | €22,659 | €20,475 | -€2,184 | -9.6% |
| Stocks | 30/36 | €22,659 | €20,475 | -€2,184 | -9.6% |
| Amounts receivable within one year | 40/41 | €77,427 | €70,688 | -€6,739 | -8.7% |
| Trade receivables | 40 | €73,927 | €70,688 | -€3,239 | -4.4% |
| Other amounts receivable | 41 | €3,500 | - | -€3,500 | |
| Cash at bank and in hand | 54/58 | €109,385 | €107,082 | -€2,303 | -2.1% |
| Deferred charges and accrued income | 490/1 | €3,613 | €1,253 | -€2,360 | -65.3% |
| Total equity and liabilities | 10/49 | €745,365 | €751,593 | +€6,228 | +0.8% |
| Equity | 10/15 | €409,787 | €421,343 | +€11,556 | +2.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €190,000 | €190,000 | = | 0.0% |
| Reserves | 13 | €36,859 | €46,859 | +€10,000 | +27.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €35,000 | €45,000 | +€10,000 | +28.6% |
| Profit (loss) carried forward | 14 | €115,534 | €120,273 | +€4,739 | +4.1% |
| Investment grants | 15 | €48,802 | €45,619 | -€3,183 | -6.5% |
| Provisions and deferred taxes | 16 | €2,050 | €2,050 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €2,050 | €2,050 | = | 0.0% |
| Other liabilities and charges | 164/5 | €2,050 | €2,050 | = | 0.0% |
| Amounts payable | 17/49 | €333,528 | €328,200 | -€5,328 | -1.6% |
| Amounts payable after more than one year | 17 | €221,937 | €148,404 | -€73,533 | -33.1% |
| Financial debts | 170/4 | €221,937 | €148,404 | -€73,533 | -33.1% |
| Amounts payable within one year | 42/48 | €111,591 | €179,796 | +€68,205 | +61.1% |
| Current portion of amounts payable after more than one year | 42 | - | €23,618 | +€23,618 | |
| Financial debts | 43 | €3,376 | €32,476 | +€29,100 | +862% |
| Credit institutions | 430/8 | €3,376 | €32,476 | +€29,100 | +862% |
| Trade debts | 44 | €18,292 | €29,616 | +€11,324 | +61.9% |
| Suppliers | 440/4 | €18,292 | €29,616 | +€11,324 | +61.9% |
| Taxes, remuneration and social security | 45 | €29,836 | €38,394 | +€8,558 | +28.7% |
| Taxes | 450/3 | €25,005 | €32,615 | +€7,610 | +30.4% |
| Remuneration and social security | 454/9 | €4,831 | €5,779 | +€948 | +19.6% |
| Other amounts payable | 47/48 | €60,087 | €55,692 | -€4,395 | -7.3% |
| Remuneration, social security and pensions | 62 | €39,514 | €37,856 | -€1,658 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,465 | €34,922 | +€4,457 | +14.6% |
| Other operating charges | 640/8 | €11,176 | €9,560 | -€1,616 | -14.5% |
| Gross operating margin | 9900 | €142,241 | €133,380 | -€8,861 | -6.2% |
| Operating profit (loss) | 9901 | €61,086 | €51,042 | -€10,044 | -16.4% |
| Financial income | 75/76B | €8,983 | €17,526 | +€8,543 | +95.1% |
| Recurring financial income | 75 | €8,983 | €6,526 | -€2,457 | -27.4% |
| Non-recurring financial income | 76B | - | €11,000 | +€11,000 | |
| Financial charges | 65/66B | €6,032 | €6,810 | +€778 | +12.9% |
| Recurring financial charges | 65 | €6,032 | €6,810 | +€778 | +12.9% |
| Profit (loss) for the period before taxes | 9903 | €64,037 | €61,758 | -€2,279 | -3.6% |
| Income taxes | 67/77 | €16,457 | €14,333 | -€2,124 | -12.9% |
| Profit (loss) for the period | 9904 | €47,580 | €47,425 | -€155 | -0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €47,580 | €47,425 | -€155 | -0.3% |
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 17 October 2026 via checked.be.