EMACO: 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.
EMACO
Largest movements
- Cash +€27,280
up €27,280 (+193%), from €14,121 to €41,401
mainly Net result for the year (+€32,409) and Depreciation (+€20,044)
- Tangible fixed assets -€20,044
down €20,044 (-2.6%), from €785,879 to €765,835
- Reserves +€32,409
up €32,409 (+22.8%), from €141,909 to €174,318
of which Distributable reserves: +€30,788
- Debts after one year -€26,326
down €26,326 (-23.5%), from €112,241 to €85,914
- Gross operating margin -€35,967
down €35,967 (-29.4%), from €122,273 to €86,305
- Taxes +€4,995
new in 2025: €4,995
- Depreciation -€2,030
down €2,030 (-9.2%), from €22,074 to €20,044
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 | €805,727 | €818,525 | +€12,798 | +1.6% |
| Fixed assets | 21/28 | €785,879 | €765,835 | -€20,044 | -2.6% |
| Tangible fixed assets | 22/27 | €785,879 | €765,835 | -€20,044 | -2.6% |
| Land and buildings | 22 | €785,879 | €765,835 | -€20,044 | -2.6% |
| Current assets | 29/58 | €19,848 | €52,690 | +€32,841 | +165% |
| Cash at bank and in hand | 54/58 | €14,121 | €41,401 | +€27,280 | +193% |
| Deferred charges and accrued income | 490/1 | €5,727 | €11,288 | +€5,561 | +97.1% |
| Total equity and liabilities | 10/49 | €805,727 | €818,525 | +€12,798 | +1.6% |
| Equity | 10/15 | €341,909 | €374,318 | +€32,409 | +9.5% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €141,909 | €174,318 | +€32,409 | +22.8% |
| Non-distributable reserves | 130/1 | €12,159 | €13,780 | +€1,621 | +13.3% |
| Legal reserve | 130 | €12,159 | €13,780 | +€1,621 | +13.3% |
| Distributable reserves | 133 | €129,751 | €160,538 | +€30,788 | +23.7% |
| Amounts payable | 17/49 | €463,818 | €444,207 | -€19,611 | -4.2% |
| Amounts payable after more than one year | 17 | €112,241 | €85,914 | -€26,326 | -23.5% |
| Financial debts | 170/4 | €112,241 | €85,914 | -€26,326 | -23.5% |
| Amounts payable within one year | 42/48 | €335,918 | €341,373 | +€5,454 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €25,843 | €26,326 | +€483 | +1.9% |
| Trade debts | 44 | €2,692 | €2,781 | +€89 | +3.3% |
| Suppliers | 440/4 | €2,692 | €2,781 | +€89 | +3.3% |
| Taxes, remuneration and social security | 45 | €6,711 | €11,593 | +€4,882 | +72.8% |
| Taxes | 450/3 | €6,711 | €11,593 | +€4,882 | +72.8% |
| Other amounts payable | 47/48 | €300,672 | €300,672 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €15,659 | €16,920 | +€1,261 | +8.1% |
| Non-recurring operating income | 76A | €80,000 | - | -€80,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,074 | €20,044 | -€2,030 | -9.2% |
| Other operating charges | 640/8 | €3,461 | €3,835 | +€374 | +10.8% |
| Gross operating margin | 9900 | €122,273 | €86,305 | -€35,967 | -29.4% |
| Operating profit (loss) | 9901 | €96,738 | €62,427 | -€34,311 | -35.5% |
| Financial charges | 65/66B | €25,849 | €25,023 | -€826 | -3.2% |
| Recurring financial charges | 65 | €25,849 | €25,023 | -€826 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €70,889 | €37,404 | -€33,485 | -47.2% |
| Income taxes | 67/77 | - | €4,995 | +€4,995 | |
| Profit (loss) for the period | 9904 | €70,889 | €32,409 | -€38,480 | -54.3% |
| Profit (loss) for the period to be appropriated | 9905 | €70,889 | €32,409 | -€38,480 | -54.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.