EMAJU: what changed
What changed
EMAJU
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€158,013
2024 · €117,402+€40,611
Equity
€176,613
2024 · €136,002+€40,611
Cash
€25,351
2024 · €58,958-€33,607
Balance sheet total
€409,205
2024 · €465,940-€56,736
Largest movements
Assets
- Cash -€33,607
down €33,607 (-57.0%), from €58,958 to €25,351
mainly Contributions, distributions and other (-€117,402) and Other debts (-€76,010)
- Tangible fixed assets -€18,367
down €18,367 (-5.9%), from €312,982 to €294,615
- Receivables within one year -€7,013
down €7,013 (-42.7%), from €16,412 to €9,399
of which Other amounts receivable: -€7,063
Equity and liabilities
- Other debts -€76,010
down €76,010 (-100%), from €76,010 to €0
- Reserves +€40,611
up €40,611 (+34.6%), from €117,402 to €158,013
- Debts after one year -€16,324
down €16,324 (-9.0%), from €180,880 to €164,556
- Tax, wage and social debts -€8,356
down €8,356 (-21.1%), from €39,530 to €31,174
Income statement
- Gross operating margin +€83,061
up €83,061 (+46.2%), from €179,824 to €262,885
- Taxes +€28,833
up €28,833 (+93.3%), from €30,890 to €59,723
- Other operating charges +€19,754
up €19,754 (+748%), from €2,640 to €22,393
- Depreciation -€5,061
down €5,061 (-18.0%), from €28,094 to €23,034
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€117,402
Gross operating margin
+€83,061
Depreciation
+€5,061
Other operating charges
-€19,754
Financial income
+€2,078
Financial charges
-€1,003
Taxes
-€28,833
Result 2025
€158,013
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€101,235
Investment
-€4,666
Financing
-€130,176
Cash 2024
€58,958
From operations (derived)
+€101,235
Net result for the year
+€158,013
Depreciation
+€23,034
Receivables within one year
+€7,013
Deferred charges and accrued income
-€2,252
Trade debts
-€207
Tax, wage and social debts
-€8,356
Other debts
-€76,010
Investment (derived)
-€4,666
Investment in fixed assets (net)
-€4,666
Financing
-€130,176
Debts after one year
-€16,324
Current portion of long-term debt
+€3,550
Contributions, distributions and other
-€117,402
Cash 2025
€25,351
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €465,940 | €409,205 | -€56,736 | -12.2% |
| Fixed assets | 21/28 | €312,982 | €294,615 | -€18,367 | -5.9% |
| Tangible fixed assets | 22/27 | €312,982 | €294,615 | -€18,367 | -5.9% |
| Land and buildings | 22 | €210,622 | €203,897 | -€6,725 | -3.2% |
| Plant, machinery and equipment | 23 | €524 | €1,072 | +€548 | +105% |
| Furniture and vehicles | 24 | €27,317 | €18,484 | -€8,833 | -32.3% |
| Other tangible fixed assets | 26 | €74,519 | €71,162 | -€3,358 | -4.5% |
| Current assets | 29/58 | €152,958 | €114,590 | -€38,368 | -25.1% |
| Amounts receivable after more than one year | 29 | €72,441 | €72,441 | = | 0.0% |
| Other amounts receivable | 291 | €72,441 | €72,441 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €16,412 | €9,399 | -€7,013 | -42.7% |
| Trade receivables | 40 | €2,302 | €2,352 | +€50 | +2.1% |
| Other amounts receivable | 41 | €14,110 | €7,047 | -€7,063 | -50.1% |
| Cash at bank and in hand | 54/58 | €58,958 | €25,351 | -€33,607 | -57.0% |
| Deferred charges and accrued income | 490/1 | €5,147 | €7,399 | +€2,252 | +43.8% |
| Total equity and liabilities | 10/49 | €465,940 | €409,205 | -€56,736 | -12.2% |
| Equity | 10/15 | €136,002 | €176,613 | +€40,611 | +29.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €117,402 | €158,013 | +€40,611 | +34.6% |
| Distributable reserves | 133 | €117,402 | €158,013 | +€40,611 | +34.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €329,938 | €232,592 | -€97,346 | -29.5% |
| Amounts payable after more than one year | 17 | €180,880 | €164,556 | -€16,324 | -9.0% |
| Financial debts | 170/4 | €180,880 | €164,556 | -€16,324 | -9.0% |
| Amounts payable within one year | 42/48 | €149,059 | €68,036 | -€81,023 | -54.4% |
| Current portion of amounts payable after more than one year | 42 | €31,505 | €35,054 | +€3,550 | +11.3% |
| Trade debts | 44 | €2,014 | €1,808 | -€207 | -10.3% |
| Suppliers | 440/4 | €2,014 | €1,808 | -€207 | -10.3% |
| Taxes, remuneration and social security | 45 | €39,530 | €31,174 | -€8,356 | -21.1% |
| Taxes | 450/3 | €39,530 | €31,174 | -€8,356 | -21.1% |
| Other amounts payable | 47/48 | €76,010 | €0 | -€76,010 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,094 | €23,034 | -€5,061 | -18.0% |
| Other operating charges | 640/8 | €2,640 | €22,393 | +€19,754 | +748% |
| Gross operating margin | 9900 | €179,824 | €262,885 | +€83,061 | +46.2% |
| Operating profit (loss) | 9901 | €149,090 | €217,458 | +€68,368 | +45.9% |
| Financial income | 75/76B | €2,898 | €4,976 | +€2,078 | +71.7% |
| Recurring financial income | 75 | €2,898 | €4,976 | +€2,078 | +71.7% |
| Financial charges | 65/66B | €3,696 | €4,699 | +€1,003 | +27.1% |
| Recurring financial charges | 65 | €3,696 | €4,699 | +€1,003 | +27.1% |
| Profit (loss) for the period before taxes | 9903 | €148,292 | €217,735 | +€69,443 | +46.8% |
| Income taxes | 67/77 | €30,890 | €59,723 | +€28,833 | +93.3% |
| Profit (loss) for the period | 9904 | €117,402 | €158,013 | +€40,611 | +34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €117,402 | €158,013 | +€40,611 | +34.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.