Emapa: what changed
Two fiscal 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.
Emapa
Largest movements
- Cash +€135,764
up €135,764 (+481.5%), from €28,198 to €163,962
mainly Other debts (+€324,886) and Net result for the year (+€91,434)
- Receivables within one year +€109,037
up €109,037 (+53.6%), from €203,512 to €312,549
of which Other amounts receivable: +€84,407
- Tangible fixed assets -€60,910
down €60,910 (-6.4%), from €956,009 to €895,099
of which Land and buildings: -€56,496
- Stocks and contracts +€60,851
up €60,851 (+115.8%), from €52,537 to €113,388
- Deferred charges and accrued income -€54,235
down €54,235 (-64.4%), from €84,215 to €29,980
- Other debts +€324,886
up €324,886 (+31.8%), from €1.0m to €1.3m
- Debts after one year -€96,565
down €96,565 (-11.7%), from €827,475 to €730,910
- Reserves -€63,567
down €63,567 (-36.4%), from €174,476 to €110,909
of which Distributable reserves: -€63,567
- Gross operating margin +€99,167
up €99,167 (+74.4%), from €133,285 to €232,452
- Taxes +€35,005
up €35,005 (+372.9%), from €9,386 to €44,392
- Financial charges -€10,623
down €10,623 (-11.3%), from €94,377 to €83,754
- Financial income +€7,448
up €7,448 (+14.4%), from €51,618 to €59,066
- Depreciation +€2,708
up €2,708 (+4.4%), from €61,431 to €64,138
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.
Cash bridge derived
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 | €2,633,378 | €2,823,885 | +€190,507 | +7.2% |
| Fixed assets | 21/28 | €956,014 | €895,104 | -€60,910 | -6.4% |
| Tangible fixed assets | 22/27 | €956,009 | €895,099 | -€60,910 | -6.4% |
| Land and buildings | 22 | €946,259 | €889,763 | -€56,496 | -6.0% |
| Plant, machinery and equipment | 23 | - | €696 | +€696 | |
| Furniture and vehicles | 24 | €9,750 | €4,640 | -€5,110 | -52.4% |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €1,677,364 | €1,928,781 | +€251,417 | +15.0% |
| Amounts receivable after more than one year | 29 | €1,308,902 | €1,308,902 | = | 0.0% |
| Other amounts receivable | 291 | €1,308,902 | €1,308,902 | = | 0.0% |
| Stocks and contracts in progress | 3 | €52,537 | €113,388 | +€60,851 | +115.8% |
| Stocks | 30/36 | €52,537 | €113,388 | +€60,851 | +115.8% |
| Amounts receivable within one year | 40/41 | €203,512 | €312,549 | +€109,037 | +53.6% |
| Trade receivables | 40 | €42,350 | €66,979 | +€24,629 | +58.2% |
| Other amounts receivable | 41 | €161,162 | €245,570 | +€84,407 | +52.4% |
| Cash at bank and in hand | 54/58 | €28,198 | €163,962 | +€135,764 | +481.5% |
| Deferred charges and accrued income | 490/1 | €84,215 | €29,980 | -€54,235 | -64.4% |
| Total equity and liabilities | 10/49 | €2,633,378 | €2,823,885 | +€190,507 | +7.2% |
| Equity | 10/15 | €180,676 | €117,109 | -€63,567 | -35.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €174,476 | €110,909 | -€63,567 | -36.4% |
| Tax-exempt reserves | 132 | €495 | €495 | = | 0.0% |
| Distributable reserves | 133 | €173,981 | €110,414 | -€63,567 | -36.5% |
| Provisions and deferred taxes | 16 | €263,285 | €263,205 | -€81 | 0.0% |
| Provisions for liabilities and charges | 160/5 | €263,285 | €263,205 | -€81 | 0.0% |
| Other liabilities and charges | 164/5 | €263,285 | €263,205 | -€81 | 0.0% |
| Amounts payable | 17/49 | €2,189,417 | €2,443,571 | +€254,154 | +11.6% |
| Amounts payable after more than one year | 17 | €827,475 | €730,910 | -€96,565 | -11.7% |
| Financial debts | 170/4 | €827,475 | €730,910 | -€96,565 | -11.7% |
| Amounts payable within one year | 42/48 | €1,359,850 | €1,710,764 | +€350,914 | +25.8% |
| Current portion of amounts payable after more than one year | 42 | €101,939 | €104,504 | +€2,566 | +2.5% |
| Financial debts | 43 | €130,000 | €130,000 | = | 0.0% |
| Credit institutions | 430/8 | €130,000 | €130,000 | = | 0.0% |
| Trade debts | 44 | €103,360 | €101,530 | -€1,829 | -1.8% |
| Suppliers | 440/4 | €103,360 | €101,530 | -€1,829 | -1.8% |
| Taxes, remuneration and social security | 45 | €2,700 | €27,992 | +€25,292 | +936.7% |
| Taxes | 450/3 | €2,700 | €27,992 | +€25,292 | +936.7% |
| Other amounts payable | 47/48 | €1,021,852 | €1,346,738 | +€324,886 | +31.8% |
| Accrued charges and deferred income | 492/3 | €2,091 | €1,896 | -€195 | -9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,431 | €64,138 | +€2,708 | +4.4% |
| Other operating charges | 640/8 | €7,543 | €7,799 | +€256 | +3.4% |
| Gross operating margin | 9900 | €133,285 | €232,452 | +€99,167 | +74.4% |
| Operating profit (loss) | 9901 | €64,311 | €160,514 | +€96,203 | +149.6% |
| Financial income | 75/76B | €51,618 | €59,066 | +€7,448 | +14.4% |
| Recurring financial income | 75 | €51,618 | €59,066 | +€7,448 | +14.4% |
| Financial charges | 65/66B | €94,377 | €83,754 | -€10,623 | -11.3% |
| Recurring financial charges | 65 | €94,377 | €83,754 | -€10,623 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €21,551 | €135,825 | +€114,274 | +530.2% |
| Income taxes | 67/77 | €9,386 | €44,392 | +€35,005 | +372.9% |
| Profit (loss) for the period | 9904 | €12,165 | €91,434 | +€79,269 | +651.6% |
| Profit (loss) for the period to be appropriated | 9905 | €12,165 | €91,434 | +€79,269 | +651.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.