EMASI: 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.
EMASI
Largest movements
- Receivables within one year +€198,264
up €198,264 (+275%), from €72,159 to €270,423
of which Trade receivables: +€210,324
- Tangible fixed assets -€26,508
down €26,508 (-4.2%), from €629,915 to €603,407
of which Land and buildings: -€25,821
- Trade debts +€82,189
up €82,189 (+67.5%), from €121,757 to €203,946
- Other debts +€66,581
new in 2025: €66,581
- Reserves +€60,223
up €60,223 (+13.3%), from €453,771 to €513,994
- Debts after one year -€41,695
down €41,695 (-18.9%), from €220,406 to €178,711
of which Financial debts: -€41,695
- Current portion of long-term debt +€15,360
up €15,360 (+37.6%), from €40,838 to €56,197
- Gross operating margin +€86,192
up €86,192 (+42.3%), from €203,723 to €289,914
- Taxes +€26,664
up €26,664 (+48.7%), from €54,787 to €81,452
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 | €906,160 | €1,085,253 | +€179,093 | +19.8% |
| Fixed assets | 21/28 | €786,730 | €758,407 | -€28,323 | -3.6% |
| Tangible fixed assets | 22/27 | €629,915 | €603,407 | -€26,508 | -4.2% |
| Land and buildings | 22 | €629,016 | €603,195 | -€25,821 | -4.1% |
| Plant, machinery and equipment | 23 | €899 | €212 | -€687 | -76.4% |
| Financial fixed assets | 28 | €156,815 | €155,000 | -€1,815 | -1.2% |
| Current assets | 29/58 | €119,430 | €326,846 | +€207,416 | +174% |
| Amounts receivable within one year | 40/41 | €72,159 | €270,423 | +€198,264 | +275% |
| Trade receivables | 40 | €58,052 | €268,377 | +€210,324 | +362% |
| Other amounts receivable | 41 | €14,107 | €2,047 | -€12,060 | -85.5% |
| Cash at bank and in hand | 54/58 | €45,219 | €55,609 | +€10,390 | +23.0% |
| Deferred charges and accrued income | 490/1 | €2,052 | €814 | -€1,238 | -60.3% |
| Total equity and liabilities | 10/49 | €906,160 | €1,085,253 | +€179,093 | +19.8% |
| Equity | 10/15 | €472,371 | €532,594 | +€60,223 | +12.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €453,771 | €513,994 | +€60,223 | +13.3% |
| Distributable reserves | 133 | €453,771 | €513,994 | +€60,223 | +13.3% |
| Amounts payable | 17/49 | €433,789 | €552,659 | +€118,871 | +27.4% |
| Amounts payable after more than one year | 17 | €220,406 | €178,711 | -€41,695 | -18.9% |
| Financial debts | 170/4 | €220,296 | €178,601 | -€41,695 | -18.9% |
| Other amounts payable | 178/9 | €110 | €110 | = | 0.0% |
| Amounts payable within one year | 42/48 | €213,382 | €373,948 | +€160,566 | +75.2% |
| Current portion of amounts payable after more than one year | 42 | €40,838 | €56,197 | +€15,360 | +37.6% |
| Trade debts | 44 | €121,757 | €203,946 | +€82,189 | +67.5% |
| Suppliers | 440/4 | €121,757 | €203,946 | +€82,189 | +67.5% |
| Taxes, remuneration and social security | 45 | €50,787 | €47,224 | -€3,564 | -7.0% |
| Taxes | 450/3 | €50,787 | €47,224 | -€3,564 | -7.0% |
| Other amounts payable | 47/48 | - | €66,581 | +€66,581 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,349 | €28,192 | +€1,843 | +7.0% |
| Other operating charges | 640/8 | €3,165 | €4,805 | +€1,640 | +51.8% |
| Gross operating margin | 9900 | €203,723 | €289,914 | +€86,192 | +42.3% |
| Operating profit (loss) | 9901 | €174,209 | €256,917 | +€82,708 | +47.5% |
| Financial income | 75/76B | €554 | - | -€554 | |
| Recurring financial income | 75 | €554 | - | -€554 | |
| Financial charges | 65/66B | €5,930 | €4,940 | -€991 | -16.7% |
| Recurring financial charges | 65 | €5,930 | €4,940 | -€991 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €168,832 | €251,978 | +€83,145 | +49.2% |
| Income taxes | 67/77 | €54,787 | €81,452 | +€26,664 | +48.7% |
| Profit (loss) for the period | 9904 | €114,045 | €170,526 | +€56,481 | +49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €114,045 | €170,526 | +€56,481 | +49.5% |
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 14 October 2026 via checked.be.