EMAsphere: 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.
EMAsphere
Largest movements
- Receivables within one year +€266,212
up €266,212 (+14.8%), from €1.8m to €2.1m
of which Trade receivables: +€293,335
- Deferred charges and accrued income -€78,232
down €78,232 (-15.1%), from €519,251 to €441,019
- Cash +€64,102
up €64,102 (+27.3%), from €234,722 to €298,824
mainly Depreciation (+€989,883) and Accrued charges and deferred income (+€593,534)
- Tangible fixed assets -€59,799
down €59,799 (-14.0%), from €428,658 to €368,859
of which Assets under construction and advance payments: -€64,344
- Profit (loss) carried forward -€767,106
down €767,106 (-37.6%), from -€2.0m to -€2.8m
- Accrued charges and deferred income +€593,534
up €593,534 (+27.9%), from €2.1m to €2.7m
- Current portion of long-term debt +€581,495
up €581,495 (+111.1%), from €523,410 to €1.1m
- Investment grants -€180,655
down €180,655 (-34.8%), from €519,464 to €338,809
- Short-term financial debts -€128,973
down €128,973 (-25.5%), from €506,513 to €377,540
of which Credit institutions: -€132,515
- Gross operating margin +€661,068
up €661,068 (+18.8%), from €3.5m to €4.2m
- Staff costs +€130,682
up €130,682 (+3.6%), from €3.6m to €3.7m
- Financial charges +€98,958
up €98,958 (+46.1%), from €214,885 to €313,843
- Write-downs -€49,297
down €49,297 (-46.9%), from €105,051 to €55,754
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 | €5,377,755 | €5,518,465 | +€140,710 | +2.6% |
| Fixed assets | 21/28 | €2,817,321 | €2,705,910 | -€111,411 | -4.0% |
| Intangible fixed assets | 21 | €2,380,163 | €2,328,551 | -€51,612 | -2.2% |
| Tangible fixed assets | 22/27 | €428,658 | €368,859 | -€59,799 | -14.0% |
| Land and buildings | 22 | €2,463 | €5,959 | +€3,496 | +141.9% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €25,980 | €27,029 | +€1,049 | +4.0% |
| Assets under construction and advance payments | 27 | €400,215 | €335,871 | -€64,344 | -16.1% |
| Financial fixed assets | 28 | €8,500 | €8,500 | = | 0.0% |
| Current assets | 29/58 | €2,560,434 | €2,812,555 | +€252,121 | +9.8% |
| Amounts receivable within one year | 40/41 | €1,800,062 | €2,066,274 | +€266,212 | +14.8% |
| Trade receivables | 40 | €1,452,526 | €1,745,861 | +€293,335 | +20.2% |
| Other amounts receivable | 41 | €347,536 | €320,413 | -€27,123 | -7.8% |
| Current investments | 50/53 | €6,399 | €6,438 | +€39 | +0.6% |
| Cash at bank and in hand | 54/58 | €234,722 | €298,824 | +€64,102 | +27.3% |
| Deferred charges and accrued income | 490/1 | €519,251 | €441,019 | -€78,232 | -15.1% |
| Total equity and liabilities | 10/49 | €5,377,755 | €5,518,465 | +€140,710 | +2.6% |
| Equity | 10/15 | -€1,453,503 | -€2,401,264 | -€947,761 | -65.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,040,617 | -€2,807,723 | -€767,106 | -37.6% |
| Investment grants | 15 | €519,464 | €338,809 | -€180,655 | -34.8% |
| Amounts payable | 17/49 | €6,831,258 | €7,919,729 | +€1.1m | +15.9% |
| Amounts payable after more than one year | 17 | €2,288,071 | €2,385,728 | +€97,657 | +4.3% |
| Financial debts | 170/4 | €2,152,548 | €2,317,966 | +€165,418 | +7.7% |
| Other amounts payable | 178/9 | €135,523 | €67,762 | -€67,761 | -50.0% |
| Amounts payable within one year | 42/48 | €2,416,393 | €2,813,673 | +€397,280 | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €523,410 | €1,104,905 | +€581,495 | +111.1% |
| Financial debts | 43 | €506,513 | €377,540 | -€128,973 | -25.5% |
| Credit institutions | 430/8 | €494,897 | €362,382 | -€132,515 | -26.8% |
| Other loans | 439 | €11,616 | €15,158 | +€3,542 | +30.5% |
| Trade debts | 44 | €619,075 | €673,338 | +€54,263 | +8.8% |
| Suppliers | 440/4 | €619,075 | €673,338 | +€54,263 | +8.8% |
| Advances received on contracts in progress | 46 | €53,793 | €6,139 | -€47,654 | -88.6% |
| Taxes, remuneration and social security | 45 | €713,602 | €651,751 | -€61,851 | -8.7% |
| Taxes | 450/3 | €144,823 | €91,110 | -€53,713 | -37.1% |
| Remuneration and social security | 454/9 | €568,779 | €560,641 | -€8,138 | -1.4% |
| Accrued charges and deferred income | 492/3 | €2,126,794 | €2,720,328 | +€593,534 | +27.9% |
| Remuneration, social security and pensions | 62 | €3,594,368 | €3,725,050 | +€130,682 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,012,328 | €989,883 | -€22,445 | -2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €105,051 | €55,754 | -€49,297 | -46.9% |
| Other operating charges | 640/8 | €114,736 | €99,425 | -€15,311 | -13.3% |
| Gross operating margin | 9900 | €3,522,320 | €4,183,388 | +€661,068 | +18.8% |
| Operating profit (loss) | 9901 | -€1,304,163 | -€686,724 | +€617,439 | +47.3% |
| Financial income | 75/76B | €210,282 | €192,380 | -€17,902 | -8.5% |
| Recurring financial income | 75 | €210,282 | €192,380 | -€17,902 | -8.5% |
| Financial charges | 65/66B | €214,885 | €313,843 | +€98,958 | +46.1% |
| Recurring financial charges | 65 | €214,885 | €313,843 | +€98,958 | +46.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,308,766 | -€808,187 | +€500,579 | +38.2% |
| Income taxes | 67/77 | -€45,266 | -€41,081 | +€4,185 | +9.2% |
| Profit (loss) for the period | 9904 | -€1,263,500 | -€767,106 | +€496,394 | +39.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,263,500 | -€767,106 | +€496,394 | +39.3% |
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 5 October 2026 via checked.be.