EMAVAP: 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.
EMAVAP
Largest movements
- Financial fixed assets +€243,337
up €243,337 (+332%), from €73,374 to €316,711
- Tangible fixed assets +€141,454
up €141,454 (+2,502%), from €5,653 to €147,107
of which Land and buildings: +€105,053
- Current investments +€70,000
new in 2025: €70,000
- Cash +€15,227
up €15,227 (+22.8%), from €66,712 to €81,939
mainly Net result for the year (+€260,061) and Tax, wage and social debts (+€137,215)
- Receivables within one year +€8,988
up €8,988 (+51.0%), from €17,616 to €26,603
of which Other amounts receivable: +€12,976
- Reserves +€259,219
up €259,219 (+178%), from €145,696 to €404,915
- Tax, wage and social debts +€137,215
up €137,215 (+2,490%), from €5,510 to €142,725
- Debts after one year +€49,122
new in 2025: €49,122
- Other debts +€16,960
up €16,960 (+425%), from €3,986 to €20,947
- Short-term financial debts +€12,247
up €12,247 (+355%), from €3,454 to €15,701
of which Credit institutions: +€12,813
- Gross operating margin +€368,230
up €368,230 (+705%), from €52,226 to €420,456
- Taxes +€89,160
up €89,160 (+643%), from €13,856 to €103,017
- Financial charges +€32,499
up €32,499 (+1,535%), from €2,118 to €34,617
of which Non-recurring financial charges: +€31,000
- Depreciation +€19,147
up €19,147 (+1,985%), from €965 to €20,112
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 | €166,002 | €644,333 | +€478,330 | +288% |
| Fixed assets | 21/28 | €79,026 | €463,817 | +€384,791 | +487% |
| Tangible fixed assets | 22/27 | €5,653 | €147,107 | +€141,454 | +2,502% |
| Land and buildings | 22 | - | €105,053 | +€105,053 | |
| Plant, machinery and equipment | 23 | €1,470 | €7,030 | +€5,560 | +378% |
| Furniture and vehicles | 24 | €4,183 | €35,024 | +€30,841 | +737% |
| Financial fixed assets | 28 | €73,374 | €316,711 | +€243,337 | +332% |
| Current assets | 29/58 | €86,976 | €180,515 | +€93,540 | +108% |
| Stocks and contracts in progress | 3 | €106 | €106 | = | 0.0% |
| Stocks | 30/36 | €106 | €106 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €17,616 | €26,603 | +€8,988 | +51.0% |
| Trade receivables | 40 | €12,700 | €8,712 | -€3,988 | -31.4% |
| Other amounts receivable | 41 | €4,916 | €17,891 | +€12,976 | +264% |
| Current investments | 50/53 | - | €70,000 | +€70,000 | |
| Cash at bank and in hand | 54/58 | €66,712 | €81,939 | +€15,227 | +22.8% |
| Deferred charges and accrued income | 490/1 | €2,542 | €1,866 | -€675 | -26.6% |
| Total equity and liabilities | 10/49 | €166,002 | €644,333 | +€478,330 | +288% |
| Equity | 10/15 | €151,896 | €411,115 | +€259,219 | +171% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €145,696 | €404,915 | +€259,219 | +178% |
| Distributable reserves | 133 | €145,696 | €404,915 | +€259,219 | +178% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €14,106 | €233,218 | +€219,111 | +1,553% |
| Amounts payable after more than one year | 17 | - | €49,122 | +€49,122 | |
| Financial debts | 170/4 | - | €49,122 | +€49,122 | |
| Amounts payable within one year | 42/48 | €14,106 | €179,373 | +€165,266 | +1,172% |
| Financial debts | 43 | €3,454 | €15,701 | +€12,247 | +355% |
| Credit institutions | 430/8 | €2,888 | €15,701 | +€12,813 | +444% |
| Other loans | 439 | €566 | €0 | -€566 | -100% |
| Trade debts | 44 | €1,156 | €0 | -€1,156 | -100% |
| Suppliers | 440/4 | €1,156 | €0 | -€1,156 | -100% |
| Taxes, remuneration and social security | 45 | €5,510 | €142,725 | +€137,215 | +2,490% |
| Taxes | 450/3 | €5,510 | €142,725 | +€137,215 | +2,490% |
| Other amounts payable | 47/48 | €3,986 | €20,947 | +€16,960 | +425% |
| Accrued charges and deferred income | 492/3 | €0 | €4,723 | +€4,723 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €965 | €20,112 | +€19,147 | +1,985% |
| Other operating charges | 640/8 | €1,365 | €3,043 | +€1,678 | +123% |
| Gross operating margin | 9900 | €52,226 | €420,456 | +€368,230 | +705% |
| Operating profit (loss) | 9901 | €49,897 | €397,301 | +€347,405 | +696% |
| Financial income | 75/76B | €678 | €393 | -€285 | -42.1% |
| Recurring financial income | 75 | €678 | €393 | -€285 | -42.1% |
| Financial charges | 65/66B | €2,118 | €34,617 | +€32,499 | +1,535% |
| Recurring financial charges | 65 | €2,118 | €3,617 | +€1,499 | +70.8% |
| Non-recurring financial charges | 66B | - | €31,000 | +€31,000 | |
| Profit (loss) for the period before taxes | 9903 | €48,457 | €363,077 | +€314,620 | +649% |
| Income taxes | 67/77 | €13,856 | €103,017 | +€89,160 | +643% |
| Profit (loss) for the period | 9904 | €34,601 | €260,061 | +€225,460 | +652% |
| Profit (loss) for the period to be appropriated | 9905 | €34,601 | €260,061 | +€225,460 | +652% |
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 24 October 2026 via checked.be.