EMBI: 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.
EMBI
Largest movements
- Cash -€41,163
down €41,163 (-67.4%), from €61,113 to €19,950
mainly Contributions, distributions and other (-€88,700) and Receivables within one year (-€20,579)
- Receivables within one year +€20,579
up €20,579 (+62.9%), from €32,739 to €53,318
of which Trade receivables: +€16,238
- Receivables after one year +€16,000
new in 2025: €16,000
- Tangible fixed assets +€9,878
up €9,878 (+42.9%), from €23,007 to €32,885
of which Other tangible fixed assets: +€17,906
- Short-term financial debts +€15,000
new in 2025: €15,000
- Current portion of long-term debt -€5,889
down €5,889 (-57.9%), from €10,179 to €4,290
- Debts after one year -€5,145
down €5,145 (-100.0%), from €5,145 to €0
- Other debts +€1,557
up €1,557 (+1.7%), from €91,283 to €92,839
- Profit (loss) carried forward -€1,259
down €1,259 (-94.5%), from €1,332 to €73
- Gross operating margin +€47,068
up €47,068 (+62.3%), from €75,566 to €122,633
- Taxes +€10,182
up €10,182 (+70.3%), from €14,478 to €24,660
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 | €118,944 | €124,441 | +€5,497 | +4.6% |
| Fixed assets | 21/28 | €23,025 | €32,903 | +€9,878 | +42.9% |
| Tangible fixed assets | 22/27 | €23,007 | €32,885 | +€9,878 | +42.9% |
| Furniture and vehicles | 24 | - | €0 | = | |
| Leasing and similar rights | 25 | €20,103 | €12,075 | -€8,028 | -39.9% |
| Other tangible fixed assets | 26 | €2,904 | €20,810 | +€17,906 | +616.6% |
| Financial fixed assets | 28 | €18 | €18 | = | 0.0% |
| Current assets | 29/58 | €95,919 | €91,538 | -€4,381 | -4.6% |
| Amounts receivable after more than one year | 29 | - | €16,000 | +€16,000 | |
| Trade receivables | 290 | - | €16,000 | +€16,000 | |
| Amounts receivable within one year | 40/41 | €32,739 | €53,318 | +€20,579 | +62.9% |
| Trade receivables | 40 | €32,216 | €48,455 | +€16,238 | +50.4% |
| Other amounts receivable | 41 | €522 | €4,863 | +€4,340 | +830.8% |
| Cash at bank and in hand | 54/58 | €61,113 | €19,950 | -€41,163 | -67.4% |
| Deferred charges and accrued income | 490/1 | €2,067 | €2,270 | +€203 | +9.8% |
| Total equity and liabilities | 10/49 | €118,944 | €124,441 | +€5,497 | +4.6% |
| Equity | 10/15 | €2,332 | €1,073 | -€1,259 | -54.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €1,332 | €73 | -€1,259 | -94.5% |
| Amounts payable | 17/49 | €116,612 | €123,367 | +€6,756 | +5.8% |
| Amounts payable after more than one year | 17 | €5,145 | €0 | -€5,145 | -100.0% |
| Financial debts | 170/4 | €5,145 | €0 | -€5,145 | -100.0% |
| Amounts payable within one year | 42/48 | €111,467 | €123,367 | +€11,900 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €10,179 | €4,290 | -€5,889 | -57.9% |
| Financial debts | 43 | - | €15,000 | +€15,000 | |
| Credit institutions | 430/8 | - | €15,000 | +€15,000 | |
| Trade debts | 44 | €1,159 | €1,254 | +€94 | +8.1% |
| Suppliers | 440/4 | €1,159 | €1,254 | +€94 | +8.1% |
| Taxes, remuneration and social security | 45 | €8,847 | €9,985 | +€1,138 | +12.9% |
| Taxes | 450/3 | €8,847 | €9,985 | +€1,138 | +12.9% |
| Other amounts payable | 47/48 | €91,283 | €92,839 | +€1,557 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,437 | €9,149 | +€712 | +8.4% |
| Other operating charges | 640/8 | €889 | €921 | +€32 | +3.5% |
| Gross operating margin | 9900 | €75,566 | €122,633 | +€47,068 | +62.3% |
| Operating profit (loss) | 9901 | €66,240 | €112,563 | +€46,324 | +69.9% |
| Financial income | 75/76B | - | €11 | +€11 | |
| Recurring financial income | 75 | - | €11 | +€11 | |
| Financial charges | 65/66B | €430 | €473 | +€44 | +10.1% |
| Recurring financial charges | 65 | €430 | €473 | +€44 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | €65,810 | €112,101 | +€46,291 | +70.3% |
| Income taxes | 67/77 | €14,478 | €24,660 | +€10,182 | +70.3% |
| Profit (loss) for the period | 9904 | €51,332 | €87,441 | +€36,109 | +70.3% |
| Profit (loss) for the period to be appropriated | 9905 | €51,332 | €87,441 | +€36,109 | +70.3% |
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 10 October 2026 via checked.be.