EMBILCO: 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.
EMBILCO
Largest movements
- Financial fixed assets -€71.7m
down €71.7m (-41.6%), from €172.4m to €100.7m
- Current investments +€45.1m
up €45.1m (+291.4%), from €15.5m to €60.5m
- Receivables after one year +€24.7m
new in 2025: €24.7m
- Receivables within one year +€12.6m
up €12.6m (+1727.3%), from €728,297 to €13.3m
- Profit (loss) carried forward +€44.2m
up €44.2m (+214.5%), from €20.6m to €64.8m
- Contributions -€35.0m
down €35.0m (-22.3%), from €156.7m to €121.7m
- Reserves +€2.5m
up €2.5m (+34.1%), from €7.3m to €9.8m
- Financial income +€44.3m
up €44.3m (+1349.8%), from €3.3m to €47.6m
of which Non-recurring financial income: +€40.4m
- Gross operating margin -€316,123
down €316,123 (-1545.8%), from -€20,451 to -€336,573
- Financial charges +€112,292
up €112,292 (+923.8%), from €12,156 to €124,448
of which Financial charges: +€125,579
- Taxes +€100,659
up €100,659 (+34.3%), from €293,621 to €394,279
- Other operating charges +€61,105
up €61,105 (+286.3%), from €21,340 to €82,446
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 | €189,138,520 | €200,854,793 | +€11.7m | +6.2% |
| Fixed assets | 21/28 | €172,421,133 | €100,676,504 | -€71.7m | -41.6% |
| Financial fixed assets | 28 | €172,421,133 | €100,676,504 | -€71.7m | -41.6% |
| Current assets | 29/58 | €16,717,387 | €100,178,289 | +€83.5m | +499.2% |
| Amounts receivable after more than one year | 29 | - | €24,714,418 | +€24.7m | |
| Trade receivables | 290 | - | €24,714,418 | +€24.7m | |
| Amounts receivable within one year | 40/41 | €728,297 | €13,308,454 | +€12.6m | +1727.3% |
| Other amounts receivable | 41 | €728,297 | €13,308,454 | +€12.6m | +1727.3% |
| Current investments | 50/53 | €15,465,439 | €60,538,372 | +€45.1m | +291.4% |
| Cash at bank and in hand | 54/58 | €523,651 | €556,110 | +€32,458 | +6.2% |
| Deferred charges and accrued income | 490/1 | - | €1,060,935 | +€1.1m | |
| Total equity and liabilities | 10/49 | €189,138,520 | €200,854,793 | +€11.7m | +6.2% |
| Equity | 10/15 | €184,634,813 | €196,305,744 | +€11.7m | +6.3% |
| Contributions | 10/11 | €156,717,300 | €121,717,300 | -€35.0m | -22.3% |
| Reserves | 13 | €7,328,509 | €9,828,509 | +€2.5m | +34.1% |
| Distributable reserves | 133 | €7,328,509 | €9,828,509 | +€2.5m | +34.1% |
| Profit (loss) carried forward | 14 | €20,589,004 | €64,759,935 | +€44.2m | +214.5% |
| Amounts payable | 17/49 | €4,503,707 | €4,549,049 | +€45,342 | +1.0% |
| Amounts payable after more than one year | 17 | €4,500,000 | €4,500,000 | = | 0.0% |
| Financial debts | 170/4 | €4,500,000 | €4,500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,707 | €49,049 | +€45,342 | +1223.0% |
| Financial debts | 43 | - | €14,429 | +€14,429 | |
| Credit institutions | 430/8 | - | €14,429 | +€14,429 | |
| Trade debts | 44 | €3,707 | €5,145 | +€1,437 | +38.8% |
| Suppliers | 440/4 | €3,707 | €5,145 | +€1,437 | +38.8% |
| Taxes, remuneration and social security | 45 | - | €26,989 | +€26,989 | |
| Remuneration and social security | 454/9 | - | €26,989 | +€26,989 | |
| Other amounts payable | 47/48 | - | €2,486 | +€2,486 | |
| Other operating charges | 640/8 | €21,340 | €82,446 | +€61,105 | +286.3% |
| Gross operating margin | 9900 | -€20,451 | -€336,573 | -€316,123 | -1545.8% |
| Operating profit (loss) | 9901 | -€41,791 | -€419,019 | -€377,228 | -902.7% |
| Financial income | 75/76B | €3,283,773 | €47,608,678 | +€44.3m | +1349.8% |
| Recurring financial income | 75 | €3,283,773 | €7,202,585 | +€3.9m | +119.3% |
| Non-recurring financial income | 76B | - | €40,406,092 | +€40.4m | |
| Financial charges | 65/66B | €12,156 | €124,448 | +€112,292 | +923.8% |
| Recurring financial charges | 65 | -€1,131 | €124,448 | +€125,579 | |
| Non-recurring financial charges | 66B | €13,287 | - | -€13,287 | |
| Profit (loss) for the period before taxes | 9903 | €3,229,826 | €47,065,211 | +€43.8m | +1357.2% |
| Income taxes | 67/77 | €293,621 | €394,279 | +€100,659 | +34.3% |
| Profit (loss) for the period | 9904 | €2,936,205 | €46,670,931 | +€43.7m | +1489.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,936,205 | €46,670,931 | +€43.7m | +1489.5% |
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 3 October 2026 via checked.be.