EMBO: what changed
EMBO
Largest movements
- Stocks and contracts -€116,236
down €116,236 (-58.8%), from €197,660 to €81,424
of which Contracts in progress: -€123,437
- Cash -€79,584
down €79,584 (-68.9%), from €115,431 to €35,847
mainly Debts after one year (-€166,843) and Trade debts (-€80,347)
- Tangible fixed assets -€48,992
down €48,992 (-30.2%), from €162,274 to €113,282
of which Furniture and vehicles: -€38,400
- Receivables within one year -€45,688
down €45,688 (-27.2%), from €167,894 to €122,205
of which Other amounts receivable: -€24,599
- Receivables after one year +€30,000
new in 2025: €30,000
- Debts after one year -€166,843
down €166,843 (-66.8%), from €249,618 to €82,775
of which Other amounts payable: -€90,000
- Trade debts -€80,347
down €80,347 (-36.2%), from €222,144 to €141,797
- Other debts -€42,469
down €42,469 (-77.9%), from €54,531 to €12,063
- Tax, wage and social debts -€38,988
down €38,988 (-50.4%), from €77,314 to €38,326
of which Taxes: -€49,358
- Short-term financial debts +€35,000
up €35,000 (+30.4%), from €115,000 to €150,000
- Staff costs +€51,108
up €51,108 (+30.7%), from €166,711 to €217,819
- Gross operating margin -€40,703
down €40,703 (-11.3%), from €358,781 to €318,079
- Taxes -€16,123
down €16,123 (-67.1%), from €24,019 to €7,896
- Financial charges -€9,016
down €9,016 (-47.4%), from €19,019 to €10,002
- Other operating charges -€7,412
down €7,412 (-70.8%), from €10,469 to €3,056
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €986,897 | €719,391 | -€267,506 | -27.1% |
| Fixed assets | 21/28 | €501,922 | €448,977 | -€52,945 | -10.5% |
| Intangible fixed assets | 21 | €14,648 | €10,695 | -€3,953 | -27.0% |
| Tangible fixed assets | 22/27 | €162,274 | €113,282 | -€48,992 | -30.2% |
| Plant, machinery and equipment | 23 | €19,393 | €12,296 | -€7,097 | -36.6% |
| Furniture and vehicles | 24 | €117,203 | €78,802 | -€38,400 | -32.8% |
| Other tangible fixed assets | 26 | €25,679 | €22,184 | -€3,495 | -13.6% |
| Financial fixed assets | 28 | €325,000 | €325,000 | = | 0.0% |
| Current assets | 29/58 | €484,975 | €270,413 | -€214,561 | -44.2% |
| Amounts receivable after more than one year | 29 | - | €30,000 | +€30,000 | |
| Other amounts receivable | 291 | - | €30,000 | +€30,000 | |
| Stocks and contracts in progress | 3 | €197,660 | €81,424 | -€116,236 | -58.8% |
| Stocks | 30/36 | €20,410 | €27,611 | +€7,201 | +35.3% |
| Contracts in progress | 37 | €177,250 | €53,813 | -€123,437 | -69.6% |
| Amounts receivable within one year | 40/41 | €167,894 | €122,205 | -€45,688 | -27.2% |
| Trade receivables | 40 | €137,381 | €116,291 | -€21,090 | -15.4% |
| Other amounts receivable | 41 | €30,513 | €5,914 | -€24,599 | -80.6% |
| Cash at bank and in hand | 54/58 | €115,431 | €35,847 | -€79,584 | -68.9% |
| Deferred charges and accrued income | 490/1 | €3,990 | €937 | -€3,053 | -76.5% |
| Total equity and liabilities | 10/49 | €986,897 | €719,391 | -€267,506 | -27.1% |
| Equity | 10/15 | €187,519 | €214,176 | +€26,657 | +14.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €183,519 | €210,176 | +€26,657 | +14.5% |
| Distributable reserves | 133 | €183,519 | €210,176 | +€26,657 | +14.5% |
| Amounts payable | 17/49 | €799,378 | €505,214 | -€294,164 | -36.8% |
| Amounts payable after more than one year | 17 | €249,618 | €82,775 | -€166,843 | -66.8% |
| Financial debts | 170/4 | €159,618 | €82,775 | -€76,843 | -48.1% |
| Other amounts payable | 178/9 | €90,000 | €0 | -€90,000 | -100% |
| Amounts payable within one year | 42/48 | €545,260 | €420,736 | -€124,524 | -22.8% |
| Current portion of amounts payable after more than one year | 42 | €76,271 | €78,551 | +€2,280 | +3.0% |
| Financial debts | 43 | €115,000 | €150,000 | +€35,000 | +30.4% |
| Credit institutions | 430/8 | €115,000 | €150,000 | +€35,000 | +30.4% |
| Trade debts | 44 | €222,144 | €141,797 | -€80,347 | -36.2% |
| Suppliers | 440/4 | €222,144 | €141,797 | -€80,347 | -36.2% |
| Taxes, remuneration and social security | 45 | €77,314 | €38,326 | -€38,988 | -50.4% |
| Taxes | 450/3 | €54,729 | €5,371 | -€49,358 | -90.2% |
| Remuneration and social security | 454/9 | €22,585 | €32,954 | +€10,369 | +45.9% |
| Other amounts payable | 47/48 | €54,531 | €12,063 | -€42,469 | -77.9% |
| Accrued charges and deferred income | 492/3 | €4,500 | €1,703 | -€2,797 | -62.1% |
| Remuneration, social security and pensions | 62 | €166,711 | €217,819 | +€51,108 | +30.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,119 | €52,945 | -€5,175 | -8.9% |
| Other operating charges | 640/8 | €10,469 | €3,056 | -€7,412 | -70.8% |
| Non-recurring operating charges | 66A | €174 | €0 | -€174 | -100% |
| Gross operating margin | 9900 | €358,781 | €318,079 | -€40,703 | -11.3% |
| Operating profit (loss) | 9901 | €123,309 | €44,258 | -€79,050 | -64.1% |
| Financial income | 75/76B | €1,245 | €297 | -€948 | -76.1% |
| Recurring financial income | 75 | €1,245 | €297 | -€948 | -76.1% |
| Financial charges | 65/66B | €19,019 | €10,002 | -€9,016 | -47.4% |
| Recurring financial charges | 65 | €19,019 | €10,002 | -€9,016 | -47.4% |
| Profit (loss) for the period before taxes | 9903 | €105,535 | €34,553 | -€70,982 | -67.3% |
| Income taxes | 67/77 | €24,019 | €7,896 | -€16,123 | -67.1% |
| Profit (loss) for the period | 9904 | €81,516 | €26,657 | -€54,859 | -67.3% |
| Profit (loss) for the period to be appropriated | 9905 | €81,516 | €26,657 | -€54,859 | -67.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.