EMC²: 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.
EMC²
Largest movements
- Receivables within one year +€148,001
up €148,001 (+324.0%), from €45,675 to €193,676
of which Trade receivables: +€148,113
- Cash -€4,591
down €4,591 (-7.5%), from €61,619 to €57,028
mainly Receivables within one year (-€148,001)
- Deferred charges and accrued income -€4,531
down €4,531 (-59.6%), from €7,602 to €3,072
- Reserves +€93,721
up €93,721 (+122.9%), from €76,284 to €170,005
- Tax, wage and social debts +€41,054
up €41,054 (+113.6%), from €36,133 to €77,187
of which Taxes: +€46,005
- Trade debts +€3,320
up €3,320 (+1018.8%), from €326 to €3,646
- Gross operating margin +€25,022
up €25,022 (+25.5%), from €98,031 to €123,053
- Taxes +€5,764
up €5,764 (+30.0%), from €19,215 to €24,978
- Financial charges +€1,362
up €1,362 (+67.4%), from €2,022 to €3,385
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 | €115,488 | €254,296 | +€138,808 | +120.2% |
| Fixed assets | 21/28 | €592 | €521 | -€71 | -12.0% |
| Tangible fixed assets | 22/27 | €592 | €521 | -€71 | -12.0% |
| Furniture and vehicles | 24 | €592 | €521 | -€71 | -12.0% |
| Current assets | 29/58 | €114,896 | €253,775 | +€138,879 | +120.9% |
| Amounts receivable within one year | 40/41 | €45,675 | €193,676 | +€148,001 | +324.0% |
| Trade receivables | 40 | €45,563 | €193,676 | +€148,113 | +325.1% |
| Other amounts receivable | 41 | €112 | - | -€112 | |
| Cash at bank and in hand | 54/58 | €61,619 | €57,028 | -€4,591 | -7.5% |
| Deferred charges and accrued income | 490/1 | €7,602 | €3,072 | -€4,531 | -59.6% |
| Total equity and liabilities | 10/49 | €115,488 | €254,296 | +€138,808 | +120.2% |
| Equity | 10/15 | €77,784 | €171,505 | +€93,721 | +120.5% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €76,284 | €170,005 | +€93,721 | +122.9% |
| Distributable reserves | 133 | €76,284 | €170,005 | +€93,721 | +122.9% |
| Amounts payable | 17/49 | €37,704 | €82,791 | +€45,087 | +119.6% |
| Amounts payable within one year | 42/48 | €37,704 | €82,725 | +€45,021 | +119.4% |
| Trade debts | 44 | €326 | €3,646 | +€3,320 | +1018.8% |
| Suppliers | 440/4 | €326 | €3,646 | +€3,320 | +1018.8% |
| Taxes, remuneration and social security | 45 | €36,133 | €77,187 | +€41,054 | +113.6% |
| Taxes | 450/3 | €31,182 | €77,187 | +€46,005 | +147.5% |
| Remuneration and social security | 454/9 | €4,951 | - | -€4,951 | |
| Other amounts payable | 47/48 | €1,245 | €1,892 | +€647 | +52.0% |
| Accrued charges and deferred income | 492/3 | - | €66 | +€66 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121 | €18 | -€103 | -85.3% |
| Other operating charges | 640/8 | €391 | €710 | +€319 | +81.7% |
| Non-recurring operating charges | 66A | - | €592 | +€592 | |
| Gross operating margin | 9900 | €98,031 | €123,053 | +€25,022 | +25.5% |
| Operating profit (loss) | 9901 | €97,520 | €121,734 | +€24,214 | +24.8% |
| Financial income | 75/76B | €1 | €350 | +€349 | +31453.2% |
| Recurring financial income | 75 | €1 | €350 | +€349 | +31453.2% |
| Financial charges | 65/66B | €2,022 | €3,385 | +€1,362 | +67.4% |
| Recurring financial charges | 65 | €2,022 | €3,385 | +€1,362 | +67.4% |
| Profit (loss) for the period before taxes | 9903 | €95,498 | €118,699 | +€23,201 | +24.3% |
| Income taxes | 67/77 | €19,215 | €24,978 | +€5,764 | +30.0% |
| Profit (loss) for the period | 9904 | €76,284 | €93,721 | +€17,438 | +22.9% |
| Profit (loss) for the period to be appropriated | 9905 | €76,284 | €93,721 | +€17,438 | +22.9% |
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 8 October 2026 via checked.be.