EMCEE: 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.
EMCEE
Largest movements
- Tangible fixed assets -€32,057
down €32,057 (-4.2%), from €765,958 to €733,901
- Debts after one year -€71,634
down €71,634 (-16.5%), from €433,241 to €361,607
- Reserves +€45,399
up €45,399 (+12.0%), from €378,639 to €424,038
of which Distributable reserves: +€47,039
- Gross operating margin +€18,266
up €18,266 (+15.6%), from €116,837 to €135,103
- Taxes +€7,576
up €7,576 (+45.9%), from €16,521 to €24,097
- Financial charges -€4,238
down €4,238 (-19.2%), from €22,034 to €17,796
- Financial income -€1,698
no longer reported in 2025 (was €1,698)
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 | €941,388 | €912,996 | -€28,392 | -3.0% |
| Fixed assets | 21/28 | €765,958 | €733,901 | -€32,057 | -4.2% |
| Tangible fixed assets | 22/27 | €765,958 | €733,901 | -€32,057 | -4.2% |
| Land and buildings | 22 | €765,958 | €733,901 | -€32,057 | -4.2% |
| Current assets | 29/58 | €175,431 | €179,095 | +€3,664 | +2.1% |
| Amounts receivable within one year | 40/41 | €1,988 | €1,988 | = | 0.0% |
| Other amounts receivable | 41 | €1,988 | €1,988 | = | 0.0% |
| Current investments | 50/53 | €161,377 | €161,377 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €9,581 | €13,166 | +€3,585 | +37.4% |
| Deferred charges and accrued income | 490/1 | €2,484 | €2,563 | +€79 | +3.2% |
| Total equity and liabilities | 10/49 | €941,388 | €912,996 | -€28,392 | -3.0% |
| Equity | 10/15 | €415,823 | €461,222 | +€45,399 | +10.9% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €378,639 | €424,038 | +€45,399 | +12.0% |
| Tax-exempt reserves | 132 | €28,905 | €27,265 | -€1,640 | -5.7% |
| Distributable reserves | 133 | €349,734 | €396,773 | +€47,039 | +13.4% |
| Provisions and deferred taxes | 16 | €13,789 | €12,945 | -€844 | -6.1% |
| Deferred taxes | 168 | €13,789 | €12,945 | -€844 | -6.1% |
| Amounts payable | 17/49 | €511,776 | €438,829 | -€72,947 | -14.3% |
| Amounts payable after more than one year | 17 | €433,241 | €361,607 | -€71,634 | -16.5% |
| Financial debts | 170/4 | €433,241 | €361,607 | -€71,634 | -16.5% |
| Amounts payable within one year | 42/48 | €78,535 | €77,222 | -€1,313 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €59,841 | €60,320 | +€479 | +0.8% |
| Trade debts | 44 | €1,395 | €428 | -€968 | -69.4% |
| Suppliers | 440/4 | €1,395 | €428 | -€968 | -69.4% |
| Taxes, remuneration and social security | 45 | €11,839 | €13,769 | +€1,931 | +16.3% |
| Taxes | 450/3 | €11,839 | €13,769 | +€1,931 | +16.3% |
| Other amounts payable | 47/48 | €5,460 | €2,705 | -€2,755 | -50.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,057 | €32,057 | +€0 | 0.0% |
| Other operating charges | 640/8 | €16,371 | €16,599 | +€228 | +1.4% |
| Gross operating margin | 9900 | €116,837 | €135,103 | +€18,266 | +15.6% |
| Operating profit (loss) | 9901 | €68,409 | €86,447 | +€18,038 | +26.4% |
| Financial income | 75/76B | €1,698 | - | -€1,698 | |
| Recurring financial income | 75 | €1,698 | - | -€1,698 | |
| Financial charges | 65/66B | €22,034 | €17,796 | -€4,238 | -19.2% |
| Recurring financial charges | 65 | €22,034 | €17,796 | -€4,238 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €48,074 | €68,652 | +€20,578 | +42.8% |
| Transfer from deferred taxes | 780 | €844 | €844 | = | 0.0% |
| Income taxes | 67/77 | €16,521 | €24,097 | +€7,576 | +45.9% |
| Profit (loss) for the period | 9904 | €32,397 | €45,399 | +€13,002 | +40.1% |
| Transfer from tax-exempt reserves | 789 | €1,640 | €1,640 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €34,036 | €47,039 | +€13,002 | +38.2% |
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 16 October 2026 via checked.be.