EMCOH: 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.
EMCOH
Largest movements
- Financial fixed assets +€500,000
up €500,000 (+2.0%), from €24.7m to €25.2m
- Other debts +€2.8m
up €2.8m (+320%), from €879,863 to €3.7m
- Tax, wage and social debts -€2.1m
down €2.1m (-98.8%), from €2.1m to €24,951
of which Taxes: -€2.1m
- Financial income -€23.2m
no longer reported in 2025 (was €23.2m)
- Taxes -€2.1m
down €2.1m (-100.0%), from €2.1m to €165
- Financial charges +€136,223
up €136,223 (+2,188%), from €6,225 to €142,448
- Gross operating margin +€93,013
up €93,013 (+121%), from €77,133 to €170,145
- Depreciation +€5,937
up €5,937 (+1,771%), from €335 to €6,273
From the 30-12-2024 result to the 30-12-2025 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 30-12-2024 and 30-12-2025 balance sheets and the 30-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 30-12-2024 | 30-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,851,068 | €25,627,136 | +€776,068 | +3.1% |
| Fixed assets | 21/28 | €24,661,601 | €25,187,455 | +€525,854 | +2.1% |
| Tangible fixed assets | 22/27 | €245 | €26,100 | +€25,854 | +10,539% |
| Plant, machinery and equipment | 23 | €245 | €2,228 | +€1,983 | +808% |
| Furniture and vehicles | 24 | - | €23,872 | +€23,872 | |
| Financial fixed assets | 28 | €24,661,355 | €25,161,355 | +€500,000 | +2.0% |
| Current assets | 29/58 | €189,467 | €439,681 | +€250,214 | +132% |
| Amounts receivable within one year | 40/41 | €180,272 | €403,769 | +€223,497 | +124% |
| Trade receivables | 40 | €180,272 | €403,769 | +€223,497 | +124% |
| Current investments | 50/53 | €6,666 | €6,666 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,296 | €28,773 | +€26,477 | +1,153% |
| Deferred charges and accrued income | 490/1 | €234 | €473 | +€240 | +103% |
| Total equity and liabilities | 10/49 | €24,851,068 | €25,627,136 | +€776,068 | +3.1% |
| Equity | 10/15 | €21,030,745 | €20,990,420 | -€40,325 | -0.2% |
| Contributions | 10/11 | €10 | €10 | = | 0.0% |
| Reserves | 13 | €21,030,735 | €21,030,735 | = | 0.0% |
| Distributable reserves | 133 | €21,030,735 | €21,030,735 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€40,325 | -€40,325 | |
| Amounts payable | 17/49 | €3,820,323 | €4,636,716 | +€816,393 | +21.4% |
| Amounts payable after more than one year | 17 | €820,000 | €820,000 | = | 0.0% |
| Other amounts payable | 178/9 | €820,000 | €820,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,000,323 | €3,816,716 | +€816,393 | +27.2% |
| Trade debts | 44 | €2,979 | €94,503 | +€91,524 | +3,073% |
| Suppliers | 440/4 | €2,979 | €94,503 | +€91,524 | +3,073% |
| Taxes, remuneration and social security | 45 | €2,117,481 | €24,951 | -€2.1m | -98.8% |
| Taxes | 450/3 | €2,104,740 | €17,223 | -€2.1m | -99.2% |
| Remuneration and social security | 454/9 | €12,742 | €7,728 | -€5,014 | -39.4% |
| Other amounts payable | 47/48 | €879,863 | €3,697,262 | +€2.8m | +320% |
| Remuneration, social security and pensions | 62 | €65,142 | €59,941 | -€5,202 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €335 | €6,273 | +€5,937 | +1,771% |
| Other operating charges | 640/8 | €968 | €1,644 | +€677 | +70.0% |
| Gross operating margin | 9900 | €77,133 | €170,145 | +€93,013 | +121% |
| Operating profit (loss) | 9901 | €10,688 | €102,288 | +€91,600 | +857% |
| Financial income | 75/76B | €23,156,162 | - | -€23.2m | |
| Recurring financial income | 75 | €23,156,162 | - | -€23.2m | |
| Financial charges | 65/66B | €6,225 | €142,448 | +€136,223 | +2,188% |
| Recurring financial charges | 65 | €6,225 | €142,448 | +€136,223 | +2,188% |
| Profit (loss) for the period before taxes | 9903 | €23,160,625 | -€40,160 | -€23.2m | |
| Income taxes | 67/77 | €2,103,073 | €165 | -€2.1m | -100.0% |
| Profit (loss) for the period | 9904 | €21,057,551 | -€40,325 | -€21.1m | |
| Profit (loss) for the period to be appropriated | 9905 | €21,057,551 | -€40,325 | -€21.1m |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.