EMCOM: 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.
EMCOM
Largest movements
- Current investments +€75,000
new in 2025: €75,000
- Cash -€46,735
down €46,735 (-34.8%), from €134,127 to €87,393
mainly Current investments (-€75,000) and Contributions, distributions and other (-€43,142)
- Tangible fixed assets -€2,261
no longer reported in 2025 (was €2,261)
- Other debts +€38,951
up €38,951 (+2,234%), from €1,743 to €40,694
- Reserves -€11,569
down €11,569 (-18.5%), from €62,374 to €50,805
- Tax, wage and social debts +€7,526
up €7,526 (+122%), from €6,157 to €13,683
- Debts after one year -€6,615
no longer reported in 2025 (was €6,615)
- Financial charges -€8,460
down €8,460 (-85.5%), from €9,895 to €1,435
of which Non-recurring financial charges: -€7,022
- Taxes +€6,185
up €6,185 (+91.3%), from €6,777 to €12,962
- Gross operating margin -€2,219
down €2,219 (-4.3%), from €51,561 to €49,342
- Depreciation -€516
down €516 (-18.6%), from €2,777 to €2,261
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 | €162,331 | €188,577 | +€26,246 | +16.2% |
| Fixed assets | 21/28 | €2,631 | €370 | -€2,261 | -85.9% |
| Tangible fixed assets | 22/27 | €2,261 | - | -€2,261 | |
| Furniture and vehicles | 24 | €2,261 | - | -€2,261 | |
| Financial fixed assets | 28 | €370 | €370 | = | 0.0% |
| Current assets | 29/58 | €159,700 | €188,207 | +€28,507 | +17.9% |
| Amounts receivable within one year | 40/41 | €24,527 | €24,675 | +€148 | +0.6% |
| Trade receivables | 40 | €13,786 | €15,884 | +€2,098 | +15.2% |
| Other amounts receivable | 41 | €10,741 | €8,791 | -€1,950 | -18.2% |
| Current investments | 50/53 | - | €75,000 | +€75,000 | |
| Cash at bank and in hand | 54/58 | €134,127 | €87,393 | -€46,735 | -34.8% |
| Deferred charges and accrued income | 490/1 | €1,046 | €1,139 | +€94 | +8.9% |
| Total equity and liabilities | 10/49 | €162,331 | €188,577 | +€26,246 | +16.2% |
| Equity | 10/15 | €134,074 | €122,505 | -€11,569 | -8.6% |
| Contributions | 10/11 | €71,700 | €71,700 | = | 0.0% |
| Reserves | 13 | €62,374 | €50,805 | -€11,569 | -18.5% |
| Distributable reserves | 133 | €62,374 | €50,805 | -€11,569 | -18.5% |
| Amounts payable | 17/49 | €28,256 | €66,071 | +€37,815 | +134% |
| Amounts payable after more than one year | 17 | €6,615 | - | -€6,615 | |
| Financial debts | 170/4 | €6,615 | - | -€6,615 | |
| Amounts payable within one year | 42/48 | €21,641 | €66,071 | +€44,430 | +205% |
| Current portion of amounts payable after more than one year | 42 | €8,493 | €6,615 | -€1,878 | -22.1% |
| Trade debts | 44 | €5,247 | €5,079 | -€169 | -3.2% |
| Suppliers | 440/4 | €5,247 | €5,079 | -€169 | -3.2% |
| Taxes, remuneration and social security | 45 | €6,157 | €13,683 | +€7,526 | +122% |
| Taxes | 450/3 | €6,157 | €13,683 | +€7,526 | +122% |
| Other amounts payable | 47/48 | €1,743 | €40,694 | +€38,951 | +2,234% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,777 | €2,261 | -€516 | -18.6% |
| Other operating charges | 640/8 | €1,110 | €1,111 | +€1 | +0.1% |
| Non-recurring operating charges | 66A | €100 | - | -€100 | |
| Gross operating margin | 9900 | €51,561 | €49,342 | -€2,219 | -4.3% |
| Operating profit (loss) | 9901 | €47,574 | €45,970 | -€1,605 | -3.4% |
| Financial income | 75/76B | €308 | €1 | -€308 | -99.8% |
| Recurring financial income | 75 | €308 | €1 | -€308 | -99.8% |
| Financial charges | 65/66B | €9,895 | €1,435 | -€8,460 | -85.5% |
| Recurring financial charges | 65 | €2,873 | €1,435 | -€1,438 | -50.0% |
| Non-recurring financial charges | 66B | €7,022 | - | -€7,022 | |
| Profit (loss) for the period before taxes | 9903 | €37,988 | €44,535 | +€6,548 | +17.2% |
| Income taxes | 67/77 | €6,777 | €12,962 | +€6,185 | +91.3% |
| Profit (loss) for the period | 9904 | €31,210 | €31,573 | +€363 | +1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €31,210 | €31,573 | +€363 | +1.2% |
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 18 October 2026 via checked.be.