EMD-Trading: 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.
EMD-Trading
Largest movements
- Current investments +€377,277
up €377,277 (+59.7%), from €632,076 to €1.0m
- Receivables within one year +€32,062
up €32,062 (+42.1%), from €76,197 to €108,258
of which Trade receivables: +€53,325
- Cash +€23,344
up €23,344 (+22.5%), from €103,894 to €127,239
mainly Net result for the year (+€547,018) and Tax, wage and social debts (+€84,244)
- Profit (loss) carried forward +€372,018
up €372,018 (+137.7%), from €270,246 to €642,264
- Tax, wage and social debts +€84,244
up €84,244 (+2407.0%), from €3,500 to €87,744
of which Taxes: +€84,244
- Trade debts -€35,802
down €35,802 (-88.0%), from €40,678 to €4,876
- Gross operating margin +€376,607
up €376,607 (+102.6%), from €367,170 to €743,777
- Taxes +€96,420
up €96,420 (+108.4%), from €88,964 to €185,384
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 | €872,826 | €1,293,780 | +€420,954 | +48.2% |
| Fixed assets | 21/28 | €59,839 | €47,243 | -€12,596 | -21.0% |
| Tangible fixed assets | 22/27 | €59,839 | €47,243 | -€12,596 | -21.0% |
| Plant, machinery and equipment | 23 | €3,072 | €1,230 | -€1,842 | -60.0% |
| Furniture and vehicles | 24 | €49,849 | €34,110 | -€15,739 | -31.6% |
| Other tangible fixed assets | 26 | €6,917 | €11,902 | +€4,985 | +72.1% |
| Current assets | 29/58 | €812,988 | €1,246,537 | +€433,550 | +53.3% |
| Amounts receivable within one year | 40/41 | €76,197 | €108,258 | +€32,062 | +42.1% |
| Trade receivables | 40 | €9,386 | €62,711 | +€53,325 | +568.2% |
| Other amounts receivable | 41 | €66,811 | €45,547 | -€21,264 | -31.8% |
| Current investments | 50/53 | €632,076 | €1,009,353 | +€377,277 | +59.7% |
| Cash at bank and in hand | 54/58 | €103,894 | €127,239 | +€23,344 | +22.5% |
| Deferred charges and accrued income | 490/1 | €820 | €1,687 | +€867 | +105.7% |
| Total equity and liabilities | 10/49 | €872,826 | €1,293,780 | +€420,954 | +48.2% |
| Equity | 10/15 | €827,371 | €1,199,389 | +€372,018 | +45.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €544,724 | €544,724 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €542,864 | €542,864 | = | 0.0% |
| Profit (loss) carried forward | 14 | €270,246 | €642,264 | +€372,018 | +137.7% |
| Amounts payable | 17/49 | €45,456 | €94,392 | +€48,936 | +107.7% |
| Amounts payable within one year | 42/48 | €45,456 | €94,392 | +€48,936 | +107.7% |
| Financial debts | 43 | €1,278 | €1,772 | +€494 | +38.7% |
| Credit institutions | 430/8 | €1,278 | €1,772 | +€494 | +38.7% |
| Trade debts | 44 | €40,678 | €4,876 | -€35,802 | -88.0% |
| Suppliers | 440/4 | €40,678 | €4,876 | -€35,802 | -88.0% |
| Taxes, remuneration and social security | 45 | €3,500 | €87,744 | +€84,244 | +2407.0% |
| Taxes | 450/3 | €0 | €84,244 | +€84,244 | |
| Remuneration and social security | 454/9 | €3,500 | €3,500 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,511 | €17,581 | -€930 | -5.0% |
| Other operating charges | 640/8 | €4,183 | €1,239 | -€2,944 | -70.4% |
| Gross operating margin | 9900 | €367,170 | €743,777 | +€376,607 | +102.6% |
| Operating profit (loss) | 9901 | €344,476 | €724,957 | +€380,481 | +110.5% |
| Financial income | 75/76B | €13,207 | €7,854 | -€5,353 | -40.5% |
| Recurring financial income | 75 | €13,207 | €7,854 | -€5,353 | -40.5% |
| Financial charges | 65/66B | €414 | €408 | -€6 | -1.4% |
| Recurring financial charges | 65 | €414 | €408 | -€6 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €357,268 | €732,402 | +€375,134 | +105.0% |
| Income taxes | 67/77 | €88,964 | €185,384 | +€96,420 | +108.4% |
| Profit (loss) for the period | 9904 | €268,305 | €547,018 | +€278,714 | +103.9% |
| Profit (loss) for the period to be appropriated | 9905 | €268,305 | €547,018 | +€278,714 | +103.9% |
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 7 October 2026 via checked.be.