EMdoc: 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.
EMdoc
Largest movements
- Tangible fixed assets +€220,438
up €220,438 (+29.9%), from €737,518 to €957,956
of which Assets under construction and advance payments: +€248,347
- Cash -€121,739
down €121,739 (-45.1%), from €269,869 to €148,131
mainly Investment in fixed assets (net) (-€262,105) and Contributions, distributions and other (-€127,960)
- Debts after one year +€149,389
up €149,389 (+22.5%), from €663,450 to €812,839
- Reserves -€83,068
down €83,068 (-26.6%), from €312,695 to €229,627
- Current portion of long-term debt +€16,283
up €16,283 (+75.0%), from €21,712 to €37,995
- Gross operating margin -€88,979
down €88,979 (-40.0%), from €222,506 to €133,526
- Taxes -€24,931
down €24,931 (-66.5%), from €37,506 to €12,575
- Depreciation +€11,382
up €11,382 (+37.6%), from €30,286 to €41,668
- Financial charges +€6,482
up €6,482 (+25.8%), from €25,081 to €31,563
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 | €1,035,173 | €1,135,915 | +€100,742 | +9.7% |
| Fixed assets | 21/28 | €737,518 | €957,956 | +€220,438 | +29.9% |
| Tangible fixed assets | 22/27 | €737,518 | €957,956 | +€220,438 | +29.9% |
| Land and buildings | 22 | €522,644 | €499,350 | -€23,293 | -4.5% |
| Plant, machinery and equipment | 23 | €25,264 | €20,954 | -€4,311 | -17.1% |
| Furniture and vehicles | 24 | €3,751 | €3,446 | -€305 | -8.1% |
| Assets under construction and advance payments | 27 | €185,858 | €434,205 | +€248,347 | +133.6% |
| Current assets | 29/58 | €297,655 | €177,960 | -€119,696 | -40.2% |
| Amounts receivable within one year | 40/41 | €2,735 | €4,953 | +€2,219 | +81.1% |
| Trade receivables | 40 | - | €2,288 | +€2,288 | |
| Other amounts receivable | 41 | €2,735 | €2,666 | -€69 | -2.5% |
| Cash at bank and in hand | 54/58 | €269,869 | €148,131 | -€121,739 | -45.1% |
| Deferred charges and accrued income | 490/1 | €25,051 | €24,875 | -€176 | -0.7% |
| Total equity and liabilities | 10/49 | €1,035,173 | €1,135,915 | +€100,742 | +9.7% |
| Equity | 10/15 | €317,695 | €234,627 | -€83,068 | -26.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €312,695 | €229,627 | -€83,068 | -26.6% |
| Distributable reserves | 133 | €312,695 | €229,627 | -€83,068 | -26.6% |
| Amounts payable | 17/49 | €717,479 | €901,288 | +€183,809 | +25.6% |
| Amounts payable after more than one year | 17 | €663,450 | €812,839 | +€149,389 | +22.5% |
| Financial debts | 170/4 | €663,450 | €812,839 | +€149,389 | +22.5% |
| Amounts payable within one year | 42/48 | €54,029 | €88,450 | +€34,420 | +63.7% |
| Current portion of amounts payable after more than one year | 42 | €21,712 | €37,995 | +€16,283 | +75.0% |
| Financial debts | 43 | €10 | - | -€10 | |
| Credit institutions | 430/8 | €10 | - | -€10 | |
| Trade debts | 44 | €1,757 | €6,731 | +€4,975 | +283.2% |
| Suppliers | 440/4 | €1,757 | €6,731 | +€4,975 | +283.2% |
| Taxes, remuneration and social security | 45 | €2,326 | €7,662 | +€5,336 | +229.3% |
| Taxes | 450/3 | €2,326 | €7,662 | +€5,336 | +229.3% |
| Other amounts payable | 47/48 | €28,224 | €36,062 | +€7,837 | +27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,286 | €41,668 | +€11,382 | +37.6% |
| Other operating charges | 640/8 | €2,619 | €2,828 | +€209 | +8.0% |
| Gross operating margin | 9900 | €222,506 | €133,526 | -€88,979 | -40.0% |
| Operating profit (loss) | 9901 | €189,600 | €89,031 | -€100,570 | -53.0% |
| Financial income | 75/76B | €0 | €0 | -€0 | -76.7% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -76.7% |
| Financial charges | 65/66B | €25,081 | €31,563 | +€6,482 | +25.8% |
| Recurring financial charges | 65 | €25,081 | €31,563 | +€6,482 | +25.8% |
| Profit (loss) for the period before taxes | 9903 | €164,520 | €57,467 | -€107,052 | -65.1% |
| Income taxes | 67/77 | €37,506 | €12,575 | -€24,931 | -66.5% |
| Profit (loss) for the period | 9904 | €127,014 | €44,892 | -€82,121 | -64.7% |
| Profit (loss) for the period to be appropriated | 9905 | €127,014 | €44,892 | -€82,121 | -64.7% |
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 5 October 2026 via checked.be.