EMDW: 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.
EMDW
Largest movements
- Deferred charges and accrued income +€1.5m
up €1.5m (+3,068%), from €48,968 to €1.6m
- Cash -€1.2m
down €1.2m (-99.2%), from €1.2m to €9,493
mainly Contributions, distributions and other (-€1.5m) and Deferred charges and accrued income (-€1.5m)
- Current investments +€633,145
up €633,145 (+228%), from €277,382 to €910,528
- Financial fixed assets -€227,531
down €227,531 (-10.1%), from €2.3m to €2.0m
- Other debts +€731,143
up €731,143 (+60.6%), from €1.2m to €1.9m
- Financial income +€1.0m
up €1.0m (+207%), from €501,704 to €1.5m
of which Financial income: +€1.4m
- Gross operating margin +€25,064
up €25,064 (+22.4%), from €112,018 to €137,082
- Financial charges -€18,689
down €18,689 (-26.3%), from €71,108 to €52,419
- Taxes +€9,810
up €9,810 (+57.8%), from €16,969 to €26,779
- Depreciation +€2,101
up €2,101 (+3.1%), from €67,277 to €69,378
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 | €4,423,092 | €5,116,671 | +€693,579 | +15.7% |
| Fixed assets | 21/28 | €2,852,652 | €2,584,434 | -€268,217 | -9.4% |
| Tangible fixed assets | 22/27 | €591,170 | €550,484 | -€40,686 | -6.9% |
| Land and buildings | 22 | €578,529 | €520,345 | -€58,184 | -10.1% |
| Plant, machinery and equipment | 23 | - | €3,928 | +€3,928 | |
| Furniture and vehicles | 24 | €12,641 | €12,211 | -€431 | -3.4% |
| Other tangible fixed assets | 26 | - | €14,000 | +€14,000 | |
| Financial fixed assets | 28 | €2,261,481 | €2,033,950 | -€227,531 | -10.1% |
| Current assets | 29/58 | €1,570,441 | €2,532,237 | +€961,796 | +61.2% |
| Amounts receivable within one year | 40/41 | €56,031 | €61,000 | +€4,969 | +8.9% |
| Trade receivables | 40 | €48,000 | €48,000 | = | 0.0% |
| Other amounts receivable | 41 | €8,031 | €13,000 | +€4,969 | +61.9% |
| Current investments | 50/53 | €277,382 | €910,528 | +€633,145 | +228% |
| Cash at bank and in hand | 54/58 | €1,188,059 | €9,493 | -€1.2m | -99.2% |
| Deferred charges and accrued income | 490/1 | €48,968 | €1,551,217 | +€1.5m | +3,068% |
| Total equity and liabilities | 10/49 | €4,423,092 | €5,116,671 | +€693,579 | +15.7% |
| Equity | 10/15 | €1,916,914 | €1,916,914 | = | 0.0% |
| Contributions | 10/11 | €1,916,600 | €1,916,600 | = | 0.0% |
| Reserves | 13 | €314 | €314 | = | 0.0% |
| Tax-exempt reserves | 132 | €314 | €314 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,506,178 | €3,199,757 | +€693,579 | +27.7% |
| Amounts payable after more than one year | 17 | €1,197,500 | €1,167,500 | -€30,000 | -2.5% |
| Financial debts | 170/4 | €1,197,500 | €1,167,500 | -€30,000 | -2.5% |
| Amounts payable within one year | 42/48 | €1,247,297 | €1,980,335 | +€733,038 | +58.8% |
| Current portion of amounts payable after more than one year | 42 | €30,000 | €32,500 | +€2,500 | +8.3% |
| Trade debts | 44 | €1,195 | €521 | -€674 | -56.4% |
| Suppliers | 440/4 | €1,195 | €521 | -€674 | -56.4% |
| Taxes, remuneration and social security | 45 | €9,495 | €9,564 | +€69 | +0.7% |
| Taxes | 450/3 | €9,495 | €9,564 | +€69 | +0.7% |
| Other amounts payable | 47/48 | €1,206,608 | €1,937,750 | +€731,143 | +60.6% |
| Accrued charges and deferred income | 492/3 | €61,381 | €51,922 | -€9,459 | -15.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,277 | €69,378 | +€2,101 | +3.1% |
| Other operating charges | 640/8 | €3,148 | €2,555 | -€592 | -18.8% |
| Gross operating margin | 9900 | €112,018 | €137,082 | +€25,064 | +22.4% |
| Operating profit (loss) | 9901 | €41,593 | €65,149 | +€23,556 | +56.6% |
| Financial income | 75/76B | €501,704 | €1,540,431 | +€1.0m | +207% |
| Recurring financial income | 75 | €84,772 | €1,519,437 | +€1.4m | +1,692% |
| Non-recurring financial income | 76B | €416,932 | €20,994 | -€395,938 | -95.0% |
| Financial charges | 65/66B | €71,108 | €52,419 | -€18,689 | -26.3% |
| Recurring financial charges | 65 | €71,108 | €52,419 | -€18,689 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | €472,189 | €1,553,162 | +€1.1m | +229% |
| Income taxes | 67/77 | €16,969 | €26,779 | +€9,810 | +57.8% |
| Profit (loss) for the period | 9904 | €455,220 | €1,526,383 | +€1.1m | +235% |
| Profit (loss) for the period to be appropriated | 9905 | €455,220 | €1,526,383 | +€1.1m | +235% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.