emeis Belgium: 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.
What changed
emeis Belgium
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€89.1m
2024 · -€147.8m+€58.8m
Equity
-€360.4m
2024 · -€471.3m+€110.9m
Cash
€5.4m
2024 · €3.1m+€2.3m
Balance sheet total
€266.8m
2024 · €272.0m-€5.2m
Largest movements
Assets
- Receivables within one year -€44.9m
down €44.9m (-18.4%), from €244.7m to €199.8m
of which Other amounts receivable: -€49.2m
- Financial fixed assets +€37.5m
up €37.5m (+187%), from €20.0m to €57.5m
of which Companies linked by participating interests: +€43.3m
Equity and liabilities
- Contributions +€200.0m
up €200.0m (+152%), from €131.5m to €331.5m
- Profit (loss) carried forward -€89.1m
down €89.1m (-14.5%), from -€616.0m to -€705.0m
- Other debts -€73.4m
down €73.4m (-48.0%), from €152.9m to €79.5m
- Short-term financial debts -€29.3m
no longer reported in 2025 (was €29.3m)
- Current portion of long-term debt -€4.5m
no longer reported in 2025 (was €4.5m)
Income statement
- Financial charges -€94.7m
down €94.7m (-23.2%), from €407.8m to €313.1m
of which Non-recurring financial charges: -€97.6m
- Financial income -€59.8m
down €59.8m (-31.8%), from €188.1m to €128.2m
of which Financial income: -€30.6m
- Write-downs -€20.5m
down €20.5m (-24.6%), from -€83.3m to -€103.8m
- Provisions -€4.3m
down €4.3m, from €649,888 to -€3.6m
- Turnover +€3.8m
up €3.8m (+24.1%), from €15.8m to €19.6m
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.
Result 2024
-€147.8m
Turnover
+€3.8m
Other operating income
+€422,845
Goods and materials
-€1,526
Services and other goods
+€2.2m
Staff costs
-€2.4m
Depreciation
+€112,976
Write-downs
+€20.5m
Provisions
+€4.3m
Other operating charges
-€369,269
Other operating items
-€7.2m
Financial income
-€59.8m
Financial charges
+€94.7m
Taxes
+€2.6m
Result 2025
-€89.1m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€126.7m
Investment
-€37.7m
Financing
+€166.8m
Cash 2024
€3.1m
From operations (derived)
-€126.7m
Net result for the year
-€89.1m
Depreciation
+€412,976
Receivables within one year
+€44.9m
Smaller working-capital items
+€219,759
Provisions
-€3.6m
Trade debts
-€2.5m
Tax, wage and social debts
-€3.7m
Other debts
-€73.4m
Investment (derived)
-€37.7m
Investment in fixed assets (net)
-€37.7m
Financing
+€166.8m
Debts after one year
+€642,678
Current portion of long-term debt
-€4.5m
Short-term financial debts
-€29.3m
Contributions, distributions and other
+€200.0m
Cash 2025
€5.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €272,026,585 | €266,793,785 | -€5.2m | -1.9% |
| Fixed assets | 21/28 | €21,027,676 | €58,353,325 | +€37.3m | +178% |
| Intangible fixed assets | 21 | €717,962 | €627,467 | -€90,495 | -12.6% |
| Tangible fixed assets | 22/27 | €264,373 | €204,762 | -€59,612 | -22.5% |
| Plant, machinery and equipment | 23 | €3,910 | €15,831 | +€11,922 | +305% |
| Furniture and vehicles | 24 | €253,628 | €177,639 | -€75,988 | -30.0% |
| Other tangible fixed assets | 26 | €6,836 | €11,291 | +€4,455 | +65.2% |
| Financial fixed assets | 28 | €20,045,341 | €57,521,096 | +€37.5m | +187% |
| Affiliated companies | 280/1 | €19,868,581 | €14,045,337 | -€5.8m | -29.3% |
| Participating interests | 280 | €19,868,581 | €14,045,337 | -€5.8m | -29.3% |
| Companies linked by participating interests | 282/3 | - | €43,300,000 | +€43.3m | |
| Participating interests | 282 | - | €43,300,000 | +€43.3m | |
| Other financial fixed assets | 284/8 | €176,759 | €175,759 | -€1,000 | -0.6% |
| Amounts receivable and cash guarantees | 285/8 | €176,759 | €175,759 | -€1,000 | -0.6% |
| Current assets | 29/58 | €250,998,909 | €208,440,460 | -€42.6m | -17.0% |
| Amounts receivable after more than one year | 29 | €2,997,000 | €2,997,000 | = | 0.0% |
| Other amounts receivable | 291 | €2,997,000 | €2,997,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €244,732,791 | €199,819,354 | -€44.9m | -18.4% |
| Trade receivables | 40 | €2,389,102 | €6,634,701 | +€4.2m | +178% |
| Other amounts receivable | 41 | €242,343,689 | €193,184,653 | -€49.2m | -20.3% |
| Cash at bank and in hand | 54/58 | €3,135,486 | €5,441,616 | +€2.3m | +73.5% |
| Deferred charges and accrued income | 490/1 | €133,632 | €182,490 | +€48,858 | +36.6% |
| Total equity and liabilities | 10/49 | €272,026,585 | €266,793,785 | -€5.2m | -1.9% |
| Equity | 10/15 | -€471,314,251 | -€360,390,406 | +€110.9m | +23.5% |
| Contributions | 10/11 | €131,500,000 | €331,500,000 | +€200.0m | +152% |
| Capital | 10 | €131,500,000 | €331,500,000 | +€200.0m | +152% |
| Issued capital | 100 | €131,500,000 | €331,500,000 | +€200.0m | +152% |
| Reserves | 13 | €13,150,000 | €13,150,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €13,150,000 | €13,150,000 | = | 0.0% |
| Legal reserve | 130 | €13,150,000 | €13,150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€615,964,251 | -€705,040,406 | -€89.1m | -14.5% |
| Provisions and deferred taxes | 16 | €4,141,888 | €510,722 | -€3.6m | -87.7% |
| Provisions for liabilities and charges | 160/5 | €4,141,888 | €510,722 | -€3.6m | -87.7% |
| Other liabilities and charges | 164/5 | €4,141,888 | €510,722 | -€3.6m | -87.7% |
| Amounts payable | 17/49 | €739,198,949 | €626,673,469 | -€112.5m | -15.2% |
| Amounts payable after more than one year | 17 | €536,659,638 | €537,302,316 | +€642,678 | +0.1% |
| Financial debts | 170/4 | €1,680,000 | €31,592,050 | +€29.9m | +1,780% |
| Credit institutions | 173 | €1,680,000 | €31,592,050 | +€29.9m | +1,780% |
| Other amounts payable | 178/9 | €534,979,638 | €505,710,266 | -€29.3m | -5.5% |
| Amounts payable within one year | 42/48 | €201,686,611 | €88,241,535 | -€113.4m | -56.2% |
| Current portion of amounts payable after more than one year | 42 | €4,524,000 | - | -€4.5m | |
| Financial debts | 43 | €29,332,050 | - | -€29.3m | |
| Credit institutions | 430/8 | €29,332,050 | - | -€29.3m | |
| Trade debts | 44 | €3,165,308 | €667,886 | -€2.5m | -78.9% |
| Suppliers | 440/4 | €3,165,308 | €667,886 | -€2.5m | -78.9% |
| Advances received on contracts in progress | 46 | €8,301 | - | -€8,301 | |
| Taxes, remuneration and social security | 45 | €11,789,539 | €8,083,542 | -€3.7m | -31.4% |
| Taxes | 450/3 | €10,750,529 | €6,623,672 | -€4.1m | -38.4% |
| Remuneration and social security | 454/9 | €1,039,010 | €1,459,870 | +€420,860 | +40.5% |
| Other amounts payable | 47/48 | €152,867,413 | €79,490,106 | -€73.4m | -48.0% |
| Accrued charges and deferred income | 492/3 | €852,700 | €1,129,619 | +€276,918 | +32.5% |
| Operating income | 70/76A | €36,938,650 | €20,667,217 | -€16.3m | -44.0% |
| Turnover | 70 | €15,826,396 | €19,633,819 | +€3.8m | +24.1% |
| Other operating income | 74 | €604,154 | €1,026,998 | +€422,845 | +70.0% |
| Non-recurring operating income | 76A | €20,508,100 | €6,400 | -€20.5m | -100.0% |
| Operating charges | 60/66A | -€43,836,869 | -€81,386,970 | -€37.6m | -85.7% |
| Goods for resale, raw materials and consumables | 60 | €14,528 | €16,054 | +€1,526 | +10.5% |
| Purchases | 600/8 | €14,528 | €16,054 | +€1,526 | +10.5% |
| Services and other goods | 61 | €14,568,985 | €12,389,721 | -€2.2m | -15.0% |
| Remuneration, social security and pensions | 62 | €6,454,929 | €8,871,130 | +€2.4m | +37.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €525,952 | €412,976 | -€112,976 | -21.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€83,342,287 | -€103,828,592 | -€20.5m | -24.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €649,888 | -€3,631,166 | -€4.3m | |
| Other operating charges | 640/8 | €201,543 | €570,813 | +€369,269 | +183% |
| Non-recurring operating charges | 66A | €17,089,593 | €3,812,094 | -€13.3m | -77.7% |
| Operating profit (loss) | 9901 | €80,775,519 | €102,054,187 | +€21.3m | +26.3% |
| Financial income | 75/76B | €188,066,792 | €128,242,223 | -€59.8m | -31.8% |
| Recurring financial income | 75 | €65,294,801 | €34,644,829 | -€30.6m | -46.9% |
| Income from current assets | 751 | €65,294,801 | €34,644,818 | -€30.6m | -46.9% |
| Other financial income | 752/9 | €0 | €10 | +€10 | +8,267% |
| Non-recurring financial income | 76B | €122,771,992 | €93,597,395 | -€29.2m | -23.8% |
| Financial charges | 65/66B | €407,809,065 | €313,136,296 | -€94.7m | -23.2% |
| Recurring financial charges | 65 | €60,852,870 | €63,782,192 | +€2.9m | +4.8% |
| Debt charges | 650 | €60,708,586 | €63,696,634 | +€3.0m | +4.9% |
| Other financial charges | 652/9 | €144,283 | €85,558 | -€58,725 | -40.7% |
| Non-recurring financial charges | 66B | €346,956,195 | €249,354,104 | -€97.6m | -28.1% |
| Profit (loss) for the period before taxes | 9903 | -€138,966,753 | -€82,839,886 | +€56.1m | +40.4% |
| Income taxes | 67/77 | €8,861,774 | €6,236,269 | -€2.6m | -29.6% |
| Taxes | 670/3 | €8,861,774 | €6,236,269 | -€2.6m | -29.6% |
| Profit (loss) for the period | 9904 | -€147,828,527 | -€89,076,155 | +€58.8m | +39.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€147,828,527 | -€89,076,155 | +€58.8m | +39.7% |
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 29 October 2026 via checked.be.