EMEL: 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.
EMEL
Largest movements
- Tangible fixed assets +€24,483
up €24,483 (+15.8%), from €155,351 to €179,834
of which Land and buildings: +€29,303
- Cash -€14,399
down €14,399 (-64.1%), from €22,465 to €8,066
mainly Investment in fixed assets (net) (-€39,669) and Tax, wage and social debts (-€12,157)
- Receivables within one year +€7,835
up €7,835 (+20.8%), from €37,668 to €45,503
of which Trade receivables: +€13,046
- Reserves +€34,343
up €34,343 (+29.9%), from €114,764 to €149,107
of which Distributable reserves: +€34,343
- Tax, wage and social debts -€12,157
down €12,157 (-92.8%), from €13,107 to €950
- Debts after one year -€11,973
down €11,973 (-45.8%), from €26,121 to €14,148
- Trade debts +€11,678
up €11,678 (+375%), from €3,110 to €14,788
- Other debts -€3,201
down €3,201 (-24.7%), from €12,951 to €9,750
- Gross operating margin -€8,657
down €8,657 (-10.4%), from €83,357 to €74,700
- Other operating charges +€6,086
up €6,086 (+137%), from €4,454 to €10,540
- Taxes -€4,537
down €4,537 (-24.5%), from €18,497 to €13,960
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 | €218,086 | €236,917 | +€18,830 | +8.6% |
| Fixed assets | 21/28 | €155,461 | €180,694 | +€25,233 | +16.2% |
| Tangible fixed assets | 22/27 | €155,351 | €179,834 | +€24,483 | +15.8% |
| Land and buildings | 22 | €132,042 | €161,345 | +€29,303 | +22.2% |
| Furniture and vehicles | 24 | €23,309 | €18,489 | -€4,820 | -20.7% |
| Financial fixed assets | 28 | €110 | €860 | +€750 | +682% |
| Current assets | 29/58 | €62,625 | €56,222 | -€6,403 | -10.2% |
| Amounts receivable within one year | 40/41 | €37,668 | €45,503 | +€7,835 | +20.8% |
| Trade receivables | 40 | €31,567 | €44,613 | +€13,046 | +41.3% |
| Other amounts receivable | 41 | €6,101 | €890 | -€5,211 | -85.4% |
| Cash at bank and in hand | 54/58 | €22,465 | €8,066 | -€14,399 | -64.1% |
| Deferred charges and accrued income | 490/1 | €2,493 | €2,653 | +€160 | +6.4% |
| Total equity and liabilities | 10/49 | €218,086 | €236,917 | +€18,830 | +8.6% |
| Equity | 10/15 | €150,964 | €185,307 | +€34,343 | +22.7% |
| Contributions | 10/11 | €36,200 | €36,200 | = | 0.0% |
| Reserves | 13 | €114,764 | €149,107 | +€34,343 | +29.9% |
| Non-distributable reserves | 130/1 | €2,338 | €2,338 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,338 | €2,338 | = | 0.0% |
| Distributable reserves | 133 | €112,426 | €146,769 | +€34,343 | +30.5% |
| Amounts payable | 17/49 | €67,123 | €51,610 | -€15,513 | -23.1% |
| Amounts payable after more than one year | 17 | €26,121 | €14,148 | -€11,973 | -45.8% |
| Financial debts | 170/4 | €26,121 | €14,148 | -€11,973 | -45.8% |
| Amounts payable within one year | 42/48 | €41,002 | €37,462 | -€3,540 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | €11,833 | €11,973 | +€140 | +1.2% |
| Trade debts | 44 | €3,110 | €14,788 | +€11,678 | +375% |
| Suppliers | 440/4 | €3,110 | €14,788 | +€11,678 | +375% |
| Taxes, remuneration and social security | 45 | €13,107 | €950 | -€12,157 | -92.8% |
| Taxes | 450/3 | €13,107 | €950 | -€12,157 | -92.8% |
| Other amounts payable | 47/48 | €12,951 | €9,750 | -€3,201 | -24.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,700 | €14,435 | +€736 | +5.4% |
| Other operating charges | 640/8 | €4,454 | €10,540 | +€6,086 | +137% |
| Gross operating margin | 9900 | €83,357 | €74,700 | -€8,657 | -10.4% |
| Operating profit (loss) | 9901 | €65,204 | €49,725 | -€15,479 | -23.7% |
| Financial income | 75/76B | €172 | €0 | -€172 | -99.9% |
| Recurring financial income | 75 | €172 | €0 | -€172 | -99.9% |
| Financial charges | 65/66B | €1,584 | €1,422 | -€162 | -10.2% |
| Recurring financial charges | 65 | €1,584 | €1,422 | -€162 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €63,792 | €48,303 | -€15,489 | -24.3% |
| Income taxes | 67/77 | €18,497 | €13,960 | -€4,537 | -24.5% |
| Profit (loss) for the period | 9904 | €45,296 | €34,343 | -€10,952 | -24.2% |
| Profit (loss) for the period to be appropriated | 9905 | €45,296 | €34,343 | -€10,952 | -24.2% |
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 16 October 2026 via checked.be.