EMENES: 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.
EMENES
Largest movements
- Intangible fixed assets -€616,213
down €616,213 (-100%), from €616,213 to €0
- Current investments +€295,443
new in 2025: €295,443
- Receivables within one year -€107,764
down €107,764 (-93.9%), from €114,729 to €6,965
of which Trade receivables: -€109,840
- Tangible fixed assets -€103,691
down €103,691 (-9.4%), from €1.1m to €1.0m
of which Other tangible fixed assets: -€70,663
- Deferred charges and accrued income -€80,885
down €80,885 (-95.5%), from €84,710 to €3,825
- Debts after one year -€765,935
down €765,935 (-56.6%), from €1.4m to €587,937
- Reserves +€357,227
up €357,227 (+277%), from €128,956 to €486,183
of which Distributable reserves: +€357,227
- Tax, wage and social debts -€96,684
down €96,684 (-90.3%), from €107,028 to €10,344
of which Remuneration and social security: -€107,028
- Current portion of long-term debt -€84,860
down €84,860 (-66.6%), from €127,327 to €42,467
- Profit (loss) carried forward +€82,159
up €82,159, from -€82,159 to €0
- Staff costs -€637,309
down €637,309 (-89.2%), from €714,738 to €77,429
- Taxes +€183,700
up €183,700 (+60,086%), from €306 to €184,006
- Depreciation -€92,438
down €92,438 (-71.6%), from €129,064 to €36,626
- Gross operating margin -€58,164
down €58,164 (-6.3%), from €923,158 to €864,994
- Financial charges -€9,465
down €9,465 (-28.5%), from €33,222 to €23,757
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 | €1,963,901 | €1,394,802 | -€569,099 | -29.0% |
| Fixed assets | 21/28 | €1,727,082 | €1,007,178 | -€719,904 | -41.7% |
| Intangible fixed assets | 21 | €616,213 | €0 | -€616,213 | -100% |
| Tangible fixed assets | 22/27 | €1,108,484 | €1,004,793 | -€103,691 | -9.4% |
| Land and buildings | 22 | €1,032,054 | €1,001,870 | -€30,185 | -2.9% |
| Furniture and vehicles | 24 | €5,767 | €2,924 | -€2,844 | -49.3% |
| Other tangible fixed assets | 26 | €70,663 | €0 | -€70,663 | -100% |
| Financial fixed assets | 28 | €2,385 | €2,385 | = | 0.0% |
| Current assets | 29/58 | €236,819 | €387,624 | +€150,805 | +63.7% |
| Amounts receivable within one year | 40/41 | €114,729 | €6,965 | -€107,764 | -93.9% |
| Trade receivables | 40 | €114,690 | €4,850 | -€109,840 | -95.8% |
| Other amounts receivable | 41 | €39 | €2,115 | +€2,076 | +5,287% |
| Current investments | 50/53 | - | €295,443 | +€295,443 | |
| Cash at bank and in hand | 54/58 | €37,379 | €81,390 | +€44,011 | +118% |
| Deferred charges and accrued income | 490/1 | €84,710 | €3,825 | -€80,885 | -95.5% |
| Total equity and liabilities | 10/49 | €1,963,901 | €1,394,802 | -€569,099 | -29.0% |
| Equity | 10/15 | €313,625 | €753,011 | +€439,386 | +140% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €260,628 | €260,628 | = | 0.0% |
| Reserves | 13 | €128,956 | €486,183 | +€357,227 | +277% |
| Non-distributable reserves | 130/1 | €1,311 | €1,311 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,311 | €1,311 | = | 0.0% |
| Distributable reserves | 133 | €127,645 | €484,872 | +€357,227 | +280% |
| Profit (loss) carried forward | 14 | -€82,159 | €0 | +€82,159 | |
| Amounts payable | 17/49 | €1,650,276 | €641,791 | -€1.0m | -61.1% |
| Amounts payable after more than one year | 17 | €1,353,872 | €587,937 | -€765,935 | -56.6% |
| Financial debts | 170/4 | €1,353,872 | €587,937 | -€765,935 | -56.6% |
| Amounts payable within one year | 42/48 | €296,404 | €53,854 | -€242,550 | -81.8% |
| Current portion of amounts payable after more than one year | 42 | €127,327 | €42,467 | -€84,860 | -66.6% |
| Financial debts | 43 | €1,809 | €85 | -€1,724 | -95.3% |
| Credit institutions | 430/8 | €1,809 | €85 | -€1,724 | -95.3% |
| Trade debts | 44 | €59,944 | €958 | -€58,986 | -98.4% |
| Suppliers | 440/4 | €59,944 | €958 | -€58,986 | -98.4% |
| Taxes, remuneration and social security | 45 | €107,028 | €10,344 | -€96,684 | -90.3% |
| Taxes | 450/3 | €0 | €10,344 | +€10,344 | |
| Remuneration and social security | 454/9 | €107,028 | €0 | -€107,028 | -100% |
| Other amounts payable | 47/48 | €296 | €0 | -€296 | -100% |
| Non-recurring operating income | 76A | - | €794,974 | +€794,974 | |
| Remuneration, social security and pensions | 62 | €714,738 | €77,429 | -€637,309 | -89.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,064 | €36,626 | -€92,438 | -71.6% |
| Other operating charges | 640/8 | €4,086 | €8,459 | +€4,373 | +107% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €923,158 | €864,994 | -€58,164 | -6.3% |
| Operating profit (loss) | 9901 | €75,270 | €742,481 | +€667,210 | +886% |
| Financial income | 75/76B | €845 | €741 | -€104 | -12.3% |
| Recurring financial income | 75 | €845 | €741 | -€104 | -12.3% |
| Financial charges | 65/66B | €33,222 | €23,757 | -€9,465 | -28.5% |
| Recurring financial charges | 65 | €33,222 | €23,757 | -€9,465 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | €42,892 | €719,465 | +€676,572 | +1,577% |
| Income taxes | 67/77 | €306 | €184,006 | +€183,700 | +60,086% |
| Profit (loss) for the period | 9904 | €42,587 | €535,458 | +€492,872 | +1,157% |
| Profit (loss) for the period to be appropriated | 9905 | €42,587 | €535,458 | +€492,872 | +1,157% |
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 24 October 2026 via checked.be.