EMERA: 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.
EMERA
Largest movements
- Tangible fixed assets +€149,958
up €149,958 (+37.6%), from €398,387 to €548,345
of which Land and buildings: +€153,896
- Receivables within one year +€28,380
up €28,380 (+33.1%), from €85,816 to €114,196
of which Other amounts receivable: +€43,659
- Cash -€23,520
down €23,520 (-22.1%), from €106,349 to €82,828
mainly Investment in fixed assets (net) (-€177,876) and Short-term financial debts (-€40,000)
- Debts after one year +€126,498
up €126,498 (+41.3%), from €306,165 to €432,662
- Reserves +€43,695
up €43,695 (+29.9%), from €146,210 to €189,905
of which Distributable reserves: +€43,695
- Short-term financial debts -€40,000
down €40,000 (-100.0%), from €40,000 to €0
of which Credit institutions: -€40,000
- Trade debts +€16,410
up €16,410 (+30.0%), from €54,611 to €71,020
- Current portion of long-term debt +€9,039
up €9,039 (+25.7%), from €35,163 to €44,202
- Gross operating margin +€34,005
up €34,005 (+13.7%), from €247,956 to €281,960
- Other operating charges +€27,858
up €27,858 (+1081.9%), from €2,575 to €30,433
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 | €622,880 | €777,799 | +€154,919 | +24.9% |
| Fixed assets | 21/28 | €424,174 | €574,132 | +€149,958 | +35.4% |
| Tangible fixed assets | 22/27 | €398,387 | €548,345 | +€149,958 | +37.6% |
| Land and buildings | 22 | €388,214 | €542,110 | +€153,896 | +39.6% |
| Plant, machinery and equipment | 23 | €6,090 | €3,926 | -€2,164 | -35.5% |
| Other tangible fixed assets | 26 | €4,083 | €2,309 | -€1,774 | -43.4% |
| Financial fixed assets | 28 | €25,787 | €25,787 | = | 0.0% |
| Current assets | 29/58 | €198,705 | €203,667 | +€4,961 | +2.5% |
| Stocks and contracts in progress | 3 | €3,538 | €3,337 | -€201 | -5.7% |
| Stocks | 30/36 | €3,538 | €3,337 | -€201 | -5.7% |
| Amounts receivable within one year | 40/41 | €85,816 | €114,196 | +€28,380 | +33.1% |
| Trade receivables | 40 | €58,026 | €42,747 | -€15,279 | -26.3% |
| Other amounts receivable | 41 | €27,790 | €71,449 | +€43,659 | +157.1% |
| Cash at bank and in hand | 54/58 | €106,349 | €82,828 | -€23,520 | -22.1% |
| Deferred charges and accrued income | 490/1 | €3,002 | €3,305 | +€303 | +10.1% |
| Total equity and liabilities | 10/49 | €622,880 | €777,799 | +€154,919 | +24.9% |
| Equity | 10/15 | €164,810 | €208,505 | +€43,695 | +26.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €146,210 | €189,905 | +€43,695 | +29.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €146,210 | €189,905 | +€43,695 | +29.9% |
| Amounts payable | 17/49 | €458,070 | €569,294 | +€111,224 | +24.3% |
| Amounts payable after more than one year | 17 | €306,165 | €432,662 | +€126,498 | +41.3% |
| Financial debts | 170/4 | €306,165 | €432,662 | +€126,498 | +41.3% |
| Amounts payable within one year | 42/48 | €151,905 | €136,632 | -€15,274 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €35,163 | €44,202 | +€9,039 | +25.7% |
| Financial debts | 43 | €40,000 | €0 | -€40,000 | -100.0% |
| Credit institutions | 430/8 | €40,000 | €0 | -€40,000 | -100.0% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €54,611 | €71,020 | +€16,410 | +30.0% |
| Suppliers | 440/4 | €54,611 | €71,020 | +€16,410 | +30.0% |
| Advances received on contracts in progress | 46 | €112 | €473 | +€361 | +323.9% |
| Taxes, remuneration and social security | 45 | €21,759 | €20,884 | -€876 | -4.0% |
| Taxes | 450/3 | €10,831 | €11,881 | +€1,050 | +9.7% |
| Remuneration and social security | 454/9 | €10,928 | €9,002 | -€1,926 | -17.6% |
| Other amounts payable | 47/48 | €261 | €53 | -€207 | -79.5% |
| Remuneration, social security and pensions | 62 | €155,578 | €156,369 | +€791 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,174 | €27,919 | +€745 | +2.7% |
| Other operating charges | 640/8 | €2,575 | €30,433 | +€27,858 | +1081.9% |
| Gross operating margin | 9900 | €247,956 | €281,960 | +€34,005 | +13.7% |
| Operating profit (loss) | 9901 | €62,629 | €67,240 | +€4,612 | +7.4% |
| Financial income | 75/76B | €803 | €2,783 | +€1,980 | +246.6% |
| Recurring financial income | 75 | €803 | €2,783 | +€1,980 | +246.6% |
| Financial charges | 65/66B | €11,498 | €13,460 | +€1,963 | +17.1% |
| Recurring financial charges | 65 | €11,498 | €13,460 | +€1,963 | +17.1% |
| Profit (loss) for the period before taxes | 9903 | €51,934 | €56,563 | +€4,629 | +8.9% |
| Income taxes | 67/77 | €12,067 | €12,868 | +€802 | +6.6% |
| Profit (loss) for the period | 9904 | €39,868 | €43,695 | +€3,827 | +9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €39,868 | €43,695 | +€3,827 | +9.6% |
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 10 October 2026 via checked.be.