EMERG: 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.
EMERG
Largest movements
- Tangible fixed assets +€363,431
up €363,431 (+371.4%), from €97,851 to €461,282
of which Land and buildings: +€349,557
- Cash -€124,676
down €124,676 (-57.1%), from €218,208 to €93,532
mainly Contributions, distributions and other (-€380,497) and Investment in fixed assets (net) (-€379,824)
- Receivables within one year +€66,537
up €66,537 (+274.2%), from €24,267 to €90,804
of which Trade receivables: +€66,556
- Debts after one year +€297,004
new in 2025: €297,004
- Reserves -€201,384
down €201,384 (-88.8%), from €226,834 to €25,450
- Other debts +€181,592
up €181,592 (+201.1%), from €90,278 to €271,870
- Tax, wage and social debts +€18,048
up €18,048 (+76.9%), from €23,458 to €41,506
- Current portion of long-term debt +€11,502
new in 2025: €11,502
- Gross operating margin +€95,574
up €95,574 (+56.2%), from €169,990 to €265,564
- Taxes +€19,111
up €19,111 (+53.6%), from €35,633 to €54,744
- Financial charges +€12,752
up €12,752 (+1384.0%), from €921 to €13,673
- Depreciation +€7,843
up €7,843 (+91.7%), from €8,551 to €16,393
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 | €362,026 | €667,318 | +€305,292 | +84.3% |
| Fixed assets | 21/28 | €97,851 | €461,282 | +€363,431 | +371.4% |
| Tangible fixed assets | 22/27 | €97,851 | €461,282 | +€363,431 | +371.4% |
| Land and buildings | 22 | €39,394 | €388,951 | +€349,557 | +887.3% |
| Plant, machinery and equipment | 23 | - | €6,757 | +€6,757 | |
| Furniture and vehicles | 24 | €12,397 | €24,741 | +€12,345 | +99.6% |
| Other tangible fixed assets | 26 | €46,060 | €40,833 | -€5,228 | -11.3% |
| Current assets | 29/58 | €264,175 | €206,036 | -€58,139 | -22.0% |
| Amounts receivable within one year | 40/41 | €24,267 | €90,804 | +€66,537 | +274.2% |
| Trade receivables | 40 | €17,424 | €83,980 | +€66,556 | +382.0% |
| Other amounts receivable | 41 | €6,843 | €6,824 | -€19 | -0.3% |
| Current investments | 50/53 | €21,700 | €21,700 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €218,208 | €93,532 | -€124,676 | -57.1% |
| Total equity and liabilities | 10/49 | €362,026 | €667,318 | +€305,292 | +84.3% |
| Equity | 10/15 | €245,384 | €44,000 | -€201,384 | -82.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €226,834 | €25,450 | -€201,384 | -88.8% |
| Distributable reserves | 133 | €226,834 | €25,450 | -€201,384 | -88.8% |
| Amounts payable | 17/49 | €116,642 | €623,318 | +€506,676 | +434.4% |
| Amounts payable after more than one year | 17 | - | €297,004 | +€297,004 | |
| Financial debts | 170/4 | - | €297,004 | +€297,004 | |
| Amounts payable within one year | 42/48 | €116,642 | €326,314 | +€209,672 | +179.8% |
| Current portion of amounts payable after more than one year | 42 | - | €11,502 | +€11,502 | |
| Trade debts | 44 | €2,906 | €1,437 | -€1,469 | -50.6% |
| Suppliers | 440/4 | €2,906 | €1,437 | -€1,469 | -50.6% |
| Taxes, remuneration and social security | 45 | €23,458 | €41,506 | +€18,048 | +76.9% |
| Taxes | 450/3 | €23,458 | €41,506 | +€18,048 | +76.9% |
| Other amounts payable | 47/48 | €90,278 | €271,870 | +€181,592 | +201.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,551 | €16,393 | +€7,843 | +91.7% |
| Other operating charges | 640/8 | €978 | €1,641 | +€662 | +67.7% |
| Gross operating margin | 9900 | €169,990 | €265,564 | +€95,574 | +56.2% |
| Operating profit (loss) | 9901 | €160,461 | €247,531 | +€87,069 | +54.3% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €921 | €13,673 | +€12,752 | +1384.0% |
| Recurring financial charges | 65 | €921 | €13,673 | +€12,752 | +1384.0% |
| Profit (loss) for the period before taxes | 9903 | €159,540 | €233,857 | +€74,317 | +46.6% |
| Income taxes | 67/77 | €35,633 | €54,744 | +€19,111 | +53.6% |
| Profit (loss) for the period | 9904 | €123,907 | €179,113 | +€55,206 | +44.6% |
| Profit (loss) for the period to be appropriated | 9905 | €123,907 | €179,113 | +€55,206 | +44.6% |
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 9 October 2026 via checked.be.