EMESAN: what changed
Two fiscal 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.
EMESAN
Largest movements
- Cash +€2.1m
up €2.1m (+1063.3%), from €196,801 to €2.3m
mainly Net result for the year (+€4.1m) and Investment in fixed assets (net) (+€1.4m)
- Financial fixed assets -€1.4m
down €1.4m (-100.0%), from €1.4m to €0
- Receivables after one year +€1.3m
up €1.3m (+1494.1%), from €85,000 to €1.4m
- Receivables within one year +€1.1m
up €1.1m (+359.7%), from €299,814 to €1.4m
of which Trade receivables: +€1.1m
- Reserves +€4.1m
up €4.1m (+410.1%), from €1.0m to €5.1m
of which Distributable reserves: +€4.0m
- Debts after one year -€851,817
down €851,817 (-87.4%), from €975,139 to €123,322
- Current portion of long-term debt -€166,046
down €166,046 (-87.9%), from €188,914 to €22,869
- Turnover +€462,096
new in 2025: €462,096
- Gross operating margin -€355,043
no longer reported in 2025 (was €355,043)
- Services and other goods +€201,430
new in 2025: €201,430
- Taxes -€52,759
down €52,759 (-50.0%), from €105,422 to €52,663
- Financial charges +€15,714
up €15,714 (+54.4%), from €28,891 to €44,605
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 | €2,252,262 | €5,333,838 | +€3.1m | +136.8% |
| Fixed assets | 21/28 | €1,669,458 | €301,455 | -€1.4m | -81.9% |
| Tangible fixed assets | 22/27 | €310,458 | €301,455 | -€9,003 | -2.9% |
| Land and buildings | 22 | €304,310 | €293,102 | -€11,208 | -3.7% |
| Plant, machinery and equipment | 23 | €1,525 | €1,030 | -€495 | -32.5% |
| Other tangible fixed assets | 26 | €4,623 | €7,324 | +€2,700 | +58.4% |
| Financial fixed assets | 28 | €1,359,000 | €0 | -€1.4m | -100.0% |
| Affiliated companies | 280/1 | - | €0 | = | |
| Participating interests | 280 | - | €0 | = | |
| Current assets | 29/58 | €582,804 | €5,032,383 | +€4.4m | +763.5% |
| Amounts receivable after more than one year | 29 | €85,000 | €1,355,000 | +€1.3m | +1494.1% |
| Other amounts receivable | 291 | €85,000 | €1,355,000 | +€1.3m | +1494.1% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €299,814 | €1,378,199 | +€1.1m | +359.7% |
| Trade receivables | 40 | €298,879 | €1,377,618 | +€1.1m | +360.9% |
| Other amounts receivable | 41 | €935 | €580 | -€355 | -38.0% |
| Cash at bank and in hand | 54/58 | €196,801 | €2,289,464 | +€2.1m | +1063.3% |
| Deferred charges and accrued income | 490/1 | €1,189 | €9,720 | +€8,531 | +717.5% |
| Total equity and liabilities | 10/49 | €2,252,262 | €5,333,838 | +€3.1m | +136.8% |
| Equity | 10/15 | €1,014,574 | €5,137,433 | +€4.1m | +406.4% |
| Contributions | 10/11 | €9,200 | €9,200 | = | 0.0% |
| Reserves | 13 | €1,005,261 | €5,128,121 | +€4.1m | +410.1% |
| Tax-exempt reserves | 132 | - | €75,780 | +€75,780 | |
| Distributable reserves | 133 | €1,005,261 | €5,052,341 | +€4.0m | +402.6% |
| Profit (loss) carried forward | 14 | €113 | €113 | = | 0.0% |
| Amounts payable | 17/49 | €1,237,689 | €196,405 | -€1.0m | -84.1% |
| Amounts payable after more than one year | 17 | €975,139 | €123,322 | -€851,817 | -87.4% |
| Financial debts | 170/4 | €975,139 | €123,322 | -€851,817 | -87.4% |
| Credit institutions | 173 | - | €123,322 | +€123,322 | |
| Amounts payable within one year | 42/48 | €262,549 | €73,082 | -€189,467 | -72.2% |
| Current portion of amounts payable after more than one year | 42 | €188,914 | €22,869 | -€166,046 | -87.9% |
| Trade debts | 44 | €8,718 | €6,407 | -€2,310 | -26.5% |
| Suppliers | 440/4 | €8,718 | €6,407 | -€2,310 | -26.5% |
| Taxes, remuneration and social security | 45 | €58,717 | €15,483 | -€43,233 | -73.6% |
| Taxes | 450/3 | €58,717 | €8,908 | -€49,809 | -84.8% |
| Remuneration and social security | 454/9 | - | €6,576 | +€6,576 | |
| Other amounts payable | 47/48 | €6,201 | €28,323 | +€22,122 | +356.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | - | €4,435,382 | +€4.4m | |
| Turnover | 70 | - | €462,096 | +€462,096 | |
| Other operating income | 74 | - | €3,737 | +€3,737 | |
| Non-recurring operating income | 76A | €0 | €3,969,549 | +€4.0m | |
| Operating charges | 60/66A | - | €217,379 | +€217,379 | |
| Services and other goods | 61 | - | €201,430 | +€201,430 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,121 | €13,503 | -€618 | -4.4% |
| Other operating charges | 640/8 | €2,484 | €2,446 | -€38 | -1.5% |
| Gross operating margin | 9900 | €355,043 | - | -€355,043 | |
| Operating profit (loss) | 9901 | €338,438 | €4,218,003 | +€3.9m | +1146.3% |
| Financial income | 75/76B | €2,125 | €2,125 | +€0 | 0.0% |
| Recurring financial income | 75 | €2,125 | €2,125 | +€0 | 0.0% |
| Income from current assets | 751 | - | €2,125 | +€2,125 | |
| Other financial income | 752/9 | - | €0 | +€0 | |
| Financial charges | 65/66B | €28,891 | €44,605 | +€15,714 | +54.4% |
| Recurring financial charges | 65 | €28,891 | €44,605 | +€15,714 | +54.4% |
| Debt charges | 650 | - | €44,605 | +€44,605 | |
| Profit (loss) for the period before taxes | 9903 | €311,672 | €4,175,523 | +€3.9m | +1239.7% |
| Income taxes | 67/77 | €105,422 | €52,663 | -€52,759 | -50.0% |
| Taxes | 670/3 | - | €52,663 | +€52,663 | |
| Profit (loss) for the period | 9904 | €206,250 | €4,122,860 | +€3.9m | +1899.0% |
| Transfer to tax-exempt reserves | 689 | - | €75,780 | +€75,780 | |
| Profit (loss) for the period to be appropriated | 9905 | €206,250 | €4,047,080 | +€3.8m | +1862.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.