EMESVE: 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.
EMESVE
Largest movements
- Cash +€38,120
up €38,120 (+69.2%), from €55,063 to €93,183
mainly Depreciation (+€17,037) and Deferred charges and accrued income (+€14,766)
- Tangible fixed assets -€17,037
down €17,037 (-20.6%), from €82,656 to €65,620
of which Furniture and vehicles: -€9,434
- Deferred charges and accrued income -€14,766
down €14,766 (-81.1%), from €18,202 to €3,436
- Receivables within one year +€5,152
up €5,152 (+38.6%), from €13,358 to €18,510
of which Trade receivables: +€6,181
- Reserves +€13,922
up €13,922 (+13.8%), from €100,675 to €114,597
of which Distributable reserves: +€13,922
- Debts after one year -€6,061
down €6,061 (-17.8%), from €34,080 to €28,019
- Gross operating margin +€14,934
up €14,934 (+63.8%), from €23,395 to €38,329
- Taxes +€1,636
up €1,636 (+52.0%), from €3,147 to €4,783
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 | €169,280 | €180,750 | +€11,470 | +6.8% |
| Fixed assets | 21/28 | €82,656 | €65,620 | -€17,037 | -20.6% |
| Tangible fixed assets | 22/27 | €82,656 | €65,620 | -€17,037 | -20.6% |
| Land and buildings | 22 | €13,444 | €8,867 | -€4,578 | -34.0% |
| Plant, machinery and equipment | 23 | €2,180 | €1,453 | -€727 | -33.3% |
| Furniture and vehicles | 24 | €14,663 | €5,230 | -€9,434 | -64.3% |
| Other tangible fixed assets | 26 | €52,369 | €50,070 | -€2,299 | -4.4% |
| Current assets | 29/58 | €86,624 | €115,130 | +€28,506 | +32.9% |
| Amounts receivable within one year | 40/41 | €13,358 | €18,510 | +€5,152 | +38.6% |
| Trade receivables | 40 | €1,323 | €7,504 | +€6,181 | +467.4% |
| Other amounts receivable | 41 | €12,036 | €11,007 | -€1,029 | -8.6% |
| Cash at bank and in hand | 54/58 | €55,063 | €93,183 | +€38,120 | +69.2% |
| Deferred charges and accrued income | 490/1 | €18,202 | €3,436 | -€14,766 | -81.1% |
| Total equity and liabilities | 10/49 | €169,280 | €180,750 | +€11,470 | +6.8% |
| Equity | 10/15 | €106,875 | €120,797 | +€13,922 | +13.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €100,675 | €114,597 | +€13,922 | +13.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €98,816 | €112,738 | +€13,922 | +14.1% |
| Amounts payable | 17/49 | €62,405 | €59,953 | -€2,452 | -3.9% |
| Amounts payable after more than one year | 17 | €34,080 | €28,019 | -€6,061 | -17.8% |
| Financial debts | 170/4 | €34,080 | €28,019 | -€6,061 | -17.8% |
| Amounts payable within one year | 42/48 | €28,325 | €31,934 | +€3,609 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €5,825 | €6,061 | +€236 | +4.1% |
| Trade debts | 44 | €1,404 | €2,295 | +€891 | +63.5% |
| Suppliers | 440/4 | €1,404 | €2,295 | +€891 | +63.5% |
| Taxes, remuneration and social security | 45 | €4,500 | €5,850 | +€1,350 | +30.0% |
| Taxes | 450/3 | €4,500 | €5,850 | +€1,350 | +30.0% |
| Other amounts payable | 47/48 | €16,596 | €17,728 | +€1,131 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,932 | €17,037 | +€105 | +0.6% |
| Other operating charges | 640/8 | €488 | €851 | +€364 | +74.6% |
| Non-recurring operating charges | 66A | - | €0 | +€0 | |
| Gross operating margin | 9900 | €23,395 | €38,329 | +€14,934 | +63.8% |
| Operating profit (loss) | 9901 | €5,975 | €20,441 | +€14,466 | +242.1% |
| Financial income | 75/76B | €428 | €182 | -€247 | -57.6% |
| Recurring financial income | 75 | €428 | €182 | -€247 | -57.6% |
| Financial charges | 65/66B | €2,276 | €1,918 | -€358 | -15.7% |
| Recurring financial charges | 65 | €2,276 | €1,918 | -€358 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €4,127 | €18,705 | +€14,578 | +353.2% |
| Income taxes | 67/77 | €3,147 | €4,783 | +€1,636 | +52.0% |
| Profit (loss) for the period | 9904 | €980 | €13,922 | +€12,942 | +1320.0% |
| Profit (loss) for the period to be appropriated | 9905 | €980 | €13,922 | +€12,942 | +1320.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.