EMEX: 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.
EMEX
Largest movements
- Tangible fixed assets -€39,738
down €39,738 (-4.6%), from €856,179 to €816,441
of which Land and buildings: -€39,630
- Receivables within one year +€29,326
up €29,326 (+8.8%), from €332,293 to €361,619
of which Trade receivables: +€26,872
- Cash -€17,988
down €17,988 (-43.7%), from €41,162 to €23,174
mainly Debts after one year (-€34,986) and Receivables within one year (-€29,326)
- Debts after one year -€34,986
down €34,986 (-6.2%), from €568,469 to €533,483
- Gross operating margin -€3,316
down €3,316 (-5.2%), from €63,326 to €60,010
- Financial charges -€642
down €642 (-6.9%), from €9,244 to €8,601
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 | €1,231,224 | €1,203,568 | -€27,656 | -2.2% |
| Fixed assets | 21/28 | €856,303 | €816,565 | -€39,738 | -4.6% |
| Tangible fixed assets | 22/27 | €856,179 | €816,441 | -€39,738 | -4.6% |
| Land and buildings | 22 | €855,478 | €815,848 | -€39,630 | -4.6% |
| Plant, machinery and equipment | 23 | €701 | €594 | -€107 | -15.3% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €374,920 | €387,003 | +€12,082 | +3.2% |
| Amounts receivable within one year | 40/41 | €332,293 | €361,619 | +€29,326 | +8.8% |
| Trade receivables | 40 | €332,293 | €359,165 | +€26,872 | +8.1% |
| Other amounts receivable | 41 | - | €2,454 | +€2,454 | |
| Cash at bank and in hand | 54/58 | €41,162 | €23,174 | -€17,988 | -43.7% |
| Deferred charges and accrued income | 490/1 | €1,466 | €2,209 | +€744 | +50.8% |
| Total equity and liabilities | 10/49 | €1,231,224 | €1,203,568 | -€27,656 | -2.2% |
| Equity | 10/15 | €441,226 | €438,007 | -€3,218 | -0.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €379,726 | €376,507 | -€3,218 | -0.8% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €155,823 | €146,432 | -€9,391 | -6.0% |
| Distributable reserves | 133 | €216,466 | €222,638 | +€6,173 | +2.9% |
| Provisions and deferred taxes | 16 | €51,718 | €48,588 | -€3,130 | -6.1% |
| Deferred taxes | 168 | €51,718 | €48,588 | -€3,130 | -6.1% |
| Amounts payable | 17/49 | €738,280 | €716,973 | -€21,307 | -2.9% |
| Amounts payable after more than one year | 17 | €568,469 | €533,483 | -€34,986 | -6.2% |
| Financial debts | 170/4 | €568,469 | €533,483 | -€34,986 | -6.2% |
| Amounts payable within one year | 42/48 | €163,113 | €173,336 | +€10,223 | +6.3% |
| Current portion of amounts payable after more than one year | 42 | €34,707 | €34,986 | +€279 | +0.8% |
| Trade debts | 44 | €78,684 | €86,061 | +€7,376 | +9.4% |
| Suppliers | 440/4 | €78,684 | €86,061 | +€7,376 | +9.4% |
| Taxes, remuneration and social security | 45 | €3,363 | €3,477 | +€114 | +3.4% |
| Taxes | 450/3 | €3,363 | €3,477 | +€114 | +3.4% |
| Other amounts payable | 47/48 | €46,359 | €48,813 | +€2,454 | +5.3% |
| Accrued charges and deferred income | 492/3 | €6,697 | €10,153 | +€3,456 | +51.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,738 | €39,738 | -€0 | 0.0% |
| Other operating charges | 640/8 | €17,512 | €18,019 | +€507 | +2.9% |
| Gross operating margin | 9900 | €63,326 | €60,010 | -€3,316 | -5.2% |
| Operating profit (loss) | 9901 | €6,076 | €2,253 | -€3,823 | -62.9% |
| Financial charges | 65/66B | €9,244 | €8,601 | -€642 | -6.9% |
| Recurring financial charges | 65 | €9,244 | €8,601 | -€642 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | -€3,167 | -€6,348 | -€3,181 | -100.4% |
| Transfer from deferred taxes | 780 | €3,130 | €3,130 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€37 | -€3,218 | -€3,181 | -8548.8% |
| Transfer from tax-exempt reserves | 789 | €9,391 | €9,391 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,354 | €6,173 | -€3,181 | -34.0% |
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 11 October 2026 via checked.be.