EMF CONSTRUCT: 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.
What changed
EMF CONSTRUCT
NACE 42.110, Construction of roads and motorways
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€10,586
2024 · -€27,472+€16,885
Equity
€192,540
2024 · €317,126-€124,586
Cash
€4,262
2024 · €1,546+€2,717
Balance sheet total
€2.0m
2024 · €1.9m+€115,101
Largest movements
Assets
- Receivables within one year +€125,734
up €125,734 (+98.4%), from €127,736 to €253,470
of which Trade receivables: +€64,000
Equity and liabilities
- Debts after one year +€346,856
up €346,856 (+36.4%), from €953,144 to €1.3m
- Reserves -€114,000
down €114,000 (-59.1%), from €192,860 to €78,860
- Current portion of long-term debt -€63,874
down €63,874 (-93.9%), from €68,059 to €4,185
- Tax, wage and social debts -€41,407
down €41,407 (-61.1%), from €67,719 to €26,312
Income statement
- Gross operating margin +€81,159
up €81,159 (+50.3%), from €161,320 to €242,479
- Depreciation +€62,559
up €62,559 (+46.7%), from €134,029 to €196,588
- Financial charges -€6,134
down €6,134 (-12.2%), from €50,275 to €44,141
- Financial income -€5,513
down €5,513 (-43.4%), from €12,699 to €7,186
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.
Result 2024
-€27,472
Gross operating margin
+€81,159
Depreciation
-€62,559
Other operating charges
-€1,501
Financial income
-€5,513
Financial charges
+€6,134
Taxes
-€835
Result 2025
-€10,586
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.
From operations
+€26,735
Investment
-€193,000
Financing
+€168,982
Cash 2024
€1,546
From operations (derived)
+€26,735
Net result for the year
-€10,586
Depreciation
+€196,588
Receivables within one year
-€125,734
Deferred charges and accrued income
+€9,763
Trade debts
-€6,021
Tax, wage and social debts
-€41,407
Other debts
-€1,721
Accrued charges and deferred income
+€5,854
Investment (derived)
-€193,000
Investment in fixed assets (net)
-€193,000
Financing
+€168,982
Debts after one year
+€346,856
Current portion of long-term debt
-€63,874
Contributions, distributions and other
-€114,000
Cash 2025
€4,262
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,854,458 | €1,969,558 | +€115,101 | +6.2% |
| Fixed assets | 21/28 | €1,399,224 | €1,395,636 | -€3,588 | -0.3% |
| Tangible fixed assets | 22/27 | €898,052 | €894,464 | -€3,588 | -0.4% |
| Land and buildings | 22 | €579,461 | €555,464 | -€23,998 | -4.1% |
| Plant, machinery and equipment | 23 | €24,160 | €6,796 | -€17,364 | -71.9% |
| Furniture and vehicles | 24 | €234,802 | €317,697 | +€82,895 | +35.3% |
| Leasing and similar rights | 25 | €59,628 | €14,507 | -€45,121 | -75.7% |
| Financial fixed assets | 28 | €501,172 | €501,172 | = | 0.0% |
| Current assets | 29/58 | €455,234 | €573,922 | +€118,688 | +26.1% |
| Amounts receivable after more than one year | 29 | €300,000 | €300,000 | = | 0.0% |
| Other amounts receivable | 291 | €300,000 | €300,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €127,736 | €253,470 | +€125,734 | +98.4% |
| Trade receivables | 40 | €25,232 | €89,232 | +€64,000 | +253.6% |
| Other amounts receivable | 41 | €102,504 | €164,238 | +€61,734 | +60.2% |
| Cash at bank and in hand | 54/58 | €1,546 | €4,262 | +€2,717 | +175.8% |
| Deferred charges and accrued income | 490/1 | €25,953 | €16,190 | -€9,763 | -37.6% |
| Total equity and liabilities | 10/49 | €1,854,458 | €1,969,558 | +€115,101 | +6.2% |
| Equity | 10/15 | €317,126 | €192,540 | -€124,586 | -39.3% |
| Contributions | 10/11 | €78,600 | €78,600 | = | 0.0% |
| Reserves | 13 | €192,860 | €78,860 | -€114,000 | -59.1% |
| Distributable reserves | 133 | €192,860 | €78,860 | -€114,000 | -59.1% |
| Profit (loss) carried forward | 14 | €45,666 | €35,080 | -€10,586 | -23.2% |
| Amounts payable | 17/49 | €1,537,331 | €1,777,018 | +€239,687 | +15.6% |
| Amounts payable after more than one year | 17 | €953,144 | €1,300,000 | +€346,856 | +36.4% |
| Financial debts | 170/4 | €953,144 | €1,300,000 | +€346,856 | +36.4% |
| Amounts payable within one year | 42/48 | €573,260 | €460,237 | -€113,023 | -19.7% |
| Current portion of amounts payable after more than one year | 42 | €68,059 | €4,185 | -€63,874 | -93.9% |
| Trade debts | 44 | €196,004 | €189,983 | -€6,021 | -3.1% |
| Suppliers | 440/4 | €196,004 | €189,983 | -€6,021 | -3.1% |
| Taxes, remuneration and social security | 45 | €67,719 | €26,312 | -€41,407 | -61.1% |
| Taxes | 450/3 | €67,719 | €26,312 | -€41,407 | -61.1% |
| Other amounts payable | 47/48 | €241,478 | €239,757 | -€1,721 | -0.7% |
| Accrued charges and deferred income | 492/3 | €10,927 | €16,781 | +€5,854 | +53.6% |
| Non-recurring operating income | 76A | €6,000 | €0 | -€6,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,029 | €196,588 | +€62,559 | +46.7% |
| Other operating charges | 640/8 | €14,760 | €16,261 | +€1,501 | +10.2% |
| Gross operating margin | 9900 | €161,320 | €242,479 | +€81,159 | +50.3% |
| Operating profit (loss) | 9901 | €12,531 | €29,630 | +€17,100 | +136.5% |
| Financial income | 75/76B | €12,699 | €7,186 | -€5,513 | -43.4% |
| Recurring financial income | 75 | €12,699 | €7,186 | -€5,513 | -43.4% |
| Financial charges | 65/66B | €50,275 | €44,141 | -€6,134 | -12.2% |
| Recurring financial charges | 65 | €50,275 | €44,141 | -€6,134 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | -€25,045 | -€7,324 | +€17,721 | +70.8% |
| Income taxes | 67/77 | €2,427 | €3,262 | +€835 | +34.4% |
| Profit (loss) for the period | 9904 | -€27,472 | -€10,586 | +€16,885 | +61.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,472 | -€10,586 | +€16,885 | +61.5% |
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 6 October 2026 via checked.be.