EMFICO: 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.
EMFICO
Largest movements
- Cash -€59,811
down €59,811 (-79.9%), from €74,854 to €15,042
mainly Net result for the year (-€62,711) and Investment in fixed assets (net) (-€16,154)
- Tangible fixed assets +€8,716
up €8,716 (+24.5%), from €35,649 to €44,365
of which Other tangible fixed assets: +€6,386
- Receivables within one year -€6,857
down €6,857 (-49.1%), from €13,976 to €7,119
of which Trade receivables: -€13,976
- Reserves -€62,711
down €62,711 (-48.1%), from €130,251 to €67,540
- Trade debts +€5,724
up €5,724 (+403.7%), from €1,418 to €7,141
- Gross operating margin -€120,784
down €120,784, from €67,020 to -€53,764
- Taxes -€13,541
down €13,541, from €13,411 to -€130
- Depreciation +€1,653
up €1,653 (+28.6%), from €5,784 to €7,437
- Other operating charges +€758
up €758 (+100.7%), from €753 to €1,511
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 | €151,715 | €93,789 | -€57,926 | -38.2% |
| Fixed assets | 21/28 | €35,649 | €44,365 | +€8,716 | +24.5% |
| Tangible fixed assets | 22/27 | €35,649 | €44,365 | +€8,716 | +24.5% |
| Plant, machinery and equipment | 23 | - | €3,401 | +€3,401 | |
| Furniture and vehicles | 24 | €1,469 | €399 | -€1,071 | -72.9% |
| Other tangible fixed assets | 26 | €34,179 | €40,566 | +€6,386 | +18.7% |
| Current assets | 29/58 | €116,066 | €49,424 | -€66,642 | -57.4% |
| Amounts receivable after more than one year | 29 | €25,000 | €25,000 | = | 0.0% |
| Other amounts receivable | 291 | €25,000 | €25,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €13,976 | €7,119 | -€6,857 | -49.1% |
| Trade receivables | 40 | €13,976 | - | -€13,976 | |
| Other amounts receivable | 41 | - | €7,119 | +€7,119 | |
| Cash at bank and in hand | 54/58 | €74,854 | €15,042 | -€59,811 | -79.9% |
| Deferred charges and accrued income | 490/1 | €2,237 | €2,263 | +€26 | +1.2% |
| Total equity and liabilities | 10/49 | €151,715 | €93,789 | -€57,926 | -38.2% |
| Equity | 10/15 | €135,251 | €72,540 | -€62,711 | -46.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €130,251 | €67,540 | -€62,711 | -48.1% |
| Distributable reserves | 133 | €130,251 | €67,540 | -€62,711 | -48.1% |
| Amounts payable | 17/49 | €16,464 | €21,250 | +€4,785 | +29.1% |
| Amounts payable within one year | 42/48 | €16,464 | €21,250 | +€4,785 | +29.1% |
| Financial debts | 43 | €3,381 | €2,018 | -€1,363 | -40.3% |
| Credit institutions | 430/8 | €3,381 | €2,018 | -€1,363 | -40.3% |
| Trade debts | 44 | €1,418 | €7,141 | +€5,724 | +403.7% |
| Suppliers | 440/4 | €1,418 | €7,141 | +€5,724 | +403.7% |
| Taxes, remuneration and social security | 45 | €6,235 | €7,464 | +€1,229 | +19.7% |
| Taxes | 450/3 | €3,550 | €4,681 | +€1,131 | +31.9% |
| Remuneration and social security | 454/9 | €2,685 | €2,783 | +€98 | +3.7% |
| Other amounts payable | 47/48 | €5,431 | €4,626 | -€805 | -14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,784 | €7,437 | +€1,653 | +28.6% |
| Other operating charges | 640/8 | €753 | €1,511 | +€758 | +100.7% |
| Gross operating margin | 9900 | €67,020 | -€53,764 | -€120,784 | |
| Operating profit (loss) | 9901 | €60,483 | -€62,712 | -€123,195 | |
| Financial income | 75/76B | €457 | €704 | +€247 | +54.0% |
| Recurring financial income | 75 | €457 | €704 | +€247 | +54.0% |
| Financial charges | 65/66B | €1,183 | €833 | -€350 | -29.5% |
| Recurring financial charges | 65 | €1,183 | €833 | -€350 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | €59,757 | -€62,841 | -€122,599 | |
| Income taxes | 67/77 | €13,411 | -€130 | -€13,541 | |
| Profit (loss) for the period | 9904 | €46,346 | -€62,711 | -€109,057 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,346 | -€62,711 | -€109,057 |
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.