EMGB: 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.
EMGB
Largest movements
- Receivables within one year -€49,238
down €49,238 (-57.9%), from €85,107 to €35,869
of which Trade receivables: -€34,300
- Deferred charges and accrued income -€18,600
no longer reported in 2025 (was €18,600)
- Profit (loss) carried forward -€42,099
down €42,099 (-452.3%), from -€9,308 to -€51,407
- Debts after one year -€26,843
down €26,843 (-2.7%), from €996,178 to €969,335
- Trade debts +€18,056
up €18,056 (+397.5%), from €4,542 to €22,597
- Tax, wage and social debts -€14,795
down €14,795 (-93.5%), from €15,824 to €1,028
- Gross operating margin -€53,323
down €53,323 (-48.2%), from €110,591 to €57,268
- Other operating charges -€27,594
down €27,594 (-66.1%), from €41,773 to €14,178
- Depreciation +€4,106
up €4,106 (+9.2%), from €44,827 to €48,933
- Financial charges +€2,422
up €2,422 (+7.2%), from €33,833 to €36,255
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 | €1,461,075 | €1,385,292 | -€75,783 | -5.2% |
| Fixed assets | 21/28 | €1,357,150 | €1,349,377 | -€7,773 | -0.6% |
| Tangible fixed assets | 22/27 | €1,357,150 | €1,349,377 | -€7,773 | -0.6% |
| Land and buildings | 22 | €1,325,705 | €1,320,892 | -€4,813 | -0.4% |
| Plant, machinery and equipment | 23 | €31,445 | €28,485 | -€2,960 | -9.4% |
| Current assets | 29/58 | €103,925 | €35,915 | -€68,010 | -65.4% |
| Amounts receivable within one year | 40/41 | €85,107 | €35,869 | -€49,238 | -57.9% |
| Trade receivables | 40 | €50,059 | €15,760 | -€34,300 | -68.5% |
| Other amounts receivable | 41 | €35,048 | €20,110 | -€14,938 | -42.6% |
| Cash at bank and in hand | 54/58 | €218 | €46 | -€173 | -79.1% |
| Deferred charges and accrued income | 490/1 | €18,600 | - | -€18,600 | |
| Total equity and liabilities | 10/49 | €1,461,075 | €1,385,292 | -€75,783 | -5.2% |
| Equity | 10/15 | €122,439 | €80,341 | -€42,099 | -34.4% |
| Contributions | 10/11 | €104,144 | €104,144 | = | 0.0% |
| Reserves | 13 | €27,603 | €27,603 | = | 0.0% |
| Distributable reserves | 133 | €27,603 | €27,603 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,308 | -€51,407 | -€42,099 | -452.3% |
| Amounts payable | 17/49 | €1,338,636 | €1,304,952 | -€33,684 | -2.5% |
| Amounts payable after more than one year | 17 | €996,178 | €969,335 | -€26,843 | -2.7% |
| Financial debts | 170/4 | €996,178 | €969,335 | -€26,843 | -2.7% |
| Amounts payable within one year | 42/48 | €330,142 | €335,616 | +€5,475 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €61,848 | €63,963 | +€2,114 | +3.4% |
| Trade debts | 44 | €4,542 | €22,597 | +€18,056 | +397.5% |
| Suppliers | 440/4 | €4,542 | €22,597 | +€18,056 | +397.5% |
| Taxes, remuneration and social security | 45 | €15,824 | €1,028 | -€14,795 | -93.5% |
| Taxes | 450/3 | €15,824 | €1,028 | -€14,795 | -93.5% |
| Other amounts payable | 47/48 | €247,928 | €248,028 | +€100 | 0.0% |
| Accrued charges and deferred income | 492/3 | €12,316 | - | -€12,316 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,827 | €48,933 | +€4,106 | +9.2% |
| Other operating charges | 640/8 | €41,773 | €14,178 | -€27,594 | -66.1% |
| Gross operating margin | 9900 | €110,591 | €57,268 | -€53,323 | -48.2% |
| Operating profit (loss) | 9901 | €23,991 | -€5,843 | -€29,834 | |
| Financial income | 75/76B | €534 | - | -€534 | |
| Recurring financial income | 75 | €534 | - | -€534 | |
| Financial charges | 65/66B | €33,833 | €36,255 | +€2,422 | +7.2% |
| Recurring financial charges | 65 | €33,833 | €36,255 | +€2,422 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | -€9,308 | -€42,099 | -€32,790 | -352.3% |
| Profit (loss) for the period | 9904 | -€9,308 | -€42,099 | -€32,790 | -352.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,308 | -€42,099 | -€32,790 | -352.3% |
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 12 October 2026 via checked.be.