EMGECO: 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.
EMGECO
Largest movements
- Cash -€122,585
down €122,585 (-69.9%), from €175,450 to €52,865
mainly Debts after one year (-€269,904) and Current investments (-€100,000)
- Current investments +€100,000
up €100,000 (+210.2%), from €47,564 to €147,564
- Debts after one year -€269,904
down €269,904 (-8.1%), from €3.4m to €3.1m
- Reserves +€216,890
up €216,890 (+49.5%), from €438,340 to €655,229
- Gross operating margin -€53,369
down €53,369 (-10.6%), from €505,260 to €451,891
- Financial charges -€18,505
down €18,505 (-10.8%), from €171,238 to €152,733
- Taxes -€13,907
down €13,907 (-14.5%), from €95,942 to €82,035
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 | €4,075,308 | €4,058,254 | -€17,054 | -0.4% |
| Fixed assets | 21/28 | €3,801,615 | €3,802,570 | +€955 | 0.0% |
| Tangible fixed assets | 22/27 | - | €955 | +€955 | |
| Other tangible fixed assets | 26 | - | €955 | +€955 | |
| Financial fixed assets | 28 | €3,801,615 | €3,801,615 | = | 0.0% |
| Current assets | 29/58 | €273,693 | €255,684 | -€18,009 | -6.6% |
| Amounts receivable within one year | 40/41 | €50,678 | €55,254 | +€4,576 | +9.0% |
| Trade receivables | 40 | €26,620 | €53,240 | +€26,620 | +100.0% |
| Other amounts receivable | 41 | €24,058 | €2,014 | -€22,044 | -91.6% |
| Current investments | 50/53 | €47,564 | €147,564 | +€100,000 | +210.2% |
| Cash at bank and in hand | 54/58 | €175,450 | €52,865 | -€122,585 | -69.9% |
| Total equity and liabilities | 10/49 | €4,075,308 | €4,058,254 | -€17,054 | -0.4% |
| Equity | 10/15 | €450,740 | €667,629 | +€216,890 | +48.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €438,340 | €655,229 | +€216,890 | +49.5% |
| Distributable reserves | 133 | €438,340 | €655,229 | +€216,890 | +49.5% |
| Amounts payable | 17/49 | €3,624,568 | €3,390,625 | -€233,944 | -6.5% |
| Amounts payable after more than one year | 17 | €3,351,663 | €3,081,759 | -€269,904 | -8.1% |
| Financial debts | 170/4 | €3,351,663 | €3,081,759 | -€269,904 | -8.1% |
| Amounts payable within one year | 42/48 | €206,345 | €248,181 | +€41,835 | +20.3% |
| Current portion of amounts payable after more than one year | 42 | €170,010 | €176,462 | +€6,452 | +3.8% |
| Trade debts | 44 | €975 | €824 | -€152 | -15.6% |
| Suppliers | 440/4 | €975 | €824 | -€152 | -15.6% |
| Taxes, remuneration and social security | 45 | €35,360 | €33,519 | -€1,841 | -5.2% |
| Taxes | 450/3 | €35,360 | €33,519 | -€1,841 | -5.2% |
| Other amounts payable | 47/48 | €0 | €37,376 | +€37,376 | |
| Accrued charges and deferred income | 492/3 | €66,560 | €60,685 | -€5,875 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €45 | +€45 | |
| Other operating charges | 640/8 | €141 | €188 | +€47 | +33.6% |
| Gross operating margin | 9900 | €505,260 | €451,891 | -€53,369 | -10.6% |
| Operating profit (loss) | 9901 | €505,120 | €451,658 | -€53,461 | -10.6% |
| Financial charges | 65/66B | €171,238 | €152,733 | -€18,505 | -10.8% |
| Recurring financial charges | 65 | €171,238 | €152,733 | -€18,505 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €333,881 | €298,925 | -€34,956 | -10.5% |
| Income taxes | 67/77 | €95,942 | €82,035 | -€13,907 | -14.5% |
| Profit (loss) for the period | 9904 | €237,939 | €216,890 | -€21,049 | -8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €237,939 | €216,890 | -€21,049 | -8.8% |
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 8 October 2026 via checked.be.