EMH: 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.
EMH
Largest movements
- Receivables within one year -€49,910
down €49,910 (-11.3%), from €441,195 to €391,285
of which Trade receivables: -€42,777
- Tangible fixed assets -€16,534
down €16,534 (-3.6%), from €453,956 to €437,422
of which Land and buildings: -€15,183
- Other debts +€134,733
up €134,733 (+9797.5%), from €1,375 to €136,108
- Debts after one year -€68,211
down €68,211 (-26.6%), from €256,644 to €188,433
of which Other amounts payable: -€147,450
- Reserves -€66,039
down €66,039 (-13.0%), from €506,594 to €440,555
- Tax, wage and social debts -€60,742
no longer reported in 2025 (was €60,742)
of which Taxes: -€57,763
- Gross operating margin -€275,466
down €275,466, from €232,747 to -€42,719
- Taxes -€51,829
down €51,829 (-100.0%), from €51,839 to €10
- Financial income +€8,185
up €8,185 (+547.1%), from €1,496 to €9,681
- Other operating charges +€3,028
up €3,028 (+101.6%), from €2,979 to €6,007
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 | €908,571 | €842,774 | -€65,798 | -7.2% |
| Fixed assets | 21/28 | €457,601 | €437,422 | -€20,179 | -4.4% |
| Tangible fixed assets | 22/27 | €453,956 | €437,422 | -€16,534 | -3.6% |
| Land and buildings | 22 | €447,985 | €432,802 | -€15,183 | -3.4% |
| Plant, machinery and equipment | 23 | €3,266 | €2,584 | -€682 | -20.9% |
| Furniture and vehicles | 24 | €2,705 | €2,036 | -€669 | -24.7% |
| Financial fixed assets | 28 | €3,645 | - | -€3,645 | |
| Current assets | 29/58 | €450,970 | €405,351 | -€45,619 | -10.1% |
| Amounts receivable within one year | 40/41 | €441,195 | €391,285 | -€49,910 | -11.3% |
| Trade receivables | 40 | €42,777 | - | -€42,777 | |
| Other amounts receivable | 41 | €398,418 | €391,285 | -€7,133 | -1.8% |
| Cash at bank and in hand | 54/58 | €5,625 | €1,116 | -€4,509 | -80.2% |
| Deferred charges and accrued income | 490/1 | €4,150 | €12,950 | +€8,800 | +212.0% |
| Total equity and liabilities | 10/49 | €908,571 | €842,774 | -€65,798 | -7.2% |
| Equity | 10/15 | €531,594 | €465,555 | -€66,039 | -12.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €506,594 | €440,555 | -€66,039 | -13.0% |
| Distributable reserves | 133 | €506,594 | €440,555 | -€66,039 | -13.0% |
| Amounts payable | 17/49 | €376,978 | €377,219 | +€241 | +0.1% |
| Amounts payable after more than one year | 17 | €256,644 | €188,433 | -€68,211 | -26.6% |
| Financial debts | 170/4 | €106,644 | €185,883 | +€79,239 | +74.3% |
| Other amounts payable | 178/9 | €150,000 | €2,550 | -€147,450 | -98.3% |
| Amounts payable within one year | 42/48 | €111,783 | €185,230 | +€73,447 | +65.7% |
| Current portion of amounts payable after more than one year | 42 | €45,599 | €45,983 | +€384 | +0.8% |
| Trade debts | 44 | €4,067 | €3,139 | -€929 | -22.8% |
| Suppliers | 440/4 | €4,067 | €3,139 | -€929 | -22.8% |
| Taxes, remuneration and social security | 45 | €60,742 | - | -€60,742 | |
| Taxes | 450/3 | €57,763 | - | -€57,763 | |
| Remuneration and social security | 454/9 | €2,978 | - | -€2,978 | |
| Other amounts payable | 47/48 | €1,375 | €136,108 | +€134,733 | +9797.5% |
| Accrued charges and deferred income | 492/3 | €8,550 | €3,556 | -€4,994 | -58.4% |
| Non-recurring operating income | 76A | €10,081 | - | -€10,081 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,966 | €16,534 | +€568 | +3.6% |
| Other operating charges | 640/8 | €2,979 | €6,007 | +€3,028 | +101.6% |
| Gross operating margin | 9900 | €232,747 | -€42,719 | -€275,466 | |
| Operating profit (loss) | 9901 | €213,803 | -€65,259 | -€279,062 | |
| Financial income | 75/76B | €1,496 | €9,681 | +€8,185 | +547.1% |
| Recurring financial income | 75 | €1,496 | €9,681 | +€8,185 | +547.1% |
| Financial charges | 65/66B | €12,353 | €10,451 | -€1,903 | -15.4% |
| Recurring financial charges | 65 | €12,353 | €6,806 | -€5,548 | -44.9% |
| Non-recurring financial charges | 66B | - | €3,645 | +€3,645 | |
| Profit (loss) for the period before taxes | 9903 | €202,945 | -€66,029 | -€268,974 | |
| Income taxes | 67/77 | €51,839 | €10 | -€51,829 | -100.0% |
| Profit (loss) for the period | 9904 | €151,106 | -€66,039 | -€217,145 | |
| Profit (loss) for the period to be appropriated | 9905 | €151,106 | -€66,039 | -€217,145 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.