EMH DEVELOPMENTS: 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 DEVELOPMENTS
Largest movements
- Cash +€4,193
up €4,193 (+1086.5%), from €386 to €4,579
mainly Other debts (+€10,451) and Trade debts (+€9,417)
- Tangible fixed assets -€609
down €609 (-43.9%), from €1,385 to €777
of which Plant, machinery and equipment: -€464
- Receivables within one year +€259
new in 2025: €259
- Other debts +€10,451
up €10,451 (+13.3%), from €78,838 to €89,289
- Tax, wage and social debts -€9,891
no longer reported in 2025 (was €9,891)
- Trade debts +€9,417
up €9,417 (+310.4%), from €3,034 to €12,451
- Profit (loss) carried forward -€6,134
down €6,134 (-3.5%), from -€177,046 to -€183,179
- Gross operating margin -€46,034
down €46,034, from €41,069 to -€4,965
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 | €1,771 | €5,615 | +€3,844 | +217.0% |
| Fixed assets | 21/28 | €1,385 | €777 | -€609 | -43.9% |
| Tangible fixed assets | 22/27 | €1,385 | €777 | -€609 | -43.9% |
| Plant, machinery and equipment | 23 | €976 | €511 | -€464 | -47.6% |
| Furniture and vehicles | 24 | €410 | €265 | -€145 | -35.3% |
| Current assets | 29/58 | €386 | €4,838 | +€4,452 | +1153.6% |
| Amounts receivable within one year | 40/41 | - | €259 | +€259 | |
| Other amounts receivable | 41 | - | €259 | +€259 | |
| Cash at bank and in hand | 54/58 | €386 | €4,579 | +€4,193 | +1086.5% |
| Total equity and liabilities | 10/49 | €1,771 | €5,615 | +€3,844 | +217.0% |
| Equity | 10/15 | -€89,991 | -€96,125 | -€6,134 | -6.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €68,454 | €68,454 | = | 0.0% |
| Distributable reserves | 133 | €68,454 | €68,454 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€177,046 | -€183,179 | -€6,134 | -3.5% |
| Amounts payable | 17/49 | €91,763 | €101,740 | +€9,977 | +10.9% |
| Amounts payable within one year | 42/48 | €91,763 | €101,740 | +€9,977 | +10.9% |
| Trade debts | 44 | €3,034 | €12,451 | +€9,417 | +310.4% |
| Suppliers | 440/4 | €3,034 | €12,451 | +€9,417 | +310.4% |
| Taxes, remuneration and social security | 45 | €9,891 | - | -€9,891 | |
| Taxes | 450/3 | €9,891 | - | -€9,891 | |
| Other amounts payable | 47/48 | €78,838 | €89,289 | +€10,451 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €879 | €609 | -€270 | -30.7% |
| Other operating charges | 640/8 | €281 | €120 | -€161 | -57.2% |
| Gross operating margin | 9900 | €41,069 | -€4,965 | -€46,034 | |
| Operating profit (loss) | 9901 | €39,909 | -€5,694 | -€45,603 | |
| Financial charges | 65/66B | €109 | €440 | +€331 | +305.0% |
| Recurring financial charges | 65 | €109 | €440 | +€331 | +305.0% |
| Profit (loss) for the period before taxes | 9903 | €39,801 | -€6,134 | -€45,934 | |
| Profit (loss) for the period | 9904 | €39,801 | -€6,134 | -€45,934 | |
| Profit (loss) for the period to be appropriated | 9905 | €39,801 | -€6,134 | -€45,934 |
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 5 October 2026 via checked.be.