Emhan: 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.
Emhan
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year -€88,812
down €88,812 (-69.2%), from €128,274 to €39,462
- Other debts +€62,851
up €62,851 (+11.7%), from €538,833 to €601,684
- Reserves +€14,020
up €14,020 (+8.2%), from €172,000 to €186,020
- Gross operating margin -€50,289
down €50,289 (-67.9%), from €74,056 to €23,766
- Taxes -€11,776
down €11,776 (-71.9%), from €16,381 to €4,605
- Financial charges -€1,819
down €1,819 (-32.0%), from €5,690 to €3,871
- Other operating charges -€1,737
down €1,737 (-60.5%), from €2,870 to €1,133
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 | €989,249 | €975,478 | -€13,771 | -1.4% |
| Fixed assets | 21/28 | €850,613 | €850,273 | -€340 | 0.0% |
| Tangible fixed assets | 22/27 | €613 | €273 | -€340 | -55.5% |
| Plant, machinery and equipment | 23 | €613 | €273 | -€340 | -55.5% |
| Financial fixed assets | 28 | €850,000 | €850,000 | = | 0.0% |
| Current assets | 29/58 | €138,636 | €125,205 | -€13,431 | -9.7% |
| Stocks and contracts in progress | 3 | €115,926 | €108,900 | -€7,026 | -6.1% |
| Stocks | 30/36 | €115,926 | €108,900 | -€7,026 | -6.1% |
| Amounts receivable within one year | 40/41 | €15,659 | €11,873 | -€3,786 | -24.2% |
| Trade receivables | 40 | €14,541 | €360 | -€14,181 | -97.5% |
| Other amounts receivable | 41 | €1,119 | €11,513 | +€10,395 | +929.0% |
| Cash at bank and in hand | 54/58 | €3,608 | €3,452 | -€156 | -4.3% |
| Deferred charges and accrued income | 490/1 | €3,442 | €979 | -€2,463 | -71.6% |
| Total equity and liabilities | 10/49 | €989,249 | €975,478 | -€13,771 | -1.4% |
| Equity | 10/15 | €190,804 | €204,620 | +€13,816 | +7.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €172,000 | €186,020 | +€14,020 | +8.2% |
| Distributable reserves | 133 | €172,000 | €186,020 | +€14,020 | +8.2% |
| Profit (loss) carried forward | 14 | €204 | - | -€204 | |
| Amounts payable | 17/49 | €798,445 | €770,857 | -€27,587 | -3.5% |
| Amounts payable after more than one year | 17 | €128,274 | €39,462 | -€88,812 | -69.2% |
| Financial debts | 170/4 | €128,274 | €39,462 | -€88,812 | -69.2% |
| Amounts payable within one year | 42/48 | €670,171 | €731,395 | +€61,224 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €87,472 | €88,812 | +€1,340 | +1.5% |
| Financial debts | 43 | €33,038 | €29,207 | -€3,830 | -11.6% |
| Credit institutions | 430/8 | €33,038 | €29,207 | -€3,830 | -11.6% |
| Trade debts | 44 | €440 | €51 | -€390 | -88.5% |
| Suppliers | 440/4 | €440 | €51 | -€390 | -88.5% |
| Taxes, remuneration and social security | 45 | €10,388 | €11,641 | +€1,253 | +12.1% |
| Taxes | 450/3 | €10,388 | €9,141 | -€1,247 | -12.0% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Other amounts payable | 47/48 | €538,833 | €601,684 | +€62,851 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €340 | €340 | = | 0.0% |
| Other operating charges | 640/8 | €2,870 | €1,133 | -€1,737 | -60.5% |
| Gross operating margin | 9900 | €74,056 | €23,766 | -€50,289 | -67.9% |
| Operating profit (loss) | 9901 | €70,846 | €22,293 | -€48,553 | -68.5% |
| Financial charges | 65/66B | €5,690 | €3,871 | -€1,819 | -32.0% |
| Recurring financial charges | 65 | €5,690 | €3,871 | -€1,819 | -32.0% |
| Profit (loss) for the period before taxes | 9903 | €65,156 | €18,422 | -€46,734 | -71.7% |
| Income taxes | 67/77 | €16,381 | €4,605 | -€11,776 | -71.9% |
| Profit (loss) for the period | 9904 | €48,775 | €13,816 | -€34,959 | -71.7% |
| Profit (loss) for the period to be appropriated | 9905 | €48,775 | €13,816 | -€34,959 | -71.7% |
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 29 September 2026 via checked.be.