EMHC: 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.
What changed
EMHC
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.1m
2024 · €9.0m-€5.9m
Equity
€67.9m
2024 · €64.9m+€3.1m
Cash
€689,622
2024 · €2.7m-€2.1m
Balance sheet total
€70.7m
2024 · €65.5m+€5.2m
Largest movements
Assets
- Financial fixed assets +€4.2m
up €4.2m (+18.0%), from €23.2m to €27.4m
of which Other financial fixed assets: +€4.2m
- Current investments +€2.4m
up €2.4m (+8.0%), from €29.6m to €31.9m
- Cash -€2.1m
down €2.1m (-74.8%), from €2.7m to €689,622
mainly Investment in fixed assets (net) (-€4.2m) and Current investments (-€2.4m)
- Receivables after one year +€1.4m
up €1.4m (+2667.7%), from €50,744 to €1.4m
- Receivables within one year -€874,330
down €874,330 (-10.4%), from €8.4m to €7.5m
of which Other amounts receivable: -€874,330
Equity and liabilities
- Profit (loss) carried forward +€3.1m
up €3.1m (+6.1%), from €50.2m to €53.3m
- Debts after one year +€2.0m
new in 2025: €2.0m
Income statement
- Financial income -€4.9m
down €4.9m (-47.9%), from €10.3m to €5.4m
- Financial charges +€378,537
up €378,537 (+50.9%), from €744,114 to €1.1m
of which Non-recurring financial charges: +€354,264
- Taxes +€334,173
up €334,173 (+86.8%), from €385,102 to €719,275
of which Taxes: +€300,719
- Services and other goods +€245,288
up €245,288 (+158.1%), from €155,138 to €400,426
- Turnover +€30,827
new in 2025: €30,827
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.
Result 2024
€9.0m
Turnover
+€30,827
Other operating income
+€1,709
Services and other goods
-€245,288
Depreciation
+€1,810
Other operating charges
-€3,163
Other operating items
-€49,100
Financial income
-€4.9m
Financial charges
-€378,537
Taxes
-€334,173
Result 2025
€3.1m
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.
From operations
+€2.6m
Investment
-€6.6m
Financing
+€2.0m
Cash 2024
€2.7m
From operations (derived)
+€2.6m
Net result for the year
+€3.1m
Depreciation
+€55,552
Receivables after one year
-€1.4m
Receivables within one year
+€874,330
Deferred charges and accrued income
-€217,747
Trade debts
-€50,913
Other debts
+€261,396
Accrued charges and deferred income
-€100,995
Investment (derived)
-€6.6m
Investment in fixed assets (net)
-€4.2m
Current investments
-€2.4m
Financing
+€2.0m
Debts after one year
+€2.0m
Cash 2025
€689,622
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €65,513,651 | €70,706,327 | +€5.2m | +7.9% |
| Formation expenses | 20 | €6,107 | - | -€6,107 | |
| Fixed assets | 21/28 | €24,141,996 | €28,323,118 | +€4.2m | +17.3% |
| Tangible fixed assets | 22/27 | €914,318 | €914,464 | +€146 | 0.0% |
| Land and buildings | 22 | €871,062 | €894,643 | +€23,581 | +2.7% |
| Furniture and vehicles | 24 | €43,256 | €19,821 | -€23,435 | -54.2% |
| Financial fixed assets | 28 | €23,227,678 | €27,408,654 | +€4.2m | +18.0% |
| Affiliated companies | 280/1 | €20,845,561 | €21,171,210 | +€325,649 | +1.6% |
| Participating interests | 280 | €18,751,164 | €18,779,164 | +€28,000 | +0.1% |
| Amounts receivable | 281 | €2,094,397 | €2,392,046 | +€297,649 | +14.2% |
| Companies linked by participating interests | 282/3 | €303,520 | - | -€303,520 | |
| Participating interests | 282 | €303,520 | - | -€303,520 | |
| Other financial fixed assets | 284/8 | €2,078,597 | €6,237,444 | +€4.2m | +200.1% |
| Shares | 284 | €2,078,597 | €6,237,444 | +€4.2m | +200.1% |
| Current assets | 29/58 | €41,365,548 | €42,383,209 | +€1.0m | +2.5% |
| Amounts receivable after more than one year | 29 | €50,744 | €1,404,429 | +€1.4m | +2667.7% |
| Other amounts receivable | 291 | €50,744 | €1,404,429 | +€1.4m | +2667.7% |
| Amounts receivable within one year | 40/41 | €8,401,460 | €7,527,130 | -€874,330 | -10.4% |
| Trade receivables | 40 | €3,327 | €3,327 | = | 0.0% |
| Other amounts receivable | 41 | €8,398,133 | €7,523,803 | -€874,330 | -10.4% |
| Current investments | 50/53 | €29,566,910 | €31,939,512 | +€2.4m | +8.0% |
| Other investments | 51/53 | €29,566,910 | €31,939,512 | +€2.4m | +8.0% |
| Cash at bank and in hand | 54/58 | €2,741,665 | €689,622 | -€2.1m | -74.8% |
| Deferred charges and accrued income | 490/1 | €604,769 | €822,516 | +€217,747 | +36.0% |
| Total equity and liabilities | 10/49 | €65,513,651 | €70,706,327 | +€5.2m | +7.9% |
| Equity | 10/15 | €64,863,556 | €67,946,744 | +€3.1m | +4.8% |
| Contributions | 10/11 | €12,588,181 | €12,588,181 | = | 0.0% |
| Reserves | 13 | €2,034,414 | €2,034,414 | = | 0.0% |
| Tax-exempt reserves | 132 | €70,167 | €70,167 | = | 0.0% |
| Distributable reserves | 133 | €1,964,247 | €1,964,247 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,240,961 | €53,324,149 | +€3.1m | +6.1% |
| Amounts payable | 17/49 | €650,095 | €2,759,583 | +€2.1m | +324.5% |
| Amounts payable after more than one year | 17 | - | €2,000,000 | +€2.0m | |
| Financial debts | 170/4 | - | €2,000,000 | +€2.0m | |
| Credit institutions | 173 | - | €2,000,000 | +€2.0m | |
| Amounts payable within one year | 42/48 | €529,998 | €740,481 | +€210,483 | +39.7% |
| Trade debts | 44 | €124,765 | €73,852 | -€50,913 | -40.8% |
| Suppliers | 440/4 | €124,765 | €73,852 | -€50,913 | -40.8% |
| Taxes, remuneration and social security | 45 | €141,781 | €141,781 | = | 0.0% |
| Taxes | 450/3 | €141,781 | €141,781 | = | 0.0% |
| Other amounts payable | 47/48 | €263,452 | €524,848 | +€261,396 | +99.2% |
| Accrued charges and deferred income | 492/3 | €120,097 | €19,102 | -€100,995 | -84.1% |
| Operating income | 70/76A | €52,620 | €36,056 | -€16,564 | -31.5% |
| Turnover | 70 | - | €30,827 | +€30,827 | |
| Other operating income | 74 | €3,520 | €5,229 | +€1,709 | +48.6% |
| Non-recurring operating income | 76A | €49,100 | - | -€49,100 | |
| Operating charges | 60/66A | €215,646 | €462,287 | +€246,641 | +114.4% |
| Services and other goods | 61 | €155,138 | €400,426 | +€245,288 | +158.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,362 | €55,552 | -€1,810 | -3.2% |
| Other operating charges | 640/8 | €3,146 | €6,309 | +€3,163 | +100.5% |
| Operating profit (loss) | 9901 | -€163,026 | -€426,231 | -€263,205 | -161.4% |
| Financial income | 75/76B | €10,270,372 | €5,351,345 | -€4.9m | -47.9% |
| Recurring financial income | 75 | €10,270,372 | €5,351,345 | -€4.9m | -47.9% |
| Income from financial fixed assets | 750 | €8,443,366 | €411,073 | -€8.0m | -95.1% |
| Income from current assets | 751 | €1,260,483 | €1,997,237 | +€736,754 | +58.5% |
| Other financial income | 752/9 | €566,523 | €2,943,035 | +€2.4m | +419.5% |
| Financial charges | 65/66B | €744,114 | €1,122,651 | +€378,537 | +50.9% |
| Recurring financial charges | 65 | €744,114 | €768,387 | +€24,273 | +3.3% |
| Debt charges | 650 | €185,178 | €330,695 | +€145,517 | +78.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €485,667 | -€309,680 | -€795,347 | |
| Other financial charges | 652/9 | €73,269 | €747,372 | +€674,103 | +920.0% |
| Non-recurring financial charges | 66B | - | €354,264 | +€354,264 | |
| Profit (loss) for the period before taxes | 9903 | €9,363,232 | €3,802,463 | -€5.6m | -59.4% |
| Income taxes | 67/77 | €385,102 | €719,275 | +€334,173 | +86.8% |
| Taxes | 670/3 | €418,556 | €719,275 | +€300,719 | +71.8% |
| Tax adjustments and reversals of tax provisions | 77 | €33,454 | - | -€33,454 | |
| Profit (loss) for the period | 9904 | €8,978,130 | €3,083,188 | -€5.9m | -65.7% |
| Transfer from tax-exempt reserves | 789 | €91,217 | - | -€91,217 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,069,347 | €3,083,188 | -€6.0m | -66.0% |
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 2 October 2026 via checked.be.