EMHU: what changed
Two financial 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
EMHU
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€103,514
2024 · €49,558+€53,955
Equity
€462,643
2024 · €371,629+€91,014
Cash
€149,197
2024 · €149,656-€459
Balance sheet total
€969,330
2024 · €890,953+€78,377
Largest movements
Assets
- Current investments +€100,000
up €100,000, from €0 to €100,000
- Tangible fixed assets -€22,508
down €22,508 (-3.1%), from €720,997 to €698,488
of which Land and buildings: -€18,072
Equity and liabilities
- Reserves +€91,014
up €91,014 (+33.5%), from €271,629 to €362,643
of which Distributable reserves: +€96,280
- Debts after one year -€15,183
down €15,183 (-6.8%), from €223,507 to €208,324
Income statement
- Gross operating margin +€72,592
up €72,592 (+59.7%), from €121,511 to €194,102
- Taxes +€22,067
up €22,067 (+127%), from €17,375 to €39,442
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
€49,558
Gross operating margin
+€72,592
Depreciation
+€1,718
Other operating charges
+€108
Financial income
+€127
Financial charges
+€1,477
Taxes
-€22,067
Result 2025
€103,514
raises the resultlowers the result
Derived cash bridge
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
+€149,221
Investment
-€117,145
Financing
-€32,535
Cash 2024
€149,656
From operations (derived)
+€149,221
Net result for the year
+€103,514
Depreciation
+€39,653
Receivables within one year
-€1,372
Smaller working-capital items
+€7
Provisions
-€2,212
Trade debts
-€5,911
Tax, wage and social debts
+€4,164
Advances received
+€2,279
Other debts
+€9,099
Investment (derived)
-€117,145
Investment in fixed assets (net)
-€17,145
Current investments
-€100,000
Financing
-€32,535
Debts after one year
-€15,183
Current portion of long-term debt
-€4,152
Short-term financial debts
-€699
Contributions, distributions and other
-€12,500
Cash 2025
€149,197
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €890,953 | €969,330 | +€78,377 | +8.8% |
| Fixed assets | 21/28 | €722,259 | €699,751 | -€22,508 | -3.1% |
| Tangible fixed assets | 22/27 | €720,997 | €698,488 | -€22,508 | -3.1% |
| Land and buildings | 22 | €687,243 | €669,171 | -€18,072 | -2.6% |
| Plant, machinery and equipment | 23 | €27,303 | €28,146 | +€843 | +3.1% |
| Furniture and vehicles | 24 | €6,451 | €1,171 | -€5,280 | -81.8% |
| Financial fixed assets | 28 | €1,262 | €1,262 | = | 0.0% |
| Current assets | 29/58 | €168,694 | €269,580 | +€100,886 | +59.8% |
| Amounts receivable within one year | 40/41 | €16,720 | €18,092 | +€1,372 | +8.2% |
| Trade receivables | 40 | €16,656 | €18,092 | +€1,437 | +8.6% |
| Other amounts receivable | 41 | €64 | €0 | -€64 | -100% |
| Current investments | 50/53 | €0 | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €149,656 | €149,197 | -€459 | -0.3% |
| Deferred charges and accrued income | 490/1 | €2,319 | €2,291 | -€28 | -1.2% |
| Total equity and liabilities | 10/49 | €890,953 | €969,330 | +€78,377 | +8.8% |
| Equity | 10/15 | €371,629 | €462,643 | +€91,014 | +24.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €271,629 | €362,643 | +€91,014 | +33.5% |
| Tax-exempt reserves | 132 | €116,278 | €111,012 | -€5,267 | -4.5% |
| Distributable reserves | 133 | €155,351 | €251,631 | +€96,280 | +62.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €48,843 | €46,631 | -€2,212 | -4.5% |
| Deferred taxes | 168 | €48,843 | €46,631 | -€2,212 | -4.5% |
| Amounts payable | 17/49 | €470,481 | €460,057 | -€10,424 | -2.2% |
| Amounts payable after more than one year | 17 | €223,507 | €208,324 | -€15,183 | -6.8% |
| Financial debts | 170/4 | €223,507 | €208,324 | -€15,183 | -6.8% |
| Amounts payable within one year | 42/48 | €241,353 | €246,133 | +€4,780 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €19,336 | €15,183 | -€4,152 | -21.5% |
| Financial debts | 43 | €699 | €0 | -€699 | -100% |
| Credit institutions | 430/8 | €699 | €0 | -€699 | -100% |
| Trade debts | 44 | €14,697 | €8,786 | -€5,911 | -40.2% |
| Suppliers | 440/4 | €14,697 | €8,786 | -€5,911 | -40.2% |
| Advances received on contracts in progress | 46 | €7,667 | €9,946 | +€2,279 | +29.7% |
| Taxes, remuneration and social security | 45 | €20,632 | €24,796 | +€4,164 | +20.2% |
| Taxes | 450/3 | €20,632 | €24,796 | +€4,164 | +20.2% |
| Other amounts payable | 47/48 | €178,323 | €187,422 | +€9,099 | +5.1% |
| Accrued charges and deferred income | 492/3 | €5,621 | €5,600 | -€21 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,371 | €39,653 | -€1,718 | -4.2% |
| Other operating charges | 640/8 | €4,755 | €4,647 | -€108 | -2.3% |
| Gross operating margin | 9900 | €121,511 | €194,102 | +€72,592 | +59.7% |
| Operating profit (loss) | 9901 | €75,385 | €149,803 | +€74,417 | +98.7% |
| Financial income | 75/76B | €1,449 | €1,577 | +€127 | +8.8% |
| Recurring financial income | 75 | €1,449 | €1,577 | +€127 | +8.8% |
| Financial charges | 65/66B | €12,113 | €10,636 | -€1,477 | -12.2% |
| Recurring financial charges | 65 | €12,113 | €10,636 | -€1,477 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €64,722 | €140,744 | +€76,022 | +117% |
| Transfer from deferred taxes | 780 | €2,212 | €2,212 | = | 0.0% |
| Income taxes | 67/77 | €17,375 | €39,442 | +€22,067 | +127% |
| Profit (loss) for the period | 9904 | €49,558 | €103,514 | +€53,955 | +109% |
| Transfer from tax-exempt reserves | 789 | €5,267 | €5,267 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,825 | €108,780 | +€53,955 | +98.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.