Emiel Flebus: 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.
Emiel Flebus
Largest movements
- Tangible fixed assets +€509,237
up €509,237 (+327%), from €155,670 to €664,906
of which Leasing and similar rights: +€603,523
- Cash -€32,803
down €32,803 (-77.5%), from €42,300 to €9,497
mainly Investment in fixed assets (net) (-€544,922) and Receivables within one year (-€31,113)
- Receivables within one year +€31,113
up €31,113 (+181%), from €17,147 to €48,260
of which Trade receivables: +€16,042
- Deferred charges and accrued income +€7,883
up €7,883 (+654%), from €1,205 to €9,088
- Debts after one year +€501,311
new in 2025: €501,311
- Current portion of long-term debt +€16,126
up €16,126 (+54.8%), from €29,432 to €45,558
- Tax, wage and social debts -€12,910
down €12,910 (-89.0%), from €14,505 to €1,594
of which Taxes: -€14,425
- Trade debts +€9,060
up €9,060 (+64.6%), from €14,015 to €23,075
- Gross operating margin -€30,795
down €30,795 (-37.2%), from €82,810 to €52,015
- Depreciation -€15,598
down €15,598 (-30.4%), from €51,284 to €35,686
- Financial charges +€8,438
up €8,438 (+389%), from €2,167 to €10,605
- Taxes -€7,480
down €7,480, from €6,780 to -€700
- Write-downs -€1,380
no longer reported in 2025 (was €1,380)
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €218,214 | €733,644 | +€515,430 | +236% |
| Fixed assets | 21/28 | €157,563 | €666,799 | +€509,237 | +323% |
| Tangible fixed assets | 22/27 | €155,670 | €664,906 | +€509,237 | +327% |
| Plant, machinery and equipment | 23 | €27,957 | €35,702 | +€7,745 | +27.7% |
| Furniture and vehicles | 24 | €127,712 | €25,682 | -€102,031 | -79.9% |
| Leasing and similar rights | 25 | - | €603,523 | +€603,523 | |
| Financial fixed assets | 28 | €1,893 | €1,893 | = | 0.0% |
| Current assets | 29/58 | €60,652 | €66,845 | +€6,193 | +10.2% |
| Amounts receivable within one year | 40/41 | €17,147 | €48,260 | +€31,113 | +181% |
| Trade receivables | 40 | €13,927 | €29,969 | +€16,042 | +115% |
| Other amounts receivable | 41 | €3,220 | €18,291 | +€15,071 | +468% |
| Cash at bank and in hand | 54/58 | €42,300 | €9,497 | -€32,803 | -77.5% |
| Deferred charges and accrued income | 490/1 | €1,205 | €9,088 | +€7,883 | +654% |
| Total equity and liabilities | 10/49 | €218,214 | €733,644 | +€515,430 | +236% |
| Equity | 10/15 | €149,581 | €155,165 | +€5,584 | +3.7% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €109,581 | €115,165 | +€5,584 | +5.1% |
| Distributable reserves | 133 | €109,581 | €115,165 | +€5,584 | +5.1% |
| Amounts payable | 17/49 | €68,633 | €578,479 | +€509,846 | +743% |
| Amounts payable after more than one year | 17 | - | €501,311 | +€501,311 | |
| Financial debts | 170/4 | - | €501,311 | +€501,311 | |
| Amounts payable within one year | 42/48 | €68,633 | €77,168 | +€8,535 | +12.4% |
| Current portion of amounts payable after more than one year | 42 | €29,432 | €45,558 | +€16,126 | +54.8% |
| Trade debts | 44 | €14,015 | €23,075 | +€9,060 | +64.6% |
| Suppliers | 440/4 | €14,015 | €23,075 | +€9,060 | +64.6% |
| Taxes, remuneration and social security | 45 | €14,505 | €1,594 | -€12,910 | -89.0% |
| Taxes | 450/3 | €14,505 | €79 | -€14,425 | -99.5% |
| Remuneration and social security | 454/9 | - | €1,515 | +€1,515 | |
| Other amounts payable | 47/48 | €10,682 | €6,941 | -€3,741 | -35.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,284 | €35,686 | -€15,598 | -30.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,380 | - | -€1,380 | |
| Other operating charges | 640/8 | €2,498 | €1,151 | -€1,347 | -53.9% |
| Gross operating margin | 9900 | €82,810 | €52,015 | -€30,795 | -37.2% |
| Operating profit (loss) | 9901 | €27,648 | €15,179 | -€12,469 | -45.1% |
| Financial income | 75/76B | €27 | €311 | +€283 | +1,034% |
| Recurring financial income | 75 | €27 | €311 | +€283 | +1,034% |
| Financial charges | 65/66B | €2,167 | €10,605 | +€8,438 | +389% |
| Recurring financial charges | 65 | €2,167 | €10,605 | +€8,438 | +389% |
| Profit (loss) for the period before taxes | 9903 | €25,509 | €4,884 | -€20,624 | -80.9% |
| Income taxes | 67/77 | €6,780 | -€700 | -€7,480 | |
| Profit (loss) for the period | 9904 | €18,728 | €5,584 | -€13,144 | -70.2% |
| Profit (loss) for the period to be appropriated | 9905 | €18,728 | €5,584 | -€13,144 | -70.2% |
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 20 October 2026 via checked.be.