EMIFRA: 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.
EMIFRA
Largest movements
- Cash +€21,957
up €21,957 (+12.1%), from €181,529 to €203,486
mainly Net result for the year (+€10,958) and Depreciation (+€10,557)
- Tangible fixed assets -€4,909
down €4,909 (-4.9%), from €99,260 to €94,351
of which Land and buildings: -€4,781
- Reserves +€10,958
up €10,958 (+7.5%), from €146,799 to €157,757
of which Distributable reserves: +€10,958
- Other debts +€3,514
up €3,514 (+18.0%), from €19,481 to €22,994
- Gross operating margin -€4,986
down €4,986 (-12.2%), from €40,843 to €35,858
- Taxes -€1,564
down €1,564 (-21.9%), from €7,127 to €5,563
- Depreciation -€1,228
down €1,228 (-10.4%), from €11,784 to €10,557
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 | €291,238 | €305,832 | +€14,594 | +5.0% |
| Fixed assets | 21/28 | €99,260 | €94,351 | -€4,909 | -4.9% |
| Tangible fixed assets | 22/27 | €99,260 | €94,351 | -€4,909 | -4.9% |
| Land and buildings | 22 | €99,132 | €94,351 | -€4,781 | -4.8% |
| Plant, machinery and equipment | 23 | €128 | €0 | -€128 | -100% |
| Current assets | 29/58 | €191,978 | €211,481 | +€19,502 | +10.2% |
| Amounts receivable within one year | 40/41 | - | €533 | +€533 | |
| Other amounts receivable | 41 | - | €533 | +€533 | |
| Cash at bank and in hand | 54/58 | €181,529 | €203,486 | +€21,957 | +12.1% |
| Deferred charges and accrued income | 490/1 | €10,449 | €7,461 | -€2,988 | -28.6% |
| Total equity and liabilities | 10/49 | €291,238 | €305,832 | +€14,594 | +5.0% |
| Equity | 10/15 | €266,702 | €277,660 | +€10,958 | +4.1% |
| Contributions | 10/11 | €119,903 | €119,903 | = | 0.0% |
| Capital | 10 | €0 | - | = | |
| Issued capital | 100 | €0 | - | = | |
| Contributions outside capital | 11 | €119,903 | - | -€119,903 | |
| Other | 1109/19 | €119,903 | - | -€119,903 | |
| Reserves | 13 | €146,799 | €157,757 | +€10,958 | +7.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Legal reserve | 130 | €0 | - | = | |
| Distributable reserves | 133 | €146,799 | €157,757 | +€10,958 | +7.5% |
| Amounts payable | 17/49 | €24,536 | €28,172 | +€3,636 | +14.8% |
| Amounts payable within one year | 42/48 | €24,536 | €28,172 | +€3,636 | +14.8% |
| Trade debts | 44 | €1,528 | €554 | -€974 | -63.7% |
| Suppliers | 440/4 | €1,528 | €554 | -€974 | -63.7% |
| Taxes, remuneration and social security | 45 | €3,527 | €4,623 | +€1,096 | +31.1% |
| Taxes | 450/3 | €3,527 | €4,623 | +€1,096 | +31.1% |
| Other amounts payable | 47/48 | €19,481 | €22,994 | +€3,514 | +18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,784 | €10,557 | -€1,228 | -10.4% |
| Other operating charges | 640/8 | €8,180 | €8,463 | +€283 | +3.5% |
| Gross operating margin | 9900 | €40,843 | €35,858 | -€4,986 | -12.2% |
| Operating profit (loss) | 9901 | €20,879 | €16,838 | -€4,041 | -19.4% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €295 | €317 | +€21 | +7.3% |
| Recurring financial charges | 65 | €295 | €317 | +€21 | +7.3% |
| Profit (loss) for the period before taxes | 9903 | €20,583 | €16,521 | -€4,063 | -19.7% |
| Income taxes | 67/77 | €7,127 | €5,563 | -€1,564 | -21.9% |
| Profit (loss) for the period | 9904 | €13,456 | €10,958 | -€2,498 | -18.6% |
| Profit (loss) for the period to be appropriated | 9905 | €13,456 | €10,958 | -€2,498 | -18.6% |
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 19 October 2026 via checked.be.