EMIMAX: 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.
EMIMAX
Largest movements
- Cash +€112,566
up €112,566 (+201.2%), from €55,954 to €168,520
mainly Investment in fixed assets (net) (+€90,282) and Net result for the year (+€61,959)
- Tangible fixed assets -€110,801
down €110,801 (-22.8%), from €486,333 to €375,532
of which Land and buildings: -€107,171
- Reserves +€61,959
up €61,959 (+93.6%), from €66,200 to €128,159
of which Distributable reserves: +€61,959
- Debts after one year -€43,451
down €43,451 (-11.8%), from €367,532 to €324,080
of which Financial debts: -€43,451
- Current portion of long-term debt -€14,951
down €14,951 (-64.2%), from €23,284 to €8,333
- Gross operating margin +€87,989
up €87,989 (+281.2%), from €31,289 to €119,278
- Taxes +€28,754
new in 2025: €28,754
- Depreciation -€5,925
down €5,925 (-22.4%), from €26,443 to €20,518
- Other operating charges +€1,824
up €1,824 (+44.8%), from €4,072 to €5,897
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 | €543,910 | €545,062 | +€1,153 | +0.2% |
| Fixed assets | 21/28 | €486,333 | €375,532 | -€110,801 | -22.8% |
| Tangible fixed assets | 22/27 | €486,333 | €375,532 | -€110,801 | -22.8% |
| Land and buildings | 22 | €478,438 | €371,267 | -€107,171 | -22.4% |
| Furniture and vehicles | 24 | €7,895 | €4,265 | -€3,630 | -46.0% |
| Current assets | 29/58 | €57,577 | €169,530 | +€111,953 | +194.4% |
| Cash at bank and in hand | 54/58 | €55,954 | €168,520 | +€112,566 | +201.2% |
| Deferred charges and accrued income | 490/1 | €1,623 | €1,010 | -€613 | -37.8% |
| Total equity and liabilities | 10/49 | €543,910 | €545,062 | +€1,153 | +0.2% |
| Equity | 10/15 | €126,335 | €188,293 | +€61,959 | +49.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €66,200 | €128,159 | +€61,959 | +93.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €60,000 | €121,959 | +€61,959 | +103.3% |
| Profit (loss) carried forward | 14 | -€1,865 | -€1,865 | = | 0.0% |
| Amounts payable | 17/49 | €417,575 | €356,769 | -€60,806 | -14.6% |
| Amounts payable after more than one year | 17 | €367,532 | €324,080 | -€43,451 | -11.8% |
| Financial debts | 170/4 | €364,702 | €321,250 | -€43,451 | -11.9% |
| Other amounts payable | 178/9 | €2,830 | €2,830 | = | 0.0% |
| Amounts payable within one year | 42/48 | €50,043 | €32,689 | -€17,354 | -34.7% |
| Current portion of amounts payable after more than one year | 42 | €23,284 | €8,333 | -€14,951 | -64.2% |
| Trade debts | 44 | €131 | €1,008 | +€877 | +669.1% |
| Suppliers | 440/4 | €131 | €1,008 | +€877 | +669.1% |
| Taxes, remuneration and social security | 45 | €2,268 | €754 | -€1,514 | -66.8% |
| Taxes | 450/3 | €2,268 | €754 | -€1,514 | -66.8% |
| Other amounts payable | 47/48 | €24,360 | €22,593 | -€1,766 | -7.3% |
| Non-recurring operating income | 76A | - | €109,271 | +€109,271 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,443 | €20,518 | -€5,925 | -22.4% |
| Other operating charges | 640/8 | €4,072 | €5,897 | +€1,824 | +44.8% |
| Gross operating margin | 9900 | €31,289 | €119,278 | +€87,989 | +281.2% |
| Operating profit (loss) | 9901 | €774 | €92,863 | +€92,089 | +11899.1% |
| Financial income | 75/76B | €556 | €1,042 | +€486 | +87.5% |
| Recurring financial income | 75 | €556 | €1,042 | +€486 | +87.5% |
| Financial charges | 65/66B | €4,038 | €3,193 | -€846 | -20.9% |
| Recurring financial charges | 65 | €4,038 | €3,193 | -€846 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | -€2,709 | €90,712 | +€93,421 | |
| Income taxes | 67/77 | - | €28,754 | +€28,754 | |
| Profit (loss) for the period | 9904 | -€2,709 | €61,959 | +€64,667 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,709 | €61,959 | +€64,667 |
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 7 October 2026 via checked.be.