EMIR BERGER: 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.
EMIR BERGER
Largest movements
- Tangible fixed assets -€178,142
down €178,142 (-25.0%), from €712,550 to €534,408
of which Leasing and similar rights: -€253,867
- Cash -€123,192
down €123,192 (-36.1%), from €340,851 to €217,659
mainly Debts after one year (-€221,244) and Contributions, distributions and other (-€107,143)
- Deferred charges and accrued income -€33,862
down €33,862 (-45.2%), from €74,987 to €41,124
- Debts after one year -€221,244
down €221,244 (-44.2%), from €501,053 to €279,809
- Profit (loss) carried forward -€103,941
down €103,941 (-50.0%), from €207,691 to €103,750
- Other debts +€75,000
new in 2025: €75,000
- Trade debts -€53,302
down €53,302 (-25.9%), from €205,982 to €152,679
- Current portion of long-term debt -€32,523
down €32,523 (-17.2%), from €188,597 to €156,074
- Gross operating margin +€139,075
up €139,075 (+19.5%), from €714,176 to €853,250
- Staff costs +€137,948
up €137,948 (+31.7%), from €435,360 to €573,308
- Financial charges +€47,565
up €47,565 (+193%), from €24,671 to €72,236
of which Non-recurring financial charges: +€36,849
- Other operating charges +€25,894
up €25,894 (+172%), from €15,044 to €40,938
- Provisions -€25,850
no longer reported in 2025 (was €25,850)
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 | €1,247,602 | €931,417 | -€316,185 | -25.3% |
| Fixed assets | 21/28 | €737,813 | €569,726 | -€168,087 | -22.8% |
| Tangible fixed assets | 22/27 | €712,550 | €534,408 | -€178,142 | -25.0% |
| Furniture and vehicles | 24 | €131,288 | €208,262 | +€76,975 | +58.6% |
| Leasing and similar rights | 25 | €576,783 | €322,917 | -€253,867 | -44.0% |
| Other tangible fixed assets | 26 | €4,479 | €3,229 | -€1,250 | -27.9% |
| Financial fixed assets | 28 | €25,263 | €35,318 | +€10,055 | +39.8% |
| Current assets | 29/58 | €509,789 | €361,691 | -€148,098 | -29.1% |
| Amounts receivable within one year | 40/41 | €93,951 | €102,908 | +€8,957 | +9.5% |
| Trade receivables | 40 | €36,002 | €81,383 | +€45,381 | +126% |
| Other amounts receivable | 41 | €57,949 | €21,525 | -€36,424 | -62.9% |
| Cash at bank and in hand | 54/58 | €340,851 | €217,659 | -€123,192 | -36.1% |
| Deferred charges and accrued income | 490/1 | €74,987 | €41,124 | -€33,862 | -45.2% |
| Total equity and liabilities | 10/49 | €1,247,602 | €931,417 | -€316,185 | -25.3% |
| Equity | 10/15 | €228,151 | €124,210 | -€103,941 | -45.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €207,691 | €103,750 | -€103,941 | -50.0% |
| Amounts payable | 17/49 | €1,019,451 | €807,207 | -€212,244 | -20.8% |
| Amounts payable after more than one year | 17 | €501,053 | €279,809 | -€221,244 | -44.2% |
| Financial debts | 170/4 | €501,053 | €279,809 | -€221,244 | -44.2% |
| Amounts payable within one year | 42/48 | €518,397 | €527,398 | +€9,000 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €188,597 | €156,074 | -€32,523 | -17.2% |
| Financial debts | 43 | €1,078 | €1,078 | = | 0.0% |
| Credit institutions | 430/8 | €1,078 | €1,078 | = | 0.0% |
| Trade debts | 44 | €205,982 | €152,679 | -€53,302 | -25.9% |
| Suppliers | 440/4 | €205,982 | €152,679 | -€53,302 | -25.9% |
| Taxes, remuneration and social security | 45 | €122,740 | €142,566 | +€19,826 | +16.2% |
| Taxes | 450/3 | €69,164 | €118,228 | +€49,064 | +70.9% |
| Remuneration and social security | 454/9 | €53,576 | €24,338 | -€29,238 | -54.6% |
| Other amounts payable | 47/48 | - | €75,000 | +€75,000 | |
| Non-recurring operating income | 76A | €45,759 | €3,916 | -€41,843 | -91.4% |
| Remuneration, social security and pensions | 62 | €435,360 | €573,308 | +€137,948 | +31.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €170,067 | €163,277 | -€6,790 | -4.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €25,850 | - | -€25,850 | |
| Other operating charges | 640/8 | €15,044 | €40,938 | +€25,894 | +172% |
| Non-recurring operating charges | 66A | €8,800 | €753 | -€8,047 | -91.4% |
| Gross operating margin | 9900 | €714,176 | €853,250 | +€139,075 | +19.5% |
| Operating profit (loss) | 9901 | €59,055 | €74,974 | +€15,919 | +27.0% |
| Financial income | 75/76B | €268 | €464 | +€196 | +73.0% |
| Recurring financial income | 75 | €268 | €464 | +€196 | +73.0% |
| Financial charges | 65/66B | €24,671 | €72,236 | +€47,565 | +193% |
| Recurring financial charges | 65 | €24,671 | €35,386 | +€10,716 | +43.4% |
| Non-recurring financial charges | 66B | - | €36,849 | +€36,849 | |
| Profit (loss) for the period before taxes | 9903 | €34,652 | €3,202 | -€31,450 | -90.8% |
| Income taxes | 67/77 | €6,706 | - | -€6,706 | |
| Profit (loss) for the period | 9904 | €27,946 | €3,202 | -€24,745 | -88.5% |
| Profit (loss) for the period to be appropriated | 9905 | €27,946 | €3,202 | -€24,745 | -88.5% |
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 22 October 2026 via checked.be.