EMITOM: 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.
EMITOM
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+54.2%), from €2.1m to €3.2m
of which Other tangible fixed assets: +€1.3m
- Cash -€1.1m
down €1.1m (-46.6%), from €2.3m to €1.3m
mainly Investment in fixed assets (net) (-€1.5m) and Current investments (-€784,184)
- Current investments +€784,184
up €784,184 (+15.7%), from €5.0m to €5.8m
- Receivables after one year +€200,985
up €200,985 (+352.6%), from €57,000 to €257,985
of which Trade receivables: +€145,200
- Receivables within one year -€115,676
down €115,676 (-14.2%), from €814,224 to €698,548
of which Trade receivables: -€212,110
- Debts after one year +€1.5m
up €1.5m (+131.2%), from €1.2m to €2.7m
of which Financial debts: +€1.1m
- Other debts -€437,283
down €437,283 (-98.4%), from €444,473 to €7,190
- Financial income -€379,017
down €379,017 (-61.2%), from €619,666 to €240,649
- Financial charges +€199,912
up €199,912 (+196.7%), from €101,618 to €301,531
- Depreciation +€143,771
up €143,771 (+64.1%), from €224,461 to €368,232
- Taxes -€134,396
down €134,396 (-96.6%), from €139,178 to €4,783
- Gross operating margin -€111,978
down €111,978 (-22.9%), from €488,572 to €376,594
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 | €10,465,830 | €11,406,650 | +€940,820 | +9.0% |
| Fixed assets | 21/28 | €2,128,190 | €3,260,227 | +€1.1m | +53.2% |
| Tangible fixed assets | 22/27 | €2,089,190 | €3,221,227 | +€1.1m | +54.2% |
| Land and buildings | 22 | €1,695,980 | €1,562,916 | -€133,064 | -7.8% |
| Plant, machinery and equipment | 23 | €389,671 | €331,183 | -€58,488 | -15.0% |
| Furniture and vehicles | 24 | €3,538 | €2,903 | -€636 | -18.0% |
| Other tangible fixed assets | 26 | - | €1,324,225 | +€1.3m | |
| Financial fixed assets | 28 | €39,000 | €39,000 | = | 0.0% |
| Current assets | 29/58 | €8,337,640 | €8,146,423 | -€191,217 | -2.3% |
| Amounts receivable after more than one year | 29 | €57,000 | €257,985 | +€200,985 | +352.6% |
| Trade receivables | 290 | - | €145,200 | +€145,200 | |
| Other amounts receivable | 291 | €57,000 | €112,785 | +€55,785 | +97.9% |
| Amounts receivable within one year | 40/41 | €814,224 | €698,548 | -€115,676 | -14.2% |
| Trade receivables | 40 | €530,890 | €318,780 | -€212,110 | -40.0% |
| Other amounts receivable | 41 | €283,334 | €379,768 | +€96,434 | +34.0% |
| Current investments | 50/53 | €5,003,507 | €5,787,691 | +€784,184 | +15.7% |
| Cash at bank and in hand | 54/58 | €2,342,420 | €1,251,424 | -€1.1m | -46.6% |
| Deferred charges and accrued income | 490/1 | €120,488 | €150,775 | +€30,286 | +25.1% |
| Total equity and liabilities | 10/49 | €10,465,830 | €11,406,650 | +€940,820 | +9.0% |
| Equity | 10/15 | €8,483,755 | €8,376,661 | -€107,094 | -1.3% |
| Contributions | 10/11 | €4,077,008 | €4,077,008 | = | 0.0% |
| Reserves | 13 | €4,406,748 | €4,299,654 | -€107,094 | -2.4% |
| Tax-exempt reserves | 132 | €1,995,173 | €1,986,371 | -€8,802 | -0.4% |
| Distributable reserves | 133 | €2,411,575 | €2,313,283 | -€98,292 | -4.1% |
| Provisions and deferred taxes | 16 | €24,241 | €22,041 | -€2,200 | -9.1% |
| Deferred taxes | 168 | €24,241 | €22,041 | -€2,200 | -9.1% |
| Amounts payable | 17/49 | €1,957,834 | €3,007,948 | +€1.1m | +53.6% |
| Amounts payable after more than one year | 17 | €1,167,644 | €2,699,978 | +€1.5m | +131.2% |
| Financial debts | 170/4 | €414,043 | €1,515,496 | +€1.1m | +266.0% |
| Other amounts payable | 178/9 | €753,601 | €1,184,482 | +€430,881 | +57.2% |
| Amounts payable within one year | 42/48 | €730,321 | €222,454 | -€507,867 | -69.5% |
| Current portion of amounts payable after more than one year | 42 | €115,422 | €98,547 | -€16,875 | -14.6% |
| Trade debts | 44 | €38,831 | €72,204 | +€33,373 | +85.9% |
| Suppliers | 440/4 | €38,831 | €72,204 | +€33,373 | +85.9% |
| Advances received on contracts in progress | 46 | €2,536 | €2,600 | +€64 | +2.5% |
| Taxes, remuneration and social security | 45 | €129,058 | €41,913 | -€87,146 | -67.5% |
| Taxes | 450/3 | €123,182 | €35,460 | -€87,721 | -71.2% |
| Remuneration and social security | 454/9 | €5,877 | €6,452 | +€575 | +9.8% |
| Other amounts payable | 47/48 | €444,473 | €7,190 | -€437,283 | -98.4% |
| Accrued charges and deferred income | 492/3 | €59,869 | €85,516 | +€25,647 | +42.8% |
| Remuneration, social security and pensions | 62 | €20,829 | €21,797 | +€969 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €224,461 | €368,232 | +€143,771 | +64.1% |
| Other operating charges | 640/8 | €28,322 | €30,194 | +€1,872 | +6.6% |
| Gross operating margin | 9900 | €488,572 | €376,594 | -€111,978 | -22.9% |
| Operating profit (loss) | 9901 | €214,960 | -€43,630 | -€258,590 | |
| Financial income | 75/76B | €619,666 | €240,649 | -€379,017 | -61.2% |
| Recurring financial income | 75 | €619,666 | €240,649 | -€379,017 | -61.2% |
| Financial charges | 65/66B | €101,618 | €301,531 | +€199,912 | +196.7% |
| Recurring financial charges | 65 | €101,618 | €301,531 | +€199,912 | +196.7% |
| Profit (loss) for the period before taxes | 9903 | €733,008 | -€104,512 | -€837,520 | |
| Transfer from deferred taxes | 780 | €2,200 | €2,200 | = | 0.0% |
| Income taxes | 67/77 | €139,178 | €4,783 | -€134,396 | -96.6% |
| Profit (loss) for the period | 9904 | €596,030 | -€107,094 | -€703,124 | |
| Transfer from tax-exempt reserves | 789 | €8,802 | €8,802 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €604,832 | -€98,292 | -€703,124 |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.