EMIVAD: 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.
EMIVAD
Largest movements
- Cash +€17,062
up €17,062 (+6.3%), from €272,497 to €289,559
mainly Net result for the year (+€29,796) and Current portion of long-term debt (+€11,561)
- Current investments -€9,650
no longer reported in 2025 (was €9,650)
- Receivables within one year -€9,056
down €9,056 (-26.0%), from €34,888 to €25,832
of which Other amounts receivable: -€9,407
- Tangible fixed assets -€8,624
down €8,624 (-3.5%), from €244,137 to €235,513
- Debts after one year -€22,870
down €22,870 (-15.5%), from €147,551 to €124,681
- Current portion of long-term debt +€11,561
new in 2025: €11,561
- Reserves +€8,955
up €8,955 (+4.6%), from €193,278 to €202,233
of which Distributable reserves: +€8,955
- Tax, wage and social debts -€7,214
down €7,214 (-62.1%), from €11,608 to €4,394
of which Taxes: -€4,929
- Financial charges +€52,376
up €52,376 (+626.6%), from €8,358 to €60,735
of which Financial charges: +€47,676
- Provisions -€43,941
down €43,941, from €42,699 to -€1,242
- Gross operating margin +€26,009
up €26,009 (+27.4%), from €94,997 to €121,006
- Taxes +€4,173
up €4,173 (+22.9%), from €18,221 to €22,394
- Other operating charges +€1,526
up €1,526 (+58.5%), from €2,606 to €4,132
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 | €565,779 | €554,494 | -€11,285 | -2.0% |
| Fixed assets | 21/28 | €244,137 | €235,513 | -€8,624 | -3.5% |
| Tangible fixed assets | 22/27 | €244,137 | €235,513 | -€8,624 | -3.5% |
| Land and buildings | 22 | €244,137 | €235,513 | -€8,624 | -3.5% |
| Current assets | 29/58 | €321,642 | €318,981 | -€2,661 | -0.8% |
| Amounts receivable within one year | 40/41 | €34,888 | €25,832 | -€9,056 | -26.0% |
| Trade receivables | 40 | €21,199 | €21,550 | +€351 | +1.7% |
| Other amounts receivable | 41 | €13,689 | €4,282 | -€9,407 | -68.7% |
| Current investments | 50/53 | €9,650 | - | -€9,650 | |
| Cash at bank and in hand | 54/58 | €272,497 | €289,559 | +€17,062 | +6.3% |
| Deferred charges and accrued income | 490/1 | €4,606 | €3,589 | -€1,017 | -22.1% |
| Total equity and liabilities | 10/49 | €565,779 | €554,494 | -€11,285 | -2.0% |
| Equity | 10/15 | €341,471 | €350,426 | +€8,955 | +2.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €193,278 | €202,233 | +€8,955 | +4.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €191,418 | €200,373 | +€8,955 | +4.7% |
| Profit (loss) carried forward | 14 | €141,993 | €141,993 | = | 0.0% |
| Provisions and deferred taxes | 16 | €42,699 | €41,457 | -€1,242 | -2.9% |
| Provisions for liabilities and charges | 160/5 | €42,699 | €41,457 | -€1,242 | -2.9% |
| Other liabilities and charges | 164/5 | €42,699 | €41,457 | -€1,242 | -2.9% |
| Amounts payable | 17/49 | €181,609 | €162,611 | -€18,997 | -10.5% |
| Amounts payable after more than one year | 17 | €147,551 | €124,681 | -€22,870 | -15.5% |
| Financial debts | 170/4 | €147,551 | €124,681 | -€22,870 | -15.5% |
| Amounts payable within one year | 42/48 | €34,057 | €37,930 | +€3,872 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | - | €11,561 | +€11,561 | |
| Trade debts | 44 | €2,609 | €995 | -€1,614 | -61.9% |
| Suppliers | 440/4 | €2,609 | €995 | -€1,614 | -61.9% |
| Taxes, remuneration and social security | 45 | €11,608 | €4,394 | -€7,214 | -62.1% |
| Taxes | 450/3 | €9,323 | €4,394 | -€4,929 | -52.9% |
| Remuneration and social security | 454/9 | €2,285 | - | -€2,285 | |
| Other amounts payable | 47/48 | €19,840 | €20,980 | +€1,140 | +5.7% |
| Non-recurring operating income | 76A | - | €14,208 | +€14,208 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,426 | €8,624 | +€198 | +2.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €42,699 | -€1,242 | -€43,941 | |
| Other operating charges | 640/8 | €2,606 | €4,132 | +€1,526 | +58.5% |
| Gross operating margin | 9900 | €94,997 | €121,006 | +€26,009 | +27.4% |
| Operating profit (loss) | 9901 | €41,265 | €109,492 | +€68,227 | +165.3% |
| Financial income | 75/76B | €2,543 | €3,433 | +€890 | +35.0% |
| Recurring financial income | 75 | €2,543 | €3,433 | +€890 | +35.0% |
| Financial charges | 65/66B | €8,358 | €60,735 | +€52,376 | +626.6% |
| Recurring financial charges | 65 | €3,408 | €51,085 | +€47,676 | +1398.8% |
| Non-recurring financial charges | 66B | €4,950 | €9,650 | +€4,700 | +94.9% |
| Profit (loss) for the period before taxes | 9903 | €35,449 | €52,190 | +€16,741 | +47.2% |
| Income taxes | 67/77 | €18,221 | €22,394 | +€4,173 | +22.9% |
| Profit (loss) for the period | 9904 | €17,229 | €29,796 | +€12,568 | +72.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,229 | €29,796 | +€12,568 | +72.9% |
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.