EMIVAL: 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.
EMIVAL
Largest movements
- Tangible fixed assets -€85,128
down €85,128 (-4.2%), from €2.0m to €1.9m
of which Land and buildings: -€78,416
- Financial fixed assets +€40,000
up €40,000 (+2.8%), from €1.5m to €1.5m
- Other debts +€115,745
up €115,745, from €0 to €115,745
- Debts after one year -€72,401
down €72,401 (-10.3%), from €703,370 to €630,969
of which Other amounts payable: -€43,401
- Reserves -€46,390
down €46,390 (-2.4%), from €1.9m to €1.9m
of which Distributable reserves: -€35,376
- Financial income -€213,054
down €213,054 (-96.4%), from €221,114 to €8,059
- Gross operating margin -€9,110
down €9,110 (-6.4%), from €142,277 to €133,167
- Depreciation -€5,472
down €5,472 (-5.6%), from €98,290 to €92,817
- Financial charges +€4,392
up €4,392 (+5.8%), from €75,474 to €79,866
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,766,198 | €3,721,362 | -€44,836 | -1.2% |
| Fixed assets | 21/28 | €3,471,628 | €3,426,499 | -€45,128 | -1.3% |
| Tangible fixed assets | 22/27 | €2,019,754 | €1,934,626 | -€85,128 | -4.2% |
| Land and buildings | 22 | €1,951,318 | €1,872,902 | -€78,416 | -4.0% |
| Furniture and vehicles | 24 | €68,437 | €61,724 | -€6,713 | -9.8% |
| Financial fixed assets | 28 | €1,451,873 | €1,491,873 | +€40,000 | +2.8% |
| Current assets | 29/58 | €294,571 | €294,863 | +€292 | +0.1% |
| Amounts receivable within one year | 40/41 | €253,217 | €253,134 | -€83 | 0.0% |
| Other amounts receivable | 41 | €253,217 | €253,134 | -€83 | 0.0% |
| Deferred charges and accrued income | 490/1 | €41,353 | €41,729 | +€375 | +0.9% |
| Total equity and liabilities | 10/49 | €3,766,198 | €3,721,362 | -€44,836 | -1.2% |
| Equity | 10/15 | €1,928,278 | €1,881,888 | -€46,390 | -2.4% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €1,927,778 | €1,881,388 | -€46,390 | -2.4% |
| Tax-exempt reserves | 132 | €244,802 | €233,789 | -€11,013 | -4.5% |
| Distributable reserves | 133 | €1,682,976 | €1,647,600 | -€35,376 | -2.1% |
| Provisions and deferred taxes | 16 | €81,601 | €77,930 | -€3,671 | -4.5% |
| Deferred taxes | 168 | €81,601 | €77,930 | -€3,671 | -4.5% |
| Amounts payable | 17/49 | €1,756,320 | €1,761,544 | +€5,224 | +0.3% |
| Amounts payable after more than one year | 17 | €703,370 | €630,969 | -€72,401 | -10.3% |
| Financial debts | 170/4 | €543,750 | €514,750 | -€29,000 | -5.3% |
| Other amounts payable | 178/9 | €159,620 | €116,219 | -€43,401 | -27.2% |
| Amounts payable within one year | 42/48 | €1,035,853 | €1,119,886 | +€84,033 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €71,543 | €72,401 | +€859 | +1.2% |
| Financial debts | 43 | €958,778 | €928,577 | -€30,201 | -3.1% |
| Credit institutions | 430/8 | €958,778 | €928,577 | -€30,201 | -3.1% |
| Trade debts | 44 | €5,532 | €3,162 | -€2,370 | -42.8% |
| Suppliers | 440/4 | €5,532 | €3,162 | -€2,370 | -42.8% |
| Other amounts payable | 47/48 | €0 | €115,745 | +€115,745 | |
| Accrued charges and deferred income | 492/3 | €17,097 | €10,689 | -€6,407 | -37.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,290 | €92,817 | -€5,472 | -5.6% |
| Other operating charges | 640/8 | €17,374 | €18,603 | +€1,229 | +7.1% |
| Gross operating margin | 9900 | €142,277 | €133,167 | -€9,110 | -6.4% |
| Operating profit (loss) | 9901 | €26,613 | €21,746 | -€4,867 | -18.3% |
| Financial income | 75/76B | €221,114 | €8,059 | -€213,054 | -96.4% |
| Recurring financial income | 75 | €221,114 | €8,059 | -€213,054 | -96.4% |
| Financial charges | 65/66B | €75,474 | €79,866 | +€4,392 | +5.8% |
| Recurring financial charges | 65 | €75,474 | €79,866 | +€4,392 | +5.8% |
| Profit (loss) for the period before taxes | 9903 | €172,253 | -€50,061 | -€222,313 | |
| Transfer from deferred taxes | 780 | €778 | €3,671 | +€2,893 | +371.8% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €173,031 | -€46,390 | -€219,420 | |
| Transfer from tax-exempt reserves | 789 | €2,334 | €11,013 | +€8,679 | +371.8% |
| Profit (loss) for the period to be appropriated | 9905 | €175,365 | -€35,376 | -€210,742 |
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 5 October 2026 via checked.be.