EMIVALAU: 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.
EMIVALAU
Largest movements
- Receivables after one year -€50,000
down €50,000 (-16.7%), from €300,000 to €250,000
- Current investments -€50,000
down €50,000 (-50.0%), from €100,000 to €50,000
- Deferred charges and accrued income +€38,789
up €38,789 (+389.3%), from €9,965 to €48,754
- Cash -€23,600
down €23,600 (-15.2%), from €154,896 to €131,296
mainly Contributions, distributions and other (-€68,561) and Deferred charges and accrued income (-€38,789)
- Financial fixed assets +€18,000
up €18,000 (+22.1%), from €81,557 to €99,557
- Reserves -€54,901
down €54,901 (-8.6%), from €636,205 to €581,304
of which Distributable reserves: -€54,901
- Gross operating margin -€71,514
down €71,514 (-77.9%), from €91,860 to €20,346
- Taxes -€20,077
down €20,077 (-75.2%), from €26,692 to €6,615
- Depreciation +€3,889
up €3,889 (+82.3%), from €4,728 to €8,618
- Financial charges -€1,160
down €1,160 (-70.5%), from €1,645 to €485
of which Financial charges: -€1,160
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 | €676,663 | €611,959 | -€64,704 | -9.6% |
| Fixed assets | 21/28 | €100,912 | €125,152 | +€24,240 | +24.0% |
| Tangible fixed assets | 22/27 | €19,355 | €25,595 | +€6,240 | +32.2% |
| Furniture and vehicles | 24 | €3,622 | €13,678 | +€10,055 | +277.6% |
| Other tangible fixed assets | 26 | €15,733 | €11,918 | -€3,816 | -24.3% |
| Financial fixed assets | 28 | €81,557 | €99,557 | +€18,000 | +22.1% |
| Current assets | 29/58 | €575,751 | €486,807 | -€88,944 | -15.4% |
| Amounts receivable after more than one year | 29 | €300,000 | €250,000 | -€50,000 | -16.7% |
| Other amounts receivable | 291 | €300,000 | €250,000 | -€50,000 | -16.7% |
| Amounts receivable within one year | 40/41 | €10,890 | €6,757 | -€4,133 | -37.9% |
| Trade receivables | 40 | €10,890 | €6,171 | -€4,719 | -43.3% |
| Other amounts receivable | 41 | €0 | €586 | +€586 | |
| Current investments | 50/53 | €100,000 | €50,000 | -€50,000 | -50.0% |
| Cash at bank and in hand | 54/58 | €154,896 | €131,296 | -€23,600 | -15.2% |
| Deferred charges and accrued income | 490/1 | €9,965 | €48,754 | +€38,789 | +389.3% |
| Total equity and liabilities | 10/49 | €676,663 | €611,959 | -€64,704 | -9.6% |
| Equity | 10/15 | €643,859 | €588,958 | -€54,901 | -8.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €636,205 | €581,304 | -€54,901 | -8.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €636,205 | €581,304 | -€54,901 | -8.6% |
| Profit (loss) carried forward | 14 | €1,454 | €1,454 | = | 0.0% |
| Amounts payable | 17/49 | €32,804 | €23,001 | -€9,803 | -29.9% |
| Amounts payable within one year | 42/48 | €32,465 | €23,001 | -€9,464 | -29.2% |
| Current portion of amounts payable after more than one year | 42 | €6,763 | €0 | -€6,763 | -100.0% |
| Financial debts | 43 | €379 | €990 | +€610 | +161.0% |
| Credit institutions | 430/8 | €379 | €990 | +€610 | +161.0% |
| Trade debts | 44 | €1,136 | €2,083 | +€947 | +83.3% |
| Suppliers | 440/4 | €1,136 | €2,083 | +€947 | +83.3% |
| Taxes, remuneration and social security | 45 | €15,384 | €12,642 | -€2,742 | -17.8% |
| Taxes | 450/3 | €15,384 | €12,642 | -€2,742 | -17.8% |
| Other amounts payable | 47/48 | €8,801 | €7,286 | -€1,515 | -17.2% |
| Accrued charges and deferred income | 492/3 | €339 | €0 | -€339 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,728 | €8,618 | +€3,889 | +82.3% |
| Other operating charges | 640/8 | €1,262 | €1,084 | -€178 | -14.1% |
| Non-recurring operating charges | 66A | €280 | €0 | -€280 | -100.0% |
| Gross operating margin | 9900 | €91,860 | €20,346 | -€71,514 | -77.9% |
| Operating profit (loss) | 9901 | €85,590 | €10,644 | -€74,946 | -87.6% |
| Financial income | 75/76B | €10,497 | €10,116 | -€382 | -3.6% |
| Recurring financial income | 75 | €10,497 | €10,116 | -€382 | -3.6% |
| Financial charges | 65/66B | €1,645 | €485 | -€1,160 | -70.5% |
| Recurring financial charges | 65 | €1,645 | €485 | -€1,160 | -70.5% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €94,443 | €20,275 | -€74,168 | -78.5% |
| Income taxes | 67/77 | €26,692 | €6,615 | -€20,077 | -75.2% |
| Profit (loss) for the period | 9904 | €67,751 | €13,660 | -€54,091 | -79.8% |
| Profit (loss) for the period to be appropriated | 9905 | €67,751 | €13,660 | -€54,091 | -79.8% |
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 8 October 2026 via checked.be.