EMJ: 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.
EMJ
Largest movements
- Cash +€220,578
up €220,578 (+208.6%), from €105,749 to €326,328
mainly Net result for the year (+€245,830) and Tax, wage and social debts (+€58,296)
- Receivables within one year +€54,131
up €54,131 (+58.0%), from €93,326 to €147,456
- Reserves +€245,830
up €245,830 (+202.7%), from €121,302 to €367,132
- Tax, wage and social debts +€58,296
up €58,296 (+111.8%), from €52,162 to €110,457
- Debts after one year -€36,256
down €36,256 (-10.2%), from €355,761 to €319,505
- Gross operating margin +€97,458
up €97,458 (+35.6%), from €274,059 to €371,517
- Depreciation -€88,949
down €88,949 (-91.5%), from €97,207 to €8,258
- Taxes +€58,683
up €58,683 (+112.5%), from €52,162 to €110,845
- Financial charges +€6,442
up €6,442 (+96.1%), from €6,703 to €13,145
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 | €567,879 | €836,350 | +€268,471 | +47.3% |
| Fixed assets | 21/28 | €367,593 | €361,290 | -€6,303 | -1.7% |
| Tangible fixed assets | 22/27 | €367,593 | €361,290 | -€6,303 | -1.7% |
| Land and buildings | 22 | €367,593 | €359,718 | -€7,874 | -2.1% |
| Furniture and vehicles | 24 | - | €1,571 | +€1,571 | |
| Current assets | 29/58 | €200,287 | €475,060 | +€274,774 | +137.2% |
| Amounts receivable within one year | 40/41 | €93,326 | €147,456 | +€54,131 | +58.0% |
| Other amounts receivable | 41 | €93,326 | €147,456 | +€54,131 | +58.0% |
| Cash at bank and in hand | 54/58 | €105,749 | €326,328 | +€220,578 | +208.6% |
| Deferred charges and accrued income | 490/1 | €1,212 | €1,276 | +€64 | +5.3% |
| Total equity and liabilities | 10/49 | €567,879 | €836,350 | +€268,471 | +47.3% |
| Equity | 10/15 | €124,302 | €370,132 | +€245,830 | +197.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €121,302 | €367,132 | +€245,830 | +202.7% |
| Distributable reserves | 133 | €121,302 | €367,132 | +€245,830 | +202.7% |
| Amounts payable | 17/49 | €443,577 | €466,218 | +€22,641 | +5.1% |
| Amounts payable after more than one year | 17 | €355,761 | €319,505 | -€36,256 | -10.2% |
| Financial debts | 170/4 | €355,761 | €319,505 | -€36,256 | -10.2% |
| Amounts payable within one year | 42/48 | €87,817 | €146,713 | +€58,897 | +67.1% |
| Current portion of amounts payable after more than one year | 42 | €35,030 | €36,256 | +€1,225 | +3.5% |
| Trade debts | 44 | €625 | - | -€625 | |
| Suppliers | 440/4 | €625 | - | -€625 | |
| Taxes, remuneration and social security | 45 | €52,162 | €110,457 | +€58,296 | +111.8% |
| Taxes | 450/3 | €52,162 | €110,457 | +€58,296 | +111.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,207 | €8,258 | -€88,949 | -91.5% |
| Other operating charges | 640/8 | €2,025 | €539 | -€1,486 | -73.4% |
| Gross operating margin | 9900 | €274,059 | €371,517 | +€97,458 | +35.6% |
| Operating profit (loss) | 9901 | €174,827 | €362,720 | +€187,893 | +107.5% |
| Financial income | 75/76B | €5,340 | €7,100 | +€1,760 | +33.0% |
| Recurring financial income | 75 | €5,340 | €7,100 | +€1,760 | +33.0% |
| Financial charges | 65/66B | €6,703 | €13,145 | +€6,442 | +96.1% |
| Recurring financial charges | 65 | €6,703 | €13,145 | +€6,442 | +96.1% |
| Profit (loss) for the period before taxes | 9903 | €173,464 | €356,675 | +€183,211 | +105.6% |
| Income taxes | 67/77 | €52,162 | €110,845 | +€58,683 | +112.5% |
| Profit (loss) for the period | 9904 | €121,302 | €245,830 | +€124,528 | +102.7% |
| Profit (loss) for the period to be appropriated | 9905 | €121,302 | €245,830 | +€124,528 | +102.7% |
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 10 October 2026 via checked.be.