EMKA: 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.
EMKA
Largest movements
- Tangible fixed assets +€629,043
up €629,043 (+438.0%), from €143,625 to €772,668
of which Assets under construction and advance payments: +€698,924
- Cash +€29,664
up €29,664 (+9954.7%), from €298 to €29,962
mainly Debts after one year (+€634,381) and Other debts (+€52,275)
- Receivables within one year -€13,036
down €13,036 (-92.5%), from €14,097 to €1,062
of which Other amounts receivable: -€12,713
- Debts after one year +€634,381
up €634,381 (+399.0%), from €159,000 to €793,381
- Profit (loss) carried forward -€77,303
down €77,303 (-302.5%), from -€25,559 to -€102,862
- Other debts +€52,275
up €52,275 (+1306.9%), from €4,000 to €56,275
- Tax, wage and social debts +€35,753
up €35,753 (+2741.1%), from €1,304 to €37,057
- Depreciation -€12,068
down €12,068 (-89.6%), from €13,470 to €1,402
- Other operating charges -€3,238
down €3,238 (-74.0%), from €4,376 to €1,138
- Gross operating margin -€1,928
down €1,928 (-30.2%), from -€6,385 to -€8,313
- Financial income +€1,914
up €1,914 (+757.8%), from €253 to €2,166
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 | €159,755 | €812,484 | +€652,729 | +408.6% |
| Formation expenses | 20 | €1,735 | €1,735 | = | 0.0% |
| Fixed assets | 21/28 | €143,625 | €772,668 | +€629,043 | +438.0% |
| Tangible fixed assets | 22/27 | €143,625 | €772,668 | +€629,043 | +438.0% |
| Land and buildings | 22 | €141,070 | €72,591 | -€68,479 | -48.5% |
| Plant, machinery and equipment | 23 | €371 | - | -€371 | |
| Furniture and vehicles | 24 | €2,183 | €1,152 | -€1,031 | -47.2% |
| Assets under construction and advance payments | 27 | - | €698,924 | +€698,924 | |
| Current assets | 29/58 | €14,395 | €38,081 | +€23,686 | +164.5% |
| Amounts receivable within one year | 40/41 | €14,097 | €1,062 | -€13,036 | -92.5% |
| Trade receivables | 40 | €323 | - | -€323 | |
| Other amounts receivable | 41 | €13,774 | €1,062 | -€12,713 | -92.3% |
| Cash at bank and in hand | 54/58 | €298 | €29,962 | +€29,664 | +9954.7% |
| Deferred charges and accrued income | 490/1 | - | €7,058 | +€7,058 | |
| Total equity and liabilities | 10/49 | €159,755 | €812,484 | +€652,729 | +408.6% |
| Equity | 10/15 | -€5,220 | -€82,523 | -€77,303 | -1481.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,747 | €1,747 | = | 0.0% |
| Tax-exempt reserves | 132 | €373 | €373 | = | 0.0% |
| Distributable reserves | 133 | €1,374 | €1,374 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,559 | -€102,862 | -€77,303 | -302.5% |
| Amounts payable | 17/49 | €164,975 | €895,007 | +€730,032 | +442.5% |
| Amounts payable after more than one year | 17 | €159,000 | €793,381 | +€634,381 | +399.0% |
| Financial debts | 170/4 | €159,000 | €793,381 | +€634,381 | +399.0% |
| Amounts payable within one year | 42/48 | €5,975 | €101,626 | +€95,651 | +1600.8% |
| Trade debts | 44 | €671 | €8,294 | +€7,623 | +1136.6% |
| Suppliers | 440/4 | €671 | €8,294 | +€7,623 | +1136.6% |
| Taxes, remuneration and social security | 45 | €1,304 | €37,057 | +€35,753 | +2741.1% |
| Taxes | 450/3 | €1,304 | €37,057 | +€35,753 | +2741.1% |
| Other amounts payable | 47/48 | €4,000 | €56,275 | +€52,275 | +1306.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,470 | €1,402 | -€12,068 | -89.6% |
| Other operating charges | 640/8 | €4,376 | €1,138 | -€3,238 | -74.0% |
| Non-recurring operating charges | 66A | - | €68,479 | +€68,479 | |
| Gross operating margin | 9900 | -€6,385 | -€8,313 | -€1,928 | -30.2% |
| Operating profit (loss) | 9901 | -€24,232 | -€79,332 | -€55,100 | -227.4% |
| Financial income | 75/76B | €253 | €2,166 | +€1,914 | +757.8% |
| Recurring financial income | 75 | €253 | €2,166 | +€1,914 | +757.8% |
| Financial charges | 65/66B | €68 | €138 | +€70 | +102.2% |
| Recurring financial charges | 65 | €68 | €138 | +€70 | +102.2% |
| Profit (loss) for the period before taxes | 9903 | -€24,047 | -€77,303 | -€53,256 | -221.5% |
| Profit (loss) for the period | 9904 | -€24,047 | -€77,303 | -€53,256 | -221.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,047 | -€77,303 | -€53,256 | -221.5% |
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 4 October 2026 via checked.be.