EMKAPA: 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.
EMKAPA
Largest movements
- Receivables within one year +€45,483
up €45,483 (+17.4%), from €261,990 to €307,474
of which Other amounts receivable: +€47,046
- Cash -€15,661
down €15,661 (-57.8%), from €27,118 to €11,457
mainly Receivables within one year (-€45,483) and Investment in fixed assets (net) (-€12,042)
- Reserves +€23,863
up €23,863 (+4.4%), from €543,386 to €567,250
of which Distributable reserves: +€25,723
- Gross operating margin -€109,455
down €109,455 (-80.2%), from €136,449 to €26,994
- Taxes +€99,454
up €99,454, from -€91,500 to €7,954
- Financial income +€2,921
up €2,921 (+16.6%), from €17,614 to €20,535
- Other operating charges -€1,878
down €1,878 (-47.8%), from €3,932 to €2,053
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.
Derived cash bridge
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 | €555,809 | €584,383 | +€28,574 | +5.1% |
| Fixed assets | 21/28 | €266,701 | €265,452 | -€1,248 | -0.5% |
| Tangible fixed assets | 22/27 | €266,701 | €265,452 | -€1,248 | -0.5% |
| Land and buildings | 22 | €261,858 | €262,042 | +€184 | +0.1% |
| Furniture and vehicles | 24 | €4,843 | €3,410 | -€1,432 | -29.6% |
| Current assets | 29/58 | €289,109 | €318,931 | +€29,822 | +10.3% |
| Amounts receivable within one year | 40/41 | €261,990 | €307,474 | +€45,483 | +17.4% |
| Trade receivables | 40 | €6,990 | €5,428 | -€1,562 | -22.3% |
| Other amounts receivable | 41 | €255,000 | €302,046 | +€47,046 | +18.4% |
| Cash at bank and in hand | 54/58 | €27,118 | €11,457 | -€15,661 | -57.8% |
| Total equity and liabilities | 10/49 | €555,809 | €584,383 | +€28,574 | +5.1% |
| Equity | 10/15 | €555,786 | €579,650 | +€23,863 | +4.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €543,386 | €567,250 | +€23,863 | +4.4% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €541,526 | €567,250 | +€25,723 | +4.8% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Amounts payable | 17/49 | €23 | €4,734 | +€4,711 | +20,490% |
| Amounts payable within one year | 42/48 | €0 | €4,702 | +€4,702 | |
| Trade debts | 44 | €0 | €4,702 | +€4,702 | |
| Suppliers | 440/4 | €0 | €4,702 | +€4,702 | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €23 | €31 | +€9 | +37.0% |
| Non-recurring operating income | 76A | €92,513 | - | -€92,513 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,022 | €13,290 | +€268 | +2.1% |
| Other operating charges | 640/8 | €3,932 | €2,053 | -€1,878 | -47.8% |
| Gross operating margin | 9900 | €136,449 | €26,994 | -€109,455 | -80.2% |
| Operating profit (loss) | 9901 | €119,495 | €11,651 | -€107,845 | -90.3% |
| Financial income | 75/76B | €17,614 | €20,535 | +€2,921 | +16.6% |
| Recurring financial income | 75 | €17,614 | €20,535 | +€2,921 | +16.6% |
| Financial charges | 65/66B | €297 | €368 | +€70 | +23.6% |
| Recurring financial charges | 65 | €297 | €368 | +€70 | +23.6% |
| Profit (loss) for the period before taxes | 9903 | €136,812 | €31,818 | -€104,995 | -76.7% |
| Income taxes | 67/77 | -€91,500 | €7,954 | +€99,454 | |
| Profit (loss) for the period | 9904 | €228,312 | €23,863 | -€204,449 | -89.5% |
| Profit (loss) for the period to be appropriated | 9905 | €228,312 | €23,863 | -€204,449 | -89.5% |
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 19 October 2026 via checked.be.