EMKU: 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.
EMKU
Largest movements
- Current investments +€349,156
up €349,156 (+9.1%), from €3.8m to €4.2m
- Receivables within one year -€93,068
down €93,068 (-31.0%), from €300,552 to €207,484
- Reserves +€1.3m
up €1.3m (+30.1%), from €4.3m to €5.6m
of which Distributable reserves: +€1.3m
- Debts after one year -€613,644
no longer reported in 2025 (was €613,644)
- Other debts -€390,000
down €390,000 (-86.7%), from €450,000 to €60,000
- Financial charges -€1.9m
down €1.9m, from €1.3m to -€538,509
- Financial income +€430,939
up €430,939 (+70.2%), from €613,909 to €1.0m
- Taxes +€246,144
up €246,144 (+2470.2%), from €9,965 to €256,108
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 | €5,515,273 | €5,760,235 | +€244,962 | +4.4% |
| Fixed assets | 21/28 | €1,233,918 | €1,184,526 | -€49,392 | -4.0% |
| Tangible fixed assets | 22/27 | €1,233,918 | €1,184,526 | -€49,392 | -4.0% |
| Land and buildings | 22 | €1,233,918 | €1,184,526 | -€49,392 | -4.0% |
| Current assets | 29/58 | €4,281,356 | €4,575,709 | +€294,353 | +6.9% |
| Amounts receivable within one year | 40/41 | €300,552 | €207,484 | -€93,068 | -31.0% |
| Other amounts receivable | 41 | €300,552 | €207,484 | -€93,068 | -31.0% |
| Current investments | 50/53 | €3,836,144 | €4,185,300 | +€349,156 | +9.1% |
| Cash at bank and in hand | 54/58 | €144,659 | €182,925 | +€38,266 | +26.5% |
| Total equity and liabilities | 10/49 | €5,515,273 | €5,760,235 | +€244,962 | +4.4% |
| Equity | 10/15 | €4,395,035 | €5,697,867 | +€1.3m | +29.6% |
| Contributions | 10/11 | €68,000 | €68,000 | = | 0.0% |
| Capital | 10 | €68,000 | €68,000 | = | 0.0% |
| Issued capital | 100 | €68,000 | €68,000 | = | 0.0% |
| Reserves | 13 | €4,327,035 | €5,629,867 | +€1.3m | +30.1% |
| Non-distributable reserves | 130/1 | €6,800 | €6,800 | = | 0.0% |
| Legal reserve | 130 | €6,800 | €6,800 | = | 0.0% |
| Distributable reserves | 133 | €4,320,235 | €5,623,067 | +€1.3m | +30.2% |
| Amounts payable | 17/49 | €1,120,238 | €62,368 | -€1.1m | -94.4% |
| Amounts payable after more than one year | 17 | €613,644 | - | -€613,644 | |
| Financial debts | 170/4 | €613,644 | - | -€613,644 | |
| Amounts payable within one year | 42/48 | €452,616 | €62,368 | -€390,248 | -86.2% |
| Trade debts | 44 | €2,616 | €2,368 | -€248 | -9.5% |
| Suppliers | 440/4 | €2,616 | €2,368 | -€248 | -9.5% |
| Other amounts payable | 47/48 | €450,000 | €60,000 | -€390,000 | -86.7% |
| Accrued charges and deferred income | 492/3 | €53,978 | - | -€53,978 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,392 | €49,392 | = | 0.0% |
| Other operating charges | 640/8 | €1,086 | €1,118 | +€33 | +3.0% |
| Gross operating margin | 9900 | €86,379 | €86,093 | -€286 | -0.3% |
| Operating profit (loss) | 9901 | €35,902 | €35,583 | -€319 | -0.9% |
| Financial income | 75/76B | €613,909 | €1,044,848 | +€430,939 | +70.2% |
| Recurring financial income | 75 | €613,909 | €1,044,848 | +€430,939 | +70.2% |
| Financial charges | 65/66B | €1,336,808 | -€538,509 | -€1.9m | |
| Recurring financial charges | 65 | €1,336,808 | -€538,509 | -€1.9m | |
| Profit (loss) for the period before taxes | 9903 | -€686,998 | €1,618,940 | +€2.3m | |
| Income taxes | 67/77 | €9,965 | €256,108 | +€246,144 | +2470.2% |
| Profit (loss) for the period | 9904 | -€696,962 | €1,362,832 | +€2.1m | |
| Profit (loss) for the period to be appropriated | 9905 | -€696,962 | €1,362,832 | +€2.1m |
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 29 September 2026 via checked.be.