EMLODA: 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.
What changed
EMLODA
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€100,467
2024 · €265,043-€164,576
Equity
€6.1m
2024 · €6.1m+€80,041
Cash
€176,660
2024 · €20,379+€156,281
Balance sheet total
€13.6m
2024 · €12.9m+€697,606
Largest movements
Assets
- Financial fixed assets +€633,600
up €633,600 (+14.6%), from €4.4m to €5.0m
- Tangible fixed assets -€502,958
down €502,958 (-7.1%), from €7.1m to €6.5m
of which Leasing and similar rights: -€300,000
- Receivables within one year +€229,047
up €229,047 (+139%), from €164,695 to €393,743
of which Other amounts receivable: +€223,571
- Stocks and contracts +€183,959
up €183,959 (+13.6%), from €1.3m to €1.5m
- Cash +€156,281
up €156,281 (+767%), from €20,379 to €176,660
mainly Other debts (+€1.7m) and Depreciation (+€473,245)
Equity and liabilities
- Other debts +€1.7m
up €1.7m (+142%), from €1.2m to €2.9m
- Debts after one year -€801,487
down €801,487 (-19.3%), from €4.1m to €3.3m
of which Financial debts: -€810,589
- Short-term financial debts -€456,006
down €456,006 (-91.2%), from €500,000 to €43,994
Income statement
- Financial income -€253,305
down €253,305 (-91.7%), from €276,370 to €23,064
- Gross operating margin +€188,963
up €188,963 (+18.1%), from €1.0m to €1.2m
- Staff costs +€89,204
up €89,204 (+47.9%), from €186,416 to €275,620
- Depreciation -€15,428
down €15,428 (-3.2%), from €488,674 to €473,245
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.
Result 2024
€265,043
Gross operating margin
+€188,963
Staff costs
-€89,204
Depreciation
+€15,428
Other operating charges
+€7,692
Other operating items
-€21,385
Financial income
-€253,305
Financial charges
-€1,703
Taxes
-€11,063
Result 2025
€100,467
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.0m
Investment
-€603,887
Financing
-€1.2m
Cash 2024
€20,379
From operations (derived)
+€2.0m
Net result for the year
+€100,467
Depreciation
+€473,245
Stocks and contracts
-€183,959
Receivables within one year
-€229,047
Deferred charges and accrued income
+€2,323
Trade debts
+€130,433
Tax, wage and social debts
+€7,970
Other debts
+€1.7m
Accrued charges and deferred income
+€6,761
Investment (derived)
-€603,887
Investment in fixed assets (net)
-€603,887
Financing
-€1.2m
Debts after one year
-€801,487
Current portion of long-term debt
+€42,124
Short-term financial debts
-€456,006
Contributions, distributions and other
-€20,426
Cash 2025
€176,660
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,945,141 | €13,642,748 | +€697,606 | +5.4% |
| Fixed assets | 21/28 | €11,404,483 | €11,535,125 | +€130,642 | +1.1% |
| Tangible fixed assets | 22/27 | €7,052,793 | €6,549,835 | -€502,958 | -7.1% |
| Land and buildings | 22 | €1,816,869 | €1,768,959 | -€47,909 | -2.6% |
| Plant, machinery and equipment | 23 | €382,705 | €339,606 | -€43,100 | -11.3% |
| Furniture and vehicles | 24 | €148,220 | €36,270 | -€111,949 | -75.5% |
| Leasing and similar rights | 25 | €4,660,000 | €4,360,000 | -€300,000 | -6.4% |
| Assets under construction and advance payments | 27 | €45,000 | €45,000 | = | 0.0% |
| Financial fixed assets | 28 | €4,351,690 | €4,985,290 | +€633,600 | +14.6% |
| Current assets | 29/58 | €1,540,658 | €2,107,623 | +€566,964 | +36.8% |
| Stocks and contracts in progress | 3 | €1,348,720 | €1,532,679 | +€183,959 | +13.6% |
| Stocks | 30/36 | €1,348,720 | €1,532,679 | +€183,959 | +13.6% |
| Amounts receivable within one year | 40/41 | €164,695 | €393,743 | +€229,047 | +139% |
| Trade receivables | 40 | €58,843 | €64,319 | +€5,476 | +9.3% |
| Other amounts receivable | 41 | €105,853 | €329,424 | +€223,571 | +211% |
| Cash at bank and in hand | 54/58 | €20,379 | €176,660 | +€156,281 | +767% |
| Deferred charges and accrued income | 490/1 | €6,864 | €4,542 | -€2,323 | -33.8% |
| Total equity and liabilities | 10/49 | €12,945,141 | €13,642,748 | +€697,606 | +5.4% |
| Equity | 10/15 | €6,053,505 | €6,133,546 | +€80,041 | +1.3% |
| Contributions | 10/11 | €95,000 | €95,000 | = | 0.0% |
| Reserves | 13 | €5,598,167 | €5,698,634 | +€100,467 | +1.8% |
| Tax-exempt reserves | 132 | €10,400 | €10,400 | = | 0.0% |
| Distributable reserves | 133 | €5,587,767 | €5,688,234 | +€100,467 | +1.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | €360,338 | €339,913 | -€20,426 | -5.7% |
| Amounts payable | 17/49 | €6,891,636 | €7,509,201 | +€617,565 | +9.0% |
| Amounts payable after more than one year | 17 | €4,143,921 | €3,342,434 | -€801,487 | -19.3% |
| Financial debts | 170/4 | €4,143,921 | €3,333,332 | -€810,589 | -19.6% |
| Other amounts payable | 178/9 | - | €9,102 | +€9,102 | |
| Amounts payable within one year | 42/48 | €2,706,775 | €4,119,067 | +€1.4m | +52.2% |
| Current portion of amounts payable after more than one year | 42 | €725,713 | €767,836 | +€42,124 | +5.8% |
| Financial debts | 43 | €500,000 | €43,994 | -€456,006 | -91.2% |
| Credit institutions | 430/8 | €500,000 | €43,994 | -€456,006 | -91.2% |
| Trade debts | 44 | €250,898 | €381,331 | +€130,433 | +52.0% |
| Suppliers | 440/4 | €250,898 | €381,331 | +€130,433 | +52.0% |
| Taxes, remuneration and social security | 45 | €38,204 | €46,175 | +€7,970 | +20.9% |
| Taxes | 450/3 | €11,682 | €25,123 | +€13,441 | +115% |
| Remuneration and social security | 454/9 | €26,522 | €21,052 | -€5,470 | -20.6% |
| Other amounts payable | 47/48 | €1,191,961 | €2,879,731 | +€1.7m | +142% |
| Accrued charges and deferred income | 492/3 | €40,940 | €47,701 | +€6,761 | +16.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €186,416 | €275,620 | +€89,204 | +47.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €488,674 | €473,245 | -€15,428 | -3.2% |
| Other operating charges | 640/8 | €82,079 | €74,386 | -€7,692 | -9.4% |
| Non-recurring operating charges | 66A | €0 | €21,385 | +€21,385 | |
| Gross operating margin | 9900 | €1,044,631 | €1,233,594 | +€188,963 | +18.1% |
| Operating profit (loss) | 9901 | €287,463 | €388,958 | +€101,495 | +35.3% |
| Financial income | 75/76B | €276,370 | €23,064 | -€253,305 | -91.7% |
| Recurring financial income | 75 | €276,370 | €23,064 | -€253,305 | -91.7% |
| Financial charges | 65/66B | €269,252 | €270,955 | +€1,703 | +0.6% |
| Recurring financial charges | 65 | €209,252 | €270,955 | +€61,703 | +29.5% |
| Non-recurring financial charges | 66B | €60,000 | €0 | -€60,000 | -100% |
| Profit (loss) for the period before taxes | 9903 | €294,581 | €141,068 | -€153,513 | -52.1% |
| Income taxes | 67/77 | €29,538 | €40,601 | +€11,063 | +37.5% |
| Profit (loss) for the period | 9904 | €265,043 | €100,467 | -€164,576 | -62.1% |
| Profit (loss) for the period to be appropriated | 9905 | €265,043 | €100,467 | -€164,576 | -62.1% |
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.