EMNACO: 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.
EMNACO
Largest movements
- Cash +€68,955
up €68,955 (+73.8%), from €93,427 to €162,382
mainly Net result for the year (+€65,247) and Receivables within one year (+€9,657)
- Reserves +€64,388
up €64,388 (+7.5%), from €854,982 to €919,370
- Debts after one year -€13,333
down €13,333 (-8.3%), from €161,111 to €147,778
- Taxes +€5,901
up €5,901 (+76.5%), from €7,711 to €13,611
- Financial charges -€3,051
down €3,051 (-14.6%), from €20,929 to €17,878
- Gross operating margin +€1,197
up €1,197 (+2.2%), from €53,938 to €55,136
- Financial income -€754
down €754 (-1.5%), from €51,653 to €50,900
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 | €1,196,878 | €1,249,303 | +€52,425 | +4.4% |
| Fixed assets | 21/28 | €1,093,675 | €1,086,921 | -€6,754 | -0.6% |
| Tangible fixed assets | 22/27 | €193,675 | €186,921 | -€6,754 | -3.5% |
| Land and buildings | 22 | €191,449 | €185,601 | -€5,848 | -3.1% |
| Furniture and vehicles | 24 | €2,226 | €1,320 | -€906 | -40.7% |
| Financial fixed assets | 28 | €900,000 | €900,000 | = | 0.0% |
| Current assets | 29/58 | €103,203 | €162,382 | +€59,179 | +57.3% |
| Amounts receivable within one year | 40/41 | €9,657 | €0 | -€9,657 | -100.0% |
| Trade receivables | 40 | €9,657 | €0 | -€9,657 | -100.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €93,427 | €162,382 | +€68,955 | +73.8% |
| Deferred charges and accrued income | 490/1 | €119 | €0 | -€119 | -100.0% |
| Total equity and liabilities | 10/49 | €1,196,878 | €1,249,303 | +€52,425 | +4.4% |
| Equity | 10/15 | €855,434 | €919,822 | +€64,388 | +7.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €854,982 | €919,370 | +€64,388 | +7.5% |
| Distributable reserves | 133 | €854,982 | €919,370 | +€64,388 | +7.5% |
| Profit (loss) carried forward | 14 | -€18,148 | -€18,148 | = | 0.0% |
| Amounts payable | 17/49 | €341,444 | €329,480 | -€11,964 | -3.5% |
| Amounts payable after more than one year | 17 | €161,111 | €147,778 | -€13,333 | -8.3% |
| Financial debts | 170/4 | €161,111 | €147,778 | -€13,333 | -8.3% |
| Amounts payable within one year | 42/48 | €168,216 | €171,355 | +€3,139 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €13,333 | €13,333 | = | 0.0% |
| Trade debts | 44 | €2,947 | €2,125 | -€822 | -27.9% |
| Suppliers | 440/4 | €2,947 | €2,125 | -€822 | -27.9% |
| Taxes, remuneration and social security | 45 | €7,894 | €14,297 | +€6,403 | +81.1% |
| Taxes | 450/3 | €7,894 | €14,297 | +€6,403 | +81.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €144,042 | €141,600 | -€2,442 | -1.7% |
| Accrued charges and deferred income | 492/3 | €12,117 | €10,348 | -€1,769 | -14.6% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,318 | €6,754 | +€436 | +6.9% |
| Other operating charges | 640/8 | €2,468 | €2,544 | +€76 | +3.1% |
| Gross operating margin | 9900 | €53,938 | €55,136 | +€1,197 | +2.2% |
| Operating profit (loss) | 9901 | €45,152 | €45,837 | +€686 | +1.5% |
| Financial income | 75/76B | €51,653 | €50,900 | -€754 | -1.5% |
| Recurring financial income | 75 | €51,653 | €50,900 | -€754 | -1.5% |
| Financial charges | 65/66B | €20,929 | €17,878 | -€3,051 | -14.6% |
| Recurring financial charges | 65 | €20,929 | €17,878 | -€3,051 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | €75,876 | €78,859 | +€2,983 | +3.9% |
| Income taxes | 67/77 | €7,711 | €13,611 | +€5,901 | +76.5% |
| Profit (loss) for the period | 9904 | €68,165 | €65,247 | -€2,918 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €68,165 | €65,247 | -€2,918 | -4.3% |
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 8 October 2026 via checked.be.