EMO: 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.
EMO
Largest movements
- Tangible fixed assets -€8,561
down €8,561 (-1.6%), from €526,010 to €517,449
of which Land and buildings: -€8,472
- Other debts -€36,317
down €36,317 (-10.6%), from €341,643 to €305,326
- Reserves +€12,585
up €12,585 (+7.5%), from €168,160 to €180,745
of which Distributable reserves: +€6,385
- Debts after one year +€10,500
new in 2025: €10,500
- Gross operating margin -€24,404
down €24,404 (-42.3%), from €57,738 to €33,334
- Other operating charges -€5,347
down €5,347 (-42.2%), from €12,685 to €7,338
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 | €576,341 | €559,844 | -€16,497 | -2.9% |
| Fixed assets | 21/28 | €526,010 | €517,449 | -€8,561 | -1.6% |
| Tangible fixed assets | 22/27 | €526,010 | €517,449 | -€8,561 | -1.6% |
| Land and buildings | 22 | €265,104 | €256,632 | -€8,472 | -3.2% |
| Plant, machinery and equipment | 23 | €4,394 | €4,884 | +€491 | +11.2% |
| Furniture and vehicles | 24 | €255,365 | €255,276 | -€89 | 0.0% |
| Other tangible fixed assets | 26 | €1,148 | €657 | -€490 | -42.7% |
| Current assets | 29/58 | €50,331 | €42,395 | -€7,936 | -15.8% |
| Stocks and contracts in progress | 3 | €40,865 | €40,865 | = | 0.0% |
| Stocks | 30/36 | €40,865 | €40,865 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,450 | €610 | -€2,840 | -82.3% |
| Trade receivables | 40 | €1,892 | €40 | -€1,852 | -97.9% |
| Other amounts receivable | 41 | €1,558 | €570 | -€988 | -63.4% |
| Cash at bank and in hand | 54/58 | €2,803 | €921 | -€1,882 | -67.2% |
| Deferred charges and accrued income | 490/1 | €3,214 | - | -€3,214 | |
| Total equity and liabilities | 10/49 | €576,341 | €559,844 | -€16,497 | -2.9% |
| Equity | 10/15 | €230,160 | €242,745 | +€12,585 | +5.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €168,160 | €180,745 | +€12,585 | +7.5% |
| Non-distributable reserves | 130/1 | - | €6,200 | +€6,200 | |
| Legal reserve | 130 | - | €6,200 | +€6,200 | |
| Distributable reserves | 133 | €168,160 | €174,545 | +€6,385 | +3.8% |
| Amounts payable | 17/49 | €346,181 | €317,100 | -€29,082 | -8.4% |
| Amounts payable after more than one year | 17 | - | €10,500 | +€10,500 | |
| Other amounts payable | 178/9 | - | €10,500 | +€10,500 | |
| Amounts payable within one year | 42/48 | €346,181 | €306,600 | -€39,582 | -11.4% |
| Trade debts | 44 | €4,061 | €674 | -€3,387 | -83.4% |
| Suppliers | 440/4 | €4,061 | €674 | -€3,387 | -83.4% |
| Taxes, remuneration and social security | 45 | €477 | €600 | +€123 | +25.8% |
| Taxes | 450/3 | €477 | €600 | +€123 | +25.8% |
| Other amounts payable | 47/48 | €341,643 | €305,326 | -€36,317 | -10.6% |
| Non-recurring operating income | 76A | - | €585 | +€585 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,461 | €13,231 | -€230 | -1.7% |
| Other operating charges | 640/8 | €12,685 | €7,338 | -€5,347 | -42.2% |
| Non-recurring operating charges | 66A | €63,302 | - | -€63,302 | |
| Gross operating margin | 9900 | €57,738 | €33,334 | -€24,404 | -42.3% |
| Operating profit (loss) | 9901 | -€31,710 | €12,765 | +€44,474 | |
| Financial charges | 65/66B | €175 | €180 | +€5 | +2.7% |
| Recurring financial charges | 65 | €175 | €180 | +€5 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | -€31,885 | €12,585 | +€44,470 | |
| Profit (loss) for the period | 9904 | -€31,885 | €12,585 | +€44,470 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,885 | €12,585 | +€44,470 |
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 12 October 2026 via checked.be.