EMO: 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.
EMO
Largest movements
- Current investments -€190,000
down €190,000 (-63.3%), from €300,000 to €110,000
- Cash -€18,790
down €18,790 (-36.0%), from €52,234 to €33,444
mainly Contributions, distributions and other (-€103,670) and Other debts (-€67,571)
- Tangible fixed assets -€11,030
down €11,030 (-27.7%), from €39,835 to €28,805
- Reserves -€92,585
down €92,585 (-59.1%), from €156,750 to €64,165
of which Distributable reserves: -€92,585
- Other debts -€67,571
down €67,571 (-48.2%), from €140,140 to €72,569
- Tax, wage and social debts -€60,060
no longer reported in 2025 (was €60,060)
- Gross operating margin -€25,104
down €25,104 (-45.2%), from €55,488 to €30,384
- Depreciation -€14,486
down €14,486 (-56.8%), from €25,516 to €11,030
- Taxes +€7,719
up €7,719, from -€2,480 to €5,239
- Other operating charges -€2,299
down €2,299 (-32.6%), from €7,055 to €4,756
- Financial charges +€1,172
up €1,172 (+343.1%), from €342 to €1,514
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 | €413,578 | €192,326 | -€221,253 | -53.5% |
| Fixed assets | 21/28 | €39,835 | €28,805 | -€11,030 | -27.7% |
| Tangible fixed assets | 22/27 | €39,835 | €28,805 | -€11,030 | -27.7% |
| Land and buildings | 22 | €39,835 | €28,805 | -€11,030 | -27.7% |
| Current assets | 29/58 | €373,743 | €163,521 | -€210,223 | -56.2% |
| Amounts receivable within one year | 40/41 | €20,370 | €18,675 | -€1,695 | -8.3% |
| Trade receivables | 40 | €11,358 | €8,771 | -€2,587 | -22.8% |
| Other amounts receivable | 41 | €9,012 | €9,904 | +€891 | +9.9% |
| Current investments | 50/53 | €300,000 | €110,000 | -€190,000 | -63.3% |
| Cash at bank and in hand | 54/58 | €52,234 | €33,444 | -€18,790 | -36.0% |
| Deferred charges and accrued income | 490/1 | €1,139 | €1,402 | +€262 | +23.0% |
| Total equity and liabilities | 10/49 | €413,578 | €192,326 | -€221,253 | -53.5% |
| Equity | 10/15 | €211,548 | €118,963 | -€92,585 | -43.8% |
| Contributions | 10/11 | €19,500 | €19,500 | = | 0.0% |
| Reserves | 13 | €156,750 | €64,165 | -€92,585 | -59.1% |
| Non-distributable reserves | 130/1 | €1,950 | €1,950 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,950 | €1,950 | = | 0.0% |
| Distributable reserves | 133 | €154,800 | €62,215 | -€92,585 | -59.8% |
| Profit (loss) carried forward | 14 | €35,298 | €35,298 | = | 0.0% |
| Amounts payable | 17/49 | €202,031 | €73,363 | -€128,668 | -63.7% |
| Amounts payable within one year | 42/48 | €202,031 | €73,351 | -€128,680 | -63.7% |
| Trade debts | 44 | €1,831 | €782 | -€1,049 | -57.3% |
| Suppliers | 440/4 | €1,831 | €782 | -€1,049 | -57.3% |
| Taxes, remuneration and social security | 45 | €60,060 | - | -€60,060 | |
| Taxes | 450/3 | €60,060 | - | -€60,060 | |
| Other amounts payable | 47/48 | €140,140 | €72,569 | -€67,571 | -48.2% |
| Accrued charges and deferred income | 492/3 | - | €12 | +€12 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,516 | €11,030 | -€14,486 | -56.8% |
| Other operating charges | 640/8 | €7,055 | €4,756 | -€2,299 | -32.6% |
| Gross operating margin | 9900 | €55,488 | €30,384 | -€25,104 | -45.2% |
| Operating profit (loss) | 9901 | €22,917 | €14,598 | -€8,318 | -36.3% |
| Financial income | 75/76B | €3,462 | €3,240 | -€222 | -6.4% |
| Recurring financial income | 75 | €3,462 | €3,240 | -€222 | -6.4% |
| Financial charges | 65/66B | €342 | €1,514 | +€1,172 | +343.1% |
| Recurring financial charges | 65 | €342 | €1,514 | +€1,172 | +343.1% |
| Profit (loss) for the period before taxes | 9903 | €26,037 | €16,324 | -€9,712 | -37.3% |
| Income taxes | 67/77 | -€2,480 | €5,239 | +€7,719 | |
| Profit (loss) for the period | 9904 | €28,517 | €11,085 | -€17,432 | -61.1% |
| Profit (loss) for the period to be appropriated | 9905 | €28,517 | €11,085 | -€17,432 | -61.1% |
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 28 September 2026 via checked.be.