EMPWR: 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.
What changed
EMPWR
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€4.4m
2024 · €5.5m-€9.9m
Equity
€114.4m
2024 · €118.8m-€4.4m
Cash
€29.5m
2024 · €8.6m+€20.9m
Balance sheet total
€567.3m
2024 · €428.7m+€138.6m
Largest movements
Assets
- Receivables after one year +€138.1m
up €138.1m (+207.0%), from €66.7m to €204.7m
- Receivables within one year -€21.4m
down €21.4m (-25.3%), from €84.6m to €63.2m
of which Other amounts receivable: -€42.8m
- Cash +€20.9m
up €20.9m (+243.0%), from €8.6m to €29.5m
mainly Trade debts (+€87.8m) and Debts after one year (+€69.7m)
Equity and liabilities
- Trade debts +€87.8m
up €87.8m (+68.8%), from €127.6m to €215.4m
- Debts after one year +€69.7m
up €69.7m (+58.7%), from €118.8m to €188.5m
of which Financial debts: +€47.0m
- Other debts -€9.9m
down €9.9m (-29.9%), from €33.1m to €23.2m
Income statement
- Turnover +€191.8m
up €191.8m (+115.1%), from €166.7m to €358.5m
- Goods and materials +€178.5m
up €178.5m (+115.0%), from €155.3m to €333.8m
of which Purchases: +€179.8m
- Financial charges +€18.3m
up €18.3m (+166.8%), from €11.0m to €29.3m
- Services and other goods +€4.8m
up €4.8m (+70.2%), from €6.8m to €11.6m
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
€5.5m
Turnover
+€191.8m
Other operating income
-€646,592
Goods and materials
-€178.5m
Services and other goods
-€4.8m
Staff costs
-€1.7m
Depreciation
-€35,310
Write-downs
-€124,303
Other operating charges
+€925,278
Other operating items
-€118,957
Financial income
+€881,108
Financial charges
-€18.3m
Taxes
+€654,832
Result 2025
-€4.4m
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.
From operations
-€47.7m
Investment
-€980,223
Financing
+€69.6m
Cash 2024
€8.6m
From operations (derived)
-€47.7m
Net result for the year
-€4.4m
Depreciation
+€1.2m
Receivables after one year
-€138.1m
Stocks and contracts
-€1.2m
Receivables within one year
+€21.4m
Smaller working-capital items
-€191,057
Trade debts
+€87.8m
Advances received
-€4.8m
Other debts
-€9.9m
Accrued charges and deferred income
+€426,852
Investment (derived)
-€980,223
Investment in fixed assets (net)
-€980,223
Financing
+€69.6m
Debts after one year
+€69.7m
Current portion of long-term debt
-€141,224
Cash 2025
€29.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €428,679,343 | €567,266,358 | +€138.6m | +32.3% |
| Fixed assets | 21/28 | €267,220,309 | €266,965,661 | -€254,647 | -0.1% |
| Intangible fixed assets | 21 | €2,868,693 | €2,518,627 | -€350,066 | -12.2% |
| Tangible fixed assets | 22/27 | €291,943 | €387,361 | +€95,419 | +32.7% |
| Plant, machinery and equipment | 23 | €80,028 | €4,187 | -€75,841 | -94.8% |
| Furniture and vehicles | 24 | €96,364 | €129,380 | +€33,016 | +34.3% |
| Other tangible fixed assets | 26 | €108,920 | €63,678 | -€45,242 | -41.5% |
| Assets under construction and advance payments | 27 | €6,631 | €190,116 | +€183,485 | +2767.1% |
| Financial fixed assets | 28 | €264,059,673 | €264,059,673 | = | 0.0% |
| Affiliated companies | 280/1 | €264,059,673 | €264,059,673 | = | 0.0% |
| Participating interests | 280 | €264,059,673 | €264,059,673 | = | 0.0% |
| Current assets | 29/58 | €161,459,035 | €300,300,697 | +€138.8m | +86.0% |
| Amounts receivable after more than one year | 29 | €66,688,737 | €204,745,261 | +€138.1m | +207.0% |
| Other amounts receivable | 291 | €66,688,737 | €204,745,261 | +€138.1m | +207.0% |
| Stocks and contracts in progress | 3 | €1,452,677 | €2,697,552 | +€1.2m | +85.7% |
| Stocks | 30/36 | €1,452,677 | €2,697,552 | +€1.2m | +85.7% |
| Goods purchased for resale | 34 | €1,452,677 | €2,697,552 | +€1.2m | +85.7% |
| Amounts receivable within one year | 40/41 | €84,613,055 | €63,174,547 | -€21.4m | -25.3% |
| Trade receivables | 40 | €20,933,330 | €42,311,662 | +€21.4m | +102.1% |
| Other amounts receivable | 41 | €63,679,726 | €20,862,885 | -€42.8m | -67.2% |
| Cash at bank and in hand | 54/58 | €8,585,821 | €29,452,268 | +€20.9m | +243.0% |
| Deferred charges and accrued income | 490/1 | €118,745 | €231,069 | +€112,325 | +94.6% |
| Total equity and liabilities | 10/49 | €428,679,343 | €567,266,358 | +€138.6m | +32.3% |
| Equity | 10/15 | €118,835,321 | €114,407,882 | -€4.4m | -3.7% |
| Contributions | 10/11 | €115,538,999 | €115,538,999 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,296,322 | -€1,131,117 | -€4.4m | |
| Amounts payable | 17/49 | €309,844,022 | €452,858,476 | +€143.0m | +46.2% |
| Amounts payable after more than one year | 17 | €118,811,851 | €188,509,395 | +€69.7m | +58.7% |
| Financial debts | 170/4 | €79,284,113 | €126,313,902 | +€47.0m | +59.3% |
| Credit institutions | 173 | €79,284,113 | €126,313,902 | +€47.0m | +59.3% |
| Other amounts payable | 178/9 | €39,527,738 | €62,195,493 | +€22.7m | +57.3% |
| Amounts payable within one year | 42/48 | €187,641,627 | €260,531,685 | +€72.9m | +38.8% |
| Current portion of amounts payable after more than one year | 42 | €9,734,956 | €9,593,732 | -€141,224 | -1.5% |
| Trade debts | 44 | €127,613,667 | €215,430,435 | +€87.8m | +68.8% |
| Suppliers | 440/4 | €127,613,667 | €215,430,435 | +€87.8m | +68.8% |
| Advances received on contracts in progress | 46 | €16,000,000 | €11,176,427 | -€4.8m | -30.1% |
| Taxes, remuneration and social security | 45 | €1,230,910 | €1,152,178 | -€78,733 | -6.4% |
| Taxes | 450/3 | €863,103 | €674,723 | -€188,381 | -21.8% |
| Remuneration and social security | 454/9 | €367,807 | €477,455 | +€109,648 | +29.8% |
| Other amounts payable | 47/48 | €33,062,093 | €23,178,913 | -€9.9m | -29.9% |
| Accrued charges and deferred income | 492/3 | €3,390,545 | €3,817,397 | +€426,852 | +12.6% |
| Operating income | 70/76A | €175,562,211 | €366,761,373 | +€191.2m | +108.9% |
| Turnover | 70 | €166,690,222 | €358,535,976 | +€191.8m | +115.1% |
| Other operating income | 74 | €8,871,990 | €8,225,397 | -€646,592 | -7.3% |
| Operating charges | 60/66A | €168,894,603 | €353,245,214 | +€184.4m | +109.2% |
| Goods for resale, raw materials and consumables | 60 | €155,276,029 | €333,803,648 | +€178.5m | +115.0% |
| Purchases | 600/8 | €155,246,978 | €335,048,523 | +€179.8m | +115.8% |
| Change in stocks: decrease (increase) | 609 | €29,050 | -€1,244,875 | -€1.3m | |
| Services and other goods | 61 | €6,812,766 | €11,593,794 | +€4.8m | +70.2% |
| Remuneration, social security and pensions | 62 | €3,728,520 | €5,417,192 | +€1.7m | +45.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,199,560 | €1,234,870 | +€35,310 | +2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €124,303 | +€124,303 | |
| Other operating charges | 640/8 | €1,080,845 | €155,567 | -€925,278 | -85.6% |
| Non-recurring operating charges | 66A | €796,883 | €915,840 | +€118,957 | +14.9% |
| Operating profit (loss) | 9901 | €6,667,609 | €13,516,159 | +€6.8m | +102.7% |
| Financial income | 75/76B | €10,486,920 | €11,368,028 | +€881,108 | +8.4% |
| Recurring financial income | 75 | €10,486,920 | €11,368,028 | +€881,108 | +8.4% |
| Income from financial fixed assets | 750 | €54,123 | €1,036,198 | +€982,075 | +1814.5% |
| Income from current assets | 751 | €6,646,499 | €10,331,829 | +€3.7m | +55.4% |
| Other financial income | 752/9 | €3,786,298 | - | -€3.8m | |
| Financial charges | 65/66B | €10,984,604 | €29,311,069 | +€18.3m | +166.8% |
| Recurring financial charges | 65 | €10,984,604 | €29,311,069 | +€18.3m | +166.8% |
| Debt charges | 650 | €10,636,712 | €14,703,977 | +€4.1m | +38.2% |
| Other financial charges | 652/9 | €347,892 | €14,607,092 | +€14.3m | +4098.7% |
| Profit (loss) for the period before taxes | 9903 | €6,169,925 | -€4,426,883 | -€10.6m | |
| Income taxes | 67/77 | €655,389 | €556 | -€654,832 | -99.9% |
| Taxes | 670/3 | €655,389 | €556 | -€654,832 | -99.9% |
| Profit (loss) for the period | 9904 | €5,514,537 | -€4,427,439 | -€9.9m | |
| Profit (loss) for the period to be appropriated | 9905 | €5,514,537 | -€4,427,439 | -€9.9m |
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 6 October 2026 via checked.be.