EMRI: 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.
EMRI
Largest movements
- Receivables after one year +€268,000
up €268,000 (+28.8%), from €931,903 to €1.2m
- Cash +€190,236
up €190,236 (+174.2%), from €109,198 to €299,434
mainly Net result for the year (+€459,720) and Depreciation (+€164,282)
- Intangible fixed assets -€103,438
down €103,438 (-44.8%), from €230,999 to €127,562
- Tangible fixed assets -€48,336
down €48,336 (-9.5%), from €506,981 to €458,645
of which Land and buildings: -€31,315
- Receivables within one year -€24,769
no longer reported in 2025 (was €24,769)
of which Other amounts receivable: -€24,306
- Reserves +€390,989
up €390,989 (+37.3%), from €1.0m to €1.4m
of which Distributable reserves: +€240,993
- Debts after one year -€67,437
down €67,437 (-18.6%), from €362,311 to €294,874
- Tax, wage and social debts +€36,086
up €36,086 (+74.4%), from €48,531 to €84,617
of which Taxes: +€37,656
- Advances received -€34,789
no longer reported in 2025 (was €34,789)
- Other debts -€28,432
down €28,432 (-47.4%), from €59,928 to €31,496
- Depreciation -€52,881
down €52,881 (-24.4%), from €217,163 to €164,282
- Gross operating margin +€44,728
up €44,728 (+4.8%), from €935,682 to €980,410
- Staff costs +€24,623
up €24,623 (+17.2%), from €143,266 to €167,889
- Taxes +€22,956
up €22,956 (+14.2%), from €161,580 to €184,536
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 | €1,886,042 | €2,157,499 | +€271,457 | +14.4% |
| Fixed assets | 21/28 | €737,980 | €586,206 | -€151,774 | -20.6% |
| Intangible fixed assets | 21 | €230,999 | €127,562 | -€103,438 | -44.8% |
| Tangible fixed assets | 22/27 | €506,981 | €458,645 | -€48,336 | -9.5% |
| Land and buildings | 22 | €416,128 | €384,813 | -€31,315 | -7.5% |
| Plant, machinery and equipment | 23 | €63,783 | €54,061 | -€9,722 | -15.2% |
| Furniture and vehicles | 24 | €27,070 | €19,771 | -€7,299 | -27.0% |
| Current assets | 29/58 | €1,148,061 | €1,571,292 | +€423,231 | +36.9% |
| Amounts receivable after more than one year | 29 | €931,903 | €1,199,903 | +€268,000 | +28.8% |
| Other amounts receivable | 291 | €931,903 | €1,199,903 | +€268,000 | +28.8% |
| Amounts receivable within one year | 40/41 | €24,769 | - | -€24,769 | |
| Trade receivables | 40 | €464 | - | -€464 | |
| Other amounts receivable | 41 | €24,306 | - | -€24,306 | |
| Current investments | 50/53 | €74,385 | €65,000 | -€9,385 | -12.6% |
| Cash at bank and in hand | 54/58 | €109,198 | €299,434 | +€190,236 | +174.2% |
| Deferred charges and accrued income | 490/1 | €7,806 | €6,956 | -€851 | -10.9% |
| Total equity and liabilities | 10/49 | €1,886,042 | €2,157,499 | +€271,457 | +14.4% |
| Equity | 10/15 | €1,066,513 | €1,457,503 | +€390,989 | +36.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,047,913 | €1,438,903 | +€390,989 | +37.3% |
| Tax-exempt reserves | 132 | €178,384 | €328,380 | +€149,996 | +84.1% |
| Distributable reserves | 133 | €869,530 | €1,110,523 | +€240,993 | +27.7% |
| Amounts payable | 17/49 | €819,528 | €699,996 | -€119,532 | -14.6% |
| Amounts payable after more than one year | 17 | €362,311 | €294,874 | -€67,437 | -18.6% |
| Financial debts | 170/4 | €362,311 | €294,874 | -€67,437 | -18.6% |
| Amounts payable within one year | 42/48 | €452,217 | €400,122 | -€52,095 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €66,511 | €67,435 | +€924 | +1.4% |
| Trade debts | 44 | €242,458 | €216,574 | -€25,884 | -10.7% |
| Suppliers | 440/4 | €242,458 | €216,574 | -€25,884 | -10.7% |
| Advances received on contracts in progress | 46 | €34,789 | - | -€34,789 | |
| Taxes, remuneration and social security | 45 | €48,531 | €84,617 | +€36,086 | +74.4% |
| Taxes | 450/3 | €32,173 | €69,829 | +€37,656 | +117.0% |
| Remuneration and social security | 454/9 | €16,359 | €14,788 | -€1,570 | -9.6% |
| Other amounts payable | 47/48 | €59,928 | €31,496 | -€28,432 | -47.4% |
| Accrued charges and deferred income | 492/3 | €5,000 | €5,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €143,266 | €167,889 | +€24,623 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €217,163 | €164,282 | -€52,881 | -24.4% |
| Other operating charges | 640/8 | €5,011 | €5,195 | +€184 | +3.7% |
| Gross operating margin | 9900 | €935,682 | €980,410 | +€44,728 | +4.8% |
| Operating profit (loss) | 9901 | €570,243 | €643,045 | +€72,803 | +12.8% |
| Financial income | 75/76B | €14,803 | €23,050 | +€8,247 | +55.7% |
| Recurring financial income | 75 | €14,803 | €23,050 | +€8,247 | +55.7% |
| Financial charges | 65/66B | €25,025 | €21,839 | -€3,186 | -12.7% |
| Recurring financial charges | 65 | €25,025 | €21,839 | -€3,186 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €560,021 | €644,256 | +€84,235 | +15.0% |
| Income taxes | 67/77 | €161,580 | €184,536 | +€22,956 | +14.2% |
| Profit (loss) for the period | 9904 | €398,441 | €459,720 | +€61,279 | +15.4% |
| Transfer to tax-exempt reserves | 689 | €178,384 | €168,400 | -€9,984 | -5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €220,057 | €291,320 | +€71,263 | +32.4% |
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 7 October 2026 via checked.be.