EMS. ADVICE: 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.
EMS. ADVICE
Largest movements
- Tangible fixed assets +€872,738
up €872,738 (+158%), from €550,650 to €1.4m
of which Land and buildings: +€651,152
- Current investments -€462,105
down €462,105 (-43.3%), from €1.1m to €605,112
- Cash +€227,727
up €227,727 (+86.8%), from €262,500 to €490,226
mainly Debts after one year (+€655,555) and Current investments (+€462,105)
- Receivables within one year +€150,662
up €150,662 (+518%), from €29,069 to €179,731
of which Other amounts receivable: +€77,755
- Debts after one year +€655,555
up €655,555 (+195%), from €335,736 to €991,292
- Profit (loss) carried forward +€267,758
up €267,758 (+30.8%), from €870,525 to €1.1m
- Reserves -€200,254
down €200,254 (-44.6%), from €449,340 to €249,086
of which Distributable reserves: -€194,800
- Other debts -€85,752
no longer reported in 2025 (was €85,752)
- Current portion of long-term debt +€60,596
up €60,596 (+80.8%), from €74,998 to €135,594
- Gross operating margin +€72,650
up €72,650 (+18.4%), from €395,195 to €467,845
- Depreciation +€17,965
up €17,965 (+27.3%), from €65,761 to €83,726
- Taxes +€15,445
up €15,445 (+15.4%), from €100,110 to €115,555
- Financial income +€11,163
up €11,163 (+131%), from €8,551 to €19,714
- Financial charges +€7,820
up €7,820 (+51.6%), from €15,155 to €22,975
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.
Derived cash bridge
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 | €1,909,436 | €2,702,767 | +€793,331 | +41.5% |
| Fixed assets | 21/28 | €550,650 | €1,423,388 | +€872,738 | +158% |
| Tangible fixed assets | 22/27 | €550,650 | €1,423,388 | +€872,738 | +158% |
| Land and buildings | 22 | €498,110 | €1,149,261 | +€651,152 | +131% |
| Plant, machinery and equipment | 23 | €3,041 | €181,490 | +€178,449 | +5,869% |
| Furniture and vehicles | 24 | €49,500 | €92,636 | +€43,137 | +87.1% |
| Current assets | 29/58 | €1,358,786 | €1,279,379 | -€79,407 | -5.8% |
| Amounts receivable within one year | 40/41 | €29,069 | €179,731 | +€150,662 | +518% |
| Trade receivables | 40 | €16,149 | €89,056 | +€72,907 | +451% |
| Other amounts receivable | 41 | €12,920 | €90,675 | +€77,755 | +602% |
| Current investments | 50/53 | €1,067,217 | €605,112 | -€462,105 | -43.3% |
| Cash at bank and in hand | 54/58 | €262,500 | €490,226 | +€227,727 | +86.8% |
| Deferred charges and accrued income | 490/1 | - | €4,310 | +€4,310 | |
| Total equity and liabilities | 10/49 | €1,909,436 | €2,702,767 | +€793,331 | +41.5% |
| Equity | 10/15 | €1,338,930 | €1,396,181 | +€57,251 | +4.3% |
| Contributions | 10/11 | €19,066 | €8,813 | -€10,253 | -53.8% |
| Reserves | 13 | €449,340 | €249,086 | -€200,254 | -44.6% |
| Tax-exempt reserves | 132 | €54,540 | €49,086 | -€5,454 | -10.0% |
| Distributable reserves | 133 | €394,800 | €200,000 | -€194,800 | -49.3% |
| Profit (loss) carried forward | 14 | €870,525 | €1,138,282 | +€267,758 | +30.8% |
| Provisions and deferred taxes | 16 | €18,180 | €16,362 | -€1,818 | -10.0% |
| Deferred taxes | 168 | €18,180 | €16,362 | -€1,818 | -10.0% |
| Amounts payable | 17/49 | €552,326 | €1,290,224 | +€737,898 | +134% |
| Amounts payable after more than one year | 17 | €335,736 | €991,292 | +€655,555 | +195% |
| Financial debts | 170/4 | €335,736 | €991,292 | +€655,555 | +195% |
| Amounts payable within one year | 42/48 | €191,073 | €252,975 | +€61,902 | +32.4% |
| Current portion of amounts payable after more than one year | 42 | €74,998 | €135,594 | +€60,596 | +80.8% |
| Financial debts | 43 | - | €60,000 | +€60,000 | |
| Credit institutions | 430/8 | - | €60,000 | +€60,000 | |
| Trade debts | 44 | €5,577 | €25,626 | +€20,049 | +360% |
| Suppliers | 440/4 | €5,577 | €25,626 | +€20,049 | +360% |
| Taxes, remuneration and social security | 45 | €24,745 | €31,755 | +€7,009 | +28.3% |
| Taxes | 450/3 | €20,387 | €28,291 | +€7,904 | +38.8% |
| Remuneration and social security | 454/9 | €4,358 | €3,464 | -€894 | -20.5% |
| Other amounts payable | 47/48 | €85,752 | - | -€85,752 | |
| Accrued charges and deferred income | 492/3 | €25,517 | €45,957 | +€20,440 | +80.1% |
| Non-recurring operating income | 76A | - | €18,100 | +€18,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,761 | €83,726 | +€17,965 | +27.3% |
| Other operating charges | 640/8 | €2,417 | €4,818 | +€2,401 | +99.3% |
| Non-recurring operating charges | 66A | €1,062 | - | -€1,062 | |
| Gross operating margin | 9900 | €395,195 | €467,845 | +€72,650 | +18.4% |
| Operating profit (loss) | 9901 | €325,955 | €379,301 | +€53,347 | +16.4% |
| Financial income | 75/76B | €8,551 | €19,714 | +€11,163 | +131% |
| Recurring financial income | 75 | €8,551 | €19,714 | +€11,163 | +131% |
| Financial charges | 65/66B | €15,155 | €22,975 | +€7,820 | +51.6% |
| Recurring financial charges | 65 | €15,155 | €22,975 | +€7,820 | +51.6% |
| Profit (loss) for the period before taxes | 9903 | €319,350 | €376,040 | +€56,690 | +17.8% |
| Transfer from deferred taxes | 780 | €1,818 | €1,818 | = | 0.0% |
| Income taxes | 67/77 | €100,110 | €115,555 | +€15,445 | +15.4% |
| Profit (loss) for the period | 9904 | €221,058 | €262,304 | +€41,245 | +18.7% |
| Transfer from tax-exempt reserves | 789 | €5,454 | €5,454 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €226,512 | €267,758 | +€41,245 | +18.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.