EMSAN: 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.
EMSAN
Largest movements
- Receivables within one year +€389,380
up €389,380 (+88.5%), from €439,740 to €829,120
of which Trade receivables: +€372,206
- Cash -€281,379
down €281,379 (-23.7%), from €1.2m to €904,568
mainly Receivables within one year (-€389,380) and Investment in fixed assets (net) (-€301,791)
- Tangible fixed assets +€202,429
up €202,429 (+19.6%), from €1.0m to €1.2m
of which Furniture and vehicles: +€259,771
- Deferred charges and accrued income +€32,214
up €32,214 (+48.6%), from €66,249 to €98,463
- Reserves +€357,256
up €357,256 (+20.6%), from €1.7m to €2.1m
- Tax, wage and social debts -€36,516
down €36,516 (-96.9%), from €37,667 to €1,151
- Gross operating margin -€64,572
down €64,572 (-9.9%), from €652,053 to €587,481
- Taxes -€22,282
down €22,282 (-16.5%), from €135,107 to €112,825
- Depreciation +€7,711
up €7,711 (+8.8%), from €88,109 to €95,819
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 | €2,767,251 | €3,113,622 | +€346,371 | +12.5% |
| Fixed assets | 21/28 | €1,033,642 | €1,239,613 | +€205,971 | +19.9% |
| Tangible fixed assets | 22/27 | €1,033,642 | €1,236,071 | +€202,429 | +19.6% |
| Land and buildings | 22 | €924,596 | €879,105 | -€45,491 | -4.9% |
| Plant, machinery and equipment | 23 | €11,543 | €6,503 | -€5,040 | -43.7% |
| Furniture and vehicles | 24 | €90,691 | €350,463 | +€259,771 | +286% |
| Leasing and similar rights | 25 | €6,811 | €0 | -€6,811 | -100% |
| Financial fixed assets | 28 | - | €3,542 | +€3,542 | |
| Current assets | 29/58 | €1,733,610 | €1,874,009 | +€140,400 | +8.1% |
| Amounts receivable after more than one year | 29 | €41,673 | €41,858 | +€185 | +0.4% |
| Other amounts receivable | 291 | €41,673 | €41,858 | +€185 | +0.4% |
| Amounts receivable within one year | 40/41 | €439,740 | €829,120 | +€389,380 | +88.5% |
| Trade receivables | 40 | €218,683 | €590,889 | +€372,206 | +170% |
| Other amounts receivable | 41 | €221,057 | €238,232 | +€17,175 | +7.8% |
| Cash at bank and in hand | 54/58 | €1,185,947 | €904,568 | -€281,379 | -23.7% |
| Deferred charges and accrued income | 490/1 | €66,249 | €98,463 | +€32,214 | +48.6% |
| Total equity and liabilities | 10/49 | €2,767,251 | €3,113,622 | +€346,371 | +12.5% |
| Equity | 10/15 | €1,754,836 | €2,112,093 | +€357,256 | +20.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,736,236 | €2,093,493 | +€357,256 | +20.6% |
| Distributable reserves | 133 | €1,736,236 | €2,093,493 | +€357,256 | +20.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,012,415 | €1,001,530 | -€10,886 | -1.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,012,415 | €1,001,530 | -€10,886 | -1.1% |
| Current portion of amounts payable after more than one year | 42 | €2,238 | €0 | -€2,238 | -100% |
| Trade debts | 44 | €56,111 | €83,978 | +€27,868 | +49.7% |
| Suppliers | 440/4 | €56,111 | €83,978 | +€27,868 | +49.7% |
| Taxes, remuneration and social security | 45 | €37,667 | €1,151 | -€36,516 | -96.9% |
| Taxes | 450/3 | €37,667 | €1,151 | -€36,516 | -96.9% |
| Other amounts payable | 47/48 | €916,400 | €916,400 | = | 0.0% |
| Non-recurring operating income | 76A | - | €5,165 | +€5,165 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,109 | €95,819 | +€7,711 | +8.8% |
| Other operating charges | 640/8 | €22,559 | €25,165 | +€2,606 | +11.6% |
| Gross operating margin | 9900 | €652,053 | €587,481 | -€64,572 | -9.9% |
| Operating profit (loss) | 9901 | €541,385 | €466,497 | -€74,888 | -13.8% |
| Financial income | 75/76B | €1,582 | €5,911 | +€4,329 | +274% |
| Recurring financial income | 75 | €1,582 | €5,911 | +€4,329 | +274% |
| Financial charges | 65/66B | €2,828 | €2,326 | -€502 | -17.8% |
| Recurring financial charges | 65 | €2,828 | €2,326 | -€502 | -17.8% |
| Profit (loss) for the period before taxes | 9903 | €540,139 | €470,081 | -€70,057 | -13.0% |
| Income taxes | 67/77 | €135,107 | €112,825 | -€22,282 | -16.5% |
| Profit (loss) for the period | 9904 | €405,031 | €357,256 | -€47,775 | -11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €405,031 | €357,256 | -€47,775 | -11.8% |
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 13 October 2026 via checked.be.