EMSD: 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
EMSD
NACE 43.211, General electrical installation work
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€175,019
2024 · €178,267-€3,248
Equity
€1.5m
2024 · €1.3m+€194,153
Cash
€75,126
2024 · €224,826-€149,700
Balance sheet total
€7.4m
2024 · €6.5m+€914,599
Largest movements
Assets
- Tangible fixed assets +€589,446
up €589,446 (+20.2%), from €2.9m to €3.5m
of which Leasing and similar rights: +€418,778
- Stocks and contracts +€298,680
up €298,680 (+16.7%), from €1.8m to €2.1m
- Receivables within one year +€202,144
up €202,144 (+13.9%), from €1.5m to €1.7m
of which Other amounts receivable: +€346,729
- Cash -€149,700
down €149,700 (-66.6%), from €224,826 to €75,126
mainly Investment in fixed assets (net) (-€1.1m) and Stocks and contracts (-€298,680)
Equity and liabilities
- Short-term financial debts +€458,891
up €458,891 (+31.3%), from €1.5m to €1.9m
- Debts after one year +€220,918
up €220,918 (+11.8%), from €1.9m to €2.1m
- Reserves +€175,019
up €175,019 (+18.7%), from €938,220 to €1.1m
of which Distributable reserves: +€175,019
Income statement
- Staff costs +€219,667
up €219,667 (+24.1%), from €910,407 to €1.1m
- Gross operating margin +€219,203
up €219,203 (+11.6%), from €1.9m to €2.1m
- Other operating charges -€57,885
down €57,885 (-75.4%), from €76,786 to €18,901
- Financial charges +€44,214
up €44,214 (+22.6%), from €195,939 to €240,152
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
€178,267
Gross operating margin
+€219,203
Staff costs
-€219,667
Depreciation
-€18,164
Other operating charges
+€57,885
Other operating items
-€14,369
Financial income
+€8,482
Financial charges
-€44,214
Taxes
+€3,402
Deferred taxes and other
+€4,194
Result 2025
€175,019
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
+€230,934
Investment
-€1.1m
Financing
+€735,127
Cash 2024
€224,826
From operations (derived)
+€230,934
Net result for the year
+€175,019
Depreciation
+€538,426
Stocks and contracts
-€298,680
Receivables within one year
-€202,144
Deferred charges and accrued income
+€13,860
Provisions
+€6,378
Trade debts
-€47,763
Tax, wage and social debts
-€28,468
Advances received
+€59,903
Accrued charges and deferred income
+€14,403
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
+€735,127
Debts after one year
+€220,918
Current portion of long-term debt
+€36,183
Short-term financial debts
+€458,891
Contributions, distributions and other
+€19,134
Cash 2025
€75,126
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,532,765 | €7,447,364 | +€914,599 | +14.0% |
| Fixed assets | 21/28 | €3,022,628 | €3,599,963 | +€577,335 | +19.1% |
| Intangible fixed assets | 21 | €70,164 | €58,053 | -€12,111 | -17.3% |
| Tangible fixed assets | 22/27 | €2,921,163 | €3,510,610 | +€589,446 | +20.2% |
| Land and buildings | 22 | €1,504,618 | €1,582,595 | +€77,976 | +5.2% |
| Plant, machinery and equipment | 23 | €256,662 | €328,855 | +€72,193 | +28.1% |
| Furniture and vehicles | 24 | €88,274 | €113,737 | +€25,463 | +28.8% |
| Leasing and similar rights | 25 | €1,062,993 | €1,481,771 | +€418,778 | +39.4% |
| Other tangible fixed assets | 26 | €8,616 | €3,652 | -€4,964 | -57.6% |
| Financial fixed assets | 28 | €31,300 | €31,300 | = | 0.0% |
| Current assets | 29/58 | €3,510,138 | €3,847,402 | +€337,264 | +9.6% |
| Stocks and contracts in progress | 3 | €1,792,947 | €2,091,627 | +€298,680 | +16.7% |
| Stocks | 30/36 | €1,792,947 | €2,091,627 | +€298,680 | +16.7% |
| Amounts receivable within one year | 40/41 | €1,450,765 | €1,652,909 | +€202,144 | +13.9% |
| Trade receivables | 40 | €1,351,459 | €1,206,875 | -€144,585 | -10.7% |
| Other amounts receivable | 41 | €99,306 | €446,035 | +€346,729 | +349.2% |
| Cash at bank and in hand | 54/58 | €224,826 | €75,126 | -€149,700 | -66.6% |
| Deferred charges and accrued income | 490/1 | €41,599 | €27,739 | -€13,860 | -33.3% |
| Total equity and liabilities | 10/49 | €6,532,765 | €7,447,364 | +€914,599 | +14.0% |
| Equity | 10/15 | €1,267,192 | €1,461,344 | +€194,153 | +15.3% |
| Contributions | 10/11 | €270,000 | €270,000 | = | 0.0% |
| Capital | 10 | €270,000 | €270,000 | = | 0.0% |
| Issued capital | 100 | €270,000 | €270,000 | = | 0.0% |
| Reserves | 13 | €938,220 | €1,113,239 | +€175,019 | +18.7% |
| Non-distributable reserves | 130/1 | €27,000 | €27,000 | = | 0.0% |
| Legal reserve | 130 | €27,000 | €27,000 | = | 0.0% |
| Distributable reserves | 133 | €911,220 | €1,086,239 | +€175,019 | +19.2% |
| Investment grants | 15 | €58,972 | €78,106 | +€19,134 | +32.4% |
| Provisions and deferred taxes | 16 | €19,657 | €26,035 | +€6,378 | +32.4% |
| Deferred taxes | 168 | €19,657 | €26,035 | +€6,378 | +32.4% |
| Amounts payable | 17/49 | €5,245,916 | €5,959,984 | +€714,068 | +13.6% |
| Amounts payable after more than one year | 17 | €1,869,486 | €2,090,404 | +€220,918 | +11.8% |
| Financial debts | 170/4 | €1,869,486 | €2,090,404 | +€220,918 | +11.8% |
| Amounts payable within one year | 42/48 | €3,376,343 | €3,855,090 | +€478,747 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €429,540 | €465,723 | +€36,183 | +8.4% |
| Financial debts | 43 | €1,466,109 | €1,925,000 | +€458,891 | +31.3% |
| Credit institutions | 430/8 | €1,466,109 | €1,925,000 | +€458,891 | +31.3% |
| Trade debts | 44 | €1,216,118 | €1,168,356 | -€47,763 | -3.9% |
| Suppliers | 440/4 | €1,216,118 | €1,168,356 | -€47,763 | -3.9% |
| Advances received on contracts in progress | 46 | €122,260 | €182,163 | +€59,903 | +49.0% |
| Taxes, remuneration and social security | 45 | €142,317 | €113,849 | -€28,468 | -20.0% |
| Taxes | 450/3 | €44,540 | €17,217 | -€27,324 | -61.3% |
| Remuneration and social security | 454/9 | €97,777 | €96,632 | -€1,145 | -1.2% |
| Accrued charges and deferred income | 492/3 | €87 | €14,490 | +€14,403 | +16595.6% |
| Non-recurring operating income | 76A | €22,181 | €33,500 | +€11,319 | +51.0% |
| Remuneration, social security and pensions | 62 | €910,407 | €1,130,074 | +€219,667 | +24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €520,262 | €538,426 | +€18,164 | +3.5% |
| Other operating charges | 640/8 | €76,786 | €18,901 | -€57,885 | -75.4% |
| Non-recurring operating charges | 66A | - | €14,369 | +€14,369 | |
| Gross operating margin | 9900 | €1,886,099 | €2,105,302 | +€219,203 | +11.6% |
| Operating profit (loss) | 9901 | €378,645 | €403,532 | +€24,888 | +6.6% |
| Financial income | 75/76B | €23,374 | €31,856 | +€8,482 | +36.3% |
| Recurring financial income | 75 | €23,374 | €31,856 | +€8,482 | +36.3% |
| Financial charges | 65/66B | €195,939 | €240,152 | +€44,214 | +22.6% |
| Recurring financial charges | 65 | €195,939 | €240,152 | +€44,214 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | €206,080 | €195,235 | -€10,844 | -5.3% |
| Transfer from deferred taxes | 780 | €6,782 | €10,976 | +€4,194 | +61.8% |
| Income taxes | 67/77 | €34,595 | €31,193 | -€3,402 | -9.8% |
| Profit (loss) for the period | 9904 | €178,267 | €175,019 | -€3,248 | -1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €178,267 | €175,019 | -€3,248 | -1.8% |
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 29 September 2026 via checked.be.