EMSEB: what changed
EMSEB
Largest movements
- Deferred charges and accrued income -€41,462
down €41,462 (-72.3%), from €57,372 to €15,911
- Receivables within one year -€39,862
down €39,862 (-6.3%), from €629,010 to €589,148
of which Other amounts receivable: -€29,378
- Cash -€21,734
down €21,734 (-17.1%), from €126,746 to €105,012
mainly Contributions, distributions and other (-€216,171) and Tax, wage and social debts (-€28,908)
- Reserves -€215,971
down €215,971 (-25.2%), from €857,011 to €641,040
- Other debts +€137,071
new in 2025: €137,071
- Tax, wage and social debts -€28,908
down €28,908 (-85.9%), from €33,672 to €4,764
- Gross operating margin -€572,883
down €572,883, from €558,388 to -€14,494
- Taxes -€47,787
down €47,787 (-96.9%), from €49,315 to €1,528
- Financial income +€33,730
up €33,730 (+5,358%), from €629 to €34,359
- Depreciation +€8,056
up €8,056 (+87.5%), from €9,201 to €17,257
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €900,788 | €794,013 | -€106,775 | -11.9% |
| Fixed assets | 21/28 | €87,660 | €83,942 | -€3,718 | -4.2% |
| Tangible fixed assets | 22/27 | €72,660 | €68,942 | -€3,718 | -5.1% |
| Land and buildings | 22 | - | €11,183 | +€11,183 | |
| Furniture and vehicles | 24 | €72,660 | €57,759 | -€14,901 | -20.5% |
| Financial fixed assets | 28 | €15,000 | €15,000 | = | 0.0% |
| Current assets | 29/58 | €813,128 | €710,071 | -€103,057 | -12.7% |
| Amounts receivable within one year | 40/41 | €629,010 | €589,148 | -€39,862 | -6.3% |
| Trade receivables | 40 | €10,484 | - | -€10,484 | |
| Other amounts receivable | 41 | €618,526 | €589,148 | -€29,378 | -4.7% |
| Cash at bank and in hand | 54/58 | €126,746 | €105,012 | -€21,734 | -17.1% |
| Deferred charges and accrued income | 490/1 | €57,372 | €15,911 | -€41,462 | -72.3% |
| Total equity and liabilities | 10/49 | €900,788 | €794,013 | -€106,775 | -11.9% |
| Equity | 10/15 | €867,011 | €651,040 | -€215,971 | -24.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €857,011 | €641,040 | -€215,971 | -25.2% |
| Distributable reserves | 133 | €857,011 | €641,040 | -€215,971 | -25.2% |
| Amounts payable | 17/49 | €33,777 | €142,973 | +€109,196 | +323% |
| Amounts payable within one year | 42/48 | €33,777 | €142,973 | +€109,196 | +323% |
| Trade debts | 44 | €105 | €1,138 | +€1,033 | +984% |
| Suppliers | 440/4 | €105 | €1,138 | +€1,033 | +984% |
| Taxes, remuneration and social security | 45 | €33,672 | €4,764 | -€28,908 | -85.9% |
| Taxes | 450/3 | €33,672 | €4,764 | -€28,908 | -85.9% |
| Other amounts payable | 47/48 | - | €137,071 | +€137,071 | |
| Non-recurring operating income | 76A | €538,999 | - | -€538,999 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,201 | €17,257 | +€8,056 | +87.5% |
| Other operating charges | 640/8 | €1,001 | €728 | -€273 | -27.3% |
| Non-recurring operating charges | 66A | €10,538 | - | -€10,538 | |
| Gross operating margin | 9900 | €558,388 | -€14,494 | -€572,883 | |
| Operating profit (loss) | 9901 | €537,649 | -€32,479 | -€570,127 | |
| Financial income | 75/76B | €629 | €34,359 | +€33,730 | +5,358% |
| Recurring financial income | 75 | €629 | €34,359 | +€33,730 | +5,358% |
| Financial charges | 65/66B | €1,994 | €153 | -€1,842 | -92.3% |
| Recurring financial charges | 65 | €1,994 | €153 | -€1,842 | -92.3% |
| Profit (loss) for the period before taxes | 9903 | €536,284 | €1,728 | -€534,556 | -99.7% |
| Income taxes | 67/77 | €49,315 | €1,528 | -€47,787 | -96.9% |
| Profit (loss) for the period | 9904 | €486,968 | €200 | -€486,768 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €486,968 | €200 | -€486,768 | -100.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.