EMSEC: 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.
EMSEC
Largest movements
- Receivables within one year +€29,156
up €29,156 (+69.5%), from €41,946 to €71,102
of which Other amounts receivable: +€26,749
- Cash +€21,049
up €21,049 (+81.5%), from €25,827 to €46,875
mainly Net result for the year (+€43,975) and Depreciation (+€10,598)
- Tangible fixed assets -€11,845
down €11,845 (-58.4%), from €20,271 to €8,426
of which Furniture and vehicles: -€11,381
- Reserves +€43,975
up €43,975 (+77.8%), from €56,511 to €100,486
- Current portion of long-term debt -€7,980
no longer reported in 2025 (was €7,980)
- Tax, wage and social debts +€2,823
up €2,823 (+53.1%), from €5,313 to €8,136
- Financial charges +€39,976
up €39,976 (+2,468%), from €1,620 to €41,595
- Gross operating margin +€34,581
up €34,581 (+46.7%), from €74,121 to €108,702
- Taxes +€1,732
up €1,732 (+15.7%), from €11,015 to €12,747
- Other operating charges -€1,612
down €1,612 (-57.1%), from €2,823 to €1,212
- Financial income +€1,211
up €1,211 (+567%), from €214 to €1,425
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 | €95,209 | €134,471 | +€39,262 | +41.2% |
| Fixed assets | 21/28 | €20,361 | €8,426 | -€11,935 | -58.6% |
| Tangible fixed assets | 22/27 | €20,271 | €8,426 | -€11,845 | -58.4% |
| Furniture and vehicles | 24 | €18,004 | €6,624 | -€11,381 | -63.2% |
| Other tangible fixed assets | 26 | €2,266 | €1,802 | -€464 | -20.5% |
| Financial fixed assets | 28 | €90 | - | -€90 | |
| Current assets | 29/58 | €74,848 | €126,045 | +€51,197 | +68.4% |
| Stocks and contracts in progress | 3 | €7,048 | €8,068 | +€1,020 | +14.5% |
| Stocks | 30/36 | €7,048 | €8,068 | +€1,020 | +14.5% |
| Amounts receivable within one year | 40/41 | €41,946 | €71,102 | +€29,156 | +69.5% |
| Trade receivables | 40 | €29,967 | €32,374 | +€2,407 | +8.0% |
| Other amounts receivable | 41 | €11,978 | €38,727 | +€26,749 | +223% |
| Cash at bank and in hand | 54/58 | €25,827 | €46,875 | +€21,049 | +81.5% |
| Deferred charges and accrued income | 490/1 | €28 | - | -€28 | |
| Total equity and liabilities | 10/49 | €95,209 | €134,471 | +€39,262 | +41.2% |
| Equity | 10/15 | €75,111 | €119,086 | +€43,975 | +58.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €56,511 | €100,486 | +€43,975 | +77.8% |
| Distributable reserves | 133 | €56,511 | €100,486 | +€43,975 | +77.8% |
| Amounts payable | 17/49 | €20,097 | €15,384 | -€4,713 | -23.5% |
| Amounts payable within one year | 42/48 | €20,097 | €15,384 | -€4,713 | -23.5% |
| Current portion of amounts payable after more than one year | 42 | €7,980 | - | -€7,980 | |
| Trade debts | 44 | €6,804 | €7,248 | +€444 | +6.5% |
| Suppliers | 440/4 | €6,804 | €7,248 | +€444 | +6.5% |
| Taxes, remuneration and social security | 45 | €5,313 | €8,136 | +€2,823 | +53.1% |
| Taxes | 450/3 | €5,313 | €8,136 | +€2,823 | +53.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,008 | €10,598 | +€590 | +5.9% |
| Other operating charges | 640/8 | €2,823 | €1,212 | -€1,612 | -57.1% |
| Gross operating margin | 9900 | €74,121 | €108,702 | +€34,581 | +46.7% |
| Operating profit (loss) | 9901 | €61,289 | €96,892 | +€35,603 | +58.1% |
| Financial income | 75/76B | €214 | €1,425 | +€1,211 | +567% |
| Recurring financial income | 75 | €214 | €1,425 | +€1,211 | +567% |
| Financial charges | 65/66B | €1,620 | €41,595 | +€39,976 | +2,468% |
| Recurring financial charges | 65 | €1,620 | €41,595 | +€39,976 | +2,468% |
| Profit (loss) for the period before taxes | 9903 | €59,883 | €56,722 | -€3,161 | -5.3% |
| Income taxes | 67/77 | €11,015 | €12,747 | +€1,732 | +15.7% |
| Profit (loss) for the period | 9904 | €48,868 | €43,975 | -€4,894 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €48,868 | €43,975 | -€4,894 | -10.0% |
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 14 October 2026 via checked.be.