EMSOFI: 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.
EMSOFI
Largest movements
- Cash -€1.4m
down €1.4m (-84.6%), from €1.7m to €258,628
mainly Current investments (-€1.3m) and Contributions, distributions and other (-€100,000)
- Current investments +€1.3m
new in 2025: €1.3m
- Receivables within one year +€35,093
up €35,093 (+185.0%), from €18,968 to €54,061
of which Trade receivables: +€20,447
- Debts after one year -€57,000
down €57,000 (-19.0%), from €300,000 to €243,000
- Trade debts -€38,094
down €38,094 (-87.5%), from €43,558 to €5,464
- Financial income -€228,892
down €228,892 (-75.1%), from €304,799 to €75,907
- Gross operating margin +€25,761
up €25,761 (+14.0%), from €184,458 to €210,219
- Staff costs -€23,083
down €23,083 (-23.8%), from €97,159 to €74,077
- Taxes -€22,742
down €22,742 (-32.8%), from €69,419 to €46,677
- Depreciation -€5,733
down €5,733 (-23.5%), from €24,396 to €18,663
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,811,772 | €2,714,778 | -€96,994 | -3.4% |
| Fixed assets | 21/28 | €1,115,328 | €1,096,665 | -€18,663 | -1.7% |
| Tangible fixed assets | 22/27 | €291,451 | €272,788 | -€18,663 | -6.4% |
| Land and buildings | 22 | €290,850 | €272,424 | -€18,426 | -6.3% |
| Furniture and vehicles | 24 | €601 | €364 | -€237 | -39.5% |
| Financial fixed assets | 28 | €823,877 | €823,877 | = | 0.0% |
| Current assets | 29/58 | €1,696,443 | €1,618,113 | -€78,330 | -4.6% |
| Amounts receivable within one year | 40/41 | €18,968 | €54,061 | +€35,093 | +185.0% |
| Trade receivables | 40 | €15,108 | €35,555 | +€20,447 | +135.3% |
| Other amounts receivable | 41 | €3,860 | €18,506 | +€14,645 | +379.4% |
| Current investments | 50/53 | - | €1,300,000 | +€1.3m | |
| Cash at bank and in hand | 54/58 | €1,674,803 | €258,628 | -€1.4m | -84.6% |
| Deferred charges and accrued income | 490/1 | €2,673 | €5,424 | +€2,752 | +103.0% |
| Total equity and liabilities | 10/49 | €2,811,772 | €2,714,778 | -€96,994 | -3.4% |
| Equity | 10/15 | €2,273,868 | €2,297,488 | +€23,619 | +1.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €2,255,318 | €2,278,938 | +€23,619 | +1.0% |
| Distributable reserves | 133 | €2,255,318 | €2,278,938 | +€23,619 | +1.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €537,903 | €417,290 | -€120,613 | -22.4% |
| Amounts payable after more than one year | 17 | €300,000 | €243,000 | -€57,000 | -19.0% |
| Financial debts | 170/4 | €300,000 | €243,000 | -€57,000 | -19.0% |
| Amounts payable within one year | 42/48 | €237,903 | €174,264 | -€63,639 | -26.8% |
| Current portion of amounts payable after more than one year | 42 | €57,000 | €57,000 | = | 0.0% |
| Trade debts | 44 | €43,558 | €5,464 | -€38,094 | -87.5% |
| Suppliers | 440/4 | €43,558 | €5,464 | -€38,094 | -87.5% |
| Taxes, remuneration and social security | 45 | €53,744 | €48,991 | -€4,753 | -8.8% |
| Taxes | 450/3 | €38,706 | €48,991 | +€10,285 | +26.6% |
| Remuneration and social security | 454/9 | €15,038 | €0 | -€15,038 | -100.0% |
| Other amounts payable | 47/48 | €83,601 | €62,809 | -€20,792 | -24.9% |
| Accrued charges and deferred income | 492/3 | - | €26 | +€26 | |
| Non-recurring operating income | 76A | - | €5,187 | +€5,187 | |
| Remuneration, social security and pensions | 62 | €97,159 | €74,077 | -€23,083 | -23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,396 | €18,663 | -€5,733 | -23.5% |
| Other operating charges | 640/8 | €4,762 | €9,658 | +€4,897 | +102.8% |
| Non-recurring operating charges | 66A | - | €3,260 | +€3,260 | |
| Gross operating margin | 9900 | €184,458 | €210,219 | +€25,761 | +14.0% |
| Operating profit (loss) | 9901 | €58,141 | €104,561 | +€46,420 | +79.8% |
| Financial income | 75/76B | €304,799 | €75,907 | -€228,892 | -75.1% |
| Recurring financial income | 75 | €304,799 | €75,907 | -€228,892 | -75.1% |
| Financial charges | 65/66B | €11,865 | €10,173 | -€1,693 | -14.3% |
| Recurring financial charges | 65 | €11,865 | €10,173 | -€1,693 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €351,075 | €170,296 | -€180,779 | -51.5% |
| Income taxes | 67/77 | €69,419 | €46,677 | -€22,742 | -32.8% |
| Profit (loss) for the period | 9904 | €281,656 | €123,619 | -€158,037 | -56.1% |
| Profit (loss) for the period to be appropriated | 9905 | €281,656 | €123,619 | -€158,037 | -56.1% |
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 5 October 2026 via checked.be.