EMTEX: 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.
EMTEX
Largest movements
- Receivables after one year -€1.1m
down €1.1m (-100.0%), from €1.1m to €0
- Receivables within one year -€304,601
down €304,601 (-38.3%), from €795,720 to €491,119
of which Trade receivables: -€263,939
- Cash -€107,594
down €107,594 (-16.1%), from €666,390 to €558,796
mainly Contributions, distributions and other (-€900,535) and Other debts (-€877,890)
- Tangible fixed assets -€101,342
down €101,342 (-22.9%), from €441,630 to €340,287
of which Furniture and vehicles: -€62,065
- Other debts -€877,890
down €877,890 (-81.4%), from €1.1m to €200,000
- Reserves -€528,979
down €528,979 (-40.4%), from €1.3m to €780,741
- Tax, wage and social debts -€140,322
down €140,322 (-37.0%), from €379,522 to €239,200
of which Taxes: -€156,364
- Debts after one year -€46,441
down €46,441 (-14.6%), from €318,965 to €272,525
- Current portion of long-term debt -€33,230
down €33,230 (-41.7%), from €79,671 to €46,441
- Gross operating margin -€66,264
down €66,264 (-2.9%), from €2.3m to €2.2m
- Staff costs +€59,611
up €59,611 (+3.9%), from €1.5m to €1.6m
- Taxes -€31,423
down €31,423 (-18.1%), from €173,504 to €142,080
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 | €3,254,782 | €1,605,123 | -€1.6m | -50.7% |
| Fixed assets | 21/28 | €650,069 | €547,663 | -€102,406 | -15.8% |
| Intangible fixed assets | 21 | €2,867 | €1,803 | -€1,064 | -37.1% |
| Tangible fixed assets | 22/27 | €441,630 | €340,287 | -€101,342 | -22.9% |
| Land and buildings | 22 | €246,981 | €220,309 | -€26,672 | -10.8% |
| Plant, machinery and equipment | 23 | €58,003 | €45,398 | -€12,605 | -21.7% |
| Furniture and vehicles | 24 | €136,645 | €74,580 | -€62,065 | -45.4% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €205,573 | €205,573 | = | 0.0% |
| Current assets | 29/58 | €2,604,713 | €1,057,460 | -€1.5m | -59.4% |
| Amounts receivable after more than one year | 29 | €1,135,000 | €0 | -€1.1m | -100.0% |
| Other amounts receivable | 291 | €1,135,000 | €0 | -€1.1m | -100.0% |
| Amounts receivable within one year | 40/41 | €795,720 | €491,119 | -€304,601 | -38.3% |
| Trade receivables | 40 | €743,788 | €479,849 | -€263,939 | -35.5% |
| Other amounts receivable | 41 | €51,932 | €11,270 | -€40,662 | -78.3% |
| Current investments | 50/53 | €255 | €255 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €666,390 | €558,796 | -€107,594 | -16.1% |
| Deferred charges and accrued income | 490/1 | €7,348 | €7,290 | -€57 | -0.8% |
| Total equity and liabilities | 10/49 | €3,254,782 | €1,605,123 | -€1.6m | -50.7% |
| Equity | 10/15 | €1,328,320 | €799,341 | -€528,979 | -39.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,309,720 | €780,741 | -€528,979 | -40.4% |
| Distributable reserves | 133 | €1,309,720 | €780,741 | -€528,979 | -40.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,926,462 | €805,782 | -€1.1m | -58.2% |
| Amounts payable after more than one year | 17 | €318,965 | €272,525 | -€46,441 | -14.6% |
| Financial debts | 170/4 | €318,965 | €272,525 | -€46,441 | -14.6% |
| Amounts payable within one year | 42/48 | €1,587,256 | €514,853 | -€1.1m | -67.6% |
| Current portion of amounts payable after more than one year | 42 | €79,671 | €46,441 | -€33,230 | -41.7% |
| Trade debts | 44 | €50,173 | €29,212 | -€20,961 | -41.8% |
| Suppliers | 440/4 | €50,173 | €29,212 | -€20,961 | -41.8% |
| Taxes, remuneration and social security | 45 | €379,522 | €239,200 | -€140,322 | -37.0% |
| Taxes | 450/3 | €230,568 | €74,205 | -€156,364 | -67.8% |
| Remuneration and social security | 454/9 | €148,953 | €164,996 | +€16,042 | +10.8% |
| Other amounts payable | 47/48 | €1,077,890 | €200,000 | -€877,890 | -81.4% |
| Accrued charges and deferred income | 492/3 | €20,240 | €18,404 | -€1,836 | -9.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,511,503 | €1,571,114 | +€59,611 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,045 | €112,076 | +€1,031 | +0.9% |
| Other operating charges | 640/8 | €14,226 | €10,327 | -€3,899 | -27.4% |
| Non-recurring operating charges | 66A | €7,479 | €115 | -€7,364 | -98.5% |
| Gross operating margin | 9900 | €2,269,629 | €2,203,365 | -€66,264 | -2.9% |
| Operating profit (loss) | 9901 | €625,375 | €509,732 | -€115,643 | -18.5% |
| Financial income | 75/76B | €52,907 | €31,420 | -€21,487 | -40.6% |
| Recurring financial income | 75 | €52,907 | €31,420 | -€21,487 | -40.6% |
| Financial charges | 65/66B | €37,196 | €27,516 | -€9,680 | -26.0% |
| Recurring financial charges | 65 | €37,196 | €27,516 | -€9,680 | -26.0% |
| Profit (loss) for the period before taxes | 9903 | €641,086 | €513,637 | -€127,449 | -19.9% |
| Income taxes | 67/77 | €173,504 | €142,080 | -€31,423 | -18.1% |
| Profit (loss) for the period | 9904 | €467,582 | €371,556 | -€96,026 | -20.5% |
| Profit (loss) for the period to be appropriated | 9905 | €467,582 | €371,556 | -€96,026 | -20.5% |
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 8 October 2026 via checked.be.