EMTHICO: 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.
EMTHICO
Largest movements
- Receivables within one year -€254,655
down €254,655 (-78.3%), from €325,064 to €70,409
of which Other amounts receivable: -€255,739
- Cash +€122,684
up €122,684 (+179.7%), from €68,265 to €190,949
mainly Receivables within one year (+€254,655) and Depreciation (+€42,424)
- Tangible fixed assets -€42,424
down €42,424 (-1.7%), from €2.6m to €2.5m
- Debts after one year -€154,554
down €154,554 (-7.1%), from €2.2m to €2.0m
- Other debts -€47,250
down €47,250 (-100.0%), from €47,250 to €0
- Reserves +€41,450
up €41,450 (+6.3%), from €658,295 to €699,745
of which Distributable reserves: +€41,450
- Financial income -€5,937
down €5,937 (-38.9%), from €15,261 to €9,324
- Financial charges -€3,909
down €3,909 (-6.3%), from €61,861 to €57,951
- Gross operating margin -€3,629
down €3,629 (-2.1%), from €173,217 to €169,589
- Taxes +€3,575
up €3,575 (+20.6%), from €17,352 to €20,927
- Other operating charges -€2,694
down €2,694 (-14.3%), from €18,855 to €16,161
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 | €3,275,839 | €3,101,385 | -€174,455 | -5.3% |
| Fixed assets | 21/28 | €2,571,052 | €2,528,627 | -€42,424 | -1.7% |
| Tangible fixed assets | 22/27 | €2,571,052 | €2,528,627 | -€42,424 | -1.7% |
| Land and buildings | 22 | €2,571,052 | €2,528,627 | -€42,424 | -1.7% |
| Current assets | 29/58 | €704,788 | €572,757 | -€132,030 | -18.7% |
| Amounts receivable within one year | 40/41 | €325,064 | €70,409 | -€254,655 | -78.3% |
| Trade receivables | 40 | - | €1,085 | +€1,085 | |
| Other amounts receivable | 41 | €325,064 | €69,324 | -€255,739 | -78.7% |
| Current investments | 50/53 | €301,745 | €301,745 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €68,265 | €190,949 | +€122,684 | +179.7% |
| Deferred charges and accrued income | 490/1 | €9,714 | €9,654 | -€59 | -0.6% |
| Total equity and liabilities | 10/49 | €3,275,839 | €3,101,385 | -€174,455 | -5.3% |
| Equity | 10/15 | €703,030 | €744,479 | +€41,450 | +5.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Revaluation surpluses | 12 | €41,497 | €41,497 | = | 0.0% |
| Reserves | 13 | €658,295 | €699,745 | +€41,450 | +6.3% |
| Tax-exempt reserves | 132 | €450,530 | €450,530 | = | 0.0% |
| Distributable reserves | 133 | €207,766 | €249,216 | +€41,450 | +20.0% |
| Profit (loss) carried forward | 14 | €737 | €737 | = | 0.0% |
| Provisions and deferred taxes | 16 | €150,177 | €150,177 | = | 0.0% |
| Deferred taxes | 168 | €150,177 | €150,177 | = | 0.0% |
| Amounts payable | 17/49 | €2,422,633 | €2,206,729 | -€215,904 | -8.9% |
| Amounts payable after more than one year | 17 | €2,172,234 | €2,017,680 | -€154,554 | -7.1% |
| Financial debts | 170/4 | €2,172,234 | €2,017,680 | -€154,554 | -7.1% |
| Amounts payable within one year | 42/48 | €222,837 | €161,486 | -€61,351 | -27.5% |
| Current portion of amounts payable after more than one year | 42 | €150,712 | €154,554 | +€3,841 | +2.5% |
| Trade debts | 44 | €6,698 | €228 | -€6,470 | -96.6% |
| Suppliers | 440/4 | €6,698 | €228 | -€6,470 | -96.6% |
| Taxes, remuneration and social security | 45 | €18,177 | €6,704 | -€11,472 | -63.1% |
| Taxes | 450/3 | €18,177 | €6,704 | -€11,472 | -63.1% |
| Other amounts payable | 47/48 | €47,250 | €0 | -€47,250 | -100.0% |
| Accrued charges and deferred income | 492/3 | €27,562 | €27,562 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,424 | €42,424 | = | 0.0% |
| Other operating charges | 640/8 | €18,855 | €16,161 | -€2,694 | -14.3% |
| Gross operating margin | 9900 | €173,217 | €169,589 | -€3,629 | -2.1% |
| Operating profit (loss) | 9901 | €111,938 | €111,003 | -€935 | -0.8% |
| Financial income | 75/76B | €15,261 | €9,324 | -€5,937 | -38.9% |
| Recurring financial income | 75 | €15,261 | €9,324 | -€5,937 | -38.9% |
| Financial charges | 65/66B | €61,861 | €57,951 | -€3,909 | -6.3% |
| Recurring financial charges | 65 | €61,861 | €57,951 | -€3,909 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €65,339 | €62,376 | -€2,962 | -4.5% |
| Income taxes | 67/77 | €17,352 | €20,927 | +€3,575 | +20.6% |
| Profit (loss) for the period | 9904 | €47,987 | €41,450 | -€6,537 | -13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €47,987 | €41,450 | -€6,537 | -13.6% |
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 3 October 2026 via checked.be.