EMTIMAX: 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.
EMTIMAX
Largest movements
- Cash -€78,483
down €78,483 (-61.4%), from €127,845 to €49,362
mainly Current portion of long-term debt (-€238,797) and Contributions, distributions and other (-€157,895)
- Tangible fixed assets -€37,779
down €37,779 (-6.3%), from €603,216 to €565,437
of which Land and buildings: -€34,763
- Current portion of long-term debt -€238,797
down €238,797 (-87.6%), from €272,625 to €33,828
- Other debts +€98,845
up €98,845 (+167.4%), from €59,049 to €157,895
- Reserves +€53,095
up €53,095 (+3.9%), from €1.4m to €1.4m
- Debts after one year -€23,696
down €23,696 (-15.0%), from €158,417 to €134,721
- Financial income +€31,523
up €31,523 (+30.3%), from €104,124 to €135,647
- Gross operating margin -€5,837
down €5,837 (-3.3%), from €177,570 to €171,732
- Financial charges -€4,175
down €4,175 (-45.8%), from €9,123 to €4,949
- Taxes +€2,571
up €2,571 (+5.9%), from €43,950 to €46,521
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 | €1,901,311 | €1,797,744 | -€103,567 | -5.4% |
| Fixed assets | 21/28 | €1,706,893 | €1,669,114 | -€37,779 | -2.2% |
| Tangible fixed assets | 22/27 | €603,216 | €565,437 | -€37,779 | -6.3% |
| Land and buildings | 22 | €590,435 | €555,672 | -€34,763 | -5.9% |
| Plant, machinery and equipment | 23 | €11,911 | €9,090 | -€2,821 | -23.7% |
| Furniture and vehicles | 24 | €871 | €675 | -€196 | -22.5% |
| Financial fixed assets | 28 | €1,103,677 | €1,103,677 | = | 0.0% |
| Current assets | 29/58 | €194,418 | €128,630 | -€65,787 | -33.8% |
| Amounts receivable within one year | 40/41 | €66,184 | €79,161 | +€12,977 | +19.6% |
| Other amounts receivable | 41 | €66,184 | €79,161 | +€12,977 | +19.6% |
| Cash at bank and in hand | 54/58 | €127,845 | €49,362 | -€78,483 | -61.4% |
| Deferred charges and accrued income | 490/1 | €389 | €107 | -€281 | -72.4% |
| Total equity and liabilities | 10/49 | €1,901,311 | €1,797,744 | -€103,567 | -5.4% |
| Equity | 10/15 | €1,380,739 | €1,433,833 | +€53,095 | +3.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,368,339 | €1,421,433 | +€53,095 | +3.9% |
| Distributable reserves | 133 | €1,368,339 | €1,421,433 | +€53,095 | +3.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €520,572 | €363,911 | -€156,661 | -30.1% |
| Amounts payable after more than one year | 17 | €158,417 | €134,721 | -€23,696 | -15.0% |
| Financial debts | 170/4 | €158,417 | €134,721 | -€23,696 | -15.0% |
| Amounts payable within one year | 42/48 | €360,656 | €228,965 | -€131,691 | -36.5% |
| Current portion of amounts payable after more than one year | 42 | €272,625 | €33,828 | -€238,797 | -87.6% |
| Trade debts | 44 | €1,093 | €1,796 | +€703 | +64.3% |
| Suppliers | 440/4 | €1,093 | €1,796 | +€703 | +64.3% |
| Taxes, remuneration and social security | 45 | €27,888 | €35,446 | +€7,558 | +27.1% |
| Taxes | 450/3 | €27,888 | €35,424 | +€7,536 | +27.0% |
| Remuneration and social security | 454/9 | €0 | €22 | +€22 | |
| Other amounts payable | 47/48 | €59,049 | €157,895 | +€98,845 | +167.4% |
| Accrued charges and deferred income | 492/3 | €1,500 | €225 | -€1,274 | -85.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,156 | €37,779 | -€1,377 | -3.5% |
| Other operating charges | 640/8 | €6,924 | €7,141 | +€217 | +3.1% |
| Gross operating margin | 9900 | €177,570 | €171,732 | -€5,837 | -3.3% |
| Operating profit (loss) | 9901 | €131,489 | €126,812 | -€4,677 | -3.6% |
| Financial income | 75/76B | €104,124 | €135,647 | +€31,523 | +30.3% |
| Recurring financial income | 75 | €104,124 | €135,647 | +€31,523 | +30.3% |
| Financial charges | 65/66B | €9,123 | €4,949 | -€4,175 | -45.8% |
| Recurring financial charges | 65 | €9,123 | €4,949 | -€4,175 | -45.8% |
| Profit (loss) for the period before taxes | 9903 | €226,490 | €257,510 | +€31,020 | +13.7% |
| Income taxes | 67/77 | €43,950 | €46,521 | +€2,571 | +5.9% |
| Profit (loss) for the period | 9904 | €182,540 | €210,989 | +€28,449 | +15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €182,540 | €210,989 | +€28,449 | +15.6% |
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 29 September 2026 via checked.be.