EMU: 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.
EMU
Largest movements
- Receivables after one year +€115,000
new in 2025: €115,000
- Receivables within one year +€27,519
up €27,519 (+18.2%), from €151,448 to €178,966
of which Trade receivables: +€27,186
- Cash -€6,947
down €6,947 (-37.5%), from €18,522 to €11,575
mainly Contributions, distributions and other (-€175,000) and Receivables after one year (-€115,000)
- Other debts +€144,125
up €144,125 (+1979.7%), from €7,280 to €151,405
- Reserves -€109,099
down €109,099 (-89.1%), from €122,404 to €13,305
- Current portion of long-term debt +€59,489
up €59,489 (+489.2%), from €12,160 to €71,649
- Tax, wage and social debts +€50,133
up €50,133 (+262.4%), from €19,109 to €69,241
of which Taxes: +€38,373
- Trade debts -€10,824
down €10,824 (-93.2%), from €11,614 to €790
- Gross operating margin +€57,981
up €57,981 (+83.0%), from €69,853 to €127,834
- Financial charges +€12,780
up €12,780 (+1756.2%), from €728 to €13,508
- Taxes +€7,821
up €7,821 (+71.6%), from €10,922 to €18,743
- Financial income +€6,406
new in 2025: €6,406
- Staff costs +€5,381
up €5,381 (+23.9%), from €22,487 to €27,869
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 | €191,167 | €324,989 | +€133,822 | +70.0% |
| Fixed assets | 21/28 | €21,198 | €19,448 | -€1,750 | -8.3% |
| Tangible fixed assets | 22/27 | €21,198 | €19,448 | -€1,750 | -8.3% |
| Land and buildings | 22 | €20,676 | €19,366 | -€1,310 | -6.3% |
| Plant, machinery and equipment | 23 | €483 | €82 | -€401 | -83.0% |
| Furniture and vehicles | 24 | €40 | - | -€40 | |
| Current assets | 29/58 | €169,970 | €305,542 | +€135,572 | +79.8% |
| Amounts receivable after more than one year | 29 | - | €115,000 | +€115,000 | |
| Other amounts receivable | 291 | - | €115,000 | +€115,000 | |
| Amounts receivable within one year | 40/41 | €151,448 | €178,966 | +€27,519 | +18.2% |
| Trade receivables | 40 | €151,448 | €178,634 | +€27,186 | +18.0% |
| Other amounts receivable | 41 | - | €332 | +€332 | |
| Cash at bank and in hand | 54/58 | €18,522 | €11,575 | -€6,947 | -37.5% |
| Total equity and liabilities | 10/49 | €191,167 | €324,989 | +€133,822 | +70.0% |
| Equity | 10/15 | €141,004 | €31,905 | -€109,099 | -77.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €122,404 | €13,305 | -€109,099 | -89.1% |
| Distributable reserves | 133 | €122,404 | €13,305 | -€109,099 | -89.1% |
| Amounts payable | 17/49 | €50,163 | €293,084 | +€242,921 | +484.3% |
| Amounts payable within one year | 42/48 | €50,163 | €293,084 | +€242,921 | +484.3% |
| Current portion of amounts payable after more than one year | 42 | €12,160 | €71,649 | +€59,489 | +489.2% |
| Trade debts | 44 | €11,614 | €790 | -€10,824 | -93.2% |
| Suppliers | 440/4 | €11,614 | €790 | -€10,824 | -93.2% |
| Taxes, remuneration and social security | 45 | €19,109 | €69,241 | +€50,133 | +262.4% |
| Taxes | 450/3 | €16,336 | €54,709 | +€38,373 | +234.9% |
| Remuneration and social security | 454/9 | €2,773 | €14,532 | +€11,759 | +424.1% |
| Other amounts payable | 47/48 | €7,280 | €151,405 | +€144,125 | +1979.7% |
| Non-recurring operating income | 76A | - | €3,863 | +€3,863 | |
| Remuneration, social security and pensions | 62 | €22,487 | €27,869 | +€5,381 | +23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,912 | €1,750 | -€162 | -8.5% |
| Other operating charges | 640/8 | €1,516 | €6,101 | +€4,585 | +302.4% |
| Non-recurring operating charges | 66A | €126 | €369 | +€243 | +192.3% |
| Gross operating margin | 9900 | €69,853 | €127,834 | +€57,981 | +83.0% |
| Operating profit (loss) | 9901 | €43,812 | €91,746 | +€47,934 | +109.4% |
| Financial income | 75/76B | - | €6,406 | +€6,406 | |
| Recurring financial income | 75 | - | €6,406 | +€6,406 | |
| Financial charges | 65/66B | €728 | €13,508 | +€12,780 | +1756.2% |
| Recurring financial charges | 65 | €728 | €13,508 | +€12,780 | +1756.2% |
| Profit (loss) for the period before taxes | 9903 | €43,084 | €84,643 | +€41,559 | +96.5% |
| Income taxes | 67/77 | €10,922 | €18,743 | +€7,821 | +71.6% |
| Profit (loss) for the period | 9904 | €32,162 | €65,901 | +€33,738 | +104.9% |
| Profit (loss) for the period to be appropriated | 9905 | €32,162 | €65,901 | +€33,738 | +104.9% |
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 11 October 2026 via checked.be.