EMUREF: 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.
EMUREF
Largest movements
- Cash +€389,992
up €389,992 (+772%), from €50,513 to €440,505
mainly Net result for the year (+€488,600) and Other debts (+€450,000)
- Receivables within one year +€309,494
up €309,494 (+1,258%), from €24,596 to €334,090
of which Trade receivables: +€303,053
- Stocks and contracts -€41,388
down €41,388 (-16.8%), from €246,078 to €204,690
- Tangible fixed assets +€14,704
up €14,704 (+84.6%), from €17,386 to €32,090
of which Furniture and vehicles: +€19,731
- Other debts +€450,000
new in 2025: €450,000
- Trade debts +€85,303
up €85,303 (+257%), from €33,228 to €118,531
- Tax, wage and social debts +€64,389
up €64,389 (+1,555%), from €4,141 to €68,530
of which Taxes: +€64,402
- Short-term financial debts -€50,000
no longer reported in 2025 (was €50,000)
- Profit (loss) carried forward +€38,600
up €38,600 (+21.6%), from €178,806 to €217,406
- Gross operating margin +€669,761
up €669,761 (+725%), from €92,444 to €762,205
- Taxes +€114,127
up €114,127 (+70,540%), from €162 to €114,289
- Write-downs +€35,432
new in 2025: €35,432
- Provisions +€33,000
new in 2025: €33,000
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.
Derived cash bridge
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 | €343,036 | €1,016,332 | +€673,296 | +196% |
| Fixed assets | 21/28 | €17,386 | €32,090 | +€14,704 | +84.6% |
| Tangible fixed assets | 22/27 | €17,386 | €32,090 | +€14,704 | +84.6% |
| Plant, machinery and equipment | 23 | €13,862 | €8,836 | -€5,026 | -36.3% |
| Furniture and vehicles | 24 | €3,523 | €23,254 | +€19,731 | +560% |
| Current assets | 29/58 | €325,651 | €984,242 | +€658,591 | +202% |
| Stocks and contracts in progress | 3 | €246,078 | €204,690 | -€41,388 | -16.8% |
| Stocks | 30/36 | €246,078 | €204,690 | -€41,388 | -16.8% |
| Amounts receivable within one year | 40/41 | €24,596 | €334,090 | +€309,494 | +1,258% |
| Trade receivables | 40 | €11,179 | €314,232 | +€303,053 | +2,711% |
| Other amounts receivable | 41 | €13,417 | €19,858 | +€6,441 | +48.0% |
| Cash at bank and in hand | 54/58 | €50,513 | €440,505 | +€389,992 | +772% |
| Deferred charges and accrued income | 490/1 | €4,464 | €4,957 | +€493 | +11.1% |
| Total equity and liabilities | 10/49 | €343,036 | €1,016,332 | +€673,296 | +196% |
| Equity | 10/15 | €247,006 | €285,606 | +€38,600 | +15.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €178,806 | €217,406 | +€38,600 | +21.6% |
| Provisions and deferred taxes | 16 | - | €33,000 | +€33,000 | |
| Provisions for liabilities and charges | 160/5 | - | €33,000 | +€33,000 | |
| Other liabilities and charges | 164/5 | - | €33,000 | +€33,000 | |
| Amounts payable | 17/49 | €96,030 | €697,726 | +€601,696 | +627% |
| Amounts payable after more than one year | 17 | €825 | - | -€825 | |
| Financial debts | 170/4 | €825 | - | -€825 | |
| Amounts payable within one year | 42/48 | €93,878 | €679,674 | +€585,796 | +624% |
| Current portion of amounts payable after more than one year | 42 | €6,509 | €42,613 | +€36,104 | +555% |
| Financial debts | 43 | €50,000 | - | -€50,000 | |
| Credit institutions | 430/8 | €50,000 | - | -€50,000 | |
| Trade debts | 44 | €33,228 | €118,531 | +€85,303 | +257% |
| Suppliers | 440/4 | €33,228 | €118,531 | +€85,303 | +257% |
| Taxes, remuneration and social security | 45 | €4,141 | €68,530 | +€64,389 | +1,555% |
| Taxes | 450/3 | - | €64,402 | +€64,402 | |
| Remuneration and social security | 454/9 | €4,141 | €4,128 | -€13 | -0.3% |
| Other amounts payable | 47/48 | - | €450,000 | +€450,000 | |
| Accrued charges and deferred income | 492/3 | €1,327 | €18,052 | +€16,725 | +1,260% |
| Remuneration, social security and pensions | 62 | €59,730 | €62,719 | +€2,989 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,235 | €11,303 | -€932 | -7.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €35,432 | +€35,432 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €33,000 | +€33,000 | |
| Other operating charges | 640/8 | €13,693 | €12,475 | -€1,218 | -8.9% |
| Gross operating margin | 9900 | €92,444 | €762,205 | +€669,761 | +725% |
| Operating profit (loss) | 9901 | €6,786 | €607,276 | +€600,490 | +8,849% |
| Financial income | 75/76B | - | €290 | +€290 | |
| Recurring financial income | 75 | - | €290 | +€290 | |
| Financial charges | 65/66B | €3,916 | €4,677 | +€761 | +19.4% |
| Recurring financial charges | 65 | €3,916 | €4,677 | +€761 | +19.4% |
| Profit (loss) for the period before taxes | 9903 | €2,871 | €602,889 | +€600,018 | +20,901% |
| Income taxes | 67/77 | €162 | €114,289 | +€114,127 | +70,540% |
| Profit (loss) for the period | 9904 | €2,709 | €488,600 | +€485,891 | +17,937% |
| Profit (loss) for the period to be appropriated | 9905 | €2,709 | €488,600 | +€485,891 | +17,937% |
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 15 October 2026 via checked.be.