EMV BEHEER: 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.
What changed
EMV BEHEER
NACE 64.310, Financial service activities, except insurance and pension funding
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.9m
2024 · €656,724+€2.2m
Equity
€64.7m
2024 · €61.8m+€2.9m
Cash
€4.5m
2024 · €1.4m+€3.1m
Balance sheet total
€66.7m
2024 · €63.8m+€2.8m
Largest movements
Assets
- Cash +€3.1m
up €3.1m (+224%), from €1.4m to €4.5m
mainly Net result for the year (+€2.9m) and Depreciation (+€451,845)
Equity and liabilities
- Reserves +€2.9m
up €2.9m (+4.7%), from €61.7m to €64.6m
of which Distributable reserves: +€2.9m
Income statement
- Financial income +€3.6m
up €3.6m (+203%), from €1.8m to €5.4m
- Taxes +€701,884
up €701,884 (+1,058%), from €66,344 to €768,228
- Financial charges +€510,877
up €510,877 (+81.9%), from €623,539 to €1.1m
of which Financial charges: +€517,126
- Other operating charges +€112,901
up €112,901 (+154%), from €73,101 to €186,002
- Gross operating margin -€65,134
down €65,134, from €63,245 to -€1,888
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.
Result 2024
€656,724
Gross operating margin
-€65,134
Depreciation
-€14,740
Other operating charges
-€112,901
Financial income
+€3.6m
Financial charges
-€510,877
Taxes
-€701,884
Result 2025
€2.9m
raises the resultlowers the result
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.
From operations
+€3.3m
Investment
+€58,652
Financing
-€213,529
Cash 2024
€1.4m
From operations (derived)
+€3.3m
Net result for the year
+€2.9m
Depreciation
+€451,845
Receivables after one year
+€125,000
Receivables within one year
-€380,932
Deferred charges and accrued income
+€23,207
Trade debts
+€1,444
Tax, wage and social debts
+€197,044
Other debts
-€30,156
Investment (derived)
+€58,652
Investment in fixed assets (net)
-€36,135
Current investments
+€94,787
Financing
-€213,529
Debts after one year
-€214,464
Current portion of long-term debt
+€935
Cash 2025
€4.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €63,847,389 | €66,696,086 | +€2.8m | +4.5% |
| Fixed assets | 21/28 | €6,966,527 | €6,550,816 | -€415,710 | -6.0% |
| Tangible fixed assets | 22/27 | €6,466,527 | €6,050,816 | -€415,710 | -6.4% |
| Land and buildings | 22 | €6,117,928 | €5,792,642 | -€325,285 | -5.3% |
| Plant, machinery and equipment | 23 | €44,502 | €37,774 | -€6,728 | -15.1% |
| Furniture and vehicles | 24 | €304,097 | €220,400 | -€83,697 | -27.5% |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €56,880,862 | €60,145,269 | +€3.3m | +5.7% |
| Amounts receivable after more than one year | 29 | €1,025,000 | €900,000 | -€125,000 | -12.2% |
| Other amounts receivable | 291 | €1,025,000 | €900,000 | -€125,000 | -12.2% |
| Amounts receivable within one year | 40/41 | €247,739 | €628,671 | +€380,932 | +154% |
| Other amounts receivable | 41 | €247,739 | €628,671 | +€380,932 | +154% |
| Current investments | 50/53 | €54,150,039 | €54,055,253 | -€94,787 | -0.2% |
| Cash at bank and in hand | 54/58 | €1,394,321 | €4,520,790 | +€3.1m | +224% |
| Deferred charges and accrued income | 490/1 | €63,763 | €40,556 | -€23,207 | -36.4% |
| Total equity and liabilities | 10/49 | €63,847,389 | €66,696,086 | +€2.8m | +4.5% |
| Equity | 10/15 | €61,803,101 | €64,696,996 | +€2.9m | +4.7% |
| Contributions | 10/11 | €123,500 | €123,500 | = | 0.0% |
| Capital | 10 | €123,500 | €123,500 | = | 0.0% |
| Issued capital | 100 | €123,500 | €123,500 | = | 0.0% |
| Reserves | 13 | €61,679,601 | €64,573,496 | +€2.9m | +4.7% |
| Non-distributable reserves | 130/1 | €12,350 | €12,350 | = | 0.0% |
| Legal reserve | 130 | €12,350 | €12,350 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,163 | €21,163 | = | 0.0% |
| Distributable reserves | 133 | €61,646,088 | €64,539,983 | +€2.9m | +4.7% |
| Amounts payable | 17/49 | €2,044,287 | €1,999,090 | -€45,198 | -2.2% |
| Amounts payable after more than one year | 17 | €1,789,774 | €1,575,310 | -€214,464 | -12.0% |
| Financial debts | 170/4 | €1,789,774 | €1,575,310 | -€214,464 | -12.0% |
| Amounts payable within one year | 42/48 | €254,514 | €423,780 | +€169,266 | +66.5% |
| Current portion of amounts payable after more than one year | 42 | €213,529 | €214,464 | +€935 | +0.4% |
| Trade debts | 44 | €5,129 | €6,573 | +€1,444 | +28.1% |
| Suppliers | 440/4 | €5,129 | €6,573 | +€1,444 | +28.1% |
| Taxes, remuneration and social security | 45 | - | €197,044 | +€197,044 | |
| Taxes | 450/3 | - | €197,044 | +€197,044 | |
| Other amounts payable | 47/48 | €35,855 | €5,699 | -€30,156 | -84.1% |
| Non-recurring operating income | 76A | €20,000 | - | -€20,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €437,106 | €451,845 | +€14,740 | +3.4% |
| Other operating charges | 640/8 | €73,101 | €186,002 | +€112,901 | +154% |
| Gross operating margin | 9900 | €63,245 | -€1,888 | -€65,134 | |
| Operating profit (loss) | 9901 | -€446,961 | -€639,736 | -€192,775 | -43.1% |
| Financial income | 75/76B | €1,793,568 | €5,436,274 | +€3.6m | +203% |
| Recurring financial income | 75 | €1,793,568 | €5,436,274 | +€3.6m | +203% |
| Financial charges | 65/66B | €623,539 | €1,134,416 | +€510,877 | +81.9% |
| Recurring financial charges | 65 | €617,290 | €1,134,416 | +€517,126 | +83.8% |
| Non-recurring financial charges | 66B | €6,249 | - | -€6,249 | |
| Profit (loss) for the period before taxes | 9903 | €723,068 | €3,662,123 | +€2.9m | +406% |
| Income taxes | 67/77 | €66,344 | €768,228 | +€701,884 | +1,058% |
| Profit (loss) for the period | 9904 | €656,724 | €2,893,895 | +€2.2m | +341% |
| Profit (loss) for the period to be appropriated | 9905 | €656,724 | €2,893,895 | +€2.2m | +341% |
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 23 October 2026 via checked.be.