EMVA: 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.
EMVA
Largest movements
- Current investments +€54,790
up €54,790 (+78.3%), from €69,971 to €124,761
- Cash +€2,924
up €2,924 (+9.7%), from €30,265 to €33,189
mainly Net result for the year (+€52,699) and Tax, wage and social debts (+€18,149)
- Receivables within one year +€1,815
up €1,815 (+17.2%), from €10,527 to €12,342
- Reserves +€52,699
up €52,699 (+72.5%), from €72,739 to €125,438
- Tax, wage and social debts +€18,149
up €18,149 (+64.1%), from €28,333 to €46,482
- Other debts -€10,497
down €10,497 (-98.5%), from €10,658 to €161
- Gross operating margin -€31,817
down €31,817 (-30.7%), from €103,648 to €71,831
- Taxes -€5,304
down €5,304 (-23.9%), from €22,240 to €16,935
- Other operating charges -€3,387
down €3,387 (-68.2%), from €4,968 to €1,581
- Financial income +€2,322
new in 2025: €2,322
- Depreciation -€1,096
down €1,096 (-32.6%), from €3,359 to €2,262
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 | €116,707 | €177,278 | +€60,571 | +51.9% |
| Fixed assets | 21/28 | €5,943 | €6,985 | +€1,042 | +17.5% |
| Tangible fixed assets | 22/27 | €5,943 | €6,985 | +€1,042 | +17.5% |
| Furniture and vehicles | 24 | €5,943 | €6,985 | +€1,042 | +17.5% |
| Current assets | 29/58 | €110,763 | €170,292 | +€59,529 | +53.7% |
| Amounts receivable within one year | 40/41 | €10,527 | €12,342 | +€1,815 | +17.2% |
| Trade receivables | 40 | €10,527 | €12,342 | +€1,815 | +17.2% |
| Current investments | 50/53 | €69,971 | €124,761 | +€54,790 | +78.3% |
| Cash at bank and in hand | 54/58 | €30,265 | €33,189 | +€2,924 | +9.7% |
| Total equity and liabilities | 10/49 | €116,707 | €177,278 | +€60,571 | +51.9% |
| Equity | 10/15 | €75,739 | €128,438 | +€52,699 | +69.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €72,739 | €125,438 | +€52,699 | +72.5% |
| Distributable reserves | 133 | €72,739 | €125,438 | +€52,699 | +72.5% |
| Amounts payable | 17/49 | €40,968 | €48,839 | +€7,872 | +19.2% |
| Amounts payable within one year | 42/48 | €40,968 | €48,839 | +€7,872 | +19.2% |
| Trade debts | 44 | €1,976 | €2,197 | +€220 | +11.1% |
| Suppliers | 440/4 | €1,976 | €2,197 | +€220 | +11.1% |
| Taxes, remuneration and social security | 45 | €28,333 | €46,482 | +€18,149 | +64.1% |
| Taxes | 450/3 | €28,333 | €46,482 | +€18,149 | +64.1% |
| Other amounts payable | 47/48 | €10,658 | €161 | -€10,497 | -98.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,359 | €2,262 | -€1,096 | -32.6% |
| Other operating charges | 640/8 | €4,968 | €1,581 | -€3,387 | -68.2% |
| Gross operating margin | 9900 | €103,648 | €71,831 | -€31,817 | -30.7% |
| Operating profit (loss) | 9901 | €95,322 | €67,988 | -€27,334 | -28.7% |
| Financial income | 75/76B | - | €2,322 | +€2,322 | |
| Recurring financial income | 75 | - | €2,322 | +€2,322 | |
| Financial charges | 65/66B | €344 | €675 | +€331 | +96.4% |
| Recurring financial charges | 65 | €344 | €675 | +€331 | +96.4% |
| Profit (loss) for the period before taxes | 9903 | €94,978 | €69,635 | -€25,344 | -26.7% |
| Income taxes | 67/77 | €22,240 | €16,935 | -€5,304 | -23.9% |
| Profit (loss) for the period | 9904 | €72,739 | €52,699 | -€20,039 | -27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €72,739 | €52,699 | -€20,039 | -27.5% |
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 12 October 2026 via checked.be.