EMVACO: 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.
EMVACO
Largest movements
- Cash +€53,787
up €53,787 (+128.5%), from €41,861 to €95,648
mainly Net result for the year (+€67,455) and Tax, wage and social debts (+€32,662)
- Reserves +€67,455
up €67,455 (+130.1%), from €51,842 to €119,297
- Debts after one year -€47,683
down €47,683 (-6.5%), from €733,140 to €685,456
- Tax, wage and social debts +€32,662
up €32,662 (+100.2%), from €32,611 to €65,273
- Gross operating margin +€35,229
up €35,229 (+38.3%), from €91,902 to €127,131
- Financial charges +€11,124
up €11,124 (+72.8%), from €15,273 to €26,397
- Taxes +€7,626
up €7,626 (+31.0%), from €24,626 to €32,253
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 | €877,312 | €931,824 | +€54,512 | +6.2% |
| Fixed assets | 21/28 | €820,931 | €826,176 | +€5,245 | +0.6% |
| Tangible fixed assets | 22/27 | - | €5,245 | +€5,245 | |
| Furniture and vehicles | 24 | - | €5,245 | +€5,245 | |
| Financial fixed assets | 28 | €820,931 | €820,931 | = | 0.0% |
| Current assets | 29/58 | €56,381 | €105,648 | +€49,267 | +87.4% |
| Amounts receivable within one year | 40/41 | €14,520 | €10,000 | -€4,520 | -31.1% |
| Trade receivables | 40 | €14,520 | €0 | -€14,520 | -100.0% |
| Other amounts receivable | 41 | - | €10,000 | +€10,000 | |
| Cash at bank and in hand | 54/58 | €41,861 | €95,648 | +€53,787 | +128.5% |
| Total equity and liabilities | 10/49 | €877,312 | €931,824 | +€54,512 | +6.2% |
| Equity | 10/15 | €54,842 | €122,297 | +€67,455 | +123.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €51,842 | €119,297 | +€67,455 | +130.1% |
| Distributable reserves | 133 | €51,842 | €119,297 | +€67,455 | +130.1% |
| Amounts payable | 17/49 | €822,470 | €809,528 | -€12,942 | -1.6% |
| Amounts payable after more than one year | 17 | €733,140 | €685,456 | -€47,683 | -6.5% |
| Financial debts | 170/4 | €733,140 | €685,456 | -€47,683 | -6.5% |
| Amounts payable within one year | 42/48 | €89,331 | €123,180 | +€33,849 | +37.9% |
| Current portion of amounts payable after more than one year | 42 | €46,045 | €47,683 | +€1,638 | +3.6% |
| Trade debts | 44 | €451 | €0 | -€451 | -100.0% |
| Suppliers | 440/4 | €451 | €0 | -€451 | -100.0% |
| Taxes, remuneration and social security | 45 | €32,611 | €65,273 | +€32,662 | +100.2% |
| Taxes | 450/3 | €32,611 | €65,273 | +€32,662 | +100.2% |
| Other amounts payable | 47/48 | €10,223 | €10,223 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €892 | +€892 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €780 | +€780 | |
| Other operating charges | 640/8 | €161 | €246 | +€85 | +53.1% |
| Gross operating margin | 9900 | €91,902 | €127,131 | +€35,229 | +38.3% |
| Operating profit (loss) | 9901 | €91,741 | €126,105 | +€34,363 | +37.5% |
| Financial charges | 65/66B | €15,273 | €26,397 | +€11,124 | +72.8% |
| Recurring financial charges | 65 | €15,273 | €26,397 | +€11,124 | +72.8% |
| Profit (loss) for the period before taxes | 9903 | €76,468 | €99,707 | +€23,239 | +30.4% |
| Income taxes | 67/77 | €24,626 | €32,253 | +€7,626 | +31.0% |
| Profit (loss) for the period | 9904 | €51,842 | €67,455 | +€15,613 | +30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €51,842 | €67,455 | +€15,613 | +30.1% |
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 9 October 2026 via checked.be.