EMVICO: what changed
Two fiscal 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.
EMVICO
Largest movements
- Current investments +€2.3m
up €2.3m (+234.4%), from €962,989 to €3.2m
- Cash -€1.1m
down €1.1m (-90.2%), from €1.2m to €119,473
mainly Current investments (-€2.3m) and Contributions, distributions and other (-€1.3m)
- Receivables within one year -€876,988
down €876,988 (-50.0%), from €1.8m to €877,113
- Tangible fixed assets +€102,025
up €102,025 (+12.1%), from €845,834 to €947,859
of which Land and buildings: +€106,745
- Other debts +€734,883
up €734,883 (+78.3%), from €938,168 to €1.7m
- Reserves -€473,501
down €473,501 (-17.5%), from €2.7m to €2.2m
of which Distributable reserves: -€473,501
- Tax, wage and social debts +€97,131
up €97,131 (+54.4%), from €178,624 to €275,755
of which Taxes: +€96,984
- Debts after one year -€55,945
down €55,945 (-8.5%), from €654,753 to €598,808
- Gross operating margin +€482,451
up €482,451 (+59.3%), from €813,442 to €1.3m
- Taxes +€118,520
up €118,520 (+46.2%), from €256,488 to €375,008
- Financial charges +€46,150
up €46,150 (+92.8%), from €49,720 to €95,870
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 | €4,781,798 | €5,167,934 | +€386,136 | +8.1% |
| Fixed assets | 21/28 | €845,834 | €947,859 | +€102,025 | +12.1% |
| Tangible fixed assets | 22/27 | €845,834 | €947,859 | +€102,025 | +12.1% |
| Land and buildings | 22 | €808,715 | €915,460 | +€106,745 | +13.2% |
| Furniture and vehicles | 24 | €3,561 | €3,532 | -€29 | -0.8% |
| Other tangible fixed assets | 26 | €33,558 | €28,867 | -€4,691 | -14.0% |
| Current assets | 29/58 | €3,935,965 | €4,220,075 | +€284,111 | +7.2% |
| Amounts receivable within one year | 40/41 | €1,754,100 | €877,113 | -€876,988 | -50.0% |
| Other amounts receivable | 41 | €1,754,100 | €877,113 | -€876,988 | -50.0% |
| Current investments | 50/53 | €962,989 | €3,219,921 | +€2.3m | +234.4% |
| Cash at bank and in hand | 54/58 | €1,215,298 | €119,473 | -€1.1m | -90.2% |
| Deferred charges and accrued income | 490/1 | €3,577 | €3,568 | -€9 | -0.3% |
| Total equity and liabilities | 10/49 | €4,781,798 | €5,167,934 | +€386,136 | +8.1% |
| Equity | 10/15 | €2,749,479 | €2,275,979 | -€473,501 | -17.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €41,650 | €41,650 | = | 0.0% |
| Reserves | 13 | €2,701,630 | €2,228,129 | -€473,501 | -17.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,701,630 | €2,228,129 | -€473,501 | -17.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €142,068 | €142,068 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €142,068 | €142,068 | = | 0.0% |
| Pensions and similar obligations | 160 | €142,068 | €142,068 | = | 0.0% |
| Amounts payable | 17/49 | €1,890,251 | €2,749,888 | +€859,637 | +45.5% |
| Amounts payable after more than one year | 17 | €654,753 | €598,808 | -€55,945 | -8.5% |
| Financial debts | 170/4 | €654,753 | €598,808 | -€55,945 | -8.5% |
| Amounts payable within one year | 42/48 | €1,192,084 | €2,061,737 | +€869,653 | +73.0% |
| Current portion of amounts payable after more than one year | 42 | €32,721 | €32,721 | = | 0.0% |
| Financial debts | 43 | €38,038 | €67,224 | +€29,186 | +76.7% |
| Credit institutions | 430/8 | €38,038 | €67,224 | +€29,186 | +76.7% |
| Trade debts | 44 | €4,533 | €3,910 | -€622 | -13.7% |
| Suppliers | 440/4 | €4,533 | €3,910 | -€622 | -13.7% |
| Advances received on contracts in progress | 46 | - | €9,075 | +€9,075 | |
| Taxes, remuneration and social security | 45 | €178,624 | €275,755 | +€97,131 | +54.4% |
| Taxes | 450/3 | €161,079 | €258,063 | +€96,984 | +60.2% |
| Remuneration and social security | 454/9 | €17,545 | €17,692 | +€147 | +0.8% |
| Other amounts payable | 47/48 | €938,168 | €1,673,051 | +€734,883 | +78.3% |
| Accrued charges and deferred income | 492/3 | €43,414 | €89,342 | +€45,928 | +105.8% |
| Non-recurring operating income | 76A | - | €26,436 | +€26,436 | |
| Remuneration, social security and pensions | 62 | €103,522 | €103,096 | -€426 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,820 | €29,585 | -€4,235 | -12.5% |
| Other operating charges | 640/8 | €7,611 | €10,307 | +€2,696 | +35.4% |
| Non-recurring operating charges | 66A | - | €28,944 | +€28,944 | |
| Gross operating margin | 9900 | €813,442 | €1,295,893 | +€482,451 | +59.3% |
| Operating profit (loss) | 9901 | €668,488 | €1,123,961 | +€455,473 | +68.1% |
| Financial income | 75/76B | €189,765 | €197,457 | +€7,692 | +4.1% |
| Recurring financial income | 75 | €189,765 | €197,457 | +€7,692 | +4.1% |
| Financial charges | 65/66B | €49,720 | €95,870 | +€46,150 | +92.8% |
| Recurring financial charges | 65 | €49,720 | €95,870 | +€46,150 | +92.8% |
| Profit (loss) for the period before taxes | 9903 | €808,534 | €1,225,549 | +€417,015 | +51.6% |
| Income taxes | 67/77 | €256,488 | €375,008 | +€118,520 | +46.2% |
| Profit (loss) for the period | 9904 | €552,046 | €850,541 | +€298,495 | +54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €552,046 | €850,541 | +€298,495 | +54.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.