EMWECO: 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.
EMWECO
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+43.2%), from €2.7m to €3.8m
- Current investments -€500,000
down €500,000 (-100.0%), from €500,000 to €0
- Cash -€213,419
down €213,419 (-51.8%), from €412,007 to €198,588
mainly Investment in fixed assets (net) (-€1.5m) and Receivables within one year (-€103,738)
- Receivables within one year +€103,738
up €103,738 (+19.3%), from €538,715 to €642,453
of which Other amounts receivable: +€103,492
- Short-term financial debts +€519,689
new in 2025: €519,689
- Reserves +€56,363
up €56,363 (+1.8%), from €3.1m to €3.2m
of which Distributable reserves: +€56,363
- Other debts -€56,168
down €56,168 (-5.6%), from €1.0m to €949,266
- Depreciation +€222,548
up €222,548 (+280.4%), from €79,363 to €301,911
- Taxes -€58,635
down €58,635 (-75.9%), from €77,281 to €18,646
- Financial income -€13,181
down €13,181 (-46.9%), from €28,125 to €14,943
- Gross operating margin +€10,013
up €10,013 (+2.3%), from €439,189 to €449,202
- Financial charges +€5,218
up €5,218 (+26.1%), from €19,954 to €25,172
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 | €4,139,417 | €4,678,484 | +€539,067 | +13.0% |
| Fixed assets | 21/28 | €2,663,226 | €3,813,911 | +€1.2m | +43.2% |
| Tangible fixed assets | 22/27 | €2,663,226 | €3,813,911 | +€1.2m | +43.2% |
| Land and buildings | 22 | €2,663,226 | €3,813,911 | +€1.2m | +43.2% |
| Current assets | 29/58 | €1,476,191 | €864,573 | -€611,618 | -41.4% |
| Amounts receivable within one year | 40/41 | €538,715 | €642,453 | +€103,738 | +19.3% |
| Trade receivables | 40 | - | €246 | +€246 | |
| Other amounts receivable | 41 | €538,715 | €642,207 | +€103,492 | +19.2% |
| Current investments | 50/53 | €500,000 | €0 | -€500,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €412,007 | €198,588 | -€213,419 | -51.8% |
| Deferred charges and accrued income | 490/1 | €25,470 | €23,533 | -€1,937 | -7.6% |
| Total equity and liabilities | 10/49 | €4,139,417 | €4,678,484 | +€539,067 | +13.0% |
| Equity | 10/15 | €3,131,165 | €3,187,528 | +€56,363 | +1.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,112,565 | €3,168,928 | +€56,363 | +1.8% |
| Non-distributable reserves | 130/1 | €34,500 | €34,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €34,500 | €34,500 | = | 0.0% |
| Distributable reserves | 133 | €3,078,065 | €3,134,428 | +€56,363 | +1.8% |
| Amounts payable | 17/49 | €1,008,252 | €1,490,956 | +€482,705 | +47.9% |
| Amounts payable within one year | 42/48 | €1,007,562 | €1,488,898 | +€481,336 | +47.8% |
| Financial debts | 43 | - | €519,689 | +€519,689 | |
| Credit institutions | 430/8 | - | €519,689 | +€519,689 | |
| Trade debts | 44 | €131 | €166 | +€35 | +26.6% |
| Suppliers | 440/4 | €131 | €166 | +€35 | +26.6% |
| Taxes, remuneration and social security | 45 | €1,996 | €19,777 | +€17,781 | +890.9% |
| Taxes | 450/3 | €1,996 | €19,777 | +€17,781 | +890.9% |
| Other amounts payable | 47/48 | €1,005,435 | €949,266 | -€56,168 | -5.6% |
| Accrued charges and deferred income | 492/3 | €690 | €2,059 | +€1,369 | +198.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,363 | €301,911 | +€222,548 | +280.4% |
| Other operating charges | 640/8 | €60,279 | €62,054 | +€1,775 | +2.9% |
| Gross operating margin | 9900 | €439,189 | €449,202 | +€10,013 | +2.3% |
| Operating profit (loss) | 9901 | €299,547 | €85,237 | -€214,310 | -71.5% |
| Financial income | 75/76B | €28,125 | €14,943 | -€13,181 | -46.9% |
| Recurring financial income | 75 | €28,125 | €14,943 | -€13,181 | -46.9% |
| Financial charges | 65/66B | €19,954 | €25,172 | +€5,218 | +26.1% |
| Recurring financial charges | 65 | €19,954 | €25,172 | +€5,218 | +26.1% |
| Profit (loss) for the period before taxes | 9903 | €307,717 | €75,009 | -€232,709 | -75.6% |
| Income taxes | 67/77 | €77,281 | €18,646 | -€58,635 | -75.9% |
| Profit (loss) for the period | 9904 | €230,436 | €56,363 | -€174,074 | -75.5% |
| Profit (loss) for the period to be appropriated | 9905 | €230,436 | €56,363 | -€174,074 | -75.5% |
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 9 October 2026 via checked.be.