MD EMI: 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.
MD EMI
Largest movements
- Receivables within one year +€32,549
up €32,549 (+1065.3%), from €3,055 to €35,604
of which Trade receivables: +€31,630
- Cash +€29,854
up €29,854 (+55.7%), from €53,622 to €83,476
mainly Net result for the year (+€56,392) and Investment in fixed assets (net) (+€5,848)
- Tangible fixed assets -€7,078
down €7,078 (-60.6%), from €11,681 to €4,603
of which Furniture and vehicles: -€9,577
- Deferred charges and accrued income +€5,582
up €5,582 (+2916.7%), from €191 to €5,774
- Stocks and contracts -€3,050
down €3,050 (-54.9%), from €5,554 to €2,504
- Profit (loss) carried forward +€56,392
up €56,392 (+99.4%), from €56,745 to €113,136
- Trade debts +€1,656
up €1,656 (+78.2%), from €2,118 to €3,773
- Gross operating margin +€50,588
up €50,588 (+91.9%), from €55,025 to €105,613
- Staff costs +€10,638
up €10,638 (+87.5%), from €12,159 to €22,797
- Taxes +€7,981
up €7,981 (+103.2%), from €7,731 to €15,712
- Depreciation -€3,251
down €3,251 (-72.5%), from €4,481 to €1,230
- Other operating charges +€2,164
up €2,164 (+674.7%), from €321 to €2,484
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 | €75,104 | €132,961 | +€57,857 | +77.0% |
| Fixed assets | 21/28 | €12,681 | €5,603 | -€7,078 | -55.8% |
| Tangible fixed assets | 22/27 | €11,681 | €4,603 | -€7,078 | -60.6% |
| Plant, machinery and equipment | 23 | €1,147 | €3,647 | +€2,500 | +218.0% |
| Furniture and vehicles | 24 | €10,534 | €956 | -€9,577 | -90.9% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €62,423 | €127,357 | +€64,934 | +104.0% |
| Stocks and contracts in progress | 3 | €5,554 | €2,504 | -€3,050 | -54.9% |
| Stocks | 30/36 | €5,554 | €2,504 | -€3,050 | -54.9% |
| Amounts receivable within one year | 40/41 | €3,055 | €35,604 | +€32,549 | +1065.3% |
| Trade receivables | 40 | - | €31,630 | +€31,630 | |
| Other amounts receivable | 41 | €3,055 | €3,974 | +€919 | +30.1% |
| Cash at bank and in hand | 54/58 | €53,622 | €83,476 | +€29,854 | +55.7% |
| Deferred charges and accrued income | 490/1 | €191 | €5,774 | +€5,582 | +2916.7% |
| Total equity and liabilities | 10/49 | €75,104 | €132,961 | +€57,857 | +77.0% |
| Equity | 10/15 | €61,745 | €118,136 | +€56,392 | +91.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,745 | €113,136 | +€56,392 | +99.4% |
| Amounts payable | 17/49 | €13,359 | €14,824 | +€1,465 | +11.0% |
| Amounts payable within one year | 42/48 | €13,359 | €14,824 | +€1,465 | +11.0% |
| Trade debts | 44 | €2,118 | €3,773 | +€1,656 | +78.2% |
| Suppliers | 440/4 | €2,118 | €3,773 | +€1,656 | +78.2% |
| Taxes, remuneration and social security | 45 | €7,731 | €8,212 | +€481 | +6.2% |
| Taxes | 450/3 | €7,731 | €8,212 | +€481 | +6.2% |
| Other amounts payable | 47/48 | €3,511 | €2,839 | -€672 | -19.1% |
| Remuneration, social security and pensions | 62 | €12,159 | €22,797 | +€10,638 | +87.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,481 | €1,230 | -€3,251 | -72.5% |
| Other operating charges | 640/8 | €321 | €2,484 | +€2,164 | +674.7% |
| Non-recurring operating charges | 66A | - | €6,244 | +€6,244 | |
| Gross operating margin | 9900 | €55,025 | €105,613 | +€50,588 | +91.9% |
| Operating profit (loss) | 9901 | €38,064 | €72,858 | +€34,794 | +91.4% |
| Financial income | 75/76B | €75 | €66 | -€9 | -12.3% |
| Recurring financial income | 75 | €75 | €66 | -€9 | -12.3% |
| Financial charges | 65/66B | €878 | €821 | -€58 | -6.6% |
| Recurring financial charges | 65 | €878 | €821 | -€58 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €37,262 | €72,104 | +€34,842 | +93.5% |
| Income taxes | 67/77 | €7,731 | €15,712 | +€7,981 | +103.2% |
| Profit (loss) for the period | 9904 | €29,531 | €56,392 | +€26,861 | +91.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,531 | €56,392 | +€26,861 | +91.0% |
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.