RED EMU: 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.
RED EMU
Largest movements
- Cash +€137,581
up €137,581 (+58.6%), from €234,929 to €372,510
mainly Net result for the year (+€226,714) and Tax, wage and social debts (+€22,475)
- Reserves +€120,493
up €120,493 (+13.6%), from €883,376 to €1.0m
of which Distributable reserves: +€120,493
- Tax, wage and social debts +€22,475
up €22,475 (+162%), from €13,882 to €36,357
- Gross operating margin +€54,653
up €54,653 (+23.5%), from €232,913 to €287,566
- Taxes +€24,678
up €24,678 (+36.5%), from €67,634 to €92,312
- Financial income +€20,858
up €20,858 (+161%), from €12,935 to €33,793
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.
Derived cash bridge
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 | €905,448 | €1,048,649 | +€143,201 | +15.8% |
| Fixed assets | 21/28 | €5,153 | €4,688 | -€465 | -9.0% |
| Tangible fixed assets | 22/27 | €5,153 | €4,688 | -€465 | -9.0% |
| Land and buildings | 22 | €1,035 | €719 | -€316 | -30.5% |
| Furniture and vehicles | 24 | €1,798 | €922 | -€876 | -48.7% |
| Other tangible fixed assets | 26 | €2,321 | €3,047 | +€727 | +31.3% |
| Current assets | 29/58 | €900,295 | €1,043,961 | +€143,666 | +16.0% |
| Amounts receivable within one year | 40/41 | €44,745 | €46,259 | +€1,513 | +3.4% |
| Trade receivables | 40 | €25,941 | €26,951 | +€1,010 | +3.9% |
| Other amounts receivable | 41 | €18,804 | €19,307 | +€503 | +2.7% |
| Current investments | 50/53 | €620,620 | €624,545 | +€3,925 | +0.6% |
| Cash at bank and in hand | 54/58 | €234,929 | €372,510 | +€137,581 | +58.6% |
| Deferred charges and accrued income | 490/1 | - | €647 | +€647 | |
| Total equity and liabilities | 10/49 | €905,448 | €1,048,649 | +€143,201 | +15.8% |
| Equity | 10/15 | €891,436 | €1,011,929 | +€120,493 | +13.5% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €883,376 | €1,003,869 | +€120,493 | +13.6% |
| Tax-exempt reserves | 132 | €84,200 | €84,200 | = | 0.0% |
| Distributable reserves | 133 | €799,176 | €919,669 | +€120,493 | +15.1% |
| Amounts payable | 17/49 | €14,012 | €36,720 | +€22,708 | +162% |
| Amounts payable within one year | 42/48 | €14,012 | €36,720 | +€22,708 | +162% |
| Trade debts | 44 | €129 | €362 | +€233 | +180% |
| Suppliers | 440/4 | €129 | €362 | +€233 | +180% |
| Taxes, remuneration and social security | 45 | €13,882 | €36,357 | +€22,475 | +162% |
| Taxes | 450/3 | €13,882 | €36,357 | +€22,475 | +162% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,040 | €1,845 | -€194 | -9.5% |
| Other operating charges | 640/8 | €384 | €387 | +€3 | +0.8% |
| Gross operating margin | 9900 | €232,913 | €287,566 | +€54,653 | +23.5% |
| Operating profit (loss) | 9901 | €230,489 | €285,334 | +€54,844 | +23.8% |
| Financial income | 75/76B | €12,935 | €33,793 | +€20,858 | +161% |
| Recurring financial income | 75 | €12,935 | €33,793 | +€20,858 | +161% |
| Financial charges | 65/66B | €129 | €100 | -€29 | -22.3% |
| Recurring financial charges | 65 | €129 | €100 | -€29 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €243,295 | €319,026 | +€75,731 | +31.1% |
| Income taxes | 67/77 | €67,634 | €92,312 | +€24,678 | +36.5% |
| Profit (loss) for the period | 9904 | €175,661 | €226,714 | +€51,053 | +29.1% |
| Transfer to tax-exempt reserves | 689 | €84,200 | - | -€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €91,461 | €226,714 | +€135,253 | +148% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.