EMAC: what changed
EMAC
Largest movements
- Receivables within one year +€144,438
up €144,438 (+68.9%), from €209,778 to €354,215
- Receivables after one year +€95,000
up €95,000 (+100%), from €95,000 to €190,000
- Current investments +€46,637
up €46,637 (+184%), from €25,393 to €72,030
- Tangible fixed assets +€42,442
up €42,442 (+159%), from €26,643 to €69,085
of which Other tangible fixed assets: +€45,836
- Cash -€36,892
down €36,892 (-6.1%), from €608,831 to €571,939
mainly Receivables within one year (-€144,438) and Contributions, distributions and other (-€100,000)
- Reserves +€253,185
up €253,185 (+20.7%), from €1.2m to €1.5m
- Tax, wage and social debts +€68,175
up €68,175 (+179%), from €38,085 to €106,261
of which Taxes: +€68,175
- Trade debts -€30,907
down €30,907 (-49.7%), from €62,164 to €31,258
- Gross operating margin +€87,339
up €87,339 (+46.0%), from €189,881 to €277,219
- Financial income +€34,407
up €34,407 (+21.7%), from €158,215 to €192,621
- Taxes +€27,979
up €27,979 (+36.4%), from €76,871 to €104,851
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,329,873 | €1,622,475 | +€292,603 | +22.0% |
| Fixed assets | 21/28 | €388,563 | €431,005 | +€42,442 | +10.9% |
| Tangible fixed assets | 22/27 | €26,643 | €69,085 | +€42,442 | +159% |
| Plant, machinery and equipment | 23 | €16,326 | €13,527 | -€2,799 | -17.1% |
| Furniture and vehicles | 24 | €595 | €0 | -€595 | -100% |
| Other tangible fixed assets | 26 | €9,722 | €55,558 | +€45,836 | +471% |
| Financial fixed assets | 28 | €361,920 | €361,920 | = | 0.0% |
| Current assets | 29/58 | €941,309 | €1,191,470 | +€250,161 | +26.6% |
| Amounts receivable after more than one year | 29 | €95,000 | €190,000 | +€95,000 | +100% |
| Other amounts receivable | 291 | €95,000 | €190,000 | +€95,000 | +100% |
| Amounts receivable within one year | 40/41 | €209,778 | €354,215 | +€144,438 | +68.9% |
| Trade receivables | 40 | €209,778 | €354,215 | +€144,438 | +68.9% |
| Current investments | 50/53 | €25,393 | €72,030 | +€46,637 | +184% |
| Cash at bank and in hand | 54/58 | €608,831 | €571,939 | -€36,892 | -6.1% |
| Deferred charges and accrued income | 490/1 | €2,307 | €3,286 | +€979 | +42.4% |
| Total equity and liabilities | 10/49 | €1,329,873 | €1,622,475 | +€292,603 | +22.0% |
| Equity | 10/15 | €1,228,968 | €1,482,153 | +€253,185 | +20.6% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €1,222,668 | €1,475,853 | +€253,185 | +20.7% |
| Distributable reserves | 133 | €1,222,668 | €1,475,853 | +€253,185 | +20.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €100,905 | €140,322 | +€39,417 | +39.1% |
| Amounts payable within one year | 42/48 | €100,800 | €140,218 | +€39,417 | +39.1% |
| Trade debts | 44 | €62,164 | €31,258 | -€30,907 | -49.7% |
| Suppliers | 440/4 | €62,164 | €31,258 | -€30,907 | -49.7% |
| Taxes, remuneration and social security | 45 | €38,085 | €106,261 | +€68,175 | +179% |
| Taxes | 450/3 | €38,085 | €106,261 | +€68,175 | +179% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €551 | €2,699 | +€2,149 | +390% |
| Accrued charges and deferred income | 492/3 | €104 | €104 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,283 | €7,452 | -€831 | -10.0% |
| Other operating charges | 640/8 | €2,978 | €2,914 | -€64 | -2.2% |
| Gross operating margin | 9900 | €189,881 | €277,219 | +€87,339 | +46.0% |
| Operating profit (loss) | 9901 | €178,620 | €266,854 | +€88,234 | +49.4% |
| Financial income | 75/76B | €158,215 | €192,621 | +€34,407 | +21.7% |
| Recurring financial income | 75 | €158,215 | €192,621 | +€34,407 | +21.7% |
| Financial charges | 65/66B | €443 | €1,439 | +€996 | +225% |
| Recurring financial charges | 65 | €443 | €1,439 | +€996 | +225% |
| Profit (loss) for the period before taxes | 9903 | €336,392 | €458,036 | +€121,644 | +36.2% |
| Income taxes | 67/77 | €76,871 | €104,851 | +€27,979 | +36.4% |
| Profit (loss) for the period | 9904 | €259,520 | €353,185 | +€93,665 | +36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €259,520 | €353,185 | +€93,665 | +36.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.