E.B.M.: 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.
What changed
E.B.M.
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€549,631
2024 · €518,446+€31,185
Equity
€2.9m
2024 · €2.7m+€249,631
Cash
€98,380
2024 · €12,067+€86,313
Balance sheet total
€10.9m
2024 · €11.1m-€224,750
Largest movements
Assets
- Tangible fixed assets -€270,343
down €270,343 (-2.4%), from €11.0m to €10.8m
of which Land and buildings: -€229,167
Equity and liabilities
- Debts after one year -€491,088
down €491,088 (-6.6%), from €7.5m to €7.0m
- Reserves +€249,631
up €249,631 (+14.4%), from €1.7m to €2.0m
of which Tax-exempt reserves: +€258,667
Income statement
- Gross operating margin +€71,871
up €71,871 (+6.3%), from €1.1m to €1.2m
- Depreciation +€37,745
up €37,745 (+16.2%), from €232,598 to €270,343
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.
Result 2024
€518,446
Gross operating margin
+€71,871
Depreciation
-€37,745
Other operating charges
-€2,896
Financial income
+€80
Financial charges
+€3,346
Taxes
-€3,470
Result 2025
€549,631
raises the resultlowers the result
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.
From operations
+€829,687
Investment
€0
Financing
-€743,374
Cash 2024
€12,067
From operations (derived)
+€829,687
Net result for the year
+€549,631
Depreciation
+€270,343
Receivables within one year
+€40,719
Provisions
-€3,379
Trade debts
-€14,597
Tax, wage and social debts
+€941
Other debts
-€12,000
Accrued charges and deferred income
-€1,971
Financing
-€743,374
Debts after one year
-€491,088
Current portion of long-term debt
+€1,268
Short-term financial debts
+€46,447
Contributions, distributions and other
-€300,000
Cash 2025
€98,380
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,117,456 | €10,892,707 | -€224,750 | -2.0% |
| Fixed assets | 21/28 | €11,039,097 | €10,768,754 | -€270,343 | -2.4% |
| Tangible fixed assets | 22/27 | €11,039,097 | €10,768,754 | -€270,343 | -2.4% |
| Land and buildings | 22 | €10,630,765 | €10,401,598 | -€229,167 | -2.2% |
| Plant, machinery and equipment | 23 | €408,332 | €367,155 | -€41,176 | -10.1% |
| Current assets | 29/58 | €78,360 | €123,953 | +€45,593 | +58.2% |
| Amounts receivable within one year | 40/41 | €66,292 | €25,573 | -€40,719 | -61.4% |
| Trade receivables | 40 | €7,798 | €1,573 | -€6,225 | -79.8% |
| Other amounts receivable | 41 | €58,495 | €24,000 | -€34,495 | -59.0% |
| Cash at bank and in hand | 54/58 | €12,067 | €98,380 | +€86,313 | +715% |
| Total equity and liabilities | 10/49 | €11,117,456 | €10,892,707 | -€224,750 | -2.0% |
| Equity | 10/15 | €2,684,578 | €2,934,209 | +€249,631 | +9.3% |
| Contributions | 10/11 | €953,256 | €953,256 | = | 0.0% |
| Capital | 10 | €953,256 | €953,256 | = | 0.0% |
| Issued capital | 100 | €953,256 | €953,256 | = | 0.0% |
| Reserves | 13 | €1,731,322 | €1,980,953 | +€249,631 | +14.4% |
| Non-distributable reserves | 130/1 | €95,326 | €95,326 | = | 0.0% |
| Legal reserve | 130 | €95,326 | €95,326 | = | 0.0% |
| Tax-exempt reserves | 132 | €189,889 | €448,556 | +€258,667 | +136% |
| Distributable reserves | 133 | €1,446,108 | €1,437,071 | -€9,037 | -0.6% |
| Provisions and deferred taxes | 16 | €97,778 | €94,399 | -€3,379 | -3.5% |
| Deferred taxes | 168 | €97,778 | €94,399 | -€3,379 | -3.5% |
| Amounts payable | 17/49 | €8,335,100 | €7,864,099 | -€471,001 | -5.7% |
| Amounts payable after more than one year | 17 | €7,453,995 | €6,962,907 | -€491,088 | -6.6% |
| Financial debts | 170/4 | €7,453,995 | €6,962,907 | -€491,088 | -6.6% |
| Amounts payable within one year | 42/48 | €879,135 | €901,192 | +€22,058 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €489,821 | €491,088 | +€1,268 | +0.3% |
| Financial debts | 43 | €50,717 | €97,164 | +€46,447 | +91.6% |
| Credit institutions | 430/8 | €50,717 | €97,164 | +€46,447 | +91.6% |
| Trade debts | 44 | €26,597 | €12,000 | -€14,597 | -54.9% |
| Suppliers | 440/4 | - | €12,000 | +€12,000 | |
| Bills of exchange payable | 441 | €26,597 | €0 | -€26,597 | -100% |
| Taxes, remuneration and social security | 45 | - | €941 | +€941 | |
| Taxes | 450/3 | - | €941 | +€941 | |
| Other amounts payable | 47/48 | €312,000 | €300,000 | -€12,000 | -3.8% |
| Accrued charges and deferred income | 492/3 | €1,971 | €0 | -€1,971 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €232,598 | €270,343 | +€37,745 | +16.2% |
| Other operating charges | 640/8 | €94,731 | €97,626 | +€2,896 | +3.1% |
| Gross operating margin | 9900 | €1,134,188 | €1,206,059 | +€71,871 | +6.3% |
| Operating profit (loss) | 9901 | €806,859 | €838,089 | +€31,231 | +3.9% |
| Financial income | 75/76B | - | €80 | +€80 | |
| Recurring financial income | 75 | - | €80 | +€80 | |
| Financial charges | 65/66B | €132,263 | €128,917 | -€3,346 | -2.5% |
| Recurring financial charges | 65 | €132,263 | €128,917 | -€3,346 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €674,596 | €709,251 | +€34,656 | +5.1% |
| Transfer from deferred taxes | 780 | €3,379 | €3,379 | = | 0.0% |
| Income taxes | 67/77 | €159,530 | €163,000 | +€3,470 | +2.2% |
| Profit (loss) for the period | 9904 | €518,446 | €549,631 | +€31,185 | +6.0% |
| Transfer from tax-exempt reserves | 789 | €6,563 | €6,563 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €265,230 | +€265,230 | |
| Profit (loss) for the period to be appropriated | 9905 | €525,008 | €290,963 | -€234,045 | -44.6% |
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 15 October 2026 via checked.be.