E.C.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.
E.C.M.
Largest movements
- Stocks and contracts +€19,097
up €19,097 (+12.1%), from €157,597 to €176,694
- Cash -€15,481
down €15,481 (-4.4%), from €349,938 to €334,458
mainly Contributions, distributions and other (-€145,411) and Investment in fixed assets (net) (-€56,899)
- Other debts +€91,375
up €91,375 (+161.9%), from €56,449 to €147,825
- Debts after one year -€53,043
down €53,043 (-11.0%), from €483,760 to €430,717
- Contributions -€18,750
no longer reported in 2025 (was €18,750)
- Staff costs +€40,054
up €40,054 (+12.1%), from €330,920 to €370,974
- Gross operating margin -€17,045
down €17,045 (-2.6%), from €657,157 to €640,112
- Taxes -€14,027
down €14,027 (-21.8%), from €64,377 to €50,350
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 | €1,448,662 | €1,460,340 | +€11,677 | +0.8% |
| Fixed assets | 21/28 | €930,982 | €935,068 | +€4,086 | +0.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €930,982 | €935,068 | +€4,086 | +0.4% |
| Land and buildings | 22 | €851,693 | €827,326 | -€24,367 | -2.9% |
| Plant, machinery and equipment | 23 | €33,437 | €39,786 | +€6,348 | +19.0% |
| Furniture and vehicles | 24 | €45,852 | €28,028 | -€17,824 | -38.9% |
| Leasing and similar rights | 25 | - | €39,929 | +€39,929 | |
| Current assets | 29/58 | €517,680 | €525,271 | +€7,591 | +1.5% |
| Stocks and contracts in progress | 3 | €157,597 | €176,694 | +€19,097 | +12.1% |
| Stocks | 30/36 | €157,597 | €176,694 | +€19,097 | +12.1% |
| Amounts receivable within one year | 40/41 | €1,865 | €1,976 | +€111 | +6.0% |
| Trade receivables | 40 | €1,865 | €326 | -€1,539 | -82.5% |
| Other amounts receivable | 41 | - | €1,650 | +€1,650 | |
| Cash at bank and in hand | 54/58 | €349,938 | €334,458 | -€15,481 | -4.4% |
| Deferred charges and accrued income | 490/1 | €8,280 | €12,144 | +€3,863 | +46.7% |
| Total equity and liabilities | 10/49 | €1,448,662 | €1,460,340 | +€11,677 | +0.8% |
| Equity | 10/15 | €467,450 | €439,379 | -€28,072 | -6.0% |
| Contributions | 10/11 | €18,750 | - | -€18,750 | |
| Reserves | 13 | €367,195 | €357,874 | -€9,322 | -2.5% |
| Non-distributable reserves | 130/1 | €1,875 | €1,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,279 | €12,279 | = | 0.0% |
| Distributable reserves | 133 | €353,041 | €343,719 | -€9,322 | -2.6% |
| Profit (loss) carried forward | 14 | €81,505 | €81,505 | = | 0.0% |
| Amounts payable | 17/49 | €981,212 | €1,020,961 | +€39,749 | +4.1% |
| Amounts payable after more than one year | 17 | €483,760 | €430,717 | -€53,043 | -11.0% |
| Financial debts | 170/4 | €483,760 | €430,717 | -€53,043 | -11.0% |
| Amounts payable within one year | 42/48 | €497,452 | €590,244 | +€92,792 | +18.7% |
| Current portion of amounts payable after more than one year | 42 | €287,989 | €296,989 | +€9,000 | +3.1% |
| Trade debts | 44 | €43,564 | €41,706 | -€1,857 | -4.3% |
| Suppliers | 440/4 | €43,564 | €41,706 | -€1,857 | -4.3% |
| Taxes, remuneration and social security | 45 | €109,450 | €103,724 | -€5,726 | -5.2% |
| Taxes | 450/3 | €51,479 | €45,376 | -€6,102 | -11.9% |
| Remuneration and social security | 454/9 | €57,971 | €58,348 | +€376 | +0.6% |
| Other amounts payable | 47/48 | €56,449 | €147,825 | +€91,375 | +161.9% |
| Remuneration, social security and pensions | 62 | €330,920 | €370,974 | +€40,054 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,991 | €52,812 | +€1,821 | +3.6% |
| Other operating charges | 640/8 | €13,169 | €13,669 | +€500 | +3.8% |
| Gross operating margin | 9900 | €657,157 | €640,112 | -€17,045 | -2.6% |
| Operating profit (loss) | 9901 | €262,077 | €202,656 | -€59,421 | -22.7% |
| Financial income | 75/76B | €30 | €300 | +€270 | +901.7% |
| Recurring financial income | 75 | €30 | €300 | +€270 | +901.7% |
| Financial charges | 65/66B | €39,388 | €35,267 | -€4,122 | -10.5% |
| Recurring financial charges | 65 | €39,388 | €35,267 | -€4,122 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €222,719 | €167,689 | -€55,030 | -24.7% |
| Income taxes | 67/77 | €64,377 | €50,350 | -€14,027 | -21.8% |
| Profit (loss) for the period | 9904 | €158,342 | €117,340 | -€41,002 | -25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €158,342 | €117,340 | -€41,002 | -25.9% |
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 11 October 2026 via checked.be.