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
- Cash +€480,029
up €480,029 (+50.5%), from €951,473 to €1.4m
mainly Current investments (+€338,074) and Net result for the year (+€147,351)
- Current investments -€338,074
down €338,074 (-24.3%), from €1.4m to €1.1m
- Stocks and contracts +€64,790
up €64,790 (+219%), from €29,612 to €94,402
- Reserves +€147,351
up €147,351 (+5.8%), from €2.6m to €2.7m
- Financial charges +€72,258
up €72,258, from -€17,507 to €54,751
- Financial income +€49,283
up €49,283 (+180%), from €27,338 to €76,621
of which Financial income: +€45,561
- Gross operating margin +€6,861
up €6,861 (+3.6%), from €189,594 to €196,454
- Taxes -€6,685
down €6,685 (-13.7%), from €48,742 to €42,057
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 | €3,583,572 | €3,756,072 | +€172,499 | +4.8% |
| Fixed assets | 21/28 | €1,191,645 | €1,173,477 | -€18,169 | -1.5% |
| Intangible fixed assets | 21 | €0 | €0 | -€0 | -85.7% |
| Tangible fixed assets | 22/27 | €90,431 | €72,263 | -€18,168 | -20.1% |
| Land and buildings | 22 | €44,360 | €40,796 | -€3,564 | -8.0% |
| Plant, machinery and equipment | 23 | €2,681 | €788 | -€1,893 | -70.6% |
| Furniture and vehicles | 24 | €43,390 | €30,678 | -€12,712 | -29.3% |
| Financial fixed assets | 28 | €1,101,214 | €1,101,214 | = | 0.0% |
| Current assets | 29/58 | €2,391,927 | €2,582,595 | +€190,668 | +8.0% |
| Stocks and contracts in progress | 3 | €29,612 | €94,402 | +€64,790 | +219% |
| Stocks | 30/36 | €29,612 | €94,402 | +€64,790 | +219% |
| Amounts receivable within one year | 40/41 | €19,366 | €1,150 | -€18,216 | -94.1% |
| Trade receivables | 40 | €19,360 | €1,150 | -€18,210 | -94.1% |
| Other amounts receivable | 41 | €6 | €0 | -€6 | -100% |
| Current investments | 50/53 | €1,388,958 | €1,050,885 | -€338,074 | -24.3% |
| Cash at bank and in hand | 54/58 | €951,473 | €1,431,502 | +€480,029 | +50.5% |
| Deferred charges and accrued income | 490/1 | €2,518 | €4,656 | +€2,138 | +84.9% |
| Total equity and liabilities | 10/49 | €3,583,572 | €3,756,072 | +€172,499 | +4.8% |
| Equity | 10/15 | €2,806,644 | €2,953,995 | +€147,351 | +5.3% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €2,556,644 | €2,703,995 | +€147,351 | +5.8% |
| Distributable reserves | 133 | €2,556,644 | €2,703,995 | +€147,351 | +5.8% |
| Amounts payable | 17/49 | €776,928 | €802,076 | +€25,148 | +3.2% |
| Amounts payable within one year | 42/48 | €745,820 | €771,328 | +€25,509 | +3.4% |
| Trade debts | 44 | €872 | €5,024 | +€4,152 | +476% |
| Suppliers | 440/4 | €872 | €5,024 | +€4,152 | +476% |
| Taxes, remuneration and social security | 45 | €18,397 | €19,836 | +€1,439 | +7.8% |
| Taxes | 450/3 | €18,397 | €19,836 | +€1,439 | +7.8% |
| Other amounts payable | 47/48 | €726,550 | €746,468 | +€19,918 | +2.7% |
| Accrued charges and deferred income | 492/3 | €31,109 | €30,748 | -€361 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,289 | €23,538 | +€249 | +1.1% |
| Other operating charges | 640/8 | €5,205 | €5,378 | +€172 | +3.3% |
| Gross operating margin | 9900 | €189,594 | €196,454 | +€6,861 | +3.6% |
| Operating profit (loss) | 9901 | €161,099 | €167,538 | +€6,439 | +4.0% |
| Financial income | 75/76B | €27,338 | €76,621 | +€49,283 | +180% |
| Recurring financial income | 75 | €25,987 | €71,548 | +€45,561 | +175% |
| Non-recurring financial income | 76B | €1,350 | €5,073 | +€3,722 | +276% |
| Financial charges | 65/66B | -€17,507 | €54,751 | +€72,258 | |
| Recurring financial charges | 65 | -€17,507 | €54,751 | +€72,258 | |
| Profit (loss) for the period before taxes | 9903 | €205,944 | €189,408 | -€16,536 | -8.0% |
| Income taxes | 67/77 | €48,742 | €42,057 | -€6,685 | -13.7% |
| Profit (loss) for the period | 9904 | €157,202 | €147,351 | -€9,850 | -6.3% |
| Profit (loss) for the period to be appropriated | 9905 | €157,202 | €147,351 | -€9,850 | -6.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.