E.C.M. II: 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. II
Largest movements
- Current investments -€514,669
down €514,669 (-100%), from €514,669 to €0
- Deferred charges and accrued income +€499,712
up €499,712 (+17,900%), from €2,792 to €502,504
- Receivables within one year +€294,166
up €294,166 (+75.6%), from €389,044 to €683,210
of which Other amounts receivable: +€316,942
- Cash -€240,462
down €240,462 (-55.8%), from €431,267 to €190,806
mainly Contributions, distributions and other (-€500,000) and Deferred charges and accrued income (-€499,712)
No liability line moved by more than 1% of the balance sheet total.
- Financial income +€514,033
up €514,033 (+1,193%), from €43,070 to €557,104
- Financial charges -€6,301
down €6,301 (-6.4%), from €98,744 to €92,443
- Staff costs +€4,435
up €4,435 (+4.1%), from €107,077 to €111,512
- Depreciation +€3,331
up €3,331 (+36.8%), from €9,045 to €12,376
- Taxes +€2,625
up €2,625 (+24.2%), from €10,835 to €13,461
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 | €4,000,086 | €4,026,457 | +€26,370 | +0.7% |
| Fixed assets | 21/28 | €2,662,314 | €2,649,938 | -€12,376 | -0.5% |
| Tangible fixed assets | 22/27 | €52,835 | €40,459 | -€12,376 | -23.4% |
| Furniture and vehicles | 24 | €52,835 | €40,459 | -€12,376 | -23.4% |
| Financial fixed assets | 28 | €2,609,478 | €2,609,478 | = | 0.0% |
| Current assets | 29/58 | €1,337,772 | €1,376,519 | +€38,746 | +2.9% |
| Amounts receivable within one year | 40/41 | €389,044 | €683,210 | +€294,166 | +75.6% |
| Trade receivables | 40 | €51,723 | €28,946 | -€22,776 | -44.0% |
| Other amounts receivable | 41 | €337,321 | €654,263 | +€316,942 | +94.0% |
| Current investments | 50/53 | €514,669 | €0 | -€514,669 | -100% |
| Cash at bank and in hand | 54/58 | €431,267 | €190,806 | -€240,462 | -55.8% |
| Deferred charges and accrued income | 490/1 | €2,792 | €502,504 | +€499,712 | +17,900% |
| Total equity and liabilities | 10/49 | €4,000,086 | €4,026,457 | +€26,370 | +0.7% |
| Equity | 10/15 | €1,589,895 | €1,628,082 | +€38,188 | +2.4% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €1,189,895 | €1,228,082 | +€38,188 | +3.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Distributable reserves | 133 | €1,189,895 | €1,228,082 | +€38,188 | +3.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,410,192 | €2,398,374 | -€11,817 | -0.5% |
| Amounts payable within one year | 42/48 | €2,311,505 | €2,305,986 | -€5,519 | -0.2% |
| Trade debts | 44 | €5,130 | €5,133 | +€3 | +0.1% |
| Suppliers | 440/4 | €5,130 | €5,133 | +€3 | +0.1% |
| Taxes, remuneration and social security | 45 | €31,375 | €25,853 | -€5,522 | -17.6% |
| Taxes | 450/3 | €15,741 | €9,634 | -€6,107 | -38.8% |
| Remuneration and social security | 454/9 | €15,634 | €16,219 | +€585 | +3.7% |
| Other amounts payable | 47/48 | €2,275,000 | €2,275,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €98,687 | €92,389 | -€6,298 | -6.4% |
| Remuneration, social security and pensions | 62 | €107,077 | €111,512 | +€4,435 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,045 | €12,376 | +€3,331 | +36.8% |
| Other operating charges | 640/8 | €1,504 | €1,455 | -€48 | -3.2% |
| Gross operating margin | 9900 | €213,799 | €212,330 | -€1,469 | -0.7% |
| Operating profit (loss) | 9901 | €96,174 | €86,987 | -€9,186 | -9.6% |
| Financial income | 75/76B | €43,070 | €557,104 | +€514,033 | +1,193% |
| Recurring financial income | 75 | €43,070 | €557,104 | +€514,033 | +1,193% |
| Financial charges | 65/66B | €98,744 | €92,443 | -€6,301 | -6.4% |
| Recurring financial charges | 65 | €98,744 | €92,443 | -€6,301 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €40,500 | €551,648 | +€511,148 | +1,262% |
| Income taxes | 67/77 | €10,835 | €13,461 | +€2,625 | +24.2% |
| Profit (loss) for the period | 9904 | €29,665 | €538,188 | +€508,523 | +1,714% |
| Profit (loss) for the period to be appropriated | 9905 | €29,665 | €538,188 | +€508,523 | +1,714% |
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 22 October 2026 via checked.be.