E.C.M.V.: 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.V.
Largest movements
- Receivables within one year +€217,440
up €217,440 (+321%), from €67,748 to €285,188
of which Trade receivables: +€232,173
- Cash -€156,842
down €156,842 (-77.1%), from €203,354 to €46,512
mainly Receivables within one year (-€217,440) and Contributions, distributions and other (-€66,556)
- Tangible fixed assets -€39,501
down €39,501 (-87.3%), from €45,228 to €5,727
of which Furniture and vehicles: -€38,441
- Debts after one year -€37,400
no longer reported in 2025 (was €37,400)
- Other debts +€36,556
new in 2025: €36,556
- Profit (loss) carried forward -€15,291
down €15,291 (-5.9%), from €257,225 to €241,934
- Trade debts +€14,946
up €14,946 (+479%), from €3,119 to €18,065
- Tax, wage and social debts +€8,516
up €8,516 (+16.8%), from €50,826 to €59,341
of which Taxes: +€13,234
- Gross operating margin -€73,410
down €73,410 (-16.4%), from €447,584 to €374,175
- Staff costs -€44,647
down €44,647 (-13.9%), from €320,532 to €275,884
- Write-downs +€19,908
new in 2025: €19,908
- Financial charges -€14,422
down €14,422 (-95.8%), from €15,054 to €632
- Depreciation -€13,937
down €13,937 (-73.3%), from €19,020 to €5,083
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 | €369,030 | €386,882 | +€17,852 | +4.8% |
| Fixed assets | 21/28 | €49,055 | €9,554 | -€39,501 | -80.5% |
| Tangible fixed assets | 22/27 | €45,228 | €5,727 | -€39,501 | -87.3% |
| Plant, machinery and equipment | 23 | €2,861 | €1,801 | -€1,060 | -37.1% |
| Furniture and vehicles | 24 | €42,367 | €3,926 | -€38,441 | -90.7% |
| Financial fixed assets | 28 | €3,827 | €3,827 | = | 0.0% |
| Current assets | 29/58 | €319,975 | €377,328 | +€57,353 | +17.9% |
| Stocks and contracts in progress | 3 | €47,187 | €45,628 | -€1,559 | -3.3% |
| Stocks | 30/36 | €47,187 | €45,628 | -€1,559 | -3.3% |
| Amounts receivable within one year | 40/41 | €67,748 | €285,188 | +€217,440 | +321% |
| Trade receivables | 40 | €46,459 | €278,632 | +€232,173 | +500% |
| Other amounts receivable | 41 | €21,289 | €6,555 | -€14,733 | -69.2% |
| Cash at bank and in hand | 54/58 | €203,354 | €46,512 | -€156,842 | -77.1% |
| Deferred charges and accrued income | 490/1 | €1,687 | - | -€1,687 | |
| Total equity and liabilities | 10/49 | €369,030 | €386,882 | +€17,852 | +4.8% |
| Equity | 10/15 | €277,685 | €262,394 | -€15,291 | -5.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €257,225 | €241,934 | -€15,291 | -5.9% |
| Amounts payable | 17/49 | €91,345 | €124,487 | +€33,142 | +36.3% |
| Amounts payable after more than one year | 17 | €37,400 | - | -€37,400 | |
| Financial debts | 170/4 | €37,400 | - | -€37,400 | |
| Amounts payable within one year | 42/48 | €53,945 | €121,543 | +€67,598 | +125% |
| Current portion of amounts payable after more than one year | 42 | - | €7,581 | +€7,581 | |
| Trade debts | 44 | €3,119 | €18,065 | +€14,946 | +479% |
| Suppliers | 440/4 | €3,119 | €18,065 | +€14,946 | +479% |
| Taxes, remuneration and social security | 45 | €50,826 | €59,341 | +€8,516 | +16.8% |
| Taxes | 450/3 | €24,863 | €38,097 | +€13,234 | +53.2% |
| Remuneration and social security | 454/9 | €25,963 | €21,245 | -€4,718 | -18.2% |
| Other amounts payable | 47/48 | - | €36,556 | +€36,556 | |
| Accrued charges and deferred income | 492/3 | - | €2,945 | +€2,945 | |
| Non-recurring operating income | 76A | - | €1,600 | +€1,600 | |
| Remuneration, social security and pensions | 62 | €320,532 | €275,884 | -€44,647 | -13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,020 | €5,083 | -€13,937 | -73.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €19,908 | +€19,908 | |
| Other operating charges | 640/8 | €4,799 | €2,954 | -€1,845 | -38.4% |
| Gross operating margin | 9900 | €447,584 | €374,175 | -€73,410 | -16.4% |
| Operating profit (loss) | 9901 | €103,234 | €70,346 | -€32,888 | -31.9% |
| Financial income | 75/76B | €2,041 | €1,630 | -€411 | -20.1% |
| Recurring financial income | 75 | €2,041 | €1,630 | -€411 | -20.1% |
| Financial charges | 65/66B | €15,054 | €632 | -€14,422 | -95.8% |
| Recurring financial charges | 65 | €15,054 | €632 | -€14,422 | -95.8% |
| Profit (loss) for the period before taxes | 9903 | €90,221 | €71,344 | -€18,877 | -20.9% |
| Income taxes | 67/77 | €22,453 | €20,079 | -€2,373 | -10.6% |
| Profit (loss) for the period | 9904 | €67,769 | €51,265 | -€16,504 | -24.4% |
| Profit (loss) for the period to be appropriated | 9905 | €67,769 | €51,265 | -€16,504 | -24.4% |
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.