E & C MANAGEMENT: what changed
E & C MANAGEMENT
Largest movements
- Cash +€60,491
up €60,491 (+123%), from €49,294 to €109,785
mainly Net result for the year (+€34,070) and Depreciation (+€16,328)
- Tangible fixed assets -€16,328
down €16,328 (-28.2%), from €57,865 to €41,537
- Receivables within one year -€7,674
down €7,674 (-33.8%), from €22,693 to €15,019
of which Trade receivables: -€15,563
- Reserves +€34,070
up €34,070 (+43.2%), from €78,895 to €112,965
- Tax, wage and social debts +€11,644
up €11,644 (+31.7%), from €36,713 to €48,357
- Other debts -€9,561
down €9,561 (-100%), from €9,561 to €0
- Gross operating margin -€72,730
down €72,730 (-52.8%), from €137,813 to €65,083
- Taxes -€16,524
down €16,524 (-53.7%), from €30,755 to €14,231
- Depreciation -€10,788
down €10,788 (-39.8%), from €27,117 to €16,328
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €130,395 | €166,779 | +€36,385 | +27.9% |
| Fixed assets | 21/28 | €57,982 | €41,654 | -€16,328 | -28.2% |
| Tangible fixed assets | 22/27 | €57,865 | €41,537 | -€16,328 | -28.2% |
| Furniture and vehicles | 24 | €57,865 | €41,537 | -€16,328 | -28.2% |
| Financial fixed assets | 28 | €117 | €117 | = | 0.0% |
| Current assets | 29/58 | €72,412 | €125,125 | +€52,713 | +72.8% |
| Amounts receivable within one year | 40/41 | €22,693 | €15,019 | -€7,674 | -33.8% |
| Trade receivables | 40 | €22,693 | €7,130 | -€15,563 | -68.6% |
| Other amounts receivable | 41 | - | €7,889 | +€7,889 | |
| Cash at bank and in hand | 54/58 | €49,294 | €109,785 | +€60,491 | +123% |
| Deferred charges and accrued income | 490/1 | €424 | €321 | -€103 | -24.3% |
| Total equity and liabilities | 10/49 | €130,395 | €166,779 | +€36,385 | +27.9% |
| Equity | 10/15 | €83,895 | €117,965 | +€34,070 | +40.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €78,895 | €112,965 | +€34,070 | +43.2% |
| Distributable reserves | 133 | €78,895 | €112,965 | +€34,070 | +43.2% |
| Amounts payable | 17/49 | €46,500 | €48,815 | +€2,315 | +5.0% |
| Amounts payable within one year | 42/48 | €46,500 | €48,815 | +€2,315 | +5.0% |
| Trade debts | 44 | €225 | €457 | +€232 | +103% |
| Suppliers | 440/4 | €225 | €457 | +€232 | +103% |
| Taxes, remuneration and social security | 45 | €36,713 | €48,357 | +€11,644 | +31.7% |
| Taxes | 450/3 | €36,713 | €48,357 | +€11,644 | +31.7% |
| Other amounts payable | 47/48 | €9,561 | €0 | -€9,561 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,117 | €16,328 | -€10,788 | -39.8% |
| Other operating charges | 640/8 | €981 | €626 | -€354 | -36.1% |
| Gross operating margin | 9900 | €137,813 | €65,083 | -€72,730 | -52.8% |
| Operating profit (loss) | 9901 | €109,715 | €48,128 | -€61,588 | -56.1% |
| Financial income | 75/76B | - | €214 | +€214 | |
| Recurring financial income | 75 | - | €214 | +€214 | |
| Financial charges | 65/66B | €65 | €40 | -€25 | -38.1% |
| Recurring financial charges | 65 | €65 | €40 | -€25 | -38.1% |
| Profit (loss) for the period before taxes | 9903 | €109,650 | €48,301 | -€61,349 | -55.9% |
| Income taxes | 67/77 | €30,755 | €14,231 | -€16,524 | -53.7% |
| Profit (loss) for the period | 9904 | €78,895 | €34,070 | -€44,825 | -56.8% |
| Profit (loss) for the period to be appropriated | 9905 | €78,895 | €34,070 | -€44,825 | -56.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.