E.C.O.: what changed
Two fiscal 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.O.
Largest movements
- Receivables within one year +€298,448
up €298,448 (+187.2%), from €159,464 to €457,912
of which Other amounts receivable: +€258,915
- Cash -€174,608
down €174,608 (-38.2%), from €456,642 to €282,034
mainly Contributions, distributions and other (-€300,000) and Receivables within one year (-€298,448)
- Tangible fixed assets -€11,400
down €11,400 (-20.5%), from €55,575 to €44,175
of which Furniture and vehicles: -€12,770
- Stocks and contracts +€8,008
new in 2024: €8,008
- Other debts +€244,314
up €244,314 (+165.0%), from €148,091 to €392,405
- Profit (loss) carried forward -€153,298
down €153,298 (-71.7%), from €213,766 to €60,468
- Tax, wage and social debts +€22,919
up €22,919 (+57.6%), from €39,821 to €62,740
of which Taxes: +€39,843
- Accrued charges and deferred income +€11,805
new in 2024: €11,805
- Trade debts +€9,140
up €9,140 (+4.8%), from €192,164 to €201,304
of which Suppliers: +€6,720
- Gross operating margin +€77,191
up €77,191 (+37.9%), from €203,769 to €280,960
- Taxes +€21,307
up €21,307 (+74.7%), from €28,536 to €49,843
- Depreciation -€2,829
down €2,829 (-13.9%), from €20,380 to €17,551
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €671,722 | €798,738 | +€127,016 | +18.9% |
| Fixed assets | 21/28 | €55,617 | €44,216 | -€11,400 | -20.5% |
| Tangible fixed assets | 22/27 | €55,575 | €44,175 | -€11,400 | -20.5% |
| Land and buildings | 22 | €9,759 | €8,027 | -€1,732 | -17.8% |
| Plant, machinery and equipment | 23 | €699 | €3,801 | +€3,102 | +444.1% |
| Furniture and vehicles | 24 | €44,167 | €31,397 | -€12,770 | -28.9% |
| Other tangible fixed assets | 26 | €950 | €950 | = | 0.0% |
| Financial fixed assets | 28 | €42 | €42 | = | 0.0% |
| Current assets | 29/58 | €616,105 | €754,522 | +€138,416 | +22.5% |
| Amounts receivable after more than one year | 29 | - | €6,475 | +€6,475 | |
| Trade receivables | 290 | - | €6,475 | +€6,475 | |
| Stocks and contracts in progress | 3 | - | €8,008 | +€8,008 | |
| Stocks | 30/36 | - | €8,008 | +€8,008 | |
| Amounts receivable within one year | 40/41 | €159,464 | €457,912 | +€298,448 | +187.2% |
| Trade receivables | 40 | €152,664 | €192,197 | +€39,533 | +25.9% |
| Other amounts receivable | 41 | €6,799 | €265,715 | +€258,915 | +3808.0% |
| Cash at bank and in hand | 54/58 | €456,642 | €282,034 | -€174,608 | -38.2% |
| Deferred charges and accrued income | 490/1 | - | €94 | +€94 | |
| Total equity and liabilities | 10/49 | €671,722 | €798,738 | +€127,016 | +18.9% |
| Equity | 10/15 | €276,152 | €122,854 | -€153,298 | -55.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €386 | €386 | = | 0.0% |
| Non-distributable reserves | 130/1 | €386 | €386 | = | 0.0% |
| Legal reserve | 130 | €386 | €386 | = | 0.0% |
| Profit (loss) carried forward | 14 | €213,766 | €60,468 | -€153,298 | -71.7% |
| Amounts payable | 17/49 | €395,570 | €675,884 | +€280,315 | +70.9% |
| Amounts payable after more than one year | 17 | €7,630 | €2,562 | -€5,068 | -66.4% |
| Financial debts | 170/4 | €7,630 | €2,562 | -€5,068 | -66.4% |
| Amounts payable within one year | 42/48 | €387,940 | €661,517 | +€273,577 | +70.5% |
| Current portion of amounts payable after more than one year | 42 | €7,864 | €5,068 | -€2,796 | -35.6% |
| Trade debts | 44 | €192,164 | €201,304 | +€9,140 | +4.8% |
| Suppliers | 440/4 | €192,164 | €198,884 | +€6,720 | +3.5% |
| Bills of exchange payable | 441 | - | €2,420 | +€2,420 | |
| Taxes, remuneration and social security | 45 | €39,821 | €62,740 | +€22,919 | +57.6% |
| Taxes | 450/3 | €16,837 | €56,680 | +€39,843 | +236.6% |
| Remuneration and social security | 454/9 | €22,985 | €6,060 | -€16,924 | -73.6% |
| Other amounts payable | 47/48 | €148,091 | €392,405 | +€244,314 | +165.0% |
| Accrued charges and deferred income | 492/3 | - | €11,805 | +€11,805 | |
| Remuneration, social security and pensions | 62 | €62,065 | €62,332 | +€267 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,380 | €17,551 | -€2,829 | -13.9% |
| Other operating charges | 640/8 | €2,914 | €4,098 | +€1,183 | +40.6% |
| Gross operating margin | 9900 | €203,769 | €280,960 | +€77,191 | +37.9% |
| Operating profit (loss) | 9901 | €118,411 | €196,980 | +€78,569 | +66.4% |
| Financial income | 75/76B | €940 | €248 | -€692 | -73.6% |
| Recurring financial income | 75 | €940 | €248 | -€692 | -73.6% |
| Financial charges | 65/66B | €1,136 | €683 | -€452 | -39.8% |
| Recurring financial charges | 65 | €1,136 | €683 | -€452 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | €118,215 | €196,545 | +€78,330 | +66.3% |
| Income taxes | 67/77 | €28,536 | €49,843 | +€21,307 | +74.7% |
| Profit (loss) for the period | 9904 | €89,678 | €146,702 | +€57,023 | +63.6% |
| Profit (loss) for the period to be appropriated | 9905 | €89,678 | €146,702 | +€57,023 | +63.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.