E.C.S.: 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.S.
Largest movements
- Cash +€97,730
up €97,730 (+78.7%), from €124,146 to €221,876
mainly Receivables within one year (+€88,969) and Net result for the year (+€54,795)
- Receivables within one year -€88,969
down €88,969 (-51.3%), from €173,405 to €84,436
of which Trade receivables: -€88,220
- Tangible fixed assets -€32,925
down €32,925 (-22.9%), from €143,510 to €110,585
of which Furniture and vehicles: -€26,006
- Stocks and contracts -€9,150
down €9,150 (-25.9%), from €35,366 to €26,215
- Trade debts -€46,767
down €46,767 (-76.2%), from €61,357 to €14,590
- Accrued charges and deferred income +€16,320
up €16,320 (+1305.6%), from €1,250 to €17,570
- Reserves +€14,614
up €14,614 (+6.1%), from €240,963 to €255,577
- Current portion of long-term debt -€12,127
down €12,127 (-60.6%), from €20,020 to €7,894
- Debts after one year -€7,894
down €7,894 (-41.6%), from €18,978 to €11,084
- Other operating charges -€60,181
down €60,181 (-94.6%), from €63,595 to €3,414
- Gross operating margin -€38,513
down €38,513 (-12.5%), from €307,476 to €268,963
- Taxes +€5,735
up €5,735 (+33.7%), from €17,008 to €22,743
- Depreciation +€4,010
up €4,010 (+8.7%), from €46,230 to €50,240
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.
Cash bridge derived
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 | €477,448 | €444,761 | -€32,687 | -6.8% |
| Fixed assets | 21/28 | €144,531 | €112,234 | -€32,297 | -22.3% |
| Intangible fixed assets | 21 | €1,021 | €1,649 | +€627 | +61.4% |
| Tangible fixed assets | 22/27 | €143,510 | €110,585 | -€32,925 | -22.9% |
| Land and buildings | 22 | €28,225 | €19,877 | -€8,348 | -29.6% |
| Plant, machinery and equipment | 23 | €31,265 | €22,099 | -€9,165 | -29.3% |
| Furniture and vehicles | 24 | €83,376 | €57,370 | -€26,006 | -31.2% |
| Other tangible fixed assets | 26 | €645 | €11,240 | +€10,594 | +1642.3% |
| Current assets | 29/58 | €332,917 | €332,527 | -€389 | -0.1% |
| Stocks and contracts in progress | 3 | €35,366 | €26,215 | -€9,150 | -25.9% |
| Stocks | 30/36 | €35,366 | €26,215 | -€9,150 | -25.9% |
| Amounts receivable within one year | 40/41 | €173,405 | €84,436 | -€88,969 | -51.3% |
| Trade receivables | 40 | €172,548 | €84,328 | -€88,220 | -51.1% |
| Other amounts receivable | 41 | €857 | €108 | -€749 | -87.4% |
| Cash at bank and in hand | 54/58 | €124,146 | €221,876 | +€97,730 | +78.7% |
| Total equity and liabilities | 10/49 | €477,448 | €444,761 | -€32,687 | -6.8% |
| Equity | 10/15 | €327,492 | €342,106 | +€14,614 | +4.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €240,963 | €255,577 | +€14,614 | +6.1% |
| Distributable reserves | 133 | €240,963 | €255,577 | +€14,614 | +6.1% |
| Profit (loss) carried forward | 14 | €24,529 | €24,529 | = | 0.0% |
| Provisions and deferred taxes | 16 | €3,111 | €0 | -€3,111 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €3,111 | €0 | -€3,111 | -100.0% |
| Other liabilities and charges | 164/5 | €3,111 | €0 | -€3,111 | -100.0% |
| Amounts payable | 17/49 | €146,845 | €102,655 | -€44,189 | -30.1% |
| Amounts payable after more than one year | 17 | €18,978 | €11,084 | -€7,894 | -41.6% |
| Financial debts | 170/4 | €18,978 | €11,084 | -€7,894 | -41.6% |
| Amounts payable within one year | 42/48 | €126,617 | €74,001 | -€52,616 | -41.6% |
| Current portion of amounts payable after more than one year | 42 | €20,020 | €7,894 | -€12,127 | -60.6% |
| Trade debts | 44 | €61,357 | €14,590 | -€46,767 | -76.2% |
| Suppliers | 440/4 | €61,357 | €14,590 | -€46,767 | -76.2% |
| Taxes, remuneration and social security | 45 | €43,067 | €42,819 | -€247 | -0.6% |
| Taxes | 450/3 | €29,481 | €28,747 | -€733 | -2.5% |
| Remuneration and social security | 454/9 | €13,586 | €14,072 | +€486 | +3.6% |
| Other amounts payable | 47/48 | €2,173 | €8,698 | +€6,526 | +300.3% |
| Accrued charges and deferred income | 492/3 | €1,250 | €17,570 | +€16,320 | +1305.6% |
| Remuneration, social security and pensions | 62 | €135,644 | €138,610 | +€2,966 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,230 | €50,240 | +€4,010 | +8.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €563 | €0 | -€563 | -100.0% |
| Other operating charges | 640/8 | €63,595 | €3,414 | -€60,181 | -94.6% |
| Non-recurring operating charges | 66A | - | -€3,111 | -€3,111 | |
| Gross operating margin | 9900 | €307,476 | €268,963 | -€38,513 | -12.5% |
| Operating profit (loss) | 9901 | €61,443 | €79,809 | +€18,366 | +29.9% |
| Financial income | 75/76B | €966 | €277 | -€689 | -71.3% |
| Recurring financial income | 75 | €966 | €277 | -€689 | -71.3% |
| Financial charges | 65/66B | €2,805 | €2,549 | -€256 | -9.1% |
| Recurring financial charges | 65 | €2,805 | €2,549 | -€256 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €59,604 | €77,538 | +€17,933 | +30.1% |
| Income taxes | 67/77 | €17,008 | €22,743 | +€5,735 | +33.7% |
| Profit (loss) for the period | 9904 | €42,596 | €54,795 | +€12,198 | +28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €42,596 | €54,795 | +€12,198 | +28.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.