E.C.S.: 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.S.
Largest movements
- Receivables after one year +€48,080
up €48,080 (+15.2%), from €315,968 to €364,048
- Receivables within one year -€5,413
down €5,413 (-22.6%), from €23,942 to €18,529
of which Trade receivables: -€4,352
- Reserves +€43,107
up €43,107 (+13.1%), from €329,743 to €372,851
- Tax, wage and social debts +€29,668
up €29,668 (+6,593%), from €450 to €30,118
- Trade debts -€14,606
down €14,606 (-44.3%), from €32,958 to €18,352
- Debts after one year -€10,267
down €10,267 (-35.7%), from €28,785 to €18,518
- Short-term financial debts -€5,757
down €5,757 (-85.3%), from €6,746 to €989
- Gross operating margin +€64,457
up €64,457 (+287%), from €22,429 to €86,886
- Taxes -€20,377
down €20,377 (-56.6%), from €35,996 to €15,619
- Depreciation -€4,817
down €4,817 (-23.8%), from €20,283 to €15,466
- Financial income -€3,038
down €3,038 (-21.9%), from €13,898 to €10,860
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €420,535 | €460,793 | +€40,258 | +9.6% |
| Fixed assets | 21/28 | €78,792 | €75,993 | -€2,799 | -3.6% |
| Tangible fixed assets | 22/27 | €78,742 | €75,943 | -€2,799 | -3.6% |
| Land and buildings | 22 | €6,605 | €5,169 | -€1,436 | -21.7% |
| Plant, machinery and equipment | 23 | €19,152 | €13,275 | -€5,877 | -30.7% |
| Furniture and vehicles | 24 | €48,529 | €33,752 | -€14,777 | -30.4% |
| Other tangible fixed assets | 26 | €4,455 | €23,746 | +€19,291 | +433% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €341,743 | €384,800 | +€43,057 | +12.6% |
| Amounts receivable after more than one year | 29 | €315,968 | €364,048 | +€48,080 | +15.2% |
| Other amounts receivable | 291 | €315,968 | €364,048 | +€48,080 | +15.2% |
| Amounts receivable within one year | 40/41 | €23,942 | €18,529 | -€5,413 | -22.6% |
| Trade receivables | 40 | €14,408 | €10,056 | -€4,352 | -30.2% |
| Other amounts receivable | 41 | €9,535 | €8,474 | -€1,061 | -11.1% |
| Deferred charges and accrued income | 490/1 | €1,832 | €2,223 | +€390 | +21.3% |
| Total equity and liabilities | 10/49 | €420,535 | €460,793 | +€40,258 | +9.6% |
| Equity | 10/15 | €339,442 | €382,549 | +€43,107 | +12.7% |
| Contributions | 10/11 | €9,698 | €9,698 | = | 0.0% |
| Reserves | 13 | €329,743 | €372,851 | +€43,107 | +13.1% |
| Distributable reserves | 133 | €329,743 | €372,851 | +€43,107 | +13.1% |
| Amounts payable | 17/49 | €81,093 | €78,244 | -€2,849 | -3.5% |
| Amounts payable after more than one year | 17 | €28,785 | €18,518 | -€10,267 | -35.7% |
| Financial debts | 170/4 | €28,785 | €18,518 | -€10,267 | -35.7% |
| Amounts payable within one year | 42/48 | €52,308 | €59,726 | +€7,418 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €12,155 | €10,267 | -€1,888 | -15.5% |
| Financial debts | 43 | €6,746 | €989 | -€5,757 | -85.3% |
| Credit institutions | 430/8 | €6,746 | €989 | -€5,757 | -85.3% |
| Trade debts | 44 | €32,958 | €18,352 | -€14,606 | -44.3% |
| Suppliers | 440/4 | €32,958 | €18,352 | -€14,606 | -44.3% |
| Taxes, remuneration and social security | 45 | €450 | €30,118 | +€29,668 | +6,593% |
| Taxes | 450/3 | €450 | €30,118 | +€29,668 | +6,593% |
| Non-recurring operating income | 76A | - | €27,928 | +€27,928 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,283 | €15,466 | -€4,817 | -23.8% |
| Other operating charges | 640/8 | €2,885 | €3,483 | +€598 | +20.7% |
| Non-recurring operating charges | 66A | €2,992 | €15,020 | +€12,028 | +402% |
| Gross operating margin | 9900 | €22,429 | €86,886 | +€64,457 | +287% |
| Operating profit (loss) | 9901 | -€3,731 | €52,918 | +€56,649 | |
| Financial income | 75/76B | €13,898 | €10,860 | -€3,038 | -21.9% |
| Recurring financial income | 75 | €13,898 | €10,860 | -€3,038 | -21.9% |
| Financial charges | 65/66B | €4,370 | €5,052 | +€681 | +15.6% |
| Recurring financial charges | 65 | €4,370 | €5,052 | +€681 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €5,797 | €58,726 | +€52,929 | +913% |
| Income taxes | 67/77 | €35,996 | €15,619 | -€20,377 | -56.6% |
| Profit (loss) for the period | 9904 | -€30,199 | €43,107 | +€73,306 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,199 | €43,107 | +€73,306 |
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 17 October 2026 via checked.be.