E-CAPITAL EQUITY MANAGEMENT: what changed
E-CAPITAL EQUITY MANAGEMENT
Largest movements
- Cash -€206,812
down €206,812 (-89.0%), from €232,395 to €25,583
mainly Trade debts (-€262,937) and Other debts (-€45,018)
- Receivables within one year -€130,821
down €130,821 (-48.8%), from €268,025 to €137,204
of which Trade receivables: -€186,775
- Deferred charges and accrued income +€9,063
up €9,063 (+116%), from €7,806 to €16,870
- Trade debts -€262,937
down €262,937 (-78.2%), from €336,202 to €73,265
- Other debts -€45,018
down €45,018 (-99.9%), from €45,047 to €29
- Tax, wage and social debts -€40,433
down €40,433 (-65.0%), from €62,248 to €21,815
of which Taxes: -€40,001
- Profit (loss) carried forward +€18,811
up €18,811 (+32.6%), from €57,655 to €76,466
- Financial charges -€78,763
down €78,763 (-94.7%), from €83,209 to €4,446
- Gross operating margin -€39,543
down €39,543 (-35.4%), from €111,839 to €72,296
- Staff costs -€10,285
down €10,285 (-21.7%), from €47,340 to €37,056
- Taxes +€4,554
up €4,554 (+75.5%), from €6,035 to €10,589
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 | €509,972 | €180,395 | -€329,577 | -64.6% |
| Fixed assets | 21/28 | €1,745 | €739 | -€1,007 | -57.7% |
| Tangible fixed assets | 22/27 | €1,695 | €689 | -€1,007 | -59.4% |
| Furniture and vehicles | 24 | €1,695 | €689 | -€1,007 | -59.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €508,227 | €179,656 | -€328,570 | -64.7% |
| Amounts receivable within one year | 40/41 | €268,025 | €137,204 | -€130,821 | -48.8% |
| Trade receivables | 40 | €187,363 | €588 | -€186,775 | -99.7% |
| Other amounts receivable | 41 | €80,662 | €136,616 | +€55,954 | +69.4% |
| Cash at bank and in hand | 54/58 | €232,395 | €25,583 | -€206,812 | -89.0% |
| Deferred charges and accrued income | 490/1 | €7,806 | €16,870 | +€9,063 | +116% |
| Total equity and liabilities | 10/49 | €509,972 | €180,395 | -€329,577 | -64.6% |
| Equity | 10/15 | €66,475 | €85,286 | +€18,811 | +28.3% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €2,520 | €2,520 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,520 | €2,520 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,520 | €2,520 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,655 | €76,466 | +€18,811 | +32.6% |
| Amounts payable | 17/49 | €443,497 | €95,109 | -€348,388 | -78.6% |
| Amounts payable within one year | 42/48 | €443,497 | €95,109 | -€348,388 | -78.6% |
| Trade debts | 44 | €336,202 | €73,265 | -€262,937 | -78.2% |
| Suppliers | 440/4 | €336,202 | €73,265 | -€262,937 | -78.2% |
| Taxes, remuneration and social security | 45 | €62,248 | €21,815 | -€40,433 | -65.0% |
| Taxes | 450/3 | €56,614 | €16,613 | -€40,001 | -70.7% |
| Remuneration and social security | 454/9 | €5,634 | €5,202 | -€432 | -7.7% |
| Other amounts payable | 47/48 | €45,047 | €29 | -€45,018 | -99.9% |
| Remuneration, social security and pensions | 62 | €47,340 | €37,056 | -€10,285 | -21.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,329 | €1,007 | -€322 | -24.2% |
| Other operating charges | 640/8 | €614 | €613 | -€0 | -0.1% |
| Gross operating margin | 9900 | €111,839 | €72,296 | -€39,543 | -35.4% |
| Operating profit (loss) | 9901 | €62,556 | €33,620 | -€28,936 | -46.3% |
| Financial income | 75/76B | €230 | €226 | -€4 | -1.9% |
| Recurring financial income | 75 | €230 | €226 | -€4 | -1.9% |
| Financial charges | 65/66B | €83,209 | €4,446 | -€78,763 | -94.7% |
| Recurring financial charges | 65 | €83,209 | €4,446 | -€78,763 | -94.7% |
| Profit (loss) for the period before taxes | 9903 | -€20,422 | €29,400 | +€49,823 | |
| Income taxes | 67/77 | €6,035 | €10,589 | +€4,554 | +75.5% |
| Profit (loss) for the period | 9904 | -€26,457 | €18,811 | +€45,268 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,457 | €18,811 | +€45,268 |
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 2 November 2026 via checked.be.