E-CHO: 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-CHO
Largest movements
- Receivables within one year +€18,730
up €18,730 (+28.4%), from €66,040 to €84,770
- Tangible fixed assets -€14,754
down €14,754 (-19.5%), from €75,779 to €61,025
of which Furniture and vehicles: -€13,299
- Cash -€6,482
down €6,482 (-37.3%), from €17,357 to €10,875
mainly Receivables within one year (-€18,730) and Short-term financial debts (-€5,000)
- Short-term financial debts -€5,000
down €5,000 (-8.3%), from €60,000 to €55,000
- Gross operating margin -€47,883
down €47,883 (-71.1%), from €67,343 to €19,460
- Taxes -€6,863
down €6,863 (-69.7%), from €9,842 to €2,979
- Financial charges +€2,661
up €2,661 (+769.1%), from €346 to €3,007
of which Financial charges: +€2,792
- Depreciation -€1,549
down €1,549 (-11.3%), from €13,768 to €12,219
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €266,291 | €263,239 | -€3,052 | -1.1% |
| Fixed assets | 21/28 | €182,168 | €167,414 | -€14,754 | -8.1% |
| Tangible fixed assets | 22/27 | €75,779 | €61,025 | -€14,754 | -19.5% |
| Land and buildings | 22 | €36,657 | €34,241 | -€2,416 | -6.6% |
| Plant, machinery and equipment | 23 | - | €961 | +€961 | |
| Furniture and vehicles | 24 | €39,122 | €25,823 | -€13,299 | -34.0% |
| Financial fixed assets | 28 | €106,389 | €106,389 | = | 0.0% |
| Current assets | 29/58 | €84,123 | €95,825 | +€11,702 | +13.9% |
| Amounts receivable within one year | 40/41 | €66,040 | €84,770 | +€18,730 | +28.4% |
| Trade receivables | 40 | €66,040 | €84,770 | +€18,730 | +28.4% |
| Cash at bank and in hand | 54/58 | €17,357 | €10,875 | -€6,482 | -37.3% |
| Deferred charges and accrued income | 490/1 | €726 | €180 | -€546 | -75.2% |
| Total equity and liabilities | 10/49 | €266,291 | €263,239 | -€3,052 | -1.1% |
| Equity | 10/15 | €170,386 | €170,593 | +€207 | +0.1% |
| Contributions | 10/11 | €8,065 | €8,065 | = | 0.0% |
| Reserves | 13 | €127,578 | €127,578 | = | 0.0% |
| Tax-exempt reserves | 132 | €87,700 | €87,700 | = | 0.0% |
| Distributable reserves | 133 | €39,878 | €39,878 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,743 | €34,950 | +€207 | +0.6% |
| Amounts payable | 17/49 | €95,905 | €92,646 | -€3,259 | -3.4% |
| Amounts payable within one year | 42/48 | €95,905 | €92,646 | -€3,259 | -3.4% |
| Financial debts | 43 | €60,000 | €55,000 | -€5,000 | -8.3% |
| Other loans | 439 | €60,000 | €55,000 | -€5,000 | -8.3% |
| Trade debts | 44 | - | €45 | +€45 | |
| Suppliers | 440/4 | - | €45 | +€45 | |
| Taxes, remuneration and social security | 45 | €6,226 | €7,922 | +€1,696 | +27.2% |
| Taxes | 450/3 | €6,226 | €7,922 | +€1,696 | +27.2% |
| Other amounts payable | 47/48 | €29,679 | €29,679 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,768 | €12,219 | -€1,549 | -11.3% |
| Other operating charges | 640/8 | €896 | €1,048 | +€152 | +17.0% |
| Gross operating margin | 9900 | €67,343 | €19,460 | -€47,883 | -71.1% |
| Operating profit (loss) | 9901 | €52,679 | €6,193 | -€46,486 | -88.2% |
| Financial charges | 65/66B | €346 | €3,007 | +€2,661 | +769.1% |
| Recurring financial charges | 65 | €215 | €3,007 | +€2,792 | +1298.6% |
| Non-recurring financial charges | 66B | €131 | - | -€131 | |
| Profit (loss) for the period before taxes | 9903 | €52,333 | €3,186 | -€49,147 | -93.9% |
| Income taxes | 67/77 | €9,842 | €2,979 | -€6,863 | -69.7% |
| Profit (loss) for the period | 9904 | €42,491 | €207 | -€42,284 | -99.5% |
| Transfer to tax-exempt reserves | 689 | €42,100 | - | -€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €391 | €207 | -€184 | -47.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.