E.D.M.: 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.D.M.
Largest movements
- Receivables within one year +€281,750
up €281,750 (+61.6%), from €457,081 to €738,831
of which Other amounts receivable: +€283,140
- Tangible fixed assets +€180,434
up €180,434 (+2.2%), from €8.3m to €8.5m
of which Land and buildings: +€161,973
- Other debts +€573,985
up €573,985 (+7.0%), from €8.1m to €8.7m
- Profit (loss) carried forward -€132,544
down €132,544 (-4.1%), from -€3.2m to -€3.4m
- Gross operating margin +€7,345
up €7,345 (+15.1%), from €48,517 to €55,862
- Depreciation +€4,752
up €4,752 (+2.8%), from €172,515 to €177,267
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
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 | €8,930,453 | €9,363,194 | +€432,741 | +4.8% |
| Fixed assets | 21/28 | €8,420,298 | €8,600,732 | +€180,434 | +2.1% |
| Tangible fixed assets | 22/27 | €8,300,944 | €8,481,378 | +€180,434 | +2.2% |
| Land and buildings | 22 | €7,975,592 | €8,137,564 | +€161,973 | +2.0% |
| Plant, machinery and equipment | 23 | €325,352 | €343,813 | +€18,461 | +5.7% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €119,354 | €119,354 | = | 0.0% |
| Current assets | 29/58 | €510,155 | €762,463 | +€252,307 | +49.5% |
| Amounts receivable within one year | 40/41 | €457,081 | €738,831 | +€281,750 | +61.6% |
| Trade receivables | 40 | €7,711 | €6,321 | -€1,390 | -18.0% |
| Other amounts receivable | 41 | €449,370 | €732,510 | +€283,140 | +63.0% |
| Cash at bank and in hand | 54/58 | €31,135 | €14,512 | -€16,623 | -53.4% |
| Deferred charges and accrued income | 490/1 | €21,940 | €9,120 | -€12,819 | -58.4% |
| Total equity and liabilities | 10/49 | €8,930,453 | €9,363,194 | +€432,741 | +4.8% |
| Equity | 10/15 | €771,565 | €639,021 | -€132,544 | -17.2% |
| Contributions | 10/11 | €3,996,550 | €3,996,550 | = | 0.0% |
| Capital | 10 | €3,996,550 | €3,996,550 | = | 0.0% |
| Issued capital | 100 | €3,996,550 | €3,996,550 | = | 0.0% |
| Reserves | 13 | €10,164 | €10,164 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,164 | €10,164 | = | 0.0% |
| Legal reserve | 130 | €10,164 | €10,164 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,235,148 | -€3,367,693 | -€132,544 | -4.1% |
| Amounts payable | 17/49 | €8,158,888 | €8,724,174 | +€565,286 | +6.9% |
| Amounts payable within one year | 42/48 | €8,158,888 | €8,724,174 | +€565,286 | +6.9% |
| Trade debts | 44 | €15,475 | €6,776 | -€8,699 | -56.2% |
| Suppliers | 440/4 | €15,475 | €6,776 | -€8,699 | -56.2% |
| Other amounts payable | 47/48 | €8,143,413 | €8,717,398 | +€573,985 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €172,515 | €177,267 | +€4,752 | +2.8% |
| Other operating charges | 640/8 | €10,604 | €10,436 | -€168 | -1.6% |
| Gross operating margin | 9900 | €48,517 | €55,862 | +€7,345 | +15.1% |
| Operating profit (loss) | 9901 | -€134,602 | -€131,842 | +€2,760 | +2.1% |
| Financial income | 75/76B | €1,087 | €1,094 | +€7 | +0.6% |
| Recurring financial income | 75 | €1,087 | €1,094 | +€7 | +0.6% |
| Financial charges | 65/66B | €1,816 | €1,797 | -€19 | -1.1% |
| Recurring financial charges | 65 | €1,816 | €1,797 | -€19 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | -€135,331 | -€132,544 | +€2,787 | +2.1% |
| Profit (loss) for the period | 9904 | -€135,331 | -€132,544 | +€2,787 | +2.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€135,331 | -€132,544 | +€2,787 | +2.1% |
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 20 October 2026 via checked.be.