E.J. & P: 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.J. & P
Largest movements
- Tangible fixed assets +€177,178
up €177,178 (+29.7%), from €597,316 to €774,494
of which Assets under construction and advance payments: +€224,406
- Cash -€97,343
down €97,343 (-24.9%), from €391,237 to €293,894
mainly Investment in fixed assets (net) (-€201,259) and Debts after one year (-€40,000)
- Receivables within one year -€84,880
down €84,880 (-28.9%), from €293,880 to €209,000
of which Trade receivables: -€84,615
- Debts after one year -€40,000
down €40,000 (-10.0%), from €400,000 to €360,000
- Financial income -€226,046
down €226,046 (-89.2%), from €253,522 to €27,476
of which Non-recurring financial income: -€225,147
- Taxes -€64,178
down €64,178 (-85.2%), from €75,283 to €11,104
- Gross operating margin +€4,460
up €4,460 (+9.7%), from €46,208 to €50,668
- Depreciation -€4,116
down €4,116 (-14.6%), from €28,197 to €24,081
- Financial charges -€1,655
down €1,655 (-10.0%), from €16,566 to €14,911
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 | €3,008,306 | €3,003,268 | -€5,038 | -0.2% |
| Fixed assets | 21/28 | €1,569,059 | €1,746,237 | +€177,178 | +11.3% |
| Tangible fixed assets | 22/27 | €597,316 | €774,494 | +€177,178 | +29.7% |
| Land and buildings | 22 | €211,931 | €164,703 | -€47,228 | -22.3% |
| Assets under construction and advance payments | 27 | €385,385 | €609,791 | +€224,406 | +58.2% |
| Financial fixed assets | 28 | €971,743 | €971,743 | = | 0.0% |
| Current assets | 29/58 | €1,439,247 | €1,257,031 | -€182,216 | -12.7% |
| Amounts receivable within one year | 40/41 | €293,880 | €209,000 | -€84,880 | -28.9% |
| Trade receivables | 40 | €84,615 | - | -€84,615 | |
| Other amounts receivable | 41 | €209,265 | €209,000 | -€265 | -0.1% |
| Current investments | 50/53 | €750,000 | €750,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €391,237 | €293,894 | -€97,343 | -24.9% |
| Deferred charges and accrued income | 490/1 | €4,130 | €4,137 | +€8 | +0.2% |
| Total equity and liabilities | 10/49 | €3,008,306 | €3,003,268 | -€5,038 | -0.2% |
| Equity | 10/15 | €2,546,928 | €2,569,162 | +€22,234 | +0.9% |
| Contributions | 10/11 | €1,862,000 | €1,862,000 | = | 0.0% |
| Capital | 10 | €1,862,000 | €1,862,000 | = | 0.0% |
| Issued capital | 100 | €1,862,000 | €1,862,000 | = | 0.0% |
| Reserves | 13 | €653,230 | €675,430 | +€22,200 | +3.4% |
| Non-distributable reserves | 130/1 | €34,530 | €34,530 | = | 0.0% |
| Legal reserve | 130 | €34,530 | €34,530 | = | 0.0% |
| Distributable reserves | 133 | €618,700 | €640,900 | +€22,200 | +3.6% |
| Profit (loss) carried forward | 14 | €31,698 | €31,732 | +€34 | +0.1% |
| Amounts payable | 17/49 | €461,378 | €434,106 | -€27,272 | -5.9% |
| Amounts payable after more than one year | 17 | €400,000 | €360,000 | -€40,000 | -10.0% |
| Financial debts | 170/4 | €400,000 | €360,000 | -€40,000 | -10.0% |
| Amounts payable within one year | 42/48 | €45,098 | €59,454 | +€14,356 | +31.8% |
| Trade debts | 44 | €197 | - | -€197 | |
| Suppliers | 440/4 | €197 | - | -€197 | |
| Taxes, remuneration and social security | 45 | €36,491 | €47,451 | +€10,960 | +30.0% |
| Taxes | 450/3 | €36,491 | €47,451 | +€10,960 | +30.0% |
| Other amounts payable | 47/48 | €8,410 | €12,003 | +€3,593 | +42.7% |
| Accrued charges and deferred income | 492/3 | €16,280 | €14,652 | -€1,628 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,197 | €24,081 | -€4,116 | -14.6% |
| Other operating charges | 640/8 | €6,301 | €5,813 | -€487 | -7.7% |
| Gross operating margin | 9900 | €46,208 | €50,668 | +€4,460 | +9.7% |
| Operating profit (loss) | 9901 | €11,710 | €20,774 | +€9,064 | +77.4% |
| Financial income | 75/76B | €253,522 | €27,476 | -€226,046 | -89.2% |
| Recurring financial income | 75 | €1,522 | €622 | -€899 | -59.1% |
| Non-recurring financial income | 76B | €252,000 | €26,853 | -€225,147 | -89.3% |
| Financial charges | 65/66B | €16,566 | €14,911 | -€1,655 | -10.0% |
| Recurring financial charges | 65 | €16,566 | €14,911 | -€1,655 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €248,666 | €33,338 | -€215,328 | -86.6% |
| Income taxes | 67/77 | €75,283 | €11,104 | -€64,178 | -85.2% |
| Profit (loss) for the period | 9904 | €173,383 | €22,234 | -€151,149 | -87.2% |
| Profit (loss) for the period to be appropriated | 9905 | €173,383 | €22,234 | -€151,149 | -87.2% |
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 5 October 2026 via checked.be.