E & M: 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 & M
Largest movements
- Receivables within one year -€19,025
down €19,025 (-43.3%), from €43,922 to €24,897
- Stocks and contracts +€6,758
up €6,758 (+8.6%), from €78,419 to €85,177
- Cash +€4,918
up €4,918 (+82.6%), from €5,951 to €10,870
mainly Receivables within one year (+€19,025) and Trade debts (+€14,509)
- Tangible fixed assets -€3,109
down €3,109 (-8.3%), from €37,516 to €34,407
of which Land and buildings: -€3,019
- Trade debts +€14,509
up €14,509 (+134.8%), from €10,765 to €25,274
- Short-term financial debts -€10,880
down €10,880 (-35.2%), from €30,880 to €20,000
- Accrued charges and deferred income -€9,712
down €9,712 (-49.0%), from €19,827 to €10,115
- Other debts -€6,458
down €6,458 (-91.0%), from €7,099 to €641
- Tax, wage and social debts +€3,491
up €3,491 (+62.8%), from €5,559 to €9,050
of which Remuneration and social security: +€2,419
- Gross operating margin +€6,443
up €6,443 (+138.8%), from €4,640 to €11,083
- Depreciation +€3,098
up €3,098 (+99.4%), from €3,118 to €6,216
- Financial charges +€1,737
up €1,737 (+49.9%), from €3,483 to €5,220
- Other operating charges -€258
down €258 (-19.7%), from €1,312 to €1,054
- Staff costs +€152
new in 2025: €152
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 | €170,652 | €159,991 | -€10,661 | -6.2% |
| Fixed assets | 21/28 | €37,516 | €34,407 | -€3,109 | -8.3% |
| Tangible fixed assets | 22/27 | €37,516 | €34,407 | -€3,109 | -8.3% |
| Land and buildings | 22 | €35,756 | €32,738 | -€3,019 | -8.4% |
| Plant, machinery and equipment | 23 | €340 | €702 | +€361 | +106.2% |
| Furniture and vehicles | 24 | €1,420 | €968 | -€452 | -31.8% |
| Current assets | 29/58 | €133,136 | €125,584 | -€7,552 | -5.7% |
| Stocks and contracts in progress | 3 | €78,419 | €85,177 | +€6,758 | +8.6% |
| Stocks | 30/36 | €78,419 | €85,177 | +€6,758 | +8.6% |
| Amounts receivable within one year | 40/41 | €43,922 | €24,897 | -€19,025 | -43.3% |
| Trade receivables | 40 | €43,922 | €24,897 | -€19,025 | -43.3% |
| Cash at bank and in hand | 54/58 | €5,951 | €10,870 | +€4,918 | +82.6% |
| Deferred charges and accrued income | 490/1 | €4,844 | €4,641 | -€203 | -4.2% |
| Total equity and liabilities | 10/49 | €170,652 | €159,991 | -€10,661 | -6.2% |
| Equity | 10/15 | €41,523 | €39,912 | -€1,611 | -3.9% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €4,500 | €4,500 | = | 0.0% |
| Distributable reserves | 133 | €4,500 | €4,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,977 | -€4,588 | -€1,611 | -54.1% |
| Amounts payable | 17/49 | €129,130 | €120,079 | -€9,050 | -7.0% |
| Amounts payable after more than one year | 17 | €55,000 | €55,000 | = | 0.0% |
| Financial debts | 170/4 | €55,000 | €55,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €54,303 | €54,965 | +€662 | +1.2% |
| Financial debts | 43 | €30,880 | €20,000 | -€10,880 | -35.2% |
| Credit institutions | 430/8 | €30,880 | €20,000 | -€10,880 | -35.2% |
| Trade debts | 44 | €10,765 | €25,274 | +€14,509 | +134.8% |
| Suppliers | 440/4 | €10,765 | €25,274 | +€14,509 | +134.8% |
| Taxes, remuneration and social security | 45 | €5,559 | €9,050 | +€3,491 | +62.8% |
| Taxes | 450/3 | €5,559 | €6,631 | +€1,073 | +19.3% |
| Remuneration and social security | 454/9 | - | €2,419 | +€2,419 | |
| Other amounts payable | 47/48 | €7,099 | €641 | -€6,458 | -91.0% |
| Accrued charges and deferred income | 492/3 | €19,827 | €10,115 | -€9,712 | -49.0% |
| Remuneration, social security and pensions | 62 | - | €152 | +€152 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,118 | €6,216 | +€3,098 | +99.4% |
| Other operating charges | 640/8 | €1,312 | €1,054 | -€258 | -19.7% |
| Gross operating margin | 9900 | €4,640 | €11,083 | +€6,443 | +138.8% |
| Operating profit (loss) | 9901 | €210 | €3,661 | +€3,451 | +1644.0% |
| Financial income | 75/76B | €241 | €241 | -€0 | 0.0% |
| Recurring financial income | 75 | €241 | €241 | -€0 | 0.0% |
| Financial charges | 65/66B | €3,483 | €5,220 | +€1,737 | +49.9% |
| Recurring financial charges | 65 | €3,483 | €5,220 | +€1,737 | +49.9% |
| Profit (loss) for the period before taxes | 9903 | -€3,032 | -€1,318 | +€1,715 | +56.5% |
| Income taxes | 67/77 | €322 | €293 | -€29 | -8.9% |
| Profit (loss) for the period | 9904 | -€3,354 | -€1,611 | +€1,743 | +52.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,354 | -€1,611 | +€1,743 | +52.0% |
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 2 October 2026 via checked.be.