E&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&M
Largest movements
- Cash -€61,984
down €61,984 (-68.5%), from €90,536 to €28,552
mainly Investment in fixed assets (net) (-€82,489) and Trade debts (-€79,086)
- Tangible fixed assets +€34,832
up €34,832 (+18.0%), from €193,848 to €228,680
of which Other tangible fixed assets: +€56,137
- Stocks and contracts +€8,454
up €8,454 (+20.7%), from €40,898 to €49,352
- Receivables within one year +€7,097
up €7,097 (+33.7%), from €21,049 to €28,146
of which Other amounts receivable: +€4,782
- Other debts +€82,504
up €82,504 (+509.2%), from €16,202 to €98,707
- Trade debts -€79,086
down €79,086 (-55.6%), from €142,121 to €63,035
- Debts after one year -€31,024
down €31,024 (-42.9%), from €72,255 to €41,231
- Short-term financial debts +€9,718
up €9,718 (+1329.4%), from €731 to €10,449
of which Credit institutions: +€10,449
- Reserves +€8,973
up €8,973 (+20.2%), from €44,497 to €53,470
- Gross operating margin -€22,171
down €22,171 (-11.7%), from €189,579 to €167,408
- Staff costs +€11,973
up €11,973 (+14.9%), from €80,289 to €92,262
- Taxes -€5,652
down €5,652 (-52.0%), from €10,869 to €5,218
- Other operating charges -€5,489
down €5,489 (-55.6%), from €9,877 to €4,389
- Depreciation +€3,858
up €3,858 (+8.8%), from €43,799 to €47,657
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 | €348,141 | €336,706 | -€11,436 | -3.3% |
| Fixed assets | 21/28 | €193,922 | €228,754 | +€34,832 | +18.0% |
| Tangible fixed assets | 22/27 | €193,848 | €228,680 | +€34,832 | +18.0% |
| Plant, machinery and equipment | 23 | €20,590 | €17,123 | -€3,466 | -16.8% |
| Furniture and vehicles | 24 | €35,833 | €17,994 | -€17,839 | -49.8% |
| Other tangible fixed assets | 26 | €137,425 | €193,562 | +€56,137 | +40.8% |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €154,219 | €107,951 | -€46,268 | -30.0% |
| Stocks and contracts in progress | 3 | €40,898 | €49,352 | +€8,454 | +20.7% |
| Stocks | 30/36 | €40,898 | €49,352 | +€8,454 | +20.7% |
| Amounts receivable within one year | 40/41 | €21,049 | €28,146 | +€7,097 | +33.7% |
| Trade receivables | 40 | €18,227 | €20,541 | +€2,315 | +12.7% |
| Other amounts receivable | 41 | €2,823 | €7,605 | +€4,782 | +169.4% |
| Cash at bank and in hand | 54/58 | €90,536 | €28,552 | -€61,984 | -68.5% |
| Deferred charges and accrued income | 490/1 | €1,735 | €1,901 | +€165 | +9.5% |
| Total equity and liabilities | 10/49 | €348,141 | €336,706 | -€11,436 | -3.3% |
| Equity | 10/15 | €49,497 | €58,470 | +€8,973 | +18.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €44,497 | €53,470 | +€8,973 | +20.2% |
| Distributable reserves | 133 | €44,497 | €53,470 | +€8,973 | +20.2% |
| Amounts payable | 17/49 | €298,645 | €278,236 | -€20,409 | -6.8% |
| Amounts payable after more than one year | 17 | €72,255 | €41,231 | -€31,024 | -42.9% |
| Financial debts | 170/4 | €72,255 | €41,231 | -€31,024 | -42.9% |
| Amounts payable within one year | 42/48 | €226,355 | €235,453 | +€9,098 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €33,161 | €31,024 | -€2,137 | -6.4% |
| Financial debts | 43 | €731 | €10,449 | +€9,718 | +1329.4% |
| Credit institutions | 430/8 | - | €10,449 | +€10,449 | |
| Other loans | 439 | €731 | €0 | -€731 | -100.0% |
| Trade debts | 44 | €142,121 | €63,035 | -€79,086 | -55.6% |
| Suppliers | 440/4 | €142,121 | €63,035 | -€79,086 | -55.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €34,140 | €32,238 | -€1,902 | -5.6% |
| Taxes | 450/3 | €22,658 | €21,649 | -€1,009 | -4.5% |
| Remuneration and social security | 454/9 | €11,481 | €10,589 | -€893 | -7.8% |
| Other amounts payable | 47/48 | €16,202 | €98,707 | +€82,504 | +509.2% |
| Accrued charges and deferred income | 492/3 | €35 | €1,552 | +€1,517 | +4307.4% |
| Non-recurring operating income | 76A | - | €1,240 | +€1,240 | |
| Remuneration, social security and pensions | 62 | €80,289 | €92,262 | +€11,973 | +14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,799 | €47,657 | +€3,858 | +8.8% |
| Other operating charges | 640/8 | €9,877 | €4,389 | -€5,489 | -55.6% |
| Gross operating margin | 9900 | €189,579 | €167,408 | -€22,171 | -11.7% |
| Operating profit (loss) | 9901 | €55,614 | €23,100 | -€32,514 | -58.5% |
| Financial income | 75/76B | €133 | €108 | -€26 | -19.3% |
| Recurring financial income | 75 | €133 | €108 | -€26 | -19.3% |
| Financial charges | 65/66B | €7,611 | €9,017 | +€1,406 | +18.5% |
| Recurring financial charges | 65 | €7,611 | €9,017 | +€1,406 | +18.5% |
| Profit (loss) for the period before taxes | 9903 | €48,137 | €14,191 | -€33,946 | -70.5% |
| Income taxes | 67/77 | €10,869 | €5,218 | -€5,652 | -52.0% |
| Profit (loss) for the period | 9904 | €37,267 | €8,973 | -€28,294 | -75.9% |
| Profit (loss) for the period to be appropriated | 9905 | €37,267 | €8,973 | -€28,294 | -75.9% |
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 12 October 2026 via checked.be.