E + MANUFACTURING: 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 + MANUFACTURING
Largest movements
- Tangible fixed assets -€102,250
down €102,250 (-21.1%), from €484,498 to €382,248
of which Plant, machinery and equipment: -€86,981
- Stocks and contracts -€83,049
down €83,049 (-22.2%), from €374,765 to €291,716
- Receivables within one year +€32,675
up €32,675 (+29.4%), from €110,976 to €143,651
of which Trade receivables: +€31,155
- Cash -€15,021
down €15,021 (-84.5%), from €17,774 to €2,753
mainly Net result for the year (-€144,996) and Trade debts (-€45,159)
- Profit (loss) carried forward -€144,996
down €144,996 (-69.1%), from €209,704 to €64,708
- Other debts +€62,770
up €62,770 (+681.0%), from €9,217 to €71,986
- Trade debts -€45,159
down €45,159 (-21.3%), from €212,211 to €167,052
- Debts after one year -€27,192
down €27,192 (-32.6%), from €83,385 to €56,193
- Gross operating margin -€133,159
down €133,159 (-56.7%), from €234,815 to €101,656
- Staff costs -€59,624
down €59,624 (-49.8%), from €119,764 to €60,140
- Write-downs +€22,105
up €22,105, from €0 to €22,105
- Financial charges +€21,014
up €21,014 (+195.7%), from €10,739 to €31,754
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 | €993,768 | €824,491 | -€169,277 | -17.0% |
| Fixed assets | 21/28 | €484,498 | €382,248 | -€102,250 | -21.1% |
| Tangible fixed assets | 22/27 | €484,498 | €382,248 | -€102,250 | -21.1% |
| Land and buildings | 22 | €156,451 | €141,626 | -€14,824 | -9.5% |
| Plant, machinery and equipment | 23 | €324,383 | €237,401 | -€86,981 | -26.8% |
| Furniture and vehicles | 24 | €3,665 | €3,221 | -€444 | -12.1% |
| Current assets | 29/58 | €509,269 | €442,242 | -€67,027 | -13.2% |
| Stocks and contracts in progress | 3 | €374,765 | €291,716 | -€83,049 | -22.2% |
| Stocks | 30/36 | €374,765 | €291,716 | -€83,049 | -22.2% |
| Amounts receivable within one year | 40/41 | €110,976 | €143,651 | +€32,675 | +29.4% |
| Trade receivables | 40 | €110,976 | €142,131 | +€31,155 | +28.1% |
| Other amounts receivable | 41 | - | €1,520 | +€1,520 | |
| Cash at bank and in hand | 54/58 | €17,774 | €2,753 | -€15,021 | -84.5% |
| Deferred charges and accrued income | 490/1 | €5,754 | €4,123 | -€1,631 | -28.4% |
| Total equity and liabilities | 10/49 | €993,768 | €824,491 | -€169,277 | -17.0% |
| Equity | 10/15 | €515,017 | €367,124 | -€147,893 | -28.7% |
| Contributions | 10/11 | €247,894 | €247,894 | = | 0.0% |
| Capital | 10 | €247,894 | €247,894 | = | 0.0% |
| Issued capital | 100 | €247,894 | €247,894 | = | 0.0% |
| Reserves | 13 | €24,789 | €24,789 | = | 0.0% |
| Non-distributable reserves | 130/1 | €24,789 | €24,789 | = | 0.0% |
| Legal reserve | 130 | €24,789 | €24,789 | = | 0.0% |
| Profit (loss) carried forward | 14 | €209,704 | €64,708 | -€144,996 | -69.1% |
| Investment grants | 15 | €32,630 | €29,733 | -€2,897 | -8.9% |
| Provisions and deferred taxes | 16 | €8,349 | €7,383 | -€966 | -11.6% |
| Deferred taxes | 168 | €8,349 | €7,383 | -€966 | -11.6% |
| Amounts payable | 17/49 | €470,402 | €449,983 | -€20,419 | -4.3% |
| Amounts payable after more than one year | 17 | €83,385 | €56,193 | -€27,192 | -32.6% |
| Financial debts | 170/4 | €83,385 | €56,193 | -€27,192 | -32.6% |
| Amounts payable within one year | 42/48 | €361,665 | €373,585 | +€11,920 | +3.3% |
| Financial debts | 43 | €116,709 | €117,626 | +€917 | +0.8% |
| Credit institutions | 430/8 | €90,000 | €90,434 | +€434 | +0.5% |
| Other loans | 439 | €26,709 | €27,192 | +€483 | +1.8% |
| Trade debts | 44 | €212,211 | €167,052 | -€45,159 | -21.3% |
| Suppliers | 440/4 | €212,211 | €167,052 | -€45,159 | -21.3% |
| Taxes, remuneration and social security | 45 | €23,529 | €16,921 | -€6,608 | -28.1% |
| Taxes | 450/3 | €6,297 | €7,714 | +€1,417 | +22.5% |
| Remuneration and social security | 454/9 | €17,232 | €9,207 | -€8,025 | -46.6% |
| Other amounts payable | 47/48 | €9,217 | €71,986 | +€62,770 | +681.0% |
| Accrued charges and deferred income | 492/3 | €25,352 | €20,205 | -€5,147 | -20.3% |
| Remuneration, social security and pensions | 62 | €119,764 | €60,140 | -€59,624 | -49.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,246 | €133,615 | -€1,631 | -1.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €22,105 | +€22,105 | |
| Other operating charges | 640/8 | €5,939 | €4,891 | -€1,048 | -17.6% |
| Gross operating margin | 9900 | €234,815 | €101,656 | -€133,159 | -56.7% |
| Operating profit (loss) | 9901 | -€26,134 | -€119,095 | -€92,961 | -355.7% |
| Financial income | 75/76B | €5,048 | €5,687 | +€640 | +12.7% |
| Recurring financial income | 75 | €5,048 | €5,687 | +€640 | +12.7% |
| Financial charges | 65/66B | €10,739 | €31,754 | +€21,014 | +195.7% |
| Recurring financial charges | 65 | €10,739 | €31,754 | +€21,014 | +195.7% |
| Profit (loss) for the period before taxes | 9903 | -€31,826 | -€145,161 | -€113,335 | -356.1% |
| Transfer from deferred taxes | 780 | €966 | €966 | = | 0.0% |
| Income taxes | 67/77 | €661 | €800 | +€139 | +21.1% |
| Profit (loss) for the period | 9904 | -€31,521 | -€144,996 | -€113,475 | -360.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,521 | -€144,996 | -€113,475 | -360.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.