E ² = MC: 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 ² = MC
Largest movements
- Current investments +€75,000
new in 2025: €75,000
- Cash -€48,106
down €48,106 (-55.5%), from €86,657 to €38,551
mainly Current investments (-€75,000) and Contributions, distributions and other (-€21,089)
- Tangible fixed assets -€13,284
down €13,284 (-10.5%), from €126,091 to €112,807
- Receivables within one year +€5,405
up €5,405 (+69.7%), from €7,753 to €13,159
of which Trade receivables: +€3,282
- Other debts +€20,514
up €20,514 (+14,564%), from €141 to €20,655
- Debts after one year -€13,891
down €13,891 (-35.4%), from €39,236 to €25,345
- Tax, wage and social debts +€7,491
up €7,491 (+115%), from €6,498 to €13,989
of which Taxes: +€7,491
- Reserves +€2,831
up €2,831 (+4.8%), from €59,162 to €61,993
of which Distributable reserves: +€2,831
- Gross operating margin +€18,255
up €18,255 (+55.3%), from €33,005 to €51,260
- Taxes +€5,646
up €5,646 (+106%), from €5,308 to €10,954
- Depreciation -€734
down €734 (-4.9%), from €14,988 to €14,254
- Financial charges -€649
down €649 (-34.0%), from €1,908 to €1,259
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 | €222,302 | €241,244 | +€18,942 | +8.5% |
| Fixed assets | 21/28 | €126,091 | €112,807 | -€13,284 | -10.5% |
| Tangible fixed assets | 22/27 | €126,091 | €112,807 | -€13,284 | -10.5% |
| Land and buildings | 22 | €81,199 | €77,828 | -€3,371 | -4.2% |
| Plant, machinery and equipment | 23 | €24,848 | €20,926 | -€3,922 | -15.8% |
| Furniture and vehicles | 24 | €20,045 | €14,053 | -€5,992 | -29.9% |
| Current assets | 29/58 | €96,211 | €128,437 | +€32,227 | +33.5% |
| Amounts receivable within one year | 40/41 | €7,753 | €13,159 | +€5,405 | +69.7% |
| Trade receivables | 40 | €7,753 | €11,035 | +€3,282 | +42.3% |
| Other amounts receivable | 41 | - | €2,123 | +€2,123 | |
| Current investments | 50/53 | - | €75,000 | +€75,000 | |
| Cash at bank and in hand | 54/58 | €86,657 | €38,551 | -€48,106 | -55.5% |
| Deferred charges and accrued income | 490/1 | €1,800 | €1,728 | -€72 | -4.0% |
| Total equity and liabilities | 10/49 | €222,302 | €241,244 | +€18,942 | +8.5% |
| Equity | 10/15 | €162,705 | €165,102 | +€2,397 | +1.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €59,162 | €61,993 | +€2,831 | +4.8% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €57,162 | €59,993 | +€2,831 | +5.0% |
| Profit (loss) carried forward | 14 | €72,975 | €72,975 | = | 0.0% |
| Investment grants | 15 | €10,568 | €10,134 | -€434 | -4.1% |
| Amounts payable | 17/49 | €59,597 | €76,143 | +€16,546 | +27.8% |
| Amounts payable after more than one year | 17 | €39,236 | €25,345 | -€13,891 | -35.4% |
| Financial debts | 170/4 | €39,236 | €25,345 | -€13,891 | -35.4% |
| Amounts payable within one year | 42/48 | €20,361 | €50,798 | +€30,436 | +149% |
| Current portion of amounts payable after more than one year | 42 | €13,581 | €13,891 | +€310 | +2.3% |
| Trade debts | 44 | €141 | €2,263 | +€2,121 | +1,501% |
| Suppliers | 440/4 | €141 | €2,263 | +€2,121 | +1,501% |
| Taxes, remuneration and social security | 45 | €6,498 | €13,989 | +€7,491 | +115% |
| Taxes | 450/3 | €6,498 | €13,989 | +€7,491 | +115% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €141 | €20,655 | +€20,514 | +14,564% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,988 | €14,254 | -€734 | -4.9% |
| Other operating charges | 640/8 | €1,976 | €2,479 | +€503 | +25.5% |
| Gross operating margin | 9900 | €33,005 | €51,260 | +€18,255 | +55.3% |
| Operating profit (loss) | 9901 | €16,041 | €34,527 | +€18,486 | +115% |
| Financial income | 75/76B | €1,231 | €1,172 | -€59 | -4.8% |
| Recurring financial income | 75 | €1,231 | €1,172 | -€59 | -4.8% |
| Financial charges | 65/66B | €1,908 | €1,259 | -€649 | -34.0% |
| Recurring financial charges | 65 | €1,908 | €1,259 | -€649 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | €15,364 | €34,440 | +€19,075 | +124% |
| Income taxes | 67/77 | €5,308 | €10,954 | +€5,646 | +106% |
| Profit (loss) for the period | 9904 | €10,056 | €23,486 | +€13,429 | +134% |
| Profit (loss) for the period to be appropriated | 9905 | €10,056 | €23,486 | +€13,429 | +134% |
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 13 October 2026 via checked.be.