E-MODEL: 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-MODEL
Largest movements
- Receivables within one year -€18,192
down €18,192 (-91.1%), from €19,975 to €1,783
of which Trade receivables: -€17,822
- Debts after one year -€411,476
down €411,476 (-60.6%), from €678,637 to €267,161
of which Other amounts payable: -€380,000
- Other debts +€329,541
up €329,541 (+743%), from €44,350 to €373,892
- Trade debts +€70,772
up €70,772 (+712%), from €9,941 to €80,713
- Profit (loss) carried forward -€20,563
down €20,563 (-10.7%), from -€192,247 to -€212,809
- Tax, wage and social debts +€16,516
up €16,516 (+155%), from €10,681 to €27,197
- Gross operating margin -€66,364
down €66,364, from €55,340 to -€11,025
- Staff costs +€12,730
no longer reported in 2025 (was -€12,730)
- Other operating charges -€5,393
down €5,393 (-85.4%), from €6,313 to €920
- Financial charges -€1,940
down €1,940 (-19.4%), from €10,011 to €8,071
of which Financial charges: -€1,089
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 | €689,663 | €670,562 | -€19,101 | -2.8% |
| Fixed assets | 21/28 | €668,006 | €668,006 | = | 0.0% |
| Financial fixed assets | 28 | €668,006 | €668,006 | = | 0.0% |
| Current assets | 29/58 | €21,657 | €2,556 | -€19,101 | -88.2% |
| Amounts receivable within one year | 40/41 | €19,975 | €1,783 | -€18,192 | -91.1% |
| Trade receivables | 40 | €17,822 | - | -€17,822 | |
| Other amounts receivable | 41 | €2,154 | €1,783 | -€371 | -17.2% |
| Cash at bank and in hand | 54/58 | €1,682 | €773 | -€909 | -54.0% |
| Total equity and liabilities | 10/49 | €689,663 | €670,562 | -€19,101 | -2.8% |
| Equity | 10/15 | -€92,247 | -€112,809 | -€20,563 | -22.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€192,247 | -€212,809 | -€20,563 | -10.7% |
| Amounts payable | 17/49 | €781,910 | €783,371 | +€1,461 | +0.2% |
| Amounts payable after more than one year | 17 | €678,637 | €267,161 | -€411,476 | -60.6% |
| Financial debts | 170/4 | €298,637 | €267,161 | -€31,476 | -10.5% |
| Other amounts payable | 178/9 | €380,000 | - | -€380,000 | |
| Amounts payable within one year | 42/48 | €96,041 | €513,278 | +€417,238 | +434% |
| Current portion of amounts payable after more than one year | 42 | €31,068 | €31,476 | +€408 | +1.3% |
| Trade debts | 44 | €9,941 | €80,713 | +€70,772 | +712% |
| Suppliers | 440/4 | €9,941 | €80,713 | +€70,772 | +712% |
| Taxes, remuneration and social security | 45 | €10,681 | €27,197 | +€16,516 | +155% |
| Taxes | 450/3 | €10,681 | €27,197 | +€16,516 | +155% |
| Other amounts payable | 47/48 | €44,350 | €373,892 | +€329,541 | +743% |
| Accrued charges and deferred income | 492/3 | €7,232 | €2,932 | -€4,300 | -59.5% |
| Remuneration, social security and pensions | 62 | -€12,730 | - | +€12,730 | |
| Other operating charges | 640/8 | €6,313 | €920 | -€5,393 | -85.4% |
| Non-recurring operating charges | 66A | €9,325 | €212 | -€9,113 | -97.7% |
| Gross operating margin | 9900 | €55,340 | -€11,025 | -€66,364 | |
| Operating profit (loss) | 9901 | €52,432 | -€12,157 | -€64,589 | |
| Financial charges | 65/66B | €10,011 | €8,071 | -€1,940 | -19.4% |
| Recurring financial charges | 65 | €8,249 | €7,160 | -€1,089 | -13.2% |
| Non-recurring financial charges | 66B | €1,762 | €911 | -€851 | -48.3% |
| Profit (loss) for the period before taxes | 9903 | €42,421 | -€20,228 | -€62,649 | |
| Income taxes | 67/77 | €379 | €335 | -€44 | -11.6% |
| Profit (loss) for the period | 9904 | €42,043 | -€20,563 | -€62,605 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,043 | -€20,563 | -€62,605 |
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.