E.P.A.D.: 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.P.A.D.
Largest movements
- Cash +€25,506
up €25,506 (+65.4%), from €39,016 to €64,522
mainly Net result for the year (+€24,090) and Tax, wage and social debts (+€7,660)
- Receivables within one year +€7,008
up €7,008 (+3,513%), from €200 to €7,208
- Reserves +€21,000
up €21,000 (+65.9%), from €31,860 to €52,860
of which Distributable reserves: +€21,000
- Tax, wage and social debts +€7,660
up €7,660 (+153%), from €4,993 to €12,654
- Profit (loss) carried forward +€3,090
up €3,090 (+13.1%), from -€23,525 to -€20,435
- Gross operating margin -€21,314
down €21,314 (-38.5%), from €55,340 to €34,026
- Staff costs -€17,865
no longer reported in 2025 (was €17,865)
- Taxes +€5,216
up €5,216 (+145%), from €3,603 to €8,820
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 | €41,697 | €73,591 | +€31,894 | +76.5% |
| Fixed assets | 21/28 | €2,481 | €1,861 | -€620 | -25.0% |
| Tangible fixed assets | 22/27 | €2,481 | €1,861 | -€620 | -25.0% |
| Plant, machinery and equipment | 23 | €2,481 | €1,861 | -€620 | -25.0% |
| Current assets | 29/58 | €39,216 | €71,730 | +€32,515 | +82.9% |
| Amounts receivable within one year | 40/41 | €200 | €7,208 | +€7,008 | +3,513% |
| Trade receivables | 40 | €200 | €7,208 | +€7,008 | +3,513% |
| Cash at bank and in hand | 54/58 | €39,016 | €64,522 | +€25,506 | +65.4% |
| Total equity and liabilities | 10/49 | €41,697 | €73,591 | +€31,894 | +76.5% |
| Equity | 10/15 | €26,935 | €51,025 | +€24,090 | +89.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €31,860 | €52,860 | +€21,000 | +65.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €30,000 | €51,000 | +€21,000 | +70.0% |
| Profit (loss) carried forward | 14 | -€23,525 | -€20,435 | +€3,090 | +13.1% |
| Amounts payable | 17/49 | €14,762 | €22,566 | +€7,804 | +52.9% |
| Amounts payable within one year | 42/48 | €14,762 | €22,566 | +€7,804 | +52.9% |
| Trade debts | 44 | - | €200 | +€200 | |
| Suppliers | 440/4 | - | €200 | +€200 | |
| Taxes, remuneration and social security | 45 | €4,993 | €12,654 | +€7,660 | +153% |
| Taxes | 450/3 | €4,993 | €12,654 | +€7,660 | +153% |
| Other amounts payable | 47/48 | €9,769 | €9,713 | -€56 | -0.6% |
| Remuneration, social security and pensions | 62 | €17,865 | - | -€17,865 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €620 | €620 | = | 0.0% |
| Gross operating margin | 9900 | €55,340 | €34,026 | -€21,314 | -38.5% |
| Operating profit (loss) | 9901 | €36,855 | €33,406 | -€3,449 | -9.4% |
| Financial charges | 65/66B | €205 | €496 | +€291 | +142% |
| Recurring financial charges | 65 | €205 | €496 | +€291 | +142% |
| Profit (loss) for the period before taxes | 9903 | €36,650 | €32,910 | -€3,740 | -10.2% |
| Income taxes | 67/77 | €3,603 | €8,820 | +€5,216 | +145% |
| Profit (loss) for the period | 9904 | €33,047 | €24,090 | -€8,957 | -27.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,047 | €24,090 | -€8,957 | -27.1% |
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 15 October 2026 via checked.be.