E.P.A.I.R: what changed
E.P.A.I.R
Largest movements
- Receivables within one year +€31,010
up €31,010 (+159%), from €19,498 to €50,507
of which Trade receivables: +€30,986
- Intangible fixed assets -€7,000
down €7,000 (-22.2%), from €31,500 to €24,500
- Cash +€2,554
up €2,554 (+2.7%), from €93,089 to €95,643
mainly Net result for the year (+€38,379) and Depreciation (+€7,000)
- Reserves +€38,379
up €38,379 (+91.4%), from €41,992 to €80,372
- Trade debts -€7,892
down €7,892 (-63.9%), from €12,352 to €4,461
- Other debts -€2,236
down €2,236 (-82.7%), from €2,702 to €466
- Tax, wage and social debts -€2,215
down €2,215 (-27.3%), from €8,120 to €5,906
- Gross operating margin +€53,095
up €53,095 (+327%), from €16,242 to €69,337
- Taxes +€16,456
up €16,456 (+318%), from €5,170 to €21,625
- Staff costs +€1,137
up €1,137 (+3,388%), from €34 to €1,171
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €144,364 | €170,930 | +€26,566 | +18.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €31,500 | €24,500 | -€7,000 | -22.2% |
| Intangible fixed assets | 21 | €31,500 | €24,500 | -€7,000 | -22.2% |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Current assets | 29/58 | €112,864 | €146,430 | +€33,566 | +29.7% |
| Amounts receivable within one year | 40/41 | €19,498 | €50,507 | +€31,010 | +159% |
| Trade receivables | 40 | €19,496 | €50,481 | +€30,986 | +159% |
| Other amounts receivable | 41 | €2 | €26 | +€24 | +1,077% |
| Cash at bank and in hand | 54/58 | €93,089 | €95,643 | +€2,554 | +2.7% |
| Deferred charges and accrued income | 490/1 | €278 | €280 | +€2 | +0.7% |
| Total equity and liabilities | 10/49 | €144,364 | €170,930 | +€26,566 | +18.4% |
| Equity | 10/15 | €121,190 | €159,569 | +€38,379 | +31.7% |
| Contributions | 10/11 | €76,000 | €76,000 | = | 0.0% |
| Reserves | 13 | €41,992 | €80,372 | +€38,379 | +91.4% |
| Distributable reserves | 133 | €41,992 | €80,372 | +€38,379 | +91.4% |
| Profit (loss) carried forward | 14 | €3,197 | €3,197 | = | 0.0% |
| Amounts payable | 17/49 | €23,175 | €11,361 | -€11,814 | -51.0% |
| Amounts payable within one year | 42/48 | €23,175 | €10,832 | -€12,342 | -53.3% |
| Trade debts | 44 | €12,352 | €4,461 | -€7,892 | -63.9% |
| Suppliers | 440/4 | €12,352 | €4,461 | -€7,892 | -63.9% |
| Taxes, remuneration and social security | 45 | €8,120 | €5,906 | -€2,215 | -27.3% |
| Taxes | 450/3 | €8,120 | €5,906 | -€2,215 | -27.3% |
| Other amounts payable | 47/48 | €2,702 | €466 | -€2,236 | -82.7% |
| Accrued charges and deferred income | 492/3 | - | €528 | +€528 | |
| Remuneration, social security and pensions | 62 | €34 | €1,171 | +€1,137 | +3,388% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,233 | €7,000 | -€233 | -3.2% |
| Other operating charges | 640/8 | €1,175 | €1,188 | +€13 | +1.1% |
| Gross operating margin | 9900 | €16,242 | €69,337 | +€53,095 | +327% |
| Operating profit (loss) | 9901 | €7,800 | €59,978 | +€52,178 | +669% |
| Financial income | 75/76B | €51 | €72 | +€21 | +40.0% |
| Recurring financial income | 75 | €51 | €72 | +€21 | +40.0% |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €7,807 | €60,005 | +€52,198 | +669% |
| Income taxes | 67/77 | €5,170 | €21,625 | +€16,456 | +318% |
| Profit (loss) for the period | 9904 | €2,637 | €38,379 | +€35,743 | +1,356% |
| Profit (loss) for the period to be appropriated | 9905 | €2,637 | €38,379 | +€35,743 | +1,356% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.