E.P.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.D.
Largest movements
- Current investments -€11,984
down €11,984 (-6.1%), from €195,870 to €183,886
- Reserves -€12,194
down €12,194 (-1.8%), from €679,087 to €666,893
of which Distributable reserves: -€12,194
- Gross operating margin +€2,701
up €2,701 (+62.9%), from -€4,297 to -€1,595
- Financial income -€1,010
down €1,010 (-39.7%), from €2,541 to €1,531
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 | €741,152 | €729,489 | -€11,664 | -1.6% |
| Fixed assets | 21/28 | €166,998 | €164,434 | -€2,564 | -1.5% |
| Tangible fixed assets | 22/27 | €166,855 | €164,291 | -€2,564 | -1.5% |
| Land and buildings | 22 | €166,855 | €164,291 | -€2,564 | -1.5% |
| Financial fixed assets | 28 | €143 | €143 | = | 0.0% |
| Current assets | 29/58 | €574,155 | €565,055 | -€9,099 | -1.6% |
| Amounts receivable within one year | 40/41 | €867 | €2,480 | +€1,613 | +186.1% |
| Other amounts receivable | 41 | €867 | €2,480 | +€1,613 | +186.1% |
| Current investments | 50/53 | €195,870 | €183,886 | -€11,984 | -6.1% |
| Cash at bank and in hand | 54/58 | €376,619 | €377,867 | +€1,248 | +0.3% |
| Deferred charges and accrued income | 490/1 | €799 | €822 | +€23 | +2.9% |
| Total equity and liabilities | 10/49 | €741,152 | €729,489 | -€11,664 | -1.6% |
| Equity | 10/15 | €741,087 | €728,893 | -€12,194 | -1.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €679,087 | €666,893 | -€12,194 | -1.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €672,887 | €660,693 | -€12,194 | -1.8% |
| Amounts payable | 17/49 | €66 | €596 | +€530 | +807.0% |
| Amounts payable within one year | 42/48 | €66 | €596 | +€530 | +807.0% |
| Trade debts | 44 | €66 | €596 | +€530 | +807.0% |
| Suppliers | 440/4 | €66 | €596 | +€530 | +807.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,564 | €2,564 | = | 0.0% |
| Other operating charges | 640/8 | €9,327 | €9,296 | -€31 | -0.3% |
| Gross operating margin | 9900 | -€4,297 | -€1,595 | +€2,701 | +62.9% |
| Operating profit (loss) | 9901 | -€16,188 | -€13,455 | +€2,732 | +16.9% |
| Financial income | 75/76B | €2,541 | €1,531 | -€1,010 | -39.7% |
| Recurring financial income | 75 | €2,541 | €1,531 | -€1,010 | -39.7% |
| Financial charges | 65/66B | €251 | €270 | +€19 | +7.5% |
| Recurring financial charges | 65 | €251 | €270 | +€19 | +7.5% |
| Profit (loss) for the period before taxes | 9903 | -€13,898 | -€12,194 | +€1,704 | +12.3% |
| Profit (loss) for the period | 9904 | -€13,898 | -€12,194 | +€1,704 | +12.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,898 | -€12,194 | +€1,704 | +12.3% |
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 9 October 2026 via checked.be.