E.P.I: 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.I
Largest movements
- Receivables within one year -€18,412
down €18,412 (-53.7%), from €34,266 to €15,854
of which Other amounts receivable: -€18,100
- Cash -€13,567
down €13,567 (-19.3%), from €70,279 to €56,712
mainly Debts after one year (-€95,000) and Tax, wage and social debts (-€16,199)
- Deferred charges and accrued income -€4,895
down €4,895 (-88.8%), from €5,513 to €617
- Tangible fixed assets -€4,110
down €4,110 (-50.0%), from €8,219 to €4,110
- Debts after one year -€95,000
no longer reported in 2025 (was €95,000)
- Profit (loss) carried forward +€41,766
up €41,766 (+33.8%), from -€123,530 to -€81,764
- Investment grants +€35,198
new in 2025: €35,198
- Tax, wage and social debts -€16,199
down €16,199 (-34.1%), from €47,561 to €31,362
of which Remuneration and social security: -€8,428
- Other debts -€12,248
no longer reported in 2025 (was €12,248)
- Gross operating margin +€9,195
up €9,195 (+8.1%), from €113,906 to €123,102
- Staff costs +€3,760
up €3,760 (+6.4%), from €58,696 to €62,456
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 | €118,276 | €77,293 | -€40,984 | -34.7% |
| Fixed assets | 21/28 | €8,219 | €4,110 | -€4,110 | -50.0% |
| Tangible fixed assets | 22/27 | €8,219 | €4,110 | -€4,110 | -50.0% |
| Furniture and vehicles | 24 | €8,219 | €4,110 | -€4,110 | -50.0% |
| Current assets | 29/58 | €110,057 | €73,183 | -€36,874 | -33.5% |
| Amounts receivable within one year | 40/41 | €34,266 | €15,854 | -€18,412 | -53.7% |
| Trade receivables | 40 | €16,165 | €15,854 | -€311 | -1.9% |
| Other amounts receivable | 41 | €18,100 | - | -€18,100 | |
| Cash at bank and in hand | 54/58 | €70,279 | €56,712 | -€13,567 | -19.3% |
| Deferred charges and accrued income | 490/1 | €5,513 | €617 | -€4,895 | -88.8% |
| Total equity and liabilities | 10/49 | €118,276 | €77,293 | -€40,984 | -34.7% |
| Equity | 10/15 | -€37,035 | €39,928 | +€76,964 | |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €24,995 | €24,995 | = | 0.0% |
| Non-distributable reserves | 130/1 | €22,379 | €22,379 | = | 0.0% |
| Legal reserve | 130 | €22,379 | €22,379 | = | 0.0% |
| Distributable reserves | 133 | €2,615 | €2,615 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€123,530 | -€81,764 | +€41,766 | +33.8% |
| Investment grants | 15 | - | €35,198 | +€35,198 | |
| Amounts payable | 17/49 | €155,312 | €37,364 | -€117,947 | -75.9% |
| Amounts payable after more than one year | 17 | €95,000 | - | -€95,000 | |
| Other amounts payable | 178/9 | €95,000 | - | -€95,000 | |
| Amounts payable within one year | 42/48 | €60,312 | €37,364 | -€22,947 | -38.0% |
| Trade debts | 44 | €502 | €6,002 | +€5,500 | +1,095% |
| Suppliers | 440/4 | €502 | €6,002 | +€5,500 | +1,095% |
| Taxes, remuneration and social security | 45 | €47,561 | €31,362 | -€16,199 | -34.1% |
| Taxes | 450/3 | €31,092 | €23,321 | -€7,771 | -25.0% |
| Remuneration and social security | 454/9 | €16,469 | €8,040 | -€8,428 | -51.2% |
| Other amounts payable | 47/48 | €12,248 | - | -€12,248 | |
| Remuneration, social security and pensions | 62 | €58,696 | €62,456 | +€3,760 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,110 | €4,110 | = | 0.0% |
| Other operating charges | 640/8 | €1,593 | €679 | -€914 | -57.4% |
| Gross operating margin | 9900 | €113,906 | €123,102 | +€9,195 | +8.1% |
| Operating profit (loss) | 9901 | €49,508 | €55,857 | +€6,350 | +12.8% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €383 | €391 | +€8 | +2.1% |
| Recurring financial charges | 65 | €383 | €391 | +€8 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €49,125 | €55,466 | +€6,342 | +12.9% |
| Income taxes | 67/77 | €14,112 | €13,701 | -€412 | -2.9% |
| Profit (loss) for the period | 9904 | €35,012 | €41,766 | +€6,753 | +19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €35,012 | €41,766 | +€6,753 | +19.3% |
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 17 October 2026 via checked.be.