E.P.S.W.: what changed
What changed
E.P.S.W.
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€179,487
2024 · €153,270+€26,217
Equity
€1.4m
2024 · €1.3m+€94,487
Cash
€24,977
2024 · €19,977+€5,000
Balance sheet total
€2.7m
2024 · €2.8m-€100,713
Largest movements
Assets
- Receivables after one year -€80,750
down €80,750 (-30.8%), from €262,500 to €181,750
Equity and liabilities
- Debts after one year -€258,612
down €258,612 (-23.5%), from €1.1m to €842,292
- Reserves +€94,000
up €94,000 (+11.5%), from €817,313 to €911,313
of which Distributable reserves: +€94,000
- Current portion of long-term debt +€50,694
up €50,694 (+83.9%), from €60,418 to €111,112
- Other debts +€36,684
up €36,684 (+18.7%), from €196,437 to €233,121
Income statement
- Depreciation -€42,461
down €42,461 (-34.5%), from €123,113 to €80,652
- Financial income -€12,453
down €12,453 (-51.8%), from €24,063 to €11,610
- Gross operating margin +€9,749
up €9,749 (+2.1%), from €467,719 to €477,468
- Taxes +€9,096
up €9,096 (+11.8%), from €76,820 to €85,916
- Financial charges +€4,981
up €4,981 (+5.9%), from €84,581 to €89,562
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.
Result 2024
€153,270
Gross operating margin
+€9,749
Staff costs
+€1,370
Depreciation
+€42,461
Other operating charges
-€833
Financial income
-€12,453
Financial charges
-€4,981
Taxes
-€9,096
Result 2025
€179,487
raises the resultlowers the result
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.
From operations
+€365,879
Investment
-€67,961
Financing
-€292,918
Cash 2024
€19,977
From operations (derived)
+€365,879
Net result for the year
+€179,487
Depreciation
+€80,652
Receivables after one year
+€80,750
Receivables within one year
+€11,647
Smaller working-capital items
+€188
Trade debts
-€15,318
Tax, wage and social debts
-€8,211
Other debts
+€36,684
Investment (derived)
-€67,961
Investment in fixed assets (net)
-€67,569
Current investments
-€392
Financing
-€292,918
Debts after one year
-€258,612
Current portion of long-term debt
+€50,694
Contributions, distributions and other
-€85,000
Cash 2025
€24,977
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,792,750 | €2,692,037 | -€100,713 | -3.6% |
| Fixed assets | 21/28 | €1,936,257 | €1,923,174 | -€13,083 | -0.7% |
| Tangible fixed assets | 22/27 | €1,778,120 | €1,765,037 | -€13,083 | -0.7% |
| Furniture and vehicles | 24 | €155,963 | €140,136 | -€15,827 | -10.1% |
| Other tangible fixed assets | 26 | €1,622,157 | €1,624,901 | +€2,744 | +0.2% |
| Financial fixed assets | 28 | €158,137 | €158,137 | = | 0.0% |
| Current assets | 29/58 | €856,493 | €768,863 | -€87,630 | -10.2% |
| Amounts receivable after more than one year | 29 | €262,500 | €181,750 | -€80,750 | -30.8% |
| Other amounts receivable | 291 | €262,500 | €181,750 | -€80,750 | -30.8% |
| Amounts receivable within one year | 40/41 | €345,250 | €333,603 | -€11,647 | -3.4% |
| Trade receivables | 40 | €345,000 | €333,333 | -€11,667 | -3.4% |
| Other amounts receivable | 41 | €250 | €270 | +€20 | +8.0% |
| Current investments | 50/53 | €223,766 | €224,158 | +€392 | +0.2% |
| Cash at bank and in hand | 54/58 | €19,977 | €24,977 | +€5,000 | +25.0% |
| Deferred charges and accrued income | 490/1 | €5,000 | €4,375 | -€625 | -12.5% |
| Total equity and liabilities | 10/49 | €2,792,750 | €2,692,037 | -€100,713 | -3.6% |
| Equity | 10/15 | €1,331,146 | €1,425,633 | +€94,487 | +7.1% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €817,313 | €911,313 | +€94,000 | +11.5% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,313 | €7,313 | = | 0.0% |
| Distributable reserves | 133 | €760,000 | €854,000 | +€94,000 | +12.4% |
| Profit (loss) carried forward | 14 | €13,833 | €14,320 | +€487 | +3.5% |
| Amounts payable | 17/49 | €1,461,604 | €1,266,404 | -€195,200 | -13.4% |
| Amounts payable after more than one year | 17 | €1,100,904 | €842,292 | -€258,612 | -23.5% |
| Financial debts | 170/4 | €1,100,904 | €842,292 | -€258,612 | -23.5% |
| Amounts payable within one year | 42/48 | €357,200 | €421,049 | +€63,849 | +17.9% |
| Current portion of amounts payable after more than one year | 42 | €60,418 | €111,112 | +€50,694 | +83.9% |
| Trade debts | 44 | €31,709 | €16,391 | -€15,318 | -48.3% |
| Suppliers | 440/4 | €31,709 | €16,391 | -€15,318 | -48.3% |
| Taxes, remuneration and social security | 45 | €68,636 | €60,425 | -€8,211 | -12.0% |
| Taxes | 450/3 | €60,678 | €54,415 | -€6,263 | -10.3% |
| Remuneration and social security | 454/9 | €7,958 | €6,010 | -€1,948 | -24.5% |
| Other amounts payable | 47/48 | €196,437 | €233,121 | +€36,684 | +18.7% |
| Accrued charges and deferred income | 492/3 | €3,500 | €3,063 | -€437 | -12.5% |
| Remuneration, social security and pensions | 62 | €47,169 | €45,799 | -€1,370 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,113 | €80,652 | -€42,461 | -34.5% |
| Other operating charges | 640/8 | €6,829 | €7,662 | +€833 | +12.2% |
| Gross operating margin | 9900 | €467,719 | €477,468 | +€9,749 | +2.1% |
| Operating profit (loss) | 9901 | €290,608 | €343,355 | +€52,747 | +18.2% |
| Financial income | 75/76B | €24,063 | €11,610 | -€12,453 | -51.8% |
| Recurring financial income | 75 | €24,063 | €11,610 | -€12,453 | -51.8% |
| Financial charges | 65/66B | €84,581 | €89,562 | +€4,981 | +5.9% |
| Recurring financial charges | 65 | €84,581 | €89,562 | +€4,981 | +5.9% |
| Profit (loss) for the period before taxes | 9903 | €230,090 | €265,403 | +€35,313 | +15.3% |
| Income taxes | 67/77 | €76,820 | €85,916 | +€9,096 | +11.8% |
| Profit (loss) for the period | 9904 | €153,270 | €179,487 | +€26,217 | +17.1% |
| Profit (loss) for the period to be appropriated | 9905 | €153,270 | €179,487 | +€26,217 | +17.1% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.