E & S: what changed
E & S
Largest movements
- Deferred charges and accrued income +€15,938
new in 2025: €15,938
- Receivables within one year -€10,879
down €10,879 (-8.4%), from €129,741 to €118,862
of which Other amounts receivable: -€7,888
- Tangible fixed assets -€1,906
down €1,906 (-23.2%), from €8,197 to €6,292
of which Furniture and vehicles: -€977
- Profit (loss) carried forward -€8,944
down €8,944 (-10.5%), from €85,013 to €76,069
- Tax, wage and social debts +€7,464
up €7,464 (+104%), from €7,156 to €14,619
- Current portion of long-term debt -€7,018
down €7,018 (-58.9%), from €11,915 to €4,896
- Trade debts +€6,493
up €6,493 (+62.7%), from €10,350 to €16,843
- Debts after one year +€5,144
new in 2025: €5,144
- Gross operating margin -€22,272
down €22,272 (-80.6%), from €27,635 to €5,363
- Taxes +€5,448
up €5,448 (+413%), from €1,320 to €6,769
- Financial charges +€2,456
up €2,456 (+122%), from €2,020 to €4,476
- Other operating charges +€477
up €477 (+70.0%), from €681 to €1,157
- Depreciation -€321
down €321 (-14.4%), from €2,227 to €1,906
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 | €137,972 | €141,132 | +€3,160 | +2.3% |
| Fixed assets | 21/28 | €8,197 | €6,292 | -€1,906 | -23.2% |
| Tangible fixed assets | 22/27 | €8,197 | €6,292 | -€1,906 | -23.2% |
| Plant, machinery and equipment | 23 | €147 | €22 | -€125 | -85.2% |
| Furniture and vehicles | 24 | €2,047 | €1,070 | -€977 | -47.7% |
| Other tangible fixed assets | 26 | €6,003 | €5,200 | -€803 | -13.4% |
| Current assets | 29/58 | €129,775 | €134,840 | +€5,065 | +3.9% |
| Amounts receivable within one year | 40/41 | €129,741 | €118,862 | -€10,879 | -8.4% |
| Trade receivables | 40 | €4,141 | €1,150 | -€2,992 | -72.2% |
| Other amounts receivable | 41 | €125,600 | €117,712 | -€7,888 | -6.3% |
| Cash at bank and in hand | 54/58 | €33 | €40 | +€6 | +18.8% |
| Deferred charges and accrued income | 490/1 | - | €15,938 | +€15,938 | |
| Total equity and liabilities | 10/49 | €137,972 | €141,132 | +€3,160 | +2.3% |
| Equity | 10/15 | €106,073 | €97,129 | -€8,944 | -8.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €14,860 | €14,860 | = | 0.0% |
| 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 | €13,000 | €13,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €85,013 | €76,069 | -€8,944 | -10.5% |
| Amounts payable | 17/49 | €31,899 | €44,003 | +€12,103 | +37.9% |
| Amounts payable after more than one year | 17 | - | €5,144 | +€5,144 | |
| Financial debts | 170/4 | - | €5,144 | +€5,144 | |
| Amounts payable within one year | 42/48 | €31,899 | €38,858 | +€6,959 | +21.8% |
| Current portion of amounts payable after more than one year | 42 | €11,915 | €4,896 | -€7,018 | -58.9% |
| Financial debts | 43 | €2,479 | €2,499 | +€20 | +0.8% |
| Credit institutions | 430/8 | €2,479 | €2,499 | +€20 | +0.8% |
| Trade debts | 44 | €10,350 | €16,843 | +€6,493 | +62.7% |
| Suppliers | 440/4 | €10,350 | €16,843 | +€6,493 | +62.7% |
| Taxes, remuneration and social security | 45 | €7,156 | €14,619 | +€7,464 | +104% |
| Taxes | 450/3 | €7,156 | €14,619 | +€7,464 | +104% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,227 | €1,906 | -€321 | -14.4% |
| Other operating charges | 640/8 | €681 | €1,157 | +€477 | +70.0% |
| Gross operating margin | 9900 | €27,635 | €5,363 | -€22,272 | -80.6% |
| Operating profit (loss) | 9901 | €24,728 | €2,300 | -€22,427 | -90.7% |
| Financial income | 75/76B | €1 | €1 | -€0 | -8.3% |
| Recurring financial income | 75 | €1 | €1 | -€0 | -8.3% |
| Financial charges | 65/66B | €2,020 | €4,476 | +€2,456 | +122% |
| Recurring financial charges | 65 | €2,020 | €4,476 | +€2,456 | +122% |
| Profit (loss) for the period before taxes | 9903 | €22,709 | -€2,175 | -€24,883 | |
| Income taxes | 67/77 | €1,320 | €6,769 | +€5,448 | +413% |
| Profit (loss) for the period | 9904 | €21,388 | -€8,944 | -€30,332 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,388 | -€8,944 | -€30,332 |
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 2 November 2026 via checked.be.