E.W.G.: 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.W.G.
Largest movements
- Cash +€61,862
up €61,862 (+9.3%), from €664,208 to €726,070
mainly Net result for the year (+€29,455) and Receivables within one year (+€26,135)
- Receivables within one year -€26,135
down €26,135 (-43.5%), from €60,105 to €33,971
of which Trade receivables: -€21,803
- Tangible fixed assets -€14,778
down €14,778 (-26.6%), from €55,477 to €40,699
of which Furniture and vehicles: -€17,076
- Reserves +€29,455
up €29,455 (+4.0%), from €743,143 to €772,598
of which Distributable reserves: +€29,455
- Gross operating margin -€18,185
down €18,185 (-23.2%), from €78,282 to €60,097
- Taxes -€4,773
down €4,773 (-25.0%), from €19,109 to €14,336
- Financial income +€1,461
up €1,461 (+89.8%), from €1,626 to €3,087
- Other operating charges -€907
down €907 (-47.3%), from €1,918 to €1,012
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 | €779,791 | €804,730 | +€24,940 | +3.2% |
| Fixed assets | 21/28 | €55,477 | €40,699 | -€14,778 | -26.6% |
| Tangible fixed assets | 22/27 | €55,477 | €40,699 | -€14,778 | -26.6% |
| Plant, machinery and equipment | 23 | €934 | €3,232 | +€2,298 | +246% |
| Furniture and vehicles | 24 | €54,544 | €37,468 | -€17,076 | -31.3% |
| Current assets | 29/58 | €724,313 | €764,031 | +€39,718 | +5.5% |
| Amounts receivable within one year | 40/41 | €60,105 | €33,971 | -€26,135 | -43.5% |
| Trade receivables | 40 | €55,773 | €33,971 | -€21,803 | -39.1% |
| Other amounts receivable | 41 | €4,332 | - | -€4,332 | |
| Cash at bank and in hand | 54/58 | €664,208 | €726,070 | +€61,862 | +9.3% |
| Deferred charges and accrued income | 490/1 | - | €3,991 | +€3,991 | |
| Total equity and liabilities | 10/49 | €779,791 | €804,730 | +€24,940 | +3.2% |
| Equity | 10/15 | €761,743 | €791,198 | +€29,455 | +3.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €743,143 | €772,598 | +€29,455 | +4.0% |
| 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 | €741,283 | €770,738 | +€29,455 | +4.0% |
| Amounts payable | 17/49 | €18,048 | €13,533 | -€4,515 | -25.0% |
| Amounts payable within one year | 42/48 | €18,048 | €13,533 | -€4,515 | -25.0% |
| Trade debts | 44 | €6,055 | €2,416 | -€3,639 | -60.1% |
| Suppliers | 440/4 | €6,055 | €2,416 | -€3,639 | -60.1% |
| Taxes, remuneration and social security | 45 | €6,426 | €10,852 | +€4,425 | +68.9% |
| Taxes | 450/3 | €6,403 | €10,852 | +€4,449 | +69.5% |
| Remuneration and social security | 454/9 | €23 | - | -€23 | |
| Other amounts payable | 47/48 | €5,566 | €265 | -€5,301 | -95.2% |
| Non-recurring operating income | 76A | €9,200 | - | -€9,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,233 | €18,105 | -€129 | -0.7% |
| Other operating charges | 640/8 | €1,918 | €1,012 | -€907 | -47.3% |
| Gross operating margin | 9900 | €78,282 | €60,097 | -€18,185 | -23.2% |
| Operating profit (loss) | 9901 | €58,130 | €40,981 | -€17,150 | -29.5% |
| Financial income | 75/76B | €1,626 | €3,087 | +€1,461 | +89.8% |
| Recurring financial income | 75 | €1,626 | €3,087 | +€1,461 | +89.8% |
| Financial charges | 65/66B | €118 | €276 | +€159 | +135% |
| Recurring financial charges | 65 | €118 | €276 | +€159 | +135% |
| Profit (loss) for the period before taxes | 9903 | €59,639 | €43,791 | -€15,848 | -26.6% |
| Income taxes | 67/77 | €19,109 | €14,336 | -€4,773 | -25.0% |
| Profit (loss) for the period | 9904 | €40,530 | €29,455 | -€11,074 | -27.3% |
| Profit (loss) for the period to be appropriated | 9905 | €40,530 | €29,455 | -€11,074 | -27.3% |
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 14 October 2026 via checked.be.