E2 DRIVES: 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.
What changed
E2 DRIVES
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€671,456
2024 · -€489,302-€182,154
Equity
-€2.1m
2024 · -€1.5m-€578,769
Cash
€87,873
2024 · €976,388-€888,516
Balance sheet total
€3.8m
2024 · €3.8m-€51,857
Largest movements
Assets
- Cash -€888,516
down €888,516 (-91.0%), from €976,388 to €87,873
mainly Investment in fixed assets (net) (-€1.5m) and Net result for the year (-€671,456)
- Receivables within one year +€409,059
up €409,059 (+83.1%), from €492,030 to €901,089
of which Trade receivables: +€370,363
- Tangible fixed assets +€273,839
up €273,839 (+68.0%), from €402,705 to €676,544
of which Furniture and vehicles: +€155,385
- Intangible fixed assets +€171,414
up €171,414 (+9.3%), from €1.8m to €2.0m
Equity and liabilities
- Profit (loss) carried forward -€671,456
down €671,456 (-13.7%), from -€4.9m to -€5.6m
- Debts after one year +€337,840
up €337,840 (+7.2%), from €4.7m to €5.0m
of which Other amounts payable: +€402,412
- Tax, wage and social debts +€248,971
up €248,971 (+137%), from €182,291 to €431,262
of which Remuneration and social security: +€203,561
- Contributions +€99,591
up €99,591 (+3.0%), from €3.4m to €3.5m
of which Capital: +€99,591
- Accrued charges and deferred income -€56,325
no longer reported in 2025 (was €56,325)
Income statement
- Turnover +€1.8m
up €1.8m (+61.9%), from €2.9m to €4.7m
- Services and other goods +€853,142
up €853,142 (+45.7%), from €1.9m to €2.7m
- Staff costs +€806,722
up €806,722 (+44.7%), from €1.8m to €2.6m
- Depreciation +€198,417
up €198,417 (+23.4%), from €848,452 to €1.0m
- Financial charges +€64,948
up €64,948 (+254%), from €25,529 to €90,477
of which Financial charges: +€55,901
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.
Result 2024
-€489,302
Turnover
+€1.8m
Other operating income
+€34,751
Goods and materials
+€24,676
Services and other goods
-€853,142
Staff costs
-€806,722
Depreciation
-€198,417
Other operating charges
+€1,463
Other operating items
-€43,294
Financial income
-€54,282
Financial charges
-€64,948
Taxes
-€2,893
Result 2025
-€671,456
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€198,366
Investment
-€1.5m
Financing
+€405,241
Cash 2024
€976,388
From operations (derived)
+€198,366
Net result for the year
-€671,456
Depreciation
+€1.0m
Receivables within one year
-€409,059
Deferred charges and accrued income
+€17,654
Trade debts
+€21,713
Tax, wage and social debts
+€248,971
Accrued charges and deferred income
-€56,325
Investment (derived)
-€1.5m
Investment in fixed assets (net)
-€1.5m
Financing
+€405,241
Debts after one year
+€337,840
Current portion of long-term debt
-€25,287
Contributions, distributions and other
+€92,687
Cash 2025
€87,873
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,847,666 | €3,795,809 | -€51,857 | -1.3% |
| Fixed assets | 21/28 | €2,252,438 | €2,697,692 | +€445,254 | +19.8% |
| Intangible fixed assets | 21 | €1,848,233 | €2,019,648 | +€171,414 | +9.3% |
| Tangible fixed assets | 22/27 | €402,705 | €676,544 | +€273,839 | +68.0% |
| Plant, machinery and equipment | 23 | €230,820 | €331,223 | +€100,403 | +43.5% |
| Furniture and vehicles | 24 | €62,891 | €218,277 | +€155,385 | +247% |
| Leasing and similar rights | 25 | €41,615 | €24,567 | -€17,048 | -41.0% |
| Other tangible fixed assets | 26 | €60,650 | €71,993 | +€11,343 | +18.7% |
| Assets under construction and advance payments | 27 | €6,728 | €30,484 | +€23,756 | +353% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Other financial fixed assets | 284/8 | €1,500 | €1,500 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €1,595,228 | €1,098,117 | -€497,111 | -31.2% |
| Amounts receivable within one year | 40/41 | €492,030 | €901,089 | +€409,059 | +83.1% |
| Trade receivables | 40 | €402,129 | €772,492 | +€370,363 | +92.1% |
| Other amounts receivable | 41 | €89,901 | €128,597 | +€38,697 | +43.0% |
| Cash at bank and in hand | 54/58 | €976,388 | €87,873 | -€888,516 | -91.0% |
| Deferred charges and accrued income | 490/1 | €126,810 | €109,155 | -€17,654 | -13.9% |
| Total equity and liabilities | 10/49 | €3,847,666 | €3,795,809 | -€51,857 | -1.3% |
| Equity | 10/15 | -€1,510,915 | -€2,089,684 | -€578,769 | -38.3% |
| Contributions | 10/11 | €3,370,210 | €3,469,801 | +€99,591 | +3.0% |
| Capital | 10 | €2,318,931 | €2,418,523 | +€99,591 | +4.3% |
| Issued capital | 100 | €2,318,931 | €2,418,523 | +€99,591 | +4.3% |
| Contributions outside capital | 11 | €1,051,278 | €1,051,278 | = | 0.0% |
| Share premium | 1100/10 | €1,051,278 | €1,051,278 | = | 0.0% |
| Reserves | 13 | €26,995 | €26,995 | = | 0.0% |
| Non-distributable reserves | 130/1 | €26,995 | €26,995 | = | 0.0% |
| Legal reserve | 130 | €26,995 | €26,995 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,918,713 | -€5,590,169 | -€671,456 | -13.7% |
| Investment grants | 15 | €10,593 | €3,689 | -€6,904 | -65.2% |
| Amounts payable | 17/49 | €5,358,581 | €5,885,493 | +€526,912 | +9.8% |
| Amounts payable after more than one year | 17 | €4,680,218 | €5,018,058 | +€337,840 | +7.2% |
| Financial debts | 170/4 | €1,680,218 | €1,615,646 | -€64,572 | -3.8% |
| Subordinated loans | 170 | €1,594,708 | €1,561,111 | -€33,597 | -2.1% |
| Leasing and similar obligations | 172 | €27,187 | €9,173 | -€18,014 | -66.3% |
| Other loans | 174 | €58,322 | €45,362 | -€12,961 | -22.2% |
| Other amounts payable | 178/9 | €3,000,000 | €3,402,412 | +€402,412 | +13.4% |
| Amounts payable within one year | 42/48 | €622,038 | €867,434 | +€245,397 | +39.5% |
| Current portion of amounts payable after more than one year | 42 | €84,938 | €59,651 | -€25,287 | -29.8% |
| Trade debts | 44 | €354,809 | €376,522 | +€21,713 | +6.1% |
| Suppliers | 440/4 | €354,809 | €376,522 | +€21,713 | +6.1% |
| Taxes, remuneration and social security | 45 | €182,291 | €431,262 | +€248,971 | +137% |
| Taxes | 450/3 | - | €45,410 | +€45,410 | |
| Remuneration and social security | 454/9 | €182,291 | €385,852 | +€203,561 | +112% |
| Accrued charges and deferred income | 492/3 | €56,325 | - | -€56,325 | |
| Operating income | 70/76A | €4,032,043 | €5,803,399 | +€1.8m | +43.9% |
| Turnover | 70 | €2,877,622 | €4,658,277 | +€1.8m | +61.9% |
| Own construction capitalised | 72 | €911,067 | €867,602 | -€43,465 | -4.8% |
| Other operating income | 74 | €242,744 | €277,495 | +€34,751 | +14.3% |
| Non-recurring operating income | 76A | €610 | €25 | -€584 | -95.8% |
| Operating charges | 60/66A | €4,564,740 | €6,396,127 | +€1.8m | +40.1% |
| Goods for resale, raw materials and consumables | 60 | €43,517 | €18,842 | -€24,676 | -56.7% |
| Purchases | 600/8 | €43,517 | €18,842 | -€24,676 | -56.7% |
| Services and other goods | 61 | €1,865,453 | €2,718,595 | +€853,142 | +45.7% |
| Remuneration, social security and pensions | 62 | €1,804,916 | €2,611,638 | +€806,722 | +44.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €848,452 | €1,046,869 | +€198,417 | +23.4% |
| Other operating charges | 640/8 | €1,645 | €183 | -€1,463 | -88.9% |
| Non-recurring operating charges | 66A | €756 | - | -€756 | |
| Operating profit (loss) | 9901 | -€532,697 | -€592,727 | -€60,030 | -11.3% |
| Financial income | 75/76B | €67,024 | €12,742 | -€54,282 | -81.0% |
| Recurring financial income | 75 | €67,024 | €12,742 | -€54,282 | -81.0% |
| Income from current assets | 751 | €59,939 | €12,742 | -€47,197 | -78.7% |
| Other financial income | 752/9 | €7,085 | - | -€7,085 | |
| Financial charges | 65/66B | €25,529 | €90,477 | +€64,948 | +254% |
| Recurring financial charges | 65 | €20,366 | €76,267 | +€55,901 | +274% |
| Debt charges | 650 | €18,481 | €76,267 | +€57,786 | +313% |
| Other financial charges | 652/9 | €1,885 | - | -€1,885 | |
| Non-recurring financial charges | 66B | €5,163 | €14,210 | +€9,046 | +175% |
| Profit (loss) for the period before taxes | 9903 | -€491,202 | -€670,463 | -€179,261 | -36.5% |
| Income taxes | 67/77 | -€1,900 | €993 | +€2,893 | |
| Taxes | 670/3 | - | €993 | +€993 | |
| Tax adjustments and reversals of tax provisions | 77 | €1,900 | - | -€1,900 | |
| Profit (loss) for the period | 9904 | -€489,302 | -€671,456 | -€182,154 | -37.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€489,302 | -€671,456 | -€182,154 | -37.2% |
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 15 October 2026 via checked.be.