E2CS: what changed
Two fiscal 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.
E2CS
Largest movements
- Cash -€46,786
down €46,786 (-80.0%), from €58,516 to €11,729
mainly Trade debts (-€85,481) and Other debts (-€50,170)
- Tangible fixed assets -€30,323
down €30,323 (-48.7%), from €62,310 to €31,987
of which Furniture and vehicles: -€30,073
- Receivables within one year -€28,814
down €28,814 (-8.9%), from €325,451 to €296,637
of which Other amounts receivable: -€15,199
- Trade debts -€85,481
down €85,481 (-74.7%), from €114,392 to €28,911
- Other debts -€50,170
no longer reported in 2025 (was €50,170)
- Reserves +€44,831
up €44,831 (+35.8%), from €125,164 to €169,995
- Tax, wage and social debts -€28,428
down €28,428 (-56.3%), from €50,517 to €22,089
of which Taxes: -€26,373
- Short-term financial debts +€22,076
new in 2025: €22,076
- Taxes +€21,607
up €21,607 (+72.1%), from €29,987 to €51,594
- Gross operating margin +€20,301
up €20,301 (+12.4%), from €163,260 to €183,561
- Staff costs +€19,441
up €19,441 (+81.3%), from €23,906 to €43,346
- Depreciation +€6,036
up €6,036 (+24.9%), from €24,287 to €30,323
- Other operating charges +€2,045
up €2,045 (+47.3%), from €4,324 to €6,370
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.
Cash bridge derived
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 | €446,277 | €340,354 | -€105,923 | -23.7% |
| Fixed assets | 21/28 | €62,310 | €31,987 | -€30,323 | -48.7% |
| Tangible fixed assets | 22/27 | €62,310 | €31,987 | -€30,323 | -48.7% |
| Plant, machinery and equipment | 23 | €980 | €730 | -€250 | -25.5% |
| Furniture and vehicles | 24 | €61,330 | €31,257 | -€30,073 | -49.0% |
| Current assets | 29/58 | €383,967 | €308,367 | -€75,600 | -19.7% |
| Amounts receivable within one year | 40/41 | €325,451 | €296,637 | -€28,814 | -8.9% |
| Trade receivables | 40 | €113,316 | €99,701 | -€13,615 | -12.0% |
| Other amounts receivable | 41 | €212,135 | €196,936 | -€15,199 | -7.2% |
| Cash at bank and in hand | 54/58 | €58,516 | €11,729 | -€46,786 | -80.0% |
| Total equity and liabilities | 10/49 | €446,277 | €340,354 | -€105,923 | -23.7% |
| Equity | 10/15 | €131,364 | €176,195 | +€44,831 | +34.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €125,164 | €169,995 | +€44,831 | +35.8% |
| Distributable reserves | 133 | €125,164 | €169,995 | +€44,831 | +35.8% |
| Amounts payable | 17/49 | €314,913 | €164,159 | -€150,754 | -47.9% |
| Amounts payable after more than one year | 17 | €59,761 | €41,310 | -€18,451 | -30.9% |
| Financial debts | 170/4 | €59,761 | €41,310 | -€18,451 | -30.9% |
| Amounts payable within one year | 42/48 | €255,153 | €122,849 | -€132,303 | -51.9% |
| Current portion of amounts payable after more than one year | 42 | €40,073 | €49,773 | +€9,699 | +24.2% |
| Financial debts | 43 | - | €22,076 | +€22,076 | |
| Credit institutions | 430/8 | - | €22,076 | +€22,076 | |
| Trade debts | 44 | €114,392 | €28,911 | -€85,481 | -74.7% |
| Suppliers | 440/4 | €114,392 | €28,911 | -€85,481 | -74.7% |
| Taxes, remuneration and social security | 45 | €50,517 | €22,089 | -€28,428 | -56.3% |
| Taxes | 450/3 | €41,360 | €14,987 | -€26,373 | -63.8% |
| Remuneration and social security | 454/9 | €9,157 | €7,102 | -€2,055 | -22.4% |
| Other amounts payable | 47/48 | €50,170 | - | -€50,170 | |
| Remuneration, social security and pensions | 62 | €23,906 | €43,346 | +€19,441 | +81.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,287 | €30,323 | +€6,036 | +24.9% |
| Other operating charges | 640/8 | €4,324 | €6,370 | +€2,045 | +47.3% |
| Gross operating margin | 9900 | €163,260 | €183,561 | +€20,301 | +12.4% |
| Operating profit (loss) | 9901 | €110,742 | €103,522 | -€7,221 | -6.5% |
| Financial income | 75/76B | - | €424 | +€424 | |
| Recurring financial income | 75 | - | €424 | +€424 | |
| Financial charges | 65/66B | €6,035 | €7,522 | +€1,487 | +24.6% |
| Recurring financial charges | 65 | €6,035 | €7,522 | +€1,487 | +24.6% |
| Profit (loss) for the period before taxes | 9903 | €104,707 | €96,424 | -€8,283 | -7.9% |
| Income taxes | 67/77 | €29,987 | €51,594 | +€21,607 | +72.1% |
| Profit (loss) for the period | 9904 | €74,720 | €44,831 | -€29,890 | -40.0% |
| Profit (loss) for the period to be appropriated | 9905 | €74,720 | €44,831 | -€29,890 | -40.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.