E2MS: 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.
E2MS
Largest movements
- Stocks and contracts -€909,011
down €909,011 (-17.8%), from €5.1m to €4.2m
of which Contracts in progress: -€1.0m
- Cash +€338,375
up €338,375 (+61.1%), from €553,373 to €891,748
- Receivables within one year +€149,847
up €149,847 (+5.7%), from €2.6m to €2.8m
of which Trade receivables: +€208,479
- Trade debts -€1.1m
down €1.1m (-43.7%), from €2.5m to €1.4m
- Profit (loss) carried forward +€852,721
up €852,721 (+167.7%), from €508,420 to €1.4m
- Short-term financial debts -€95,325
down €95,325 (-100.0%), from €95,325 to €0
- Gross operating margin +€990,652
up €990,652 (+60.0%), from €1.7m to €2.6m
- Staff costs +€505,510
up €505,510 (+60.9%), from €830,571 to €1.3m
- Taxes +€125,207
up €125,207 (+72.6%), from €172,390 to €297,597
- Depreciation +€47,262
up €47,262 (+75.4%), from €62,706 to €109,968
- Write-downs -€41,320
down €41,320 (-100.0%), from €41,320 to €0
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,580,929 | €8,166,425 | -€414,504 | -4.8% |
| Fixed assets | 21/28 | €243,513 | €278,334 | +€34,821 | +14.3% |
| Tangible fixed assets | 22/27 | €239,398 | €274,219 | +€34,821 | +14.5% |
| Plant, machinery and equipment | 23 | €104,274 | €58,706 | -€45,568 | -43.7% |
| Furniture and vehicles | 24 | €87,351 | €87,524 | +€173 | +0.2% |
| Leasing and similar rights | 25 | €47,773 | €127,989 | +€80,216 | +167.9% |
| Financial fixed assets | 28 | €4,115 | €4,115 | = | 0.0% |
| Current assets | 29/58 | €8,337,416 | €7,888,091 | -€449,326 | -5.4% |
| Amounts receivable after more than one year | 29 | €34,874 | €0 | -€34,874 | -100.0% |
| Trade receivables | 290 | €34,874 | €0 | -€34,874 | -100.0% |
| Stocks and contracts in progress | 3 | €5,098,532 | €4,189,521 | -€909,011 | -17.8% |
| Stocks | 30/36 | €274,023 | €407,124 | +€133,101 | +48.6% |
| Contracts in progress | 37 | €4,824,509 | €3,782,397 | -€1.0m | -21.6% |
| Amounts receivable within one year | 40/41 | €2,645,286 | €2,795,133 | +€149,847 | +5.7% |
| Trade receivables | 40 | €2,231,407 | €2,439,886 | +€208,479 | +9.3% |
| Other amounts receivable | 41 | €413,880 | €355,247 | -€58,632 | -14.2% |
| Cash at bank and in hand | 54/58 | €553,373 | €891,748 | +€338,375 | +61.1% |
| Deferred charges and accrued income | 490/1 | €5,352 | €11,688 | +€6,337 | +118.4% |
| Total equity and liabilities | 10/49 | €8,580,929 | €8,166,425 | -€414,504 | -4.8% |
| Equity | 10/15 | €751,757 | €1,604,479 | +€852,721 | +113.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €237,138 | €237,138 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €237,138 | €237,138 | = | 0.0% |
| Profit (loss) carried forward | 14 | €508,420 | €1,361,141 | +€852,721 | +167.7% |
| Amounts payable | 17/49 | €7,829,172 | €6,561,946 | -€1.3m | -16.2% |
| Amounts payable after more than one year | 17 | €209,017 | €191,938 | -€17,080 | -8.2% |
| Financial debts | 170/4 | €209,017 | €191,938 | -€17,080 | -8.2% |
| Amounts payable within one year | 42/48 | €7,613,690 | €6,368,508 | -€1.2m | -16.4% |
| Current portion of amounts payable after more than one year | 42 | €59,317 | €76,453 | +€17,136 | +28.9% |
| Financial debts | 43 | €95,325 | €0 | -€95,325 | -100.0% |
| Credit institutions | 430/8 | €95,325 | €0 | -€95,325 | -100.0% |
| Trade debts | 44 | €2,460,511 | €1,384,178 | -€1.1m | -43.7% |
| Suppliers | 440/4 | €2,460,511 | €1,384,178 | -€1.1m | -43.7% |
| Advances received on contracts in progress | 46 | €4,863,659 | €4,798,362 | -€65,298 | -1.3% |
| Taxes, remuneration and social security | 45 | €134,419 | €107,548 | -€26,871 | -20.0% |
| Taxes | 450/3 | €37,496 | €4,666 | -€32,830 | -87.6% |
| Remuneration and social security | 454/9 | €96,922 | €102,882 | +€5,959 | +6.1% |
| Other amounts payable | 47/48 | €460 | €1,969 | +€1,509 | +328.3% |
| Accrued charges and deferred income | 492/3 | €6,465 | €1,500 | -€4,965 | -76.8% |
| Non-recurring operating income | 76A | €1,269 | €66,114 | +€64,844 | +5108.3% |
| Remuneration, social security and pensions | 62 | €830,571 | €1,336,081 | +€505,510 | +60.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,706 | €109,968 | +€47,262 | +75.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €41,320 | €0 | -€41,320 | -100.0% |
| Other operating charges | 640/8 | €7,123 | €9,459 | +€2,335 | +32.8% |
| Gross operating margin | 9900 | €1,651,024 | €2,641,675 | +€990,652 | +60.0% |
| Operating profit (loss) | 9901 | €709,303 | €1,186,167 | +€476,864 | +67.2% |
| Financial income | 75/76B | €1,165 | €2,848 | +€1,683 | +144.5% |
| Recurring financial income | 75 | €1,165 | €2,848 | +€1,683 | +144.5% |
| Financial charges | 65/66B | €29,677 | €38,697 | +€9,020 | +30.4% |
| Recurring financial charges | 65 | €29,677 | €38,697 | +€9,020 | +30.4% |
| Profit (loss) for the period before taxes | 9903 | €680,791 | €1,150,318 | +€469,527 | +69.0% |
| Income taxes | 67/77 | €172,390 | €297,597 | +€125,207 | +72.6% |
| Profit (loss) for the period | 9904 | €508,401 | €852,721 | +€344,321 | +67.7% |
| Profit (loss) for the period to be appropriated | 9905 | €508,401 | €852,721 | +€344,321 | +67.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.