E2S: 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.
E2S
Largest movements
- Stocks and contracts +€244,704
up €244,704 (+141%), from €172,939 to €417,643
of which Contracts in progress: +€250,541
- Receivables within one year +€60,014
up €60,014 (+33.5%), from €178,984 to €238,998
of which Trade receivables: +€69,814
- Cash -€32,435
down €32,435 (-77.2%), from €42,014 to €9,579
mainly Stocks and contracts (-€244,704) and Net result for the year (-€127,610)
- Tangible fixed assets -€8,045
down €8,045 (-46.9%), from €17,142 to €9,098
of which Furniture and vehicles: -€4,620
- Advances received +€230,620
up €230,620 (+155%), from €149,198 to €379,818
- Profit (loss) carried forward -€127,610
down €127,610 (-141%), from -€90,562 to -€218,172
- Trade debts +€81,584
up €81,584 (+55.4%), from €147,244 to €228,828
- Short-term financial debts +€64,982
up €64,982 (+93.4%), from €69,550 to €134,532
- Tax, wage and social debts +€14,745
up €14,745 (+18.0%), from €81,730 to €96,475
of which Taxes: +€11,477
- Gross operating margin -€56,099
down €56,099 (-15.2%), from €369,689 to €313,591
- Staff costs +€8,495
up €8,495 (+2.1%), from €400,708 to €409,203
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 | €420,929 | €681,479 | +€260,550 | +61.9% |
| Fixed assets | 21/28 | €25,588 | €11,604 | -€13,985 | -54.7% |
| Intangible fixed assets | 21 | €8,446 | €2,506 | -€5,940 | -70.3% |
| Tangible fixed assets | 22/27 | €17,142 | €9,098 | -€8,045 | -46.9% |
| Plant, machinery and equipment | 23 | €9,959 | €6,534 | -€3,425 | -34.4% |
| Furniture and vehicles | 24 | €7,184 | €2,564 | -€4,620 | -64.3% |
| Current assets | 29/58 | €395,340 | €669,875 | +€274,535 | +69.4% |
| Stocks and contracts in progress | 3 | €172,939 | €417,643 | +€244,704 | +141% |
| Stocks | 30/36 | €72,692 | €66,855 | -€5,837 | -8.0% |
| Contracts in progress | 37 | €100,247 | €350,788 | +€250,541 | +250% |
| Amounts receivable within one year | 40/41 | €178,984 | €238,998 | +€60,014 | +33.5% |
| Trade receivables | 40 | €169,184 | €238,998 | +€69,814 | +41.3% |
| Other amounts receivable | 41 | €9,800 | €0 | -€9,800 | -100% |
| Cash at bank and in hand | 54/58 | €42,014 | €9,579 | -€32,435 | -77.2% |
| Deferred charges and accrued income | 490/1 | €1,404 | €3,656 | +€2,252 | +160% |
| Total equity and liabilities | 10/49 | €420,929 | €681,479 | +€260,550 | +61.9% |
| Equity | 10/15 | -€35,401 | -€163,011 | -€127,610 | -360% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €30,161 | €30,161 | = | 0.0% |
| Distributable reserves | 133 | €30,161 | €30,161 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€90,562 | -€218,172 | -€127,610 | -141% |
| Amounts payable | 17/49 | €456,329 | €844,489 | +€388,160 | +85.1% |
| Amounts payable after more than one year | 17 | €491 | €0 | -€491 | -100% |
| Financial debts | 170/4 | €491 | €0 | -€491 | -100% |
| Amounts payable within one year | 42/48 | €454,064 | €840,144 | +€386,081 | +85.0% |
| Current portion of amounts payable after more than one year | 42 | €6,342 | €491 | -€5,850 | -92.3% |
| Financial debts | 43 | €69,550 | €134,532 | +€64,982 | +93.4% |
| Credit institutions | 430/8 | €69,550 | €134,532 | +€64,982 | +93.4% |
| Trade debts | 44 | €147,244 | €228,828 | +€81,584 | +55.4% |
| Suppliers | 440/4 | €147,244 | €228,828 | +€81,584 | +55.4% |
| Advances received on contracts in progress | 46 | €149,198 | €379,818 | +€230,620 | +155% |
| Taxes, remuneration and social security | 45 | €81,730 | €96,475 | +€14,745 | +18.0% |
| Taxes | 450/3 | €16,021 | €27,498 | +€11,477 | +71.6% |
| Remuneration and social security | 454/9 | €65,709 | €68,977 | +€3,268 | +5.0% |
| Accrued charges and deferred income | 492/3 | €1,774 | €4,345 | +€2,571 | +145% |
| Non-recurring operating income | 76A | €6,265 | €905 | -€5,360 | -85.6% |
| Remuneration, social security and pensions | 62 | €400,708 | €409,203 | +€8,495 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,308 | €18,696 | -€3,612 | -16.2% |
| Other operating charges | 640/8 | €1,979 | €2,304 | +€325 | +16.4% |
| Gross operating margin | 9900 | €369,689 | €313,591 | -€56,099 | -15.2% |
| Operating profit (loss) | 9901 | -€55,306 | -€116,613 | -€61,307 | -111% |
| Financial income | 75/76B | €0 | €671 | +€671 | |
| Recurring financial income | 75 | €0 | €671 | +€671 | |
| Financial charges | 65/66B | €10,440 | €11,103 | +€662 | +6.3% |
| Recurring financial charges | 65 | €10,440 | €11,103 | +€662 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | -€65,746 | -€127,044 | -€61,298 | -93.2% |
| Income taxes | 67/77 | €200 | €566 | +€366 | +183% |
| Profit (loss) for the period | 9904 | -€65,946 | -€127,610 | -€61,664 | -93.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,946 | -€127,610 | -€61,664 | -93.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.