EBD: 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.
EBD
Largest movements
- Cash -€280,930
down €280,930 (-96.2%), from €291,884 to €10,954
mainly Investment in fixed assets (net) (-€144,524) and Current investments (-€112,163)
- Receivables within one year -€164,033
down €164,033 (-70.6%), from €232,245 to €68,212
of which Other amounts receivable: -€124,133
- Financial fixed assets +€140,290
up €140,290 (+156%), from €90,000 to €230,290
- Current investments +€112,163
up €112,163 (+37.4%), from €300,000 to €412,163
- Receivables after one year +€65,008
up €65,008 (+43.3%), from €150,093 to €215,101
- Reserves -€112,390
down €112,390 (-9.8%), from €1.1m to €1.0m
- Debts after one year -€25,459
down €25,459 (-11.9%), from €214,129 to €188,669
- Tax, wage and social debts -€20,406
down €20,406 (-79.5%), from €25,679 to €5,274
of which Taxes: -€16,281
- Other operating charges -€4,523
down €4,523 (-43.4%), from €10,411 to €5,888
- Gross operating margin -€1,005
down €1,005 (-5.7%), from -€17,553 to -€18,558
- Financial income -€979
down €979 (-8.9%), from €10,982 to €10,004
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 | €1,533,762 | €1,373,962 | -€159,800 | -10.4% |
| Fixed assets | 21/28 | €554,437 | €666,818 | +€112,382 | +20.3% |
| Tangible fixed assets | 22/27 | €464,437 | €436,528 | -€27,908 | -6.0% |
| Land and buildings | 22 | €422,930 | €396,104 | -€26,826 | -6.3% |
| Plant, machinery and equipment | 23 | €2,679 | €2,127 | -€552 | -20.6% |
| Furniture and vehicles | 24 | €14,400 | €13,870 | -€531 | -3.7% |
| Other tangible fixed assets | 26 | €24,427 | €24,427 | = | 0.0% |
| Financial fixed assets | 28 | €90,000 | €230,290 | +€140,290 | +156% |
| Current assets | 29/58 | €979,325 | €707,144 | -€272,182 | -27.8% |
| Amounts receivable after more than one year | 29 | €150,093 | €215,101 | +€65,008 | +43.3% |
| Other amounts receivable | 291 | €150,093 | €215,101 | +€65,008 | +43.3% |
| Amounts receivable within one year | 40/41 | €232,245 | €68,212 | -€164,033 | -70.6% |
| Trade receivables | 40 | €45,198 | €5,298 | -€39,900 | -88.3% |
| Other amounts receivable | 41 | €187,047 | €62,914 | -€124,133 | -66.4% |
| Current investments | 50/53 | €300,000 | €412,163 | +€112,163 | +37.4% |
| Cash at bank and in hand | 54/58 | €291,884 | €10,954 | -€280,930 | -96.2% |
| Deferred charges and accrued income | 490/1 | €5,104 | €714 | -€4,390 | -86.0% |
| Total equity and liabilities | 10/49 | €1,533,762 | €1,373,962 | -€159,800 | -10.4% |
| Equity | 10/15 | €1,247,956 | €1,135,567 | -€112,390 | -9.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,147,956 | €1,035,567 | -€112,390 | -9.8% |
| Distributable reserves | 133 | €1,147,956 | €1,035,567 | -€112,390 | -9.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €285,806 | €238,395 | -€47,410 | -16.6% |
| Amounts payable after more than one year | 17 | €214,129 | €188,669 | -€25,459 | -11.9% |
| Financial debts | 170/4 | €214,129 | €188,669 | -€25,459 | -11.9% |
| Amounts payable within one year | 42/48 | €71,677 | €49,726 | -€21,951 | -30.6% |
| Current portion of amounts payable after more than one year | 42 | €24,410 | €25,459 | +€1,049 | +4.3% |
| Financial debts | 43 | €1,672 | €33 | -€1,639 | -98.0% |
| Credit institutions | 430/8 | €1,672 | €33 | -€1,639 | -98.0% |
| Trade debts | 44 | €19,733 | €18,959 | -€774 | -3.9% |
| Suppliers | 440/4 | €19,733 | €18,959 | -€774 | -3.9% |
| Taxes, remuneration and social security | 45 | €25,679 | €5,274 | -€20,406 | -79.5% |
| Taxes | 450/3 | €21,554 | €5,274 | -€16,281 | -75.5% |
| Remuneration and social security | 454/9 | €4,125 | €0 | -€4,125 | -100% |
| Other amounts payable | 47/48 | €182 | €0 | -€182 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,991 | €32,142 | +€150 | +0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €10,411 | €5,888 | -€4,523 | -43.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€17,553 | -€18,558 | -€1,005 | -5.7% |
| Operating profit (loss) | 9901 | -€59,956 | -€56,588 | +€3,367 | +5.6% |
| Financial income | 75/76B | €10,982 | €10,004 | -€979 | -8.9% |
| Recurring financial income | 75 | €10,982 | €10,004 | -€979 | -8.9% |
| Financial charges | 65/66B | €12,820 | €12,999 | +€179 | +1.4% |
| Recurring financial charges | 65 | €12,820 | €12,999 | +€179 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | -€61,793 | -€59,584 | +€2,210 | +3.6% |
| Income taxes | 67/77 | €169 | €182 | +€13 | +7.9% |
| Profit (loss) for the period | 9904 | -€61,962 | -€59,766 | +€2,196 | +3.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€61,962 | -€59,766 | +€2,196 | +3.5% |
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 29 October 2026 via checked.be.