EBELKO: 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.
EBELKO
Largest movements
- Tangible fixed assets -€267,652
down €267,652 (-23.8%), from €1.1m to €857,429
- Receivables within one year -€222,207
down €222,207 (-74.3%), from €298,885 to €76,679
of which Trade receivables: -€222,220
- Other debts -€280,053
down €280,053 (-45.9%), from €610,081 to €330,028
- Trade debts -€144,477
down €144,477 (-28.4%), from €508,651 to €364,174
- Accrued charges and deferred income -€70,912
no longer reported in 2025 (was €70,912)
- Tax, wage and social debts +€50,900
up €50,900 (+43.1%), from €118,224 to €169,123
of which Taxes: +€48,270
- Profit (loss) carried forward -€45,325
down €45,325 (-26.4%), from €171,663 to €126,338
- Staff costs +€94,808
up €94,808 (+19.6%), from €484,254 to €579,062
- Gross operating margin -€57,025
down €57,025 (-6.5%), from €876,600 to €819,575
- Taxes -€41,966
down €41,966, from €40,078 to -€1,888
- Financial charges -€17,499
down €17,499 (-46.9%), from €37,285 to €19,786
- Depreciation +€10,249
up €10,249 (+4.0%), from €257,403 to €267,652
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 | €1,547,730 | €1,057,864 | -€489,867 | -31.7% |
| Fixed assets | 21/28 | €1,125,081 | €857,429 | -€267,652 | -23.8% |
| Tangible fixed assets | 22/27 | €1,125,081 | €857,429 | -€267,652 | -23.8% |
| Land and buildings | 22 | €284,172 | €249,826 | -€34,346 | -12.1% |
| Plant, machinery and equipment | 23 | €257,783 | €155,017 | -€102,766 | -39.9% |
| Furniture and vehicles | 24 | €20,147 | €15,035 | -€5,112 | -25.4% |
| Other tangible fixed assets | 26 | €562,979 | €437,551 | -€125,428 | -22.3% |
| Current assets | 29/58 | €422,649 | €200,435 | -€222,214 | -52.6% |
| Stocks and contracts in progress | 3 | €85,775 | €80,794 | -€4,981 | -5.8% |
| Stocks | 30/36 | €85,775 | €80,794 | -€4,981 | -5.8% |
| Amounts receivable within one year | 40/41 | €298,885 | €76,679 | -€222,207 | -74.3% |
| Trade receivables | 40 | €298,885 | €76,665 | -€222,220 | -74.3% |
| Other amounts receivable | 41 | - | €13 | +€13 | |
| Cash at bank and in hand | 54/58 | €37,989 | €42,963 | +€4,974 | +13.1% |
| Total equity and liabilities | 10/49 | €1,547,730 | €1,057,864 | -€489,867 | -31.7% |
| Equity | 10/15 | €239,863 | €194,538 | -€45,325 | -18.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €171,663 | €126,338 | -€45,325 | -26.4% |
| Amounts payable | 17/49 | €1,307,867 | €863,325 | -€444,542 | -34.0% |
| Amounts payable within one year | 42/48 | €1,236,956 | €863,325 | -€373,630 | -30.2% |
| Trade debts | 44 | €508,651 | €364,174 | -€144,477 | -28.4% |
| Suppliers | 440/4 | €508,651 | €364,174 | -€144,477 | -28.4% |
| Taxes, remuneration and social security | 45 | €118,224 | €169,123 | +€50,900 | +43.1% |
| Taxes | 450/3 | €32,296 | €80,566 | +€48,270 | +149.5% |
| Remuneration and social security | 454/9 | €85,928 | €88,558 | +€2,630 | +3.1% |
| Other amounts payable | 47/48 | €610,081 | €330,028 | -€280,053 | -45.9% |
| Accrued charges and deferred income | 492/3 | €70,912 | - | -€70,912 | |
| Remuneration, social security and pensions | 62 | €484,254 | €579,062 | +€94,808 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €257,403 | €267,652 | +€10,249 | +4.0% |
| Other operating charges | 640/8 | €1,935 | €288 | -€1,647 | -85.1% |
| Gross operating margin | 9900 | €876,600 | €819,575 | -€57,025 | -6.5% |
| Operating profit (loss) | 9901 | €133,008 | -€27,427 | -€160,435 | |
| Financial charges | 65/66B | €37,285 | €19,786 | -€17,499 | -46.9% |
| Recurring financial charges | 65 | €37,285 | €19,786 | -€17,499 | -46.9% |
| Profit (loss) for the period before taxes | 9903 | €95,723 | -€47,213 | -€142,936 | |
| Income taxes | 67/77 | €40,078 | -€1,888 | -€41,966 | |
| Profit (loss) for the period | 9904 | €55,645 | -€45,325 | -€100,970 | |
| Profit (loss) for the period to be appropriated | 9905 | €55,645 | -€45,325 | -€100,970 |
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 2 October 2026 via checked.be.