EBL Management: 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.
EBL Management
Largest movements
- Financial fixed assets -€2.9m
down €2.9m (-100%), from €2.9m to €0
- Receivables after one year +€1.0m
new in 2025: €1.0m
- Intangible fixed assets +€878,575
new in 2025: €878,575
- Tangible fixed assets +€855,811
up €855,811 (+41.2%), from €2.1m to €2.9m
of which Land and buildings: +€829,285
- Cash +€196,857
up €196,857 (+493%), from €39,960 to €236,817
mainly Net result for the year (+€5.8m) and Other debts (+€2.3m)
- Other debts +€2.3m
up €2.3m (+155%), from €1.5m to €3.8m
- Debts after one year -€2.0m
down €2.0m (-75.0%), from €2.7m to €675,248
- Reserves -€153,026
down €153,026 (-40.9%), from €374,221 to €221,195
- Current portion of long-term debt -€143,589
down €143,589 (-35.0%), from €409,993 to €266,404
- Financial income +€6.3m
up €6.3m (+2,700%), from €234,001 to €6.6m
of which Non-recurring financial income: +€6.5m
- Gross operating margin -€747,790
down €747,790, from €301,853 to -€445,937
- Depreciation +€153,905
up €153,905 (+325%), from €47,331 to €201,236
- Taxes -€32,224
down €32,224 (-99.6%), from €32,369 to €145
- Financial charges +€13,099
up €13,099 (+19.1%), from €68,591 to €81,690
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 | €5,072,137 | €5,067,136 | -€5,001 | -0.1% |
| Fixed assets | 21/28 | €5,025,604 | €3,811,737 | -€1.2m | -24.2% |
| Intangible fixed assets | 21 | - | €878,575 | +€878,575 | |
| Tangible fixed assets | 22/27 | €2,077,351 | €2,933,162 | +€855,811 | +41.2% |
| Land and buildings | 22 | €2,036,865 | €2,866,150 | +€829,285 | +40.7% |
| Furniture and vehicles | 24 | €40,486 | €63,412 | +€22,926 | +56.6% |
| Other tangible fixed assets | 26 | - | €3,600 | +€3,600 | |
| Financial fixed assets | 28 | €2,948,253 | €0 | -€2.9m | -100% |
| Current assets | 29/58 | €46,533 | €1,255,399 | +€1.2m | +2,598% |
| Amounts receivable after more than one year | 29 | - | €1,000,000 | +€1.0m | |
| Other amounts receivable | 291 | - | €1,000,000 | +€1.0m | |
| Amounts receivable within one year | 40/41 | €6,543 | €12,579 | +€6,036 | +92.3% |
| Trade receivables | 40 | €5,440 | €4,213 | -€1,227 | -22.6% |
| Other amounts receivable | 41 | €1,103 | €8,366 | +€7,263 | +659% |
| Cash at bank and in hand | 54/58 | €39,960 | €236,817 | +€196,857 | +493% |
| Deferred charges and accrued income | 490/1 | €30 | €6,002 | +€5,973 | +20,192% |
| Total equity and liabilities | 10/49 | €5,072,137 | €5,067,136 | -€5,001 | -0.1% |
| Equity | 10/15 | €394,221 | €241,195 | -€153,026 | -38.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €374,221 | €221,195 | -€153,026 | -40.9% |
| Distributable reserves | 133 | €374,221 | €221,195 | -€153,026 | -40.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,677,916 | €4,825,941 | +€148,025 | +3.2% |
| Amounts payable after more than one year | 17 | €2,703,476 | €675,248 | -€2.0m | -75.0% |
| Financial debts | 170/4 | €2,703,476 | €675,248 | -€2.0m | -75.0% |
| Amounts payable within one year | 42/48 | €1,974,413 | €4,150,693 | +€2.2m | +110% |
| Current portion of amounts payable after more than one year | 42 | €409,993 | €266,404 | -€143,589 | -35.0% |
| Trade debts | 44 | €52,359 | €47,047 | -€5,312 | -10.1% |
| Suppliers | 440/4 | €52,359 | €47,047 | -€5,312 | -10.1% |
| Taxes, remuneration and social security | 45 | €7,369 | €3,758 | -€3,611 | -49.0% |
| Taxes | 450/3 | €7,369 | €3,343 | -€4,026 | -54.6% |
| Remuneration and social security | 454/9 | - | €416 | +€416 | |
| Other amounts payable | 47/48 | €1,504,693 | €3,833,484 | +€2.3m | +155% |
| Accrued charges and deferred income | 492/3 | €27 | €0 | -€27 | -100% |
| Remuneration, social security and pensions | 62 | - | €6,263 | +€6,263 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,331 | €201,236 | +€153,905 | +325% |
| Other operating charges | 640/8 | €1,094 | €11,365 | +€10,271 | +939% |
| Non-recurring operating charges | 66A | - | €4,500 | +€4,500 | |
| Gross operating margin | 9900 | €301,853 | -€445,937 | -€747,790 | |
| Operating profit (loss) | 9901 | €253,429 | -€669,301 | -€922,730 | |
| Financial income | 75/76B | €234,001 | €6,551,216 | +€6.3m | +2,700% |
| Recurring financial income | 75 | €234,001 | €28,229 | -€205,772 | -87.9% |
| Non-recurring financial income | 76B | - | €6,522,987 | +€6.5m | |
| Financial charges | 65/66B | €68,591 | €81,690 | +€13,099 | +19.1% |
| Recurring financial charges | 65 | €68,591 | €81,690 | +€13,099 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | €418,839 | €5,800,225 | +€5.4m | +1,285% |
| Income taxes | 67/77 | €32,369 | €145 | -€32,224 | -99.6% |
| Profit (loss) for the period | 9904 | €386,470 | €5,800,080 | +€5.4m | +1,401% |
| Profit (loss) for the period to be appropriated | 9905 | €386,470 | €5,800,080 | +€5.4m | +1,401% |
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 27 October 2026 via checked.be.