EBM: what changed
EBM
Largest movements
- Receivables within one year +€74,287
up €74,287 (+25.8%), from €287,872 to €362,159
of which Trade receivables: +€39,381
- Cash +€45,634
up €45,634 (+8.3%), from €551,737 to €597,371
mainly Other debts (+€139,336) and Net result for the year (+€94,551)
- Tangible fixed assets -€12,633
down €12,633 (-26.7%), from €47,337 to €34,704
of which Furniture and vehicles: -€10,217
- Deferred charges and accrued income +€11,717
up €11,717 (+93.7%), from €12,505 to €24,222
- Other debts +€139,336
new in 2025: €139,336
- Trade debts -€101,131
down €101,131 (-29.9%), from €338,194 to €237,064
- Reserves +€94,551
up €94,551 (+19.6%), from €483,629 to €578,179
of which Distributable reserves: +€94,551
- Tax, wage and social debts -€23,418
down €23,418 (-30.4%), from €77,074 to €53,656
of which Taxes: -€22,249
- Other operating charges -€45,308
down €45,308 (-87.0%), from €52,050 to €6,742
- Staff costs +€32,429
up €32,429 (+12.8%), from €253,656 to €286,084
- Gross operating margin +€23,636
up €23,636 (+5.5%), from €432,328 to €455,965
- Depreciation +€10,180
up €10,180 (+118%), from €8,633 to €18,812
- Taxes +€6,989
up €6,989 (+20.2%), from €34,536 to €41,525
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €905,097 | €1,022,872 | +€117,775 | +13.0% |
| Fixed assets | 21/28 | €52,982 | €39,120 | -€13,862 | -26.2% |
| Intangible fixed assets | 21 | €5,645 | €4,416 | -€1,229 | -21.8% |
| Tangible fixed assets | 22/27 | €47,337 | €34,704 | -€12,633 | -26.7% |
| Plant, machinery and equipment | 23 | €6,160 | €4,416 | -€1,744 | -28.3% |
| Furniture and vehicles | 24 | €37,210 | €26,993 | -€10,217 | -27.5% |
| Other tangible fixed assets | 26 | €3,967 | €3,295 | -€672 | -16.9% |
| Current assets | 29/58 | €852,115 | €983,752 | +€131,638 | +15.4% |
| Amounts receivable within one year | 40/41 | €287,872 | €362,159 | +€74,287 | +25.8% |
| Trade receivables | 40 | €133,677 | €173,058 | +€39,381 | +29.5% |
| Other amounts receivable | 41 | €154,195 | €189,101 | +€34,906 | +22.6% |
| Cash at bank and in hand | 54/58 | €551,737 | €597,371 | +€45,634 | +8.3% |
| Deferred charges and accrued income | 490/1 | €12,505 | €24,222 | +€11,717 | +93.7% |
| Total equity and liabilities | 10/49 | €905,097 | €1,022,872 | +€117,775 | +13.0% |
| Equity | 10/15 | €489,829 | €584,379 | +€94,551 | +19.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €483,629 | €578,179 | +€94,551 | +19.6% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €839 | €839 | = | 0.0% |
| Distributable reserves | 133 | €480,789 | €575,340 | +€94,551 | +19.7% |
| Amounts payable | 17/49 | €415,268 | €438,493 | +€23,225 | +5.6% |
| Amounts payable within one year | 42/48 | €415,268 | €438,493 | +€23,225 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | - | €8,437 | +€8,437 | |
| Trade debts | 44 | €338,194 | €237,064 | -€101,131 | -29.9% |
| Suppliers | 440/4 | €338,194 | €237,064 | -€101,131 | -29.9% |
| Taxes, remuneration and social security | 45 | €77,074 | €53,656 | -€23,418 | -30.4% |
| Taxes | 450/3 | €56,259 | €34,010 | -€22,249 | -39.5% |
| Remuneration and social security | 454/9 | €20,815 | €19,646 | -€1,169 | -5.6% |
| Other amounts payable | 47/48 | - | €139,336 | +€139,336 | |
| Non-recurring operating income | 76A | - | €165 | +€165 | |
| Remuneration, social security and pensions | 62 | €253,656 | €286,084 | +€32,429 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,633 | €18,812 | +€10,180 | +118% |
| Other operating charges | 640/8 | €52,050 | €6,742 | -€45,308 | -87.0% |
| Non-recurring operating charges | 66A | - | €306 | +€306 | |
| Gross operating margin | 9900 | €432,328 | €455,965 | +€23,636 | +5.5% |
| Operating profit (loss) | 9901 | €117,991 | €144,020 | +€26,030 | +22.1% |
| Financial income | 75/76B | €446 | €2,962 | +€2,516 | +564% |
| Recurring financial income | 75 | €446 | €2,962 | +€2,516 | +564% |
| Financial charges | 65/66B | €5,741 | €10,906 | +€5,165 | +90.0% |
| Recurring financial charges | 65 | €5,741 | €10,906 | +€5,165 | +90.0% |
| Profit (loss) for the period before taxes | 9903 | €112,695 | €136,076 | +€23,381 | +20.7% |
| Income taxes | 67/77 | €34,536 | €41,525 | +€6,989 | +20.2% |
| Profit (loss) for the period | 9904 | €78,159 | €94,551 | +€16,392 | +21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €78,159 | €94,551 | +€16,392 | +21.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.