EC 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.
EC MANAGEMENT
Largest movements
- Cash +€46,166
up €46,166 (+16.9%), from €273,095 to €319,261
mainly Net result for the year (+€57,123) and Depreciation (+€14,510)
- Tangible fixed assets -€8,762
down €8,762 (-13.5%), from €64,810 to €56,048
of which Furniture and vehicles: -€8,762
- Reserves +€57,123
up €57,123 (+19.6%), from €291,164 to €348,287
of which Distributable reserves: +€57,123
- Other debts -€25,841
no longer reported in 2025 (was €25,841)
- Tax, wage and social debts +€10,486
up €10,486 (+152.4%), from €6,882 to €17,367
- Gross operating margin +€34,570
up €34,570 (+50.3%), from €68,741 to €103,311
- Depreciation +€11,680
up €11,680 (+412.7%), from €2,830 to €14,510
- Taxes +€9,311
up €9,311 (+42.2%), from €22,038 to €31,349
- Other operating charges -€5,349
down €5,349 (-74.1%), from €7,222 to €1,873
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 | €370,870 | €412,544 | +€41,674 | +11.2% |
| Fixed assets | 21/28 | €64,835 | €56,073 | -€8,762 | -13.5% |
| Tangible fixed assets | 22/27 | €64,810 | €56,048 | -€8,762 | -13.5% |
| Furniture and vehicles | 24 | €64,810 | €56,048 | -€8,762 | -13.5% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €306,035 | €356,472 | +€50,437 | +16.5% |
| Amounts receivable within one year | 40/41 | €31,447 | €35,046 | +€3,600 | +11.4% |
| Trade receivables | 40 | €15,836 | €34,411 | +€18,575 | +117.3% |
| Other amounts receivable | 41 | €15,611 | €635 | -€14,976 | -95.9% |
| Cash at bank and in hand | 54/58 | €273,095 | €319,261 | +€46,166 | +16.9% |
| Deferred charges and accrued income | 490/1 | €1,494 | €2,164 | +€670 | +44.9% |
| Total equity and liabilities | 10/49 | €370,870 | €412,544 | +€41,674 | +11.2% |
| Equity | 10/15 | €337,760 | €394,883 | +€57,123 | +16.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €291,164 | €348,287 | +€57,123 | +19.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €289,304 | €346,427 | +€57,123 | +19.7% |
| Profit (loss) carried forward | 14 | €34,196 | €34,196 | = | 0.0% |
| Amounts payable | 17/49 | €33,111 | €17,662 | -€15,449 | -46.7% |
| Amounts payable within one year | 42/48 | €33,111 | €17,662 | -€15,449 | -46.7% |
| Trade debts | 44 | €388 | €294 | -€94 | -24.1% |
| Suppliers | 440/4 | €388 | €294 | -€94 | -24.1% |
| Taxes, remuneration and social security | 45 | €6,882 | €17,367 | +€10,486 | +152.4% |
| Taxes | 450/3 | €6,882 | €17,367 | +€10,486 | +152.4% |
| Other amounts payable | 47/48 | €25,841 | - | -€25,841 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,830 | €14,510 | +€11,680 | +412.7% |
| Other operating charges | 640/8 | €7,222 | €1,873 | -€5,349 | -74.1% |
| Gross operating margin | 9900 | €68,741 | €103,311 | +€34,570 | +50.3% |
| Operating profit (loss) | 9901 | €58,689 | €86,928 | +€28,239 | +48.1% |
| Financial income | 75/76B | €2,992 | €2,380 | -€612 | -20.4% |
| Recurring financial income | 75 | €2,992 | €2,380 | -€612 | -20.4% |
| Financial charges | 65/66B | €1,026 | €837 | -€189 | -18.4% |
| Recurring financial charges | 65 | €1,026 | €837 | -€189 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | €60,655 | €88,472 | +€27,817 | +45.9% |
| Income taxes | 67/77 | €22,038 | €31,349 | +€9,311 | +42.2% |
| Profit (loss) for the period | 9904 | €38,617 | €57,123 | +€18,506 | +47.9% |
| Profit (loss) for the period to be appropriated | 9905 | €38,617 | €57,123 | +€18,506 | +47.9% |
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 9 October 2026 via checked.be.