ECA - INVEST: 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.
ECA - INVEST
Largest movements
- Tangible fixed assets -€21,947
down €21,947 (-5.1%), from €434,301 to €412,354
- Receivables within one year -€17,013
down €17,013 (-88.3%), from €19,261 to €2,248
of which Trade receivables: -€18,307
- Debts after one year -€17,811
down €17,811 (-10.2%), from €173,974 to €156,163
of which Financial debts: -€19,211
- Profit (loss) carried forward -€15,002
down €15,002 (-65.8%), from -€22,790 to -€37,793
- Gross operating margin -€12,500
down €12,500 (-35.1%), from €35,603 to €23,103
- Financial charges +€3,998
up €3,998 (+103%), from €3,871 to €7,869
- Other operating charges +€2,645
up €2,645 (+23.7%), from €11,153 to €13,798
- Taxes -€1,294
no longer reported in 2025 (was €1,294)
- Depreciation +€455
up €455 (+2.1%), from €21,492 to €21,947
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €478,808 | €441,511 | -€37,297 | -7.8% |
| Fixed assets | 21/28 | €434,301 | €412,354 | -€21,947 | -5.1% |
| Tangible fixed assets | 22/27 | €434,301 | €412,354 | -€21,947 | -5.1% |
| Land and buildings | 22 | €434,301 | €412,354 | -€21,947 | -5.1% |
| Current assets | 29/58 | €44,507 | €29,157 | -€15,351 | -34.5% |
| Amounts receivable within one year | 40/41 | €19,261 | €2,248 | -€17,013 | -88.3% |
| Trade receivables | 40 | €18,307 | - | -€18,307 | |
| Other amounts receivable | 41 | €954 | €2,248 | +€1,294 | +136% |
| Current investments | 50/53 | €11,530 | €11,530 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €9,096 | €13,439 | +€4,343 | +47.7% |
| Deferred charges and accrued income | 490/1 | €4,620 | €1,940 | -€2,680 | -58.0% |
| Total equity and liabilities | 10/49 | €478,808 | €441,511 | -€37,297 | -7.8% |
| Equity | 10/15 | €135,940 | €116,807 | -€19,133 | -14.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €96,730 | €92,599 | -€4,131 | -4.3% |
| Tax-exempt reserves | 132 | €90,530 | €86,399 | -€4,131 | -4.6% |
| Distributable reserves | 133 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,790 | -€37,793 | -€15,002 | -65.8% |
| Provisions and deferred taxes | 16 | €30,177 | €28,800 | -€1,377 | -4.6% |
| Deferred taxes | 168 | €30,177 | €28,800 | -€1,377 | -4.6% |
| Amounts payable | 17/49 | €312,691 | €295,904 | -€16,787 | -5.4% |
| Amounts payable after more than one year | 17 | €173,974 | €156,163 | -€17,811 | -10.2% |
| Financial debts | 170/4 | €173,429 | €154,218 | -€19,211 | -11.1% |
| Other amounts payable | 178/9 | €545 | €1,945 | +€1,400 | +257% |
| Amounts payable within one year | 42/48 | €137,987 | €139,741 | +€1,754 | +1.3% |
| Current portion of amounts payable after more than one year | 42 | €22,444 | €21,097 | -€1,348 | -6.0% |
| Trade debts | 44 | €2,402 | €947 | -€1,456 | -60.6% |
| Suppliers | 440/4 | €2,402 | €947 | -€1,456 | -60.6% |
| Other amounts payable | 47/48 | €113,140 | €117,697 | +€4,558 | +4.0% |
| Accrued charges and deferred income | 492/3 | €730 | - | -€730 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,492 | €21,947 | +€455 | +2.1% |
| Other operating charges | 640/8 | €11,153 | €13,798 | +€2,645 | +23.7% |
| Gross operating margin | 9900 | €35,603 | €23,103 | -€12,500 | -35.1% |
| Operating profit (loss) | 9901 | €2,958 | -€12,642 | -€15,600 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €3,871 | €7,869 | +€3,998 | +103% |
| Recurring financial charges | 65 | €3,871 | €7,869 | +€3,998 | +103% |
| Profit (loss) for the period before taxes | 9903 | -€913 | -€20,511 | -€19,597 | -2,146% |
| Transfer from deferred taxes | 780 | €1,377 | €1,377 | = | 0.0% |
| Income taxes | 67/77 | €1,294 | - | -€1,294 | |
| Profit (loss) for the period | 9904 | -€830 | -€19,133 | -€18,304 | -2,206% |
| Transfer from tax-exempt reserves | 789 | €4,131 | €4,131 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,302 | -€15,002 | -€18,304 |
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 28 October 2026 via checked.be.