eCapital: 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.
eCapital
Largest movements
- Receivables within one year +€65,572
up €65,572 (+603.4%), from €10,867 to €76,439
of which Trade receivables: +€72,149
- Cash -€54,500
down €54,500 (-79.3%), from €68,766 to €14,266
mainly Receivables within one year (-€65,572) and Investment in fixed assets (net) (-€44,442)
- Deferred charges and accrued income -€20,263
no longer reported in 2025 (was €20,263)
- Tangible fixed assets +€16,592
up €16,592 (+37.3%), from €44,484 to €61,076
of which Assets under construction and advance payments: +€22,581
- Stocks and contracts +€11,776
new in 2025: €11,776
- Tax, wage and social debts +€9,423
up €9,423 (+56.6%), from €16,636 to €26,059
of which Taxes: +€7,923
- Accrued charges and deferred income +€3,587
up €3,587 (+457.5%), from €784 to €4,371
- Reserves +€3,387
up €3,387 (+2.6%), from €130,999 to €134,386
- Gross operating margin -€30,176
down €30,176 (-41.9%), from €71,961 to €41,785
- Taxes -€8,825
down €8,825 (-83.1%), from €10,624 to €1,799
- Other operating charges +€3,099
up €3,099 (+8854.3%), from €35 to €3,134
- Depreciation +€2,870
up €2,870 (+9.8%), from €29,192 to €32,062
- Financial charges +€1,458
up €1,458 (+2750.9%), from €53 to €1,511
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 | €153,780 | €168,745 | +€14,965 | +9.7% |
| Fixed assets | 21/28 | €53,884 | €66,264 | +€12,380 | +23.0% |
| Tangible fixed assets | 22/27 | €44,484 | €61,076 | +€16,592 | +37.3% |
| Land and buildings | 22 | €7,694 | €7,932 | +€238 | +3.1% |
| Plant, machinery and equipment | 23 | €8,125 | €4,803 | -€3,322 | -40.9% |
| Furniture and vehicles | 24 | €28,665 | €25,760 | -€2,905 | -10.1% |
| Assets under construction and advance payments | 27 | - | €22,581 | +€22,581 | |
| Financial fixed assets | 28 | €9,400 | €5,188 | -€4,212 | -44.8% |
| Current assets | 29/58 | €99,896 | €102,481 | +€2,585 | +2.6% |
| Stocks and contracts in progress | 3 | - | €11,776 | +€11,776 | |
| Stocks | 30/36 | - | €11,776 | +€11,776 | |
| Amounts receivable within one year | 40/41 | €10,867 | €76,439 | +€65,572 | +603.4% |
| Trade receivables | 40 | €4,290 | €76,439 | +€72,149 | +1681.8% |
| Other amounts receivable | 41 | €6,577 | - | -€6,577 | |
| Cash at bank and in hand | 54/58 | €68,766 | €14,266 | -€54,500 | -79.3% |
| Deferred charges and accrued income | 490/1 | €20,263 | - | -€20,263 | |
| Total equity and liabilities | 10/49 | €153,780 | €168,745 | +€14,965 | +9.7% |
| Equity | 10/15 | €134,012 | €137,399 | +€3,387 | +2.5% |
| Contributions | 10/11 | €3,013 | €3,013 | = | 0.0% |
| Reserves | 13 | €130,999 | €134,386 | +€3,387 | +2.6% |
| Distributable reserves | 133 | €130,999 | €134,386 | +€3,387 | +2.6% |
| Amounts payable | 17/49 | €19,768 | €31,346 | +€11,578 | +58.6% |
| Amounts payable within one year | 42/48 | €18,984 | €26,975 | +€7,991 | +42.1% |
| Trade debts | 44 | €2,348 | €798 | -€1,550 | -66.0% |
| Suppliers | 440/4 | €2,348 | €798 | -€1,550 | -66.0% |
| Taxes, remuneration and social security | 45 | €16,636 | €26,059 | +€9,423 | +56.6% |
| Taxes | 450/3 | €16,636 | €24,559 | +€7,923 | +47.6% |
| Remuneration and social security | 454/9 | - | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | - | €118 | +€118 | |
| Accrued charges and deferred income | 492/3 | €784 | €4,371 | +€3,587 | +457.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,192 | €32,062 | +€2,870 | +9.8% |
| Other operating charges | 640/8 | €35 | €3,134 | +€3,099 | +8854.3% |
| Gross operating margin | 9900 | €71,961 | €41,785 | -€30,176 | -41.9% |
| Operating profit (loss) | 9901 | €42,734 | €6,589 | -€36,145 | -84.6% |
| Financial income | 75/76B | €10 | €108 | +€98 | +980.0% |
| Recurring financial income | 75 | €10 | €108 | +€98 | +980.0% |
| Financial charges | 65/66B | €53 | €1,511 | +€1,458 | +2750.9% |
| Recurring financial charges | 65 | €53 | €1,511 | +€1,458 | +2750.9% |
| Profit (loss) for the period before taxes | 9903 | €42,691 | €5,186 | -€37,505 | -87.9% |
| Income taxes | 67/77 | €10,624 | €1,799 | -€8,825 | -83.1% |
| Profit (loss) for the period | 9904 | €32,067 | €3,387 | -€28,680 | -89.4% |
| Profit (loss) for the period to be appropriated | 9905 | €32,067 | €3,387 | -€28,680 | -89.4% |
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 11 October 2026 via checked.be.