ECDA: what changed
Two fiscal 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.
ECDA
Largest movements
- Financial fixed assets +€169,923
up €169,923 (+233.6%), from €72,735 to €242,658
- Receivables within one year -€57,541
down €57,541 (-96.6%), from €59,573 to €2,032
- Cash +€5,011
up €5,011 (+10.4%), from €48,376 to €53,387
mainly Other debts (+€71,472) and Net result for the year (+€61,489)
- Other debts +€71,472
up €71,472 (+449.2%), from €15,910 to €87,382
- Debts after one year +€56,941
new in 2025: €56,941
- Reserves -€25,740
down €25,740 (-13.5%), from €190,074 to €164,334
- Current portion of long-term debt +€13,059
new in 2025: €13,059
- Tax, wage and social debts +€3,840
up €3,840 (+43.3%), from €8,871 to €12,711
- Gross operating margin +€18,400
up €18,400 (+24.3%), from €75,816 to €94,216
- Taxes +€9,536
up €9,536 (+45.5%), from €20,968 to €30,504
- Financial charges +€947
up €947 (+2104.4%), from €45 to €992
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 | €225,062 | €343,324 | +€118,262 | +52.5% |
| Fixed assets | 21/28 | €76,713 | €247,464 | +€170,751 | +222.6% |
| Tangible fixed assets | 22/27 | €3,978 | €4,806 | +€828 | +20.8% |
| Furniture and vehicles | 24 | €3,978 | €4,806 | +€828 | +20.8% |
| Financial fixed assets | 28 | €72,735 | €242,658 | +€169,923 | +233.6% |
| Current assets | 29/58 | €148,349 | €95,860 | -€52,489 | -35.4% |
| Amounts receivable within one year | 40/41 | €59,573 | €2,032 | -€57,541 | -96.6% |
| Other amounts receivable | 41 | €59,573 | €2,032 | -€57,541 | -96.6% |
| Current investments | 50/53 | €40,000 | €40,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €48,376 | €53,387 | +€5,011 | +10.4% |
| Deferred charges and accrued income | 490/1 | €400 | €441 | +€41 | +10.3% |
| Total equity and liabilities | 10/49 | €225,062 | €343,324 | +€118,262 | +52.5% |
| Equity | 10/15 | €196,274 | €170,534 | -€25,740 | -13.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €190,074 | €164,334 | -€25,740 | -13.5% |
| Distributable reserves | 133 | €190,074 | €164,334 | -€25,740 | -13.5% |
| Amounts payable | 17/49 | €28,788 | €172,790 | +€144,002 | +500.2% |
| Amounts payable after more than one year | 17 | - | €56,941 | +€56,941 | |
| Financial debts | 170/4 | - | €56,941 | +€56,941 | |
| Amounts payable within one year | 42/48 | €26,528 | €115,849 | +€89,321 | +336.7% |
| Current portion of amounts payable after more than one year | 42 | - | €13,059 | +€13,059 | |
| Trade debts | 44 | €1,747 | €2,697 | +€950 | +54.4% |
| Suppliers | 440/4 | €1,747 | €2,697 | +€950 | +54.4% |
| Taxes, remuneration and social security | 45 | €8,871 | €12,711 | +€3,840 | +43.3% |
| Taxes | 450/3 | €8,871 | €12,711 | +€3,840 | +43.3% |
| Other amounts payable | 47/48 | €15,910 | €87,382 | +€71,472 | +449.2% |
| Accrued charges and deferred income | 492/3 | €2,260 | - | -€2,260 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,773 | €1,593 | -€180 | -10.2% |
| Other operating charges | 640/8 | €1,131 | €1,159 | +€28 | +2.5% |
| Gross operating margin | 9900 | €75,816 | €94,216 | +€18,400 | +24.3% |
| Operating profit (loss) | 9901 | €72,912 | €91,464 | +€18,552 | +25.4% |
| Financial income | 75/76B | €1,236 | €1,521 | +€285 | +23.1% |
| Recurring financial income | 75 | €1,236 | €1,521 | +€285 | +23.1% |
| Financial charges | 65/66B | €45 | €992 | +€947 | +2104.4% |
| Recurring financial charges | 65 | €45 | €992 | +€947 | +2104.4% |
| Profit (loss) for the period before taxes | 9903 | €74,103 | €91,993 | +€17,890 | +24.1% |
| Income taxes | 67/77 | €20,968 | €30,504 | +€9,536 | +45.5% |
| Profit (loss) for the period | 9904 | €53,135 | €61,489 | +€8,354 | +15.7% |
| Profit (loss) for the period to be appropriated | 9905 | €53,135 | €61,489 | +€8,354 | +15.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.