ECES: 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.
ECES
Largest movements
- Cash +€32,289
up €32,289 (+179.1%), from €18,028 to €50,317
mainly Net result for the year (+€66,421) and Depreciation (+€24,079)
- Current investments +€27,169
up €27,169 (+4.4%), from €613,379 to €640,549
- Tangible fixed assets -€11,324
down €11,324 (-3.9%), from €292,660 to €281,337
of which Land and buildings: -€19,500
- Reserves +€66,400
up €66,400 (+7.9%), from €841,305 to €907,705
of which Distributable reserves: +€66,400
- Debts after one year -€13,163
down €13,163 (-21.8%), from €60,456 to €47,294
- Gross operating margin -€39,804
down €39,804 (-25.2%), from €157,706 to €117,902
- Taxes -€5,318
down €5,318 (-11.5%), from €46,188 to €40,870
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 | €940,360 | €985,232 | +€44,871 | +4.8% |
| Fixed assets | 21/28 | €292,660 | €282,208 | -€10,452 | -3.6% |
| Intangible fixed assets | 21 | - | €872 | +€872 | |
| Tangible fixed assets | 22/27 | €292,660 | €281,337 | -€11,324 | -3.9% |
| Land and buildings | 22 | €276,182 | €256,681 | -€19,500 | -7.1% |
| Furniture and vehicles | 24 | €16,464 | €24,655 | +€8,191 | +49.8% |
| Other tangible fixed assets | 26 | €15 | €0 | -€15 | -100.0% |
| Current assets | 29/58 | €647,700 | €703,024 | +€55,324 | +8.5% |
| Stocks and contracts in progress | 3 | €3,370 | €3,453 | +€83 | +2.5% |
| Stocks | 30/36 | €3,370 | €3,453 | +€83 | +2.5% |
| Amounts receivable within one year | 40/41 | €4,091 | €1 | -€4,090 | -100.0% |
| Trade receivables | 40 | €4,090 | €0 | -€4,090 | -100.0% |
| Other amounts receivable | 41 | €1 | €1 | = | 0.0% |
| Current investments | 50/53 | €613,379 | €640,549 | +€27,169 | +4.4% |
| Cash at bank and in hand | 54/58 | €18,028 | €50,317 | +€32,289 | +179.1% |
| Deferred charges and accrued income | 490/1 | €8,832 | €8,704 | -€128 | -1.4% |
| Total equity and liabilities | 10/49 | €940,360 | €985,232 | +€44,871 | +4.8% |
| Equity | 10/15 | €847,514 | €913,935 | +€66,421 | +7.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €841,305 | €907,705 | +€66,400 | +7.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €195 | €195 | = | 0.0% |
| Distributable reserves | 133 | €841,110 | €907,510 | +€66,400 | +7.9% |
| Profit (loss) carried forward | 14 | €9 | €30 | +€21 | +241.7% |
| Amounts payable | 17/49 | €92,847 | €71,296 | -€21,550 | -23.2% |
| Amounts payable after more than one year | 17 | €60,456 | €47,294 | -€13,163 | -21.8% |
| Financial debts | 170/4 | €60,456 | €47,294 | -€13,163 | -21.8% |
| Amounts payable within one year | 42/48 | €31,305 | €23,648 | -€7,657 | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €12,102 | €12,948 | +€846 | +7.0% |
| Trade debts | 44 | €1,458 | €205 | -€1,253 | -85.9% |
| Suppliers | 440/4 | €1,458 | €205 | -€1,253 | -85.9% |
| Taxes, remuneration and social security | 45 | €11,918 | €7,354 | -€4,565 | -38.3% |
| Taxes | 450/3 | €11,318 | €6,754 | -€4,565 | -40.3% |
| Remuneration and social security | 454/9 | €600 | €600 | = | 0.0% |
| Other amounts payable | 47/48 | €5,827 | €3,142 | -€2,685 | -46.1% |
| Accrued charges and deferred income | 492/3 | €1,085 | €355 | -€730 | -67.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,528 | €24,079 | +€551 | +2.3% |
| Other operating charges | 640/8 | €3,457 | €2,932 | -€525 | -15.2% |
| Gross operating margin | 9900 | €157,706 | €117,902 | -€39,804 | -25.2% |
| Operating profit (loss) | 9901 | €130,721 | €90,891 | -€39,829 | -30.5% |
| Financial income | 75/76B | €21,382 | €20,361 | -€1,020 | -4.8% |
| Recurring financial income | 75 | €21,382 | €20,361 | -€1,020 | -4.8% |
| Financial charges | 65/66B | €4,963 | €3,961 | -€1,002 | -20.2% |
| Recurring financial charges | 65 | €4,963 | €3,961 | -€1,002 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €147,139 | €107,292 | -€39,848 | -27.1% |
| Income taxes | 67/77 | €46,188 | €40,870 | -€5,318 | -11.5% |
| Profit (loss) for the period | 9904 | €100,951 | €66,421 | -€34,530 | -34.2% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €100,951 | €66,421 | -€34,530 | -34.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.