ECG Clinics: 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.
What changed
ECG Clinics
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€2.1m
2024 · -€382,980-€1.7m
Equity
€25.1m
2024 · €13.1m+€12.0m
Cash
€836,689
2024 · €251,222+€585,467
Balance sheet total
€90.0m
2024 · €45.8m+€44.3m
Largest movements
Assets
- Financial fixed assets +€43.9m
up €43.9m (+97.9%), from €44.9m to €88.8m
Equity and liabilities
- Debts after one year +€35.7m
up €35.7m (+133%), from €26.9m to €62.6m
- Contributions +€14.1m
up €14.1m (+112%), from €12.7m to €26.8m
- Short-term financial debts -€2.1m
no longer reported in 2025 (was €2.1m)
of which Credit institutions: -€1.9m
- Profit (loss) carried forward -€1.7m
new in 2025: -€1.7m
- Current portion of long-term debt -€1.4m
no longer reported in 2025 (was €1.4m)
Income statement
- Financial charges +€2.2m
up €2.2m (+126%), from €1.8m to €4.0m
of which Financial charges: +€2.2m
- Financial income +€1.4m
up €1.4m (+127%), from €1.1m to €2.5m
- Services and other goods +€911,633
up €911,633 (+295%), from €309,475 to €1.2m
- Goods and materials -€66,490
down €66,490 (-14.1%), from €470,974 to €404,485
- Staff costs +€37,432
up €37,432 (+41.1%), from €90,990 to €128,422
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.
Result 2024
-€382,980
Turnover
+€27,236
Other operating income
+€1,588
Goods and materials
+€66,490
Services and other goods
-€911,633
Staff costs
-€37,432
Depreciation
-€36,453
Other operating charges
-€58
Financial income
+€1.4m
Financial charges
-€2.2m
Result 2025
-€2.1m
raises the resultlowers the result
Derived cash bridge
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.
From operations
-€2.0m
Investment
-€43.8m
Financing
+€46.4m
Cash 2024
€251,222
From operations (derived)
-€2.0m
Net result for the year
-€2.1m
Depreciation
+€108,050
Smaller working-capital items
+€91,378
Other debts
-€963,749
Accrued charges and deferred income
+€912,636
Investment (derived)
-€43.8m
Investment in fixed assets (net)
-€43.9m
Current investments
+€100,000
Financing
+€46.4m
Debts after one year
+€35.7m
Current portion of long-term debt
-€1.4m
Short-term financial debts
-€2.1m
Contributions, distributions and other
+€14.1m
Cash 2025
€836,689
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €45,766,240 | €90,033,930 | +€44.3m | +96.7% |
| Fixed assets | 21/28 | €45,224,648 | €89,047,096 | +€43.8m | +96.9% |
| Tangible fixed assets | 22/27 | €372,379 | €265,372 | -€107,007 | -28.7% |
| Plant, machinery and equipment | 23 | €365,617 | €259,817 | -€105,800 | -28.9% |
| Furniture and vehicles | 24 | €1,459 | €1,159 | -€300 | -20.6% |
| Other tangible fixed assets | 26 | €5,303 | €4,396 | -€907 | -17.1% |
| Financial fixed assets | 28 | €44,852,268 | €88,781,724 | +€43.9m | +97.9% |
| Affiliated companies | 280/1 | €44,852,268 | €88,781,724 | +€43.9m | +97.9% |
| Participating interests | 280 | €44,304,910 | €87,907,800 | +€43.6m | +98.4% |
| Amounts receivable | 281 | €547,359 | €873,924 | +€326,565 | +59.7% |
| Current assets | 29/58 | €541,593 | €986,834 | +€445,241 | +82.2% |
| Amounts receivable within one year | 40/41 | €156,835 | €119,243 | -€37,591 | -24.0% |
| Trade receivables | 40 | €97,965 | €115,039 | +€17,074 | +17.4% |
| Other amounts receivable | 41 | €58,870 | €4,204 | -€54,665 | -92.9% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Other investments | 51/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €251,222 | €836,689 | +€585,467 | +233% |
| Deferred charges and accrued income | 490/1 | €33,536 | €30,902 | -€2,635 | -7.9% |
| Total equity and liabilities | 10/49 | €45,766,240 | €90,033,930 | +€44.3m | +96.7% |
| Equity | 10/15 | €13,133,008 | €25,133,896 | +€12.0m | +91.4% |
| Contributions | 10/11 | €12,657,065 | €26,790,536 | +€14.1m | +112% |
| Reserves | 13 | €475,944 | - | -€475,944 | |
| Distributable reserves | 133 | €475,944 | - | -€475,944 | |
| Profit (loss) carried forward | 14 | - | -€1,656,640 | -€1.7m | |
| Amounts payable | 17/49 | €32,633,232 | €64,900,034 | +€32.3m | +98.9% |
| Amounts payable after more than one year | 17 | €26,867,714 | €62,565,097 | +€35.7m | +133% |
| Financial debts | 170/4 | €26,867,714 | €62,565,097 | +€35.7m | +133% |
| Subordinated loans | 170 | €2,335,519 | - | -€2.3m | |
| Credit institutions | 173 | €20,805,181 | - | -€20.8m | |
| Other loans | 174 | €3,727,014 | €62,565,097 | +€58.8m | +1,579% |
| Amounts payable within one year | 42/48 | €5,644,761 | €1,301,544 | -€4.3m | -76.9% |
| Current portion of amounts payable after more than one year | 42 | €1,364,041 | - | -€1.4m | |
| Financial debts | 43 | €2,066,579 | - | -€2.1m | |
| Credit institutions | 430/8 | €1,890,000 | - | -€1.9m | |
| Other loans | 439 | €176,579 | - | -€176,579 | |
| Trade debts | 44 | €56,933 | €93,492 | +€36,559 | +64.2% |
| Suppliers | 440/4 | €56,933 | €93,492 | +€36,559 | +64.2% |
| Taxes, remuneration and social security | 45 | €13,459 | €28,052 | +€14,593 | +108% |
| Taxes | 450/3 | €2,675 | €3,519 | +€844 | +31.5% |
| Remuneration and social security | 454/9 | €10,783 | €24,533 | +€13,750 | +128% |
| Other amounts payable | 47/48 | €2,143,749 | €1,180,000 | -€963,749 | -45.0% |
| Accrued charges and deferred income | 492/3 | €120,757 | €1,033,393 | +€912,636 | +756% |
| Operating income | 70/76A | €1,247,432 | €1,276,256 | +€28,824 | +2.3% |
| Turnover | 70 | €1,247,413 | €1,274,648 | +€27,236 | +2.2% |
| Other operating income | 74 | €20 | €1,608 | +€1,588 | +8,024% |
| Operating charges | 60/66A | €944,066 | €1,863,153 | +€919,087 | +97.4% |
| Goods for resale, raw materials and consumables | 60 | €470,974 | €404,485 | -€66,490 | -14.1% |
| Purchases | 600/8 | €470,974 | €404,485 | -€66,490 | -14.1% |
| Services and other goods | 61 | €309,475 | €1,221,108 | +€911,633 | +295% |
| Remuneration, social security and pensions | 62 | €90,990 | €128,422 | +€37,432 | +41.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,597 | €108,050 | +€36,453 | +50.9% |
| Other operating charges | 640/8 | €1,030 | €1,088 | +€58 | +5.7% |
| Operating profit (loss) | 9901 | €303,366 | -€586,897 | -€890,263 | |
| Financial income | 75/76B | €1,088,233 | €2,464,971 | +€1.4m | +127% |
| Recurring financial income | 75 | €1,088,233 | €2,464,971 | +€1.4m | +127% |
| Income from financial fixed assets | 750 | €1,082,872 | €2,423,209 | +€1.3m | +124% |
| Other financial income | 752/9 | €5,361 | €41,762 | +€36,401 | +679% |
| Financial charges | 65/66B | €1,774,580 | €4,010,658 | +€2.2m | +126% |
| Recurring financial charges | 65 | €1,762,151 | €4,010,658 | +€2.2m | +128% |
| Debt charges | 650 | €1,760,534 | €3,996,801 | +€2.2m | +127% |
| Other financial charges | 652/9 | €1,617 | €13,857 | +€12,240 | +757% |
| Non-recurring financial charges | 66B | €12,428 | - | -€12,428 | |
| Profit (loss) for the period before taxes | 9903 | -€382,980 | -€2,132,584 | -€1.7m | -457% |
| Profit (loss) for the period | 9904 | -€382,980 | -€2,132,584 | -€1.7m | -457% |
| Profit (loss) for the period to be appropriated | 9905 | -€382,980 | -€2,132,584 | -€1.7m | -457% |
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 24 October 2026 via checked.be.