Echelpoels Projects: what changed
Echelpoels Projects
Largest movements
- Stocks and contracts +€387,171
up €387,171 (+199%), from €195,004 to €582,174
- Cash +€91,213
up €91,213 (+727%), from €12,538 to €103,751
mainly Short-term financial debts (+€336,494) and Current investments (+€89,955)
- Current investments -€89,955
down €89,955 (-99.9%), from €90,000 to €45
- Receivables within one year +€15,804
up €15,804 (+1,280%), from €1,234 to €17,038
of which Trade receivables: +€14,969
- Tangible fixed assets -€9,513
down €9,513 (-77.7%), from €12,249 to €2,735
of which Furniture and vehicles: -€9,050
- Short-term financial debts +€336,494
new in 2025: €336,494
- Other debts +€63,162
up €63,162 (+1,886%), from €3,349 to €66,511
- Reserves +€31,910
up €31,910 (+19.0%), from €168,038 to €199,948
- Tax, wage and social debts -€22,184
down €22,184 (-28.8%), from €76,932 to €54,748
- Trade debts -€9,609
down €9,609 (-21.4%), from €44,946 to €35,337
- Gross operating margin -€152,117
down €152,117 (-72.1%), from €211,089 to €58,972
- Taxes -€31,256
down €31,256 (-77.4%), from €40,375 to €9,119
- Financial charges -€6,656
down €6,656 (-51.7%), from €12,887 to €6,231
- Other operating charges -€6,494
down €6,494 (-74.1%), from €8,759 to €2,265
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €312,170 | €710,702 | +€398,532 | +128% |
| Fixed assets | 21/28 | €12,249 | €2,735 | -€9,513 | -77.7% |
| Tangible fixed assets | 22/27 | €12,249 | €2,735 | -€9,513 | -77.7% |
| Plant, machinery and equipment | 23 | €2,207 | €1,745 | -€463 | -21.0% |
| Furniture and vehicles | 24 | €10,041 | €991 | -€9,050 | -90.1% |
| Current assets | 29/58 | €299,922 | €707,966 | +€408,045 | +136% |
| Stocks and contracts in progress | 3 | €195,004 | €582,174 | +€387,171 | +199% |
| Stocks | 30/36 | €195,004 | €582,174 | +€387,171 | +199% |
| Amounts receivable within one year | 40/41 | €1,234 | €17,038 | +€15,804 | +1,280% |
| Trade receivables | 40 | €999 | €15,967 | +€14,969 | +1,499% |
| Other amounts receivable | 41 | €236 | €1,071 | +€835 | +354% |
| Current investments | 50/53 | €90,000 | €45 | -€89,955 | -99.9% |
| Cash at bank and in hand | 54/58 | €12,538 | €103,751 | +€91,213 | +727% |
| Deferred charges and accrued income | 490/1 | €1,146 | €4,958 | +€3,812 | +333% |
| Total equity and liabilities | 10/49 | €312,170 | €710,702 | +€398,532 | +128% |
| Equity | 10/15 | €173,038 | €204,948 | +€31,910 | +18.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €168,038 | €199,948 | +€31,910 | +19.0% |
| Distributable reserves | 133 | €168,038 | €199,948 | +€31,910 | +19.0% |
| Amounts payable | 17/49 | €139,132 | €505,754 | +€366,622 | +264% |
| Amounts payable after more than one year | 17 | €9,533 | €5,232 | -€4,301 | -45.1% |
| Financial debts | 170/4 | €9,533 | €5,232 | -€4,301 | -45.1% |
| Amounts payable within one year | 42/48 | €129,366 | €497,390 | +€368,024 | +284% |
| Current portion of amounts payable after more than one year | 42 | €4,138 | €4,301 | +€163 | +3.9% |
| Financial debts | 43 | - | €336,494 | +€336,494 | |
| Credit institutions | 430/8 | - | €336,494 | +€336,494 | |
| Trade debts | 44 | €44,946 | €35,337 | -€9,609 | -21.4% |
| Suppliers | 440/4 | €44,946 | €35,337 | -€9,609 | -21.4% |
| Taxes, remuneration and social security | 45 | €76,932 | €54,748 | -€22,184 | -28.8% |
| Taxes | 450/3 | €76,932 | €54,748 | -€22,184 | -28.8% |
| Other amounts payable | 47/48 | €3,349 | €66,511 | +€63,162 | +1,886% |
| Accrued charges and deferred income | 492/3 | €234 | €3,132 | +€2,898 | +1,240% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,852 | €9,513 | +€661 | +7.5% |
| Other operating charges | 640/8 | €8,759 | €2,265 | -€6,494 | -74.1% |
| Gross operating margin | 9900 | €211,089 | €58,972 | -€152,117 | -72.1% |
| Operating profit (loss) | 9901 | €193,478 | €47,195 | -€146,284 | -75.6% |
| Financial income | 75/76B | €589 | €65 | -€523 | -88.9% |
| Recurring financial income | 75 | €589 | €65 | -€523 | -88.9% |
| Financial charges | 65/66B | €12,887 | €6,231 | -€6,656 | -51.7% |
| Recurring financial charges | 65 | €12,887 | €6,231 | -€6,656 | -51.7% |
| Profit (loss) for the period before taxes | 9903 | €181,180 | €41,029 | -€140,151 | -77.4% |
| Income taxes | 67/77 | €40,375 | €9,119 | -€31,256 | -77.4% |
| Profit (loss) for the period | 9904 | €140,805 | €31,910 | -€108,895 | -77.3% |
| Profit (loss) for the period to be appropriated | 9905 | €140,805 | €31,910 | -€108,895 | -77.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.