ECHOFIN: 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.
What changed
ECHOFIN
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€465,387
2024 · €194,588+€270,799
Equity
€26.3m
2024 · €25.8m+€465,387
Cash
€1.2m
2024 · €5.0m-€3.8m
Balance sheet total
€26.7m
2024 · €26.2m+€541,511
Largest movements
Assets
- Current investments +€4.4m
up €4.4m (+116.8%), from €3.8m to €8.2m
- Cash -€3.8m
down €3.8m (-75.3%), from €5.0m to €1.2m
mainly Current investments (-€4.4m) and Investment in fixed assets (net) (-€582,169)
- Receivables within one year -€603,798
down €603,798 (-16.3%), from €3.7m to €3.1m
of which Trade receivables: -€1.1m
- Financial fixed assets +€582,169
up €582,169 (+4.9%), from €12.0m to €12.6m
Equity and liabilities
- Reserves +€465,000
up €465,000 (+2.8%), from €16.5m to €17.0m
Income statement
- Financial income +€305,466
up €305,466 (+104.0%), from €293,697 to €599,163
- Turnover +€200,937
up €200,937 (+9.6%), from €2.1m to €2.3m
- Financial charges +€76,026
up €76,026, from -€8,303 to €67,724
- Staff costs +€73,423
up €73,423 (+12.5%), from €586,005 to €659,427
- Services and other goods +€67,570
up €67,570 (+4.6%), from €1.5m to €1.5m
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
€194,588
Turnover
+€200,937
Other operating income
+€24,954
Services and other goods
-€67,570
Staff costs
-€73,423
Depreciation
+€2,453
Other operating charges
-€2,327
Other operating items
-€2,413
Financial income
+€305,466
Financial charges
-€76,026
Taxes
-€41,253
Result 2025
€465,387
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.
From operations
+€1.2m
Investment
-€5.0m
Financing
€0
Cash 2024
€5.0m
From operations (derived)
+€1.2m
Net result for the year
+€465,387
Depreciation
+€125,804
Receivables within one year
+€603,798
Deferred charges and accrued income
-€54,650
Trade debts
+€51,460
Tax, wage and social debts
+€24,663
Investment (derived)
-€5.0m
Investment in fixed assets (net)
-€582,169
Current investments
-€4.4m
Cash 2025
€1.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,153,202 | €26,694,713 | +€541,511 | +2.1% |
| Fixed assets | 21/28 | €13,515,369 | €13,971,734 | +€456,366 | +3.4% |
| Tangible fixed assets | 22/27 | €1,512,134 | €1,386,330 | -€125,804 | -8.3% |
| Land and buildings | 22 | €1,406,368 | €1,316,892 | -€89,476 | -6.4% |
| Plant, machinery and equipment | 23 | €9,933 | €7,680 | -€2,253 | -22.7% |
| Furniture and vehicles | 24 | €95,833 | €61,759 | -€34,074 | -35.6% |
| Financial fixed assets | 28 | €12,003,235 | €12,585,404 | +€582,169 | +4.9% |
| Affiliated companies | 280/1 | €12,003,235 | €12,585,404 | +€582,169 | +4.9% |
| Participating interests | 280 | €7,119,997 | €7,119,997 | = | 0.0% |
| Amounts receivable | 281 | €4,883,238 | €5,465,407 | +€582,169 | +11.9% |
| Current assets | 29/58 | €12,637,833 | €12,722,978 | +€85,145 | +0.7% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €3,710,260 | €3,106,461 | -€603,798 | -16.3% |
| Trade receivables | 40 | €2,474,620 | €1,399,613 | -€1.1m | -43.4% |
| Other amounts receivable | 41 | €1,235,640 | €1,706,848 | +€471,209 | +38.1% |
| Current investments | 50/53 | €3,763,510 | €8,160,277 | +€4.4m | +116.8% |
| Other investments | 51/53 | €3,763,510 | €8,160,277 | +€4.4m | +116.8% |
| Cash at bank and in hand | 54/58 | €4,997,602 | €1,235,128 | -€3.8m | -75.3% |
| Deferred charges and accrued income | 490/1 | €166,462 | €221,112 | +€54,650 | +32.8% |
| Total equity and liabilities | 10/49 | €26,153,202 | €26,694,713 | +€541,511 | +2.1% |
| Equity | 10/15 | €25,795,505 | €26,260,892 | +€465,387 | +1.8% |
| Contributions | 10/11 | €9,278,269 | €9,278,269 | = | 0.0% |
| Reserves | 13 | €16,517,000 | €16,982,000 | +€465,000 | +2.8% |
| Distributable reserves | 133 | €16,517,000 | €16,982,000 | +€465,000 | +2.8% |
| Profit (loss) carried forward | 14 | €236 | €623 | +€387 | +164.1% |
| Amounts payable | 17/49 | €357,697 | €433,821 | +€76,124 | +21.3% |
| Amounts payable within one year | 42/48 | €357,697 | €433,821 | +€76,124 | +21.3% |
| Trade debts | 44 | €103,926 | €155,386 | +€51,460 | +49.5% |
| Suppliers | 440/4 | €103,926 | €155,386 | +€51,460 | +49.5% |
| Taxes, remuneration and social security | 45 | €236,135 | €260,799 | +€24,663 | +10.4% |
| Taxes | 450/3 | €134,068 | €129,879 | -€4,189 | -3.1% |
| Remuneration and social security | 454/9 | €102,067 | €130,920 | +€28,852 | +28.3% |
| Other amounts payable | 47/48 | €17,637 | €17,637 | = | 0.0% |
| Operating income | 70/76A | €2,145,141 | €2,368,619 | +€223,478 | +10.4% |
| Turnover | 70 | €2,092,945 | €2,293,882 | +€200,937 | +9.6% |
| Other operating income | 74 | €49,783 | €74,737 | +€24,954 | +50.1% |
| Non-recurring operating income | 76A | €2,413 | €0 | -€2,413 | -100.0% |
| Operating charges | 60/66A | €2,197,754 | €2,338,621 | +€140,867 | +6.4% |
| Services and other goods | 61 | €1,473,631 | €1,541,201 | +€67,570 | +4.6% |
| Remuneration, social security and pensions | 62 | €586,005 | €659,427 | +€73,423 | +12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,256 | €125,804 | -€2,453 | -1.9% |
| Other operating charges | 640/8 | €9,861 | €12,188 | +€2,327 | +23.6% |
| Operating profit (loss) | 9901 | -€52,613 | €29,998 | +€82,612 | |
| Financial income | 75/76B | €293,697 | €599,163 | +€305,466 | +104.0% |
| Recurring financial income | 75 | €293,697 | €599,163 | +€305,466 | +104.0% |
| Income from financial fixed assets | 750 | €168,398 | €175,721 | +€7,323 | +4.3% |
| Income from current assets | 751 | €76,187 | €127,938 | +€51,751 | +67.9% |
| Other financial income | 752/9 | €49,112 | €295,504 | +€246,392 | +501.7% |
| Financial charges | 65/66B | -€8,303 | €67,724 | +€76,026 | |
| Recurring financial charges | 65 | -€8,303 | €67,724 | +€76,026 | |
| Debt charges | 650 | €35 | €1,980 | +€1,945 | +5613.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€25,553 | -€26,146 | -€594 | -2.3% |
| Other financial charges | 652/9 | €17,215 | €91,890 | +€74,675 | +433.8% |
| Profit (loss) for the period before taxes | 9903 | €249,386 | €561,438 | +€312,052 | +125.1% |
| Income taxes | 67/77 | €54,798 | €96,051 | +€41,253 | +75.3% |
| Taxes | 670/3 | €56,647 | €96,051 | +€39,403 | +69.6% |
| Tax adjustments and reversals of tax provisions | 77 | €1,850 | €0 | -€1,850 | -100.0% |
| Profit (loss) for the period | 9904 | €194,588 | €465,387 | +€270,799 | +139.2% |
| Profit (loss) for the period to be appropriated | 9905 | €194,588 | €465,387 | +€270,799 | +139.2% |
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 28 September 2026 via checked.be.