ECL Management: 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.
ECL Management
Largest movements
- Receivables within one year -€78,926
down €78,926 (-31.7%), from €248,833 to €169,907
of which Other amounts receivable: -€100,909
- Cash -€47,857
down €47,857 (-31.3%), from €153,093 to €105,236
mainly Contributions, distributions and other (-€292,250) and Tax, wage and social debts (-€124,193)
- Tax, wage and social debts -€124,193
down €124,193 (-61.9%), from €200,583 to €76,389
of which Taxes: -€123,633
- Reserves +€62,630
up €62,630 (+43.0%), from €145,560 to €208,190
of which Distributable reserves: +€62,630
- Other debts -€60,388
down €60,388 (-20.8%), from €290,006 to €229,619
- Debts after one year -€33,841
down €33,841 (-9.0%), from €377,792 to €343,951
- Accrued charges and deferred income +€27,799
up €27,799 (+258.8%), from €10,743 to €38,541
- Gross operating margin +€63,943
up €63,943 (+12.7%), from €504,495 to €568,437
- Taxes +€30,466
up €30,466 (+28.1%), from €108,256 to €138,722
- Other operating charges -€6,722
down €6,722 (-48.2%), from €13,947 to €7,225
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 | €1,223,698 | €1,093,671 | -€130,027 | -10.6% |
| Fixed assets | 21/28 | €816,325 | €812,510 | -€3,814 | -0.5% |
| Tangible fixed assets | 22/27 | €736,283 | €732,468 | -€3,814 | -0.5% |
| Land and buildings | 22 | €722,253 | €716,948 | -€5,305 | -0.7% |
| Plant, machinery and equipment | 23 | €553 | €327 | -€226 | -40.9% |
| Furniture and vehicles | 24 | €13,477 | €15,193 | +€1,716 | +12.7% |
| Financial fixed assets | 28 | €80,042 | €80,042 | = | 0.0% |
| Current assets | 29/58 | €407,373 | €281,161 | -€126,213 | -31.0% |
| Amounts receivable within one year | 40/41 | €248,833 | €169,907 | -€78,926 | -31.7% |
| Trade receivables | 40 | - | €21,983 | +€21,983 | |
| Other amounts receivable | 41 | €248,833 | €147,924 | -€100,909 | -40.6% |
| Cash at bank and in hand | 54/58 | €153,093 | €105,236 | -€47,857 | -31.3% |
| Deferred charges and accrued income | 490/1 | €5,447 | €6,018 | +€571 | +10.5% |
| Total equity and liabilities | 10/49 | €1,223,698 | €1,093,671 | -€130,027 | -10.6% |
| Equity | 10/15 | €307,130 | €369,770 | +€62,640 | +20.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €145,560 | €208,190 | +€62,630 | +43.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €143,700 | €206,330 | +€62,630 | +43.6% |
| Profit (loss) carried forward | 14 | €142,970 | €142,980 | +€10 | 0.0% |
| Amounts payable | 17/49 | €916,568 | €723,901 | -€192,667 | -21.0% |
| Amounts payable after more than one year | 17 | €377,792 | €343,951 | -€33,841 | -9.0% |
| Financial debts | 170/4 | €377,792 | €343,951 | -€33,841 | -9.0% |
| Amounts payable within one year | 42/48 | €528,033 | €341,408 | -€186,625 | -35.3% |
| Current portion of amounts payable after more than one year | 42 | €33,321 | €33,841 | +€520 | +1.6% |
| Trade debts | 44 | €4,123 | €1,560 | -€2,563 | -62.2% |
| Suppliers | 440/4 | €4,123 | €1,560 | -€2,563 | -62.2% |
| Taxes, remuneration and social security | 45 | €200,583 | €76,389 | -€124,193 | -61.9% |
| Taxes | 450/3 | €200,023 | €76,389 | -€123,633 | -61.8% |
| Remuneration and social security | 454/9 | €560 | - | -€560 | |
| Other amounts payable | 47/48 | €290,006 | €229,619 | -€60,388 | -20.8% |
| Accrued charges and deferred income | 492/3 | €10,743 | €38,541 | +€27,799 | +258.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,339 | €64,915 | +€2,576 | +4.1% |
| Other operating charges | 640/8 | €13,947 | €7,225 | -€6,722 | -48.2% |
| Gross operating margin | 9900 | €504,495 | €568,437 | +€63,943 | +12.7% |
| Operating profit (loss) | 9901 | €428,208 | €496,297 | +€68,089 | +15.9% |
| Financial income | 75/76B | €6,131 | €3,915 | -€2,216 | -36.1% |
| Recurring financial income | 75 | €6,131 | €3,915 | -€2,216 | -36.1% |
| Financial charges | 65/66B | €7,131 | €6,600 | -€531 | -7.4% |
| Recurring financial charges | 65 | €7,131 | €6,600 | -€531 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €427,208 | €493,612 | +€66,404 | +15.5% |
| Income taxes | 67/77 | €108,256 | €138,722 | +€30,466 | +28.1% |
| Profit (loss) for the period | 9904 | €318,952 | €354,890 | +€35,938 | +11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €318,952 | €354,890 | +€35,938 | +11.3% |
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.