ECM INVEST: what changed
ECM INVEST
Largest movements
- Current investments -€220,000
down €220,000 (-73.3%), from €300,000 to €80,000
- Cash +€160,707
up €160,707 (+331%), from €48,523 to €209,230
mainly Current investments (+€220,000) and Receivables within one year (+€45,366)
- Receivables within one year -€45,366
down €45,366 (-88.7%), from €51,147 to €5,781
of which Trade receivables: -€50,000
- Debts after one year -€70,000
no longer reported in 2025 (was €70,000)
- Profit (loss) carried forward -€46,796
down €46,796 (-46.9%), from €99,822 to €53,026
- Other debts +€29,614
up €29,614 (+174%), from €17,006 to €46,621
- Tax, wage and social debts -€8,400
down €8,400 (-67.7%), from €12,403 to €4,003
of which Taxes: -€11,263
- Current portion of long-term debt -€5,394
no longer reported in 2025 (was €5,394)
- Gross operating margin -€222,262
down €222,262, from €165,582 to -€56,680
- Financial income +€12,058
up €12,058 (+14,761%), from €82 to €12,140
- Taxes -€10,278
down €10,278 (-98.4%), from €10,443 to €165
- Financial charges -€3,356
down €3,356 (-95.7%), from €3,505 to €149
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 | €402,061 | €298,000 | -€104,061 | -25.9% |
| Fixed assets | 21/28 | €1,123 | €2,007 | +€883 | +78.6% |
| Intangible fixed assets | 21 | - | €855 | +€855 | |
| Tangible fixed assets | 22/27 | €1,086 | €1,114 | +€28 | +2.6% |
| Furniture and vehicles | 24 | €1,086 | €1,114 | +€28 | +2.6% |
| Financial fixed assets | 28 | €38 | €38 | = | 0.0% |
| Current assets | 29/58 | €400,937 | €295,993 | -€104,944 | -26.2% |
| Amounts receivable within one year | 40/41 | €51,147 | €5,781 | -€45,366 | -88.7% |
| Trade receivables | 40 | €50,000 | - | -€50,000 | |
| Other amounts receivable | 41 | €1,147 | €5,781 | +€4,634 | +404% |
| Current investments | 50/53 | €300,000 | €80,000 | -€220,000 | -73.3% |
| Cash at bank and in hand | 54/58 | €48,523 | €209,230 | +€160,707 | +331% |
| Deferred charges and accrued income | 490/1 | €1,267 | €981 | -€286 | -22.5% |
| Total equity and liabilities | 10/49 | €402,061 | €298,000 | -€104,061 | -25.9% |
| Equity | 10/15 | €293,125 | €246,329 | -€46,796 | -16.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €93,303 | €93,303 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €83,303 | €83,303 | = | 0.0% |
| Profit (loss) carried forward | 14 | €99,822 | €53,026 | -€46,796 | -46.9% |
| Amounts payable | 17/49 | €108,936 | €51,671 | -€57,265 | -52.6% |
| Amounts payable after more than one year | 17 | €70,000 | - | -€70,000 | |
| Financial debts | 170/4 | €70,000 | - | -€70,000 | |
| Amounts payable within one year | 42/48 | €38,936 | €51,671 | +€12,735 | +32.7% |
| Current portion of amounts payable after more than one year | 42 | €5,394 | - | -€5,394 | |
| Trade debts | 44 | €4,133 | €1,047 | -€3,086 | -74.7% |
| Suppliers | 440/4 | €4,133 | €1,047 | -€3,086 | -74.7% |
| Taxes, remuneration and social security | 45 | €12,403 | €4,003 | -€8,400 | -67.7% |
| Taxes | 450/3 | €11,513 | €250 | -€11,263 | -97.8% |
| Remuneration and social security | 454/9 | €890 | €3,753 | +€2,863 | +322% |
| Other amounts payable | 47/48 | €17,006 | €46,621 | +€29,614 | +174% |
| Non-recurring operating income | 76A | €148,750 | - | -€148,750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €593 | €709 | +€116 | +19.5% |
| Other operating charges | 640/8 | €467 | €400 | -€68 | -14.5% |
| Gross operating margin | 9900 | €165,582 | -€56,680 | -€222,262 | |
| Operating profit (loss) | 9901 | €164,522 | -€57,789 | -€222,310 | |
| Financial income | 75/76B | €82 | €12,140 | +€12,058 | +14,761% |
| Recurring financial income | 75 | €82 | €12,140 | +€12,058 | +14,761% |
| Financial charges | 65/66B | €3,505 | €149 | -€3,356 | -95.7% |
| Recurring financial charges | 65 | €3,505 | €149 | -€3,356 | -95.7% |
| Profit (loss) for the period before taxes | 9903 | €161,098 | -€45,798 | -€206,896 | |
| Income taxes | 67/77 | €10,443 | €165 | -€10,278 | -98.4% |
| Profit (loss) for the period | 9904 | €150,655 | -€45,963 | -€196,618 | |
| Profit (loss) for the period to be appropriated | 9905 | €150,655 | -€45,963 | -€196,618 |
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 5 November 2026 via checked.be.