ECNE: 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
ECNE
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€13,023
2024 · €394,752-€381,729
Equity
€674,790
2024 · €661,766+€13,023
Cash
€40,769
2024 · €105,779-€65,011
Balance sheet total
€3.3m
2024 · €3.1m+€254,476
Largest movements
Assets
- Receivables within one year +€331,909
up €331,909 (+162%), from €205,193 to €537,102
of which Other amounts receivable: +€331,909
- Cash -€65,011
down €65,011 (-61.5%), from €105,779 to €40,769
mainly Receivables within one year (-€331,909) and Current portion of long-term debt (-€244,734)
Equity and liabilities
- Debts after one year +€438,547
up €438,547 (+25.8%), from €1.7m to €2.1m
of which Financial debts: +€438,547
- Current portion of long-term debt -€244,734
down €244,734 (-58.2%), from €420,644 to €175,909
- Other debts +€35,986
up €35,986 (+32.2%), from €111,854 to €147,840
Income statement
- Turnover +€519,465
new in 2025: €519,465
- Gross operating margin -€337,354
down €337,354 (-42.1%), from €800,883 to €463,529
- Taxes -€91,567
down €91,567 (-64.0%), from €143,181 to €51,614
- Purchases and services +€59,742
up €59,742 (+232%), from €25,758 to €85,500
- Other operating charges +€19,368
up €19,368 (+3,833%), from €505 to €19,873
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
€394,752
Gross operating margin
-€337,354
Depreciation
-€10,690
Other operating charges
-€19,368
Other operating items
-€90,430
Financial charges
-€15,454
Taxes
+€91,567
Result 2025
€13,023
raises the resultlowers the resultnot broken down further in the accounts
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
-€44,008
Investment
-€214,815
Financing
+€193,813
Cash 2024
€105,779
From operations (derived)
-€44,008
Net result for the year
+€13,023
Depreciation
+€228,158
Receivables within one year
-€331,909
Smaller working-capital items
-€575
Trade debts
-€4,609
Tax, wage and social debts
+€15,918
Other debts
+€35,986
Investment (derived)
-€214,815
Investment in fixed assets (net)
-€214,815
Financing
+€193,813
Debts after one year
+€438,547
Current portion of long-term debt
-€244,734
Cash 2025
€40,769
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,053,366 | €3,307,842 | +€254,476 | +8.3% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €2,742,394 | €2,729,051 | -€13,343 | -0.5% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €2,741,094 | €2,727,751 | -€13,343 | -0.5% |
| Land and buildings | 22 | €1,897,838 | €1,866,213 | -€31,625 | -1.7% |
| Plant, machinery and equipment | 23 | €764,506 | €708,921 | -€55,586 | -7.3% |
| Furniture and vehicles | 24 | €78,750 | €74,367 | -€4,382 | -5.6% |
| Leasing and similar rights | 25 | - | €0 | = | |
| Other tangible fixed assets | 26 | - | €0 | = | |
| Assets under construction and advance payments | 27 | - | €78,250 | +€78,250 | |
| Financial fixed assets | 28 | €1,300 | €1,300 | = | 0.0% |
| Current assets | 29/58 | €310,972 | €578,790 | +€267,818 | +86.1% |
| Amounts receivable after more than one year | 29 | - | €0 | = | |
| Trade receivables | 290 | - | €0 | = | |
| Other amounts receivable | 291 | - | €0 | = | |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Stocks | 30/36 | - | €0 | = | |
| Contracts in progress | 37 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €205,193 | €537,102 | +€331,909 | +162% |
| Trade receivables | 40 | - | €0 | = | |
| Other amounts receivable | 41 | €205,193 | €537,102 | +€331,909 | +162% |
| Current investments | 50/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €105,779 | €40,769 | -€65,011 | -61.5% |
| Deferred charges and accrued income | 490/1 | - | €920 | +€920 | |
| Total equity and liabilities | 10/49 | €3,053,366 | €3,307,842 | +€254,476 | +8.3% |
| Equity | 10/15 | €661,766 | €674,790 | +€13,023 | +2.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Contributions outside capital | 11 | €10,000 | - | -€10,000 | |
| Share premium | 1100/10 | €10,000 | - | -€10,000 | |
| Revaluation surpluses | 12 | - | €0 | = | |
| Reserves | 13 | €651,766 | €651,766 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €0 | = | |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Own shares acquired | 1312 | - | €0 | = | |
| Financial assistance | 1313 | - | €0 | = | |
| Other | 1319 | - | €0 | = | |
| Tax-exempt reserves | 132 | - | €0 | = | |
| Distributable reserves | 133 | €651,766 | €651,766 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €13,023 | +€13,023 | |
| Investment grants | 15 | - | €0 | = | |
| Advance to shareholders on the distribution of net assets | 19 | - | €0 | = | |
| Provisions and deferred taxes | 16 | - | €0 | = | |
| Provisions for liabilities and charges | 160/5 | - | €0 | = | |
| Pensions and similar obligations | 160 | - | €0 | = | |
| Taxes | 161 | - | €0 | = | |
| Major repairs and maintenance | 162 | - | €0 | = | |
| Environmental obligations | 163 | - | €0 | = | |
| Other liabilities and charges | 164/5 | - | €0 | = | |
| Deferred taxes | 168 | - | €0 | = | |
| Amounts payable | 17/49 | €2,391,599 | €2,633,052 | +€241,453 | +10.1% |
| Amounts payable after more than one year | 17 | €1,697,884 | €2,136,430 | +€438,547 | +25.8% |
| Financial debts | 170/4 | €1,697,884 | €2,136,430 | +€438,547 | +25.8% |
| Trade debts | 175 | - | €0 | = | |
| Advances received on contracts in progress | 176 | - | €0 | = | |
| Other amounts payable | 178/9 | - | €0 | = | |
| Amounts payable within one year | 42/48 | €693,716 | €496,276 | -€197,439 | -28.5% |
| Current portion of amounts payable after more than one year | 42 | €420,644 | €175,909 | -€244,734 | -58.2% |
| Financial debts | 43 | - | €0 | = | |
| Credit institutions | 430/8 | - | €0 | = | |
| Other loans | 439 | - | €0 | = | |
| Trade debts | 44 | €5,856 | €1,247 | -€4,609 | -78.7% |
| Suppliers | 440/4 | €5,856 | €1,247 | -€4,609 | -78.7% |
| Bills of exchange payable | 441 | - | €0 | = | |
| Advances received on contracts in progress | 46 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | €155,362 | €171,280 | +€15,918 | +10.2% |
| Taxes | 450/3 | €155,362 | €171,280 | +€15,918 | +10.2% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €111,854 | €147,840 | +€35,986 | +32.2% |
| Accrued charges and deferred income | 492/3 | - | €345 | +€345 | |
| Turnover | 70 | - | €519,465 | +€519,465 | |
| Non-recurring operating income | 76A | - | €26,136 | +€26,136 | |
| Goods, raw materials, services and sundry goods | 60/61 | €25,758 | €85,500 | +€59,742 | +232% |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €217,467 | €228,158 | +€10,690 | +4.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €0 | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €0 | = | |
| Other operating charges | 640/8 | €505 | €19,873 | +€19,368 | +3,833% |
| Operating charges capitalised as restructuring costs | 649 | - | €0 | = | |
| Non-recurring operating charges | 66A | - | €90,430 | +€90,430 | |
| Gross operating margin | 9900 | €800,883 | €463,529 | -€337,354 | -42.1% |
| Operating profit (loss) | 9901 | €582,910 | €125,068 | -€457,842 | -78.5% |
| Financial income | 75/76B | - | €0 | = | |
| Recurring financial income | 75 | - | €0 | = | |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €44,977 | €60,431 | +€15,454 | +34.4% |
| Recurring financial charges | 65 | €44,977 | €60,431 | +€15,454 | +34.4% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | €537,933 | €64,637 | -€473,296 | -88.0% |
| Transfer from deferred taxes | 780 | - | €0 | = | |
| Transfer to deferred taxes | 680 | - | €0 | = | |
| Income taxes | 67/77 | €143,181 | €51,614 | -€91,567 | -64.0% |
| Profit (loss) for the period | 9904 | €394,752 | €13,023 | -€381,729 | -96.7% |
| Transfer from tax-exempt reserves | 789 | - | €0 | = | |
| Transfer to tax-exempt reserves | 689 | - | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | €394,752 | €13,023 | -€381,729 | -96.7% |
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 20 October 2026 via checked.be.