ECO 2: 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.
ECO 2
Largest movements
- Cash -€46,994
down €46,994 (-10.6%), from €442,320 to €395,326
mainly Trade debts (-€305,231) and Contributions, distributions and other (-€120,865)
- Stocks and contracts +€30,849
up €30,849 (+11.5%), from €269,321 to €300,170
- Tangible fixed assets -€28,794
down €28,794 (-5.5%), from €519,413 to €490,619
of which Plant, machinery and equipment: -€16,008
- Receivables within one year -€28,077
down €28,077 (-7.9%), from €355,778 to €327,701
of which Other amounts receivable: -€25,060
- Trade debts -€305,231
down €305,231 (-60.6%), from €503,284 to €198,053
- Other debts +€126,120
up €126,120 (+41.2%), from €306,000 to €432,120
- Reserves +€117,963
up €117,963 (+17.8%), from €661,089 to €779,051
of which Distributable reserves: +€117,963
- Gross operating margin +€124,941
up €124,941 (+19.9%), from €629,256 to €754,197
- Staff costs -€91,922
down €91,922 (-22.0%), from €417,548 to €325,625
- Depreciation +€34,669
up €34,669 (+36.2%), from €95,784 to €130,453
- Taxes +€18,092
up €18,092 (+146.6%), from €12,341 to €30,433
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 | €1,595,922 | €1,515,700 | -€80,222 | -5.0% |
| Fixed assets | 21/28 | €519,413 | €490,619 | -€28,794 | -5.5% |
| Tangible fixed assets | 22/27 | €519,413 | €490,619 | -€28,794 | -5.5% |
| Land and buildings | 22 | €129,099 | €116,313 | -€12,786 | -9.9% |
| Plant, machinery and equipment | 23 | €390,314 | €374,306 | -€16,008 | -4.1% |
| Current assets | 29/58 | €1,076,509 | €1,025,081 | -€51,428 | -4.8% |
| Stocks and contracts in progress | 3 | €269,321 | €300,170 | +€30,849 | +11.5% |
| Stocks | 30/36 | €269,321 | €300,170 | +€30,849 | +11.5% |
| Amounts receivable within one year | 40/41 | €355,778 | €327,701 | -€28,077 | -7.9% |
| Trade receivables | 40 | €282,464 | €279,448 | -€3,016 | -1.1% |
| Other amounts receivable | 41 | €73,314 | €48,253 | -€25,060 | -34.2% |
| Cash at bank and in hand | 54/58 | €442,320 | €395,326 | -€46,994 | -10.6% |
| Deferred charges and accrued income | 490/1 | €9,091 | €1,883 | -€7,208 | -79.3% |
| Total equity and liabilities | 10/49 | €1,595,922 | €1,515,700 | -€80,222 | -5.0% |
| Equity | 10/15 | €738,066 | €855,163 | +€117,098 | +15.9% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €661,089 | €779,051 | +€117,963 | +17.8% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €653,589 | €771,551 | +€117,963 | +18.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €1,977 | €1,112 | -€865 | -43.8% |
| Amounts payable | 17/49 | €857,856 | €660,536 | -€197,320 | -23.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €857,856 | €660,536 | -€197,320 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €7,790 | €0 | -€7,790 | -100.0% |
| Trade debts | 44 | €503,284 | €198,053 | -€305,231 | -60.6% |
| Suppliers | 440/4 | €503,284 | €198,053 | -€305,231 | -60.6% |
| Taxes, remuneration and social security | 45 | €40,782 | €30,363 | -€10,419 | -25.5% |
| Taxes | 450/3 | €3,911 | €3,800 | -€111 | -2.8% |
| Remuneration and social security | 454/9 | €36,871 | €26,563 | -€10,308 | -28.0% |
| Other amounts payable | 47/48 | €306,000 | €432,120 | +€126,120 | +41.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €417,548 | €325,625 | -€91,922 | -22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,784 | €130,453 | +€34,669 | +36.2% |
| Other operating charges | 640/8 | €12,067 | €15,600 | +€3,533 | +29.3% |
| Gross operating margin | 9900 | €629,256 | €754,197 | +€124,941 | +19.9% |
| Operating profit (loss) | 9901 | €103,857 | €282,519 | +€178,662 | +172.0% |
| Financial income | 75/76B | €865 | €865 | = | 0.0% |
| Recurring financial income | 75 | €865 | €865 | = | 0.0% |
| Financial charges | 65/66B | €17,446 | €14,989 | -€2,457 | -14.1% |
| Recurring financial charges | 65 | €17,446 | €14,989 | -€2,457 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €87,276 | €268,395 | +€181,119 | +207.5% |
| Income taxes | 67/77 | €12,341 | €30,433 | +€18,092 | +146.6% |
| Profit (loss) for the period | 9904 | €74,935 | €237,963 | +€163,027 | +217.6% |
| Profit (loss) for the period to be appropriated | 9905 | €74,935 | €237,963 | +€163,027 | +217.6% |
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 4 October 2026 via checked.be.