ECO project: 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.
ECO project
Largest movements
- Receivables within one year +€717,750
up €717,750 (+243%), from €295,444 to €1.0m
of which Other amounts receivable: +€543,612
- Cash -€238,263
down €238,263 (-31.7%), from €751,159 to €512,896
mainly Receivables within one year (-€717,750) and Contributions, distributions and other (-€147,522)
- Stocks and contracts +€53,365
up €53,365 (+21.5%), from €248,116 to €301,481
- Reserves +€363,346
up €363,346 (+42.2%), from €861,236 to €1.2m
- Short-term financial debts +€150,000
new in 2025: €150,000
- Trade debts +€81,818
up €81,818 (+586%), from €13,963 to €95,781
- Tax, wage and social debts -€41,191
down €41,191 (-17.1%), from €240,753 to €199,562
of which Taxes: -€28,657
- Gross operating margin -€327,472
down €327,472 (-22.9%), from €1.4m to €1.1m
- Taxes -€79,547
down €79,547 (-31.3%), from €253,799 to €174,252
- Staff costs -€63,154
down €63,154 (-14.0%), from €450,780 to €387,626
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,331,614 | €1,860,649 | +€529,035 | +39.7% |
| Fixed assets | 21/28 | €36,895 | €25,403 | -€11,492 | -31.1% |
| Tangible fixed assets | 22/27 | €36,895 | €25,403 | -€11,492 | -31.1% |
| Plant, machinery and equipment | 23 | €1,351 | €1,616 | +€265 | +19.6% |
| Furniture and vehicles | 24 | €35,544 | €23,787 | -€11,757 | -33.1% |
| Current assets | 29/58 | €1,294,718 | €1,835,245 | +€540,527 | +41.7% |
| Stocks and contracts in progress | 3 | €248,116 | €301,481 | +€53,365 | +21.5% |
| Stocks | 30/36 | €248,116 | €301,481 | +€53,365 | +21.5% |
| Amounts receivable within one year | 40/41 | €295,444 | €1,013,193 | +€717,750 | +243% |
| Trade receivables | 40 | €233,907 | €408,045 | +€174,137 | +74.4% |
| Other amounts receivable | 41 | €61,536 | €605,149 | +€543,612 | +883% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €751,159 | €512,896 | -€238,263 | -31.7% |
| Deferred charges and accrued income | 490/1 | €0 | €7,675 | +€7,675 | |
| Total equity and liabilities | 10/49 | €1,331,614 | €1,860,649 | +€529,035 | +39.7% |
| Equity | 10/15 | €879,836 | €1,243,182 | +€363,346 | +41.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €861,236 | €1,224,582 | +€363,346 | +42.2% |
| Distributable reserves | 133 | €861,236 | €1,224,582 | +€363,346 | +42.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €451,777 | €617,466 | +€165,689 | +36.7% |
| Amounts payable after more than one year | 17 | €16,445 | €10,687 | -€5,758 | -35.0% |
| Financial debts | 170/4 | €16,445 | €10,687 | -€5,758 | -35.0% |
| Amounts payable within one year | 42/48 | €431,245 | €606,780 | +€175,535 | +40.7% |
| Current portion of amounts payable after more than one year | 42 | €5,491 | €5,758 | +€267 | +4.9% |
| Financial debts | 43 | - | €150,000 | +€150,000 | |
| Credit institutions | 430/8 | - | €150,000 | +€150,000 | |
| Trade debts | 44 | €13,963 | €95,781 | +€81,818 | +586% |
| Suppliers | 440/4 | €13,963 | €95,781 | +€81,818 | +586% |
| Advances received on contracts in progress | 46 | €170,505 | €155,678 | -€14,827 | -8.7% |
| Taxes, remuneration and social security | 45 | €240,753 | €199,562 | -€41,191 | -17.1% |
| Taxes | 450/3 | €197,102 | €168,445 | -€28,657 | -14.5% |
| Remuneration and social security | 454/9 | €43,651 | €31,117 | -€12,533 | -28.7% |
| Other amounts payable | 47/48 | €533 | €0 | -€533 | -100% |
| Accrued charges and deferred income | 492/3 | €4,088 | €0 | -€4,088 | -100% |
| Non-recurring operating income | 76A | €258 | €0 | -€258 | -100% |
| Remuneration, social security and pensions | 62 | €450,780 | €387,626 | -€63,154 | -14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,674 | €12,777 | -€1,897 | -12.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,109 | €7,920 | +€4,811 | +155% |
| Other operating charges | 640/8 | €8,474 | €3,467 | -€5,007 | -59.1% |
| Non-recurring operating charges | 66A | €1,103 | €762 | -€342 | -31.0% |
| Gross operating margin | 9900 | €1,428,062 | €1,100,590 | -€327,472 | -22.9% |
| Operating profit (loss) | 9901 | €949,922 | €688,038 | -€261,884 | -27.6% |
| Financial income | 75/76B | €9,314 | €1,410 | -€7,904 | -84.9% |
| Recurring financial income | 75 | €9,314 | €1,410 | -€7,904 | -84.9% |
| Financial charges | 65/66B | €3,362 | €4,328 | +€966 | +28.7% |
| Recurring financial charges | 65 | €3,362 | €4,328 | +€966 | +28.7% |
| Profit (loss) for the period before taxes | 9903 | €955,873 | €685,120 | -€270,753 | -28.3% |
| Income taxes | 67/77 | €253,799 | €174,252 | -€79,547 | -31.3% |
| Profit (loss) for the period | 9904 | €702,074 | €510,868 | -€191,206 | -27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €702,074 | €510,868 | -€191,206 | -27.2% |
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 13 October 2026 via checked.be.