ECO3: 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
ECO3
NACE 28.990, Manufacture of machinery and equipment not elsewhere classified
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€18.5m
2024 · -€17.7m-€817,606
Equity
€105.4m
2024 · €123.9m-€18.5m
Cash
€3.2m
2024 · €6.1m-€2.9m
Balance sheet total
€273.5m
2024 · €297.3m-€23.7m
Largest movements
Assets
- Receivables within one year -€14.6m
down €14.6m (-23.6%), from €62.0m to €47.3m
of which Trade receivables: -€23.7m
- Financial fixed assets -€4.9m
down €4.9m (-2.8%), from €173.6m to €168.7m
of which Affiliated companies: -€4.9m
Equity and liabilities
- Profit (loss) carried forward -€18.5m
down €18.5m (-32.5%), from -€56.9m to -€75.4m
- Trade debts -€5.6m
down €5.6m (-4.5%), from €123.2m to €117.6m
Income statement
- Turnover -€62.0m
down €62.0m (-14.9%), from €416.7m to €354.8m
- Goods and materials -€55.7m
down €55.7m (-17.7%), from €315.0m to €259.3m
of which Purchases: -€60.4m
- Services and other goods -€9.0m
down €9.0m (-10.3%), from €87.3m to €78.3m
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
-€17.7m
Turnover
-€62.0m
Other operating income
-€4.0m
Goods and materials
+€55.7m
Services and other goods
+€9.0m
Staff costs
-€1.2m
Depreciation
-€1.9m
Write-downs
+€489,147
Provisions
+€257,798
Other operating charges
-€160,073
Other operating items
+€2.5m
Financial income
-€2.1m
Financial charges
-€221,354
Taxes
+€2.8m
Result 2025
-€18.5m
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
+€12.5m
Investment
-€17.9m
Financing
+€2.6m
Cash 2024
€6.1m
From operations (derived)
+€12.5m
Net result for the year
-€18.5m
Depreciation
+€22.7m
Receivables after one year
-€976,356
Stocks and contracts
+€2.5m
Receivables within one year
+€14.6m
Smaller working-capital items
-€51,520
Provisions
+€84,451
Trade debts
-€5.6m
Tax, wage and social debts
-€1.0m
Other debts
+€1.1m
Accrued charges and deferred income
-€2.4m
Investment (derived)
-€17.9m
Investment in fixed assets (net)
-€17.9m
Financing
+€2.6m
Short-term financial debts
+€2.6m
Cash 2025
€3.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €297,275,477 | €273,545,019 | -€23.7m | -8.0% |
| Fixed assets | 21/28 | €175,799,971 | €171,020,542 | -€4.8m | -2.7% |
| Intangible fixed assets | 21 | €196,923 | €361,714 | +€164,790 | +83.7% |
| Tangible fixed assets | 22/27 | €2,049,927 | €1,957,404 | -€92,523 | -4.5% |
| Plant, machinery and equipment | 23 | €430,780 | €541,525 | +€110,745 | +25.7% |
| Furniture and vehicles | 24 | €118,690 | €133,804 | +€15,114 | +12.7% |
| Other tangible fixed assets | 26 | €312,544 | €353,995 | +€41,451 | +13.3% |
| Assets under construction and advance payments | 27 | €1,187,913 | €928,080 | -€259,833 | -21.9% |
| Financial fixed assets | 28 | €173,553,120 | €168,701,424 | -€4.9m | -2.8% |
| Affiliated companies | 280/1 | €173,526,320 | €168,666,887 | -€4.9m | -2.8% |
| Participating interests | 280 | €162,476,252 | €159,888,688 | -€2.6m | -1.6% |
| Amounts receivable | 281 | €11,050,068 | €8,778,199 | -€2.3m | -20.6% |
| Other financial fixed assets | 284/8 | €26,801 | €34,538 | +€7,737 | +28.9% |
| Amounts receivable and cash guarantees | 285/8 | €26,801 | €34,538 | +€7,737 | +28.9% |
| Current assets | 29/58 | €121,475,506 | €102,524,477 | -€19.0m | -15.6% |
| Amounts receivable after more than one year | 29 | €2,813,267 | €3,789,622 | +€976,356 | +34.7% |
| Trade receivables | 290 | €472,836 | €108,928 | -€363,908 | -77.0% |
| Other amounts receivable | 291 | €2,340,431 | €3,680,695 | +€1.3m | +57.3% |
| Stocks and contracts in progress | 3 | €49,554,927 | €47,062,409 | -€2.5m | -5.0% |
| Stocks | 30/36 | €49,554,927 | €46,896,781 | -€2.7m | -5.4% |
| Goods purchased for resale | 34 | €49,554,927 | €46,896,781 | -€2.7m | -5.4% |
| Contracts in progress | 37 | - | €165,628 | +€165,628 | |
| Amounts receivable within one year | 40/41 | €61,969,068 | €47,346,545 | -€14.6m | -23.6% |
| Trade receivables | 40 | €51,233,744 | €27,548,983 | -€23.7m | -46.2% |
| Other amounts receivable | 41 | €10,735,324 | €19,797,563 | +€9.1m | +84.4% |
| Cash at bank and in hand | 54/58 | €6,077,841 | €3,219,383 | -€2.9m | -47.0% |
| Deferred charges and accrued income | 490/1 | €1,060,403 | €1,106,518 | +€46,115 | +4.3% |
| Total equity and liabilities | 10/49 | €297,275,477 | €273,545,019 | -€23.7m | -8.0% |
| Equity | 10/15 | €123,880,717 | €105,380,800 | -€18.5m | -14.9% |
| Contributions | 10/11 | €180,805,447 | €180,805,447 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,924,730 | -€75,424,647 | -€18.5m | -32.5% |
| Provisions and deferred taxes | 16 | €2,703,582 | €2,788,033 | +€84,451 | +3.1% |
| Provisions for liabilities and charges | 160/5 | €2,703,582 | €2,788,033 | +€84,451 | +3.1% |
| Pensions and similar obligations | 160 | €818,024 | €661,363 | -€156,661 | -19.2% |
| Other liabilities and charges | 164/5 | €1,885,558 | €2,126,669 | +€241,112 | +12.8% |
| Amounts payable | 17/49 | €170,691,178 | €165,376,187 | -€5.3m | -3.1% |
| Amounts payable within one year | 42/48 | €160,283,769 | €157,375,948 | -€2.9m | -1.8% |
| Financial debts | 43 | €20,011,865 | €22,574,614 | +€2.6m | +12.8% |
| Credit institutions | 430/8 | €8,500,000 | €5,271,435 | -€3.2m | -38.0% |
| Other loans | 439 | €11,511,865 | €17,303,179 | +€5.8m | +50.3% |
| Trade debts | 44 | €123,157,441 | €117,605,582 | -€5.6m | -4.5% |
| Suppliers | 440/4 | €123,157,441 | €117,605,582 | -€5.6m | -4.5% |
| Advances received on contracts in progress | 46 | €637,373 | €631,969 | -€5,405 | -0.8% |
| Taxes, remuneration and social security | 45 | €12,355,802 | €11,321,584 | -€1.0m | -8.4% |
| Taxes | 450/3 | €2,873,979 | €3,459,217 | +€585,238 | +20.4% |
| Remuneration and social security | 454/9 | €9,481,823 | €7,862,367 | -€1.6m | -17.1% |
| Other amounts payable | 47/48 | €4,121,288 | €5,242,199 | +€1.1m | +27.2% |
| Accrued charges and deferred income | 492/3 | €10,407,409 | €8,000,239 | -€2.4m | -23.1% |
| Operating income | 70/76A | €448,882,093 | €385,372,783 | -€63.5m | -14.1% |
| Turnover | 70 | €416,744,384 | €354,780,356 | -€62.0m | -14.9% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€68,602 | €165,628 | +€234,229 | |
| Own construction capitalised | 72 | €20,136,887 | €22,174,797 | +€2.0m | +10.1% |
| Other operating income | 74 | €11,962,978 | €7,920,735 | -€4.0m | -33.8% |
| Non-recurring operating income | 76A | €106,445 | €331,268 | +€224,823 | +211% |
| Operating charges | 60/66A | €474,234,516 | €412,052,621 | -€62.2m | -13.1% |
| Goods for resale, raw materials and consumables | 60 | €315,000,928 | €259,314,194 | -€55.7m | -17.7% |
| Purchases | 600/8 | €316,142,457 | €255,757,491 | -€60.4m | -19.1% |
| Change in stocks: decrease (increase) | 609 | -€1,141,529 | €3,556,703 | +€4.7m | |
| Services and other goods | 61 | €87,301,428 | €78,324,819 | -€9.0m | -10.3% |
| Remuneration, social security and pensions | 62 | €51,222,849 | €52,439,320 | +€1.2m | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,805,660 | €22,657,509 | +€1.9m | +8.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€111,804 | -€600,951 | -€489,147 | -438% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€397,496 | -€655,294 | -€257,798 | -64.9% |
| Other operating charges | 640/8 | €412,951 | €573,024 | +€160,073 | +38.8% |
| Operating profit (loss) | 9901 | -€25,352,423 | -€26,679,838 | -€1.3m | -5.2% |
| Financial income | 75/76B | €19,109,151 | €17,051,945 | -€2.1m | -10.8% |
| Recurring financial income | 75 | €19,109,151 | €16,504,983 | -€2.6m | -13.6% |
| Income from financial fixed assets | 750 | €10,754,392 | €8,130,457 | -€2.6m | -24.4% |
| Income from current assets | 751 | €4,277,673 | €2,597,766 | -€1.7m | -39.3% |
| Other financial income | 752/9 | €4,077,085 | €5,776,759 | +€1.7m | +41.7% |
| Non-recurring financial income | 76B | - | €546,963 | +€546,963 | |
| Financial charges | 65/66B | €9,487,572 | €9,708,926 | +€221,354 | +2.3% |
| Recurring financial charges | 65 | €9,487,572 | €9,708,926 | +€221,354 | +2.3% |
| Debt charges | 650 | €1,878,835 | €2,288,820 | +€409,986 | +21.8% |
| Other financial charges | 652/9 | €7,608,738 | €7,420,106 | -€188,632 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | -€15,730,844 | -€19,336,819 | -€3.6m | -22.9% |
| Income taxes | 67/77 | €1,951,466 | -€836,902 | -€2.8m | |
| Taxes | 670/3 | €2,402,059 | €817,589 | -€1.6m | -66.0% |
| Tax adjustments and reversals of tax provisions | 77 | €450,593 | €1,654,491 | +€1.2m | +267% |
| Profit (loss) for the period | 9904 | -€17,682,310 | -€18,499,917 | -€817,606 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,682,310 | -€18,499,917 | -€817,606 | -4.6% |
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 14 October 2026 via checked.be.