ECODE23: 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.
ECODE23
Largest movements
- Receivables within one year +€45,538
up €45,538 (+31.8%), from €143,061 to €188,598
of which Other amounts receivable: +€35,533
- Cash -€2,978
down €2,978 (-63.5%), from €4,688 to €1,710
mainly Receivables within one year (-€45,538) and Contributions, distributions and other (-€19,086)
- Reserves +€18,771
up €18,771 (+21.4%), from €87,889 to €106,660
- Other debts +€17,845
new in 2025: €17,845
- Tax, wage and social debts +€4,202
up €4,202 (+72.9%), from €5,768 to €9,970
- Financial charges +€20,222
up €20,222 (+625.3%), from €3,234 to €23,456
- Provisions -€18,531
down €18,531 (-96.6%), from €19,177 to €646
- Taxes -€3,992
down €3,992 (-15.8%), from €25,220 to €21,229
- Gross operating margin +€2,417
up €2,417 (+3.3%), from €73,027 to €75,444
- Financial income +€1,502
up €1,502 (+22.6%), from €6,641 to €8,143
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 | €149,064 | €191,144 | +€42,080 | +28.2% |
| Current assets | 29/58 | €149,064 | €191,144 | +€42,080 | +28.2% |
| Amounts receivable within one year | 40/41 | €143,061 | €188,598 | +€45,538 | +31.8% |
| Trade receivables | 40 | €4,377 | €14,382 | +€10,005 | +228.6% |
| Other amounts receivable | 41 | €138,683 | €174,216 | +€35,533 | +25.6% |
| Cash at bank and in hand | 54/58 | €4,688 | €1,710 | -€2,978 | -63.5% |
| Deferred charges and accrued income | 490/1 | €1,316 | €836 | -€480 | -36.5% |
| Total equity and liabilities | 10/49 | €149,064 | €191,144 | +€42,080 | +28.2% |
| Equity | 10/15 | €102,149 | €120,920 | +€18,771 | +18.4% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €87,889 | €106,660 | +€18,771 | +21.4% |
| Distributable reserves | 133 | €87,889 | €106,660 | +€18,771 | +21.4% |
| Provisions and deferred taxes | 16 | €19,177 | €19,822 | +€646 | +3.4% |
| Provisions for liabilities and charges | 160/5 | €19,177 | €19,822 | +€646 | +3.4% |
| Other liabilities and charges | 164/5 | €19,177 | €19,822 | +€646 | +3.4% |
| Amounts payable | 17/49 | €27,739 | €50,402 | +€22,663 | +81.7% |
| Amounts payable within one year | 42/48 | €27,739 | €50,402 | +€22,663 | +81.7% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €20,000 | = | 0.0% |
| Financial debts | 43 | €609 | €521 | -€88 | -14.4% |
| Credit institutions | 430/8 | €609 | €521 | -€88 | -14.4% |
| Trade debts | 44 | €1,362 | €2,065 | +€703 | +51.6% |
| Suppliers | 440/4 | €1,362 | €2,065 | +€703 | +51.6% |
| Taxes, remuneration and social security | 45 | €5,768 | €9,970 | +€4,202 | +72.9% |
| Taxes | 450/3 | €5,768 | €9,970 | +€4,202 | +72.9% |
| Other amounts payable | 47/48 | - | €17,845 | +€17,845 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30 | - | -€30 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €19,177 | €646 | -€18,531 | -96.6% |
| Other operating charges | 640/8 | €398 | €400 | +€2 | +0.4% |
| Gross operating margin | 9900 | €73,027 | €75,444 | +€2,417 | +3.3% |
| Operating profit (loss) | 9901 | €53,422 | €74,399 | +€20,976 | +39.3% |
| Financial income | 75/76B | €6,641 | €8,143 | +€1,502 | +22.6% |
| Recurring financial income | 75 | €6,641 | €8,143 | +€1,502 | +22.6% |
| Financial charges | 65/66B | €3,234 | €23,456 | +€20,222 | +625.3% |
| Recurring financial charges | 65 | €3,234 | €23,456 | +€20,222 | +625.3% |
| Profit (loss) for the period before taxes | 9903 | €56,829 | €59,086 | +€2,257 | +4.0% |
| Income taxes | 67/77 | €25,220 | €21,229 | -€3,992 | -15.8% |
| Profit (loss) for the period | 9904 | €31,609 | €37,857 | +€6,248 | +19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €31,609 | €37,857 | +€6,248 | +19.8% |
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 11 October 2026 via checked.be.