ECODER: 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.
ECODER
Largest movements
- Receivables within one year -€100,226
down €100,226 (-75.9%), from €132,006 to €31,780
of which Other amounts receivable: -€64,975
- Deferred charges and accrued income +€26,215
up €26,215 (+455%), from €5,761 to €31,976
- Tangible fixed assets -€23,534
down €23,534 (-7.8%), from €301,217 to €277,683
of which Land and buildings: -€12,754
- Other debts -€57,646
down €57,646 (-30.1%), from €191,250 to €133,604
- Reserves -€24,263
down €24,263 (-8.5%), from €286,412 to €262,149
of which Distributable reserves: -€24,263
- Tax, wage and social debts -€21,763
down €21,763 (-64.0%), from €33,981 to €12,219
- Gross operating margin -€110,139
down €110,139 (-52.2%), from €211,041 to €100,901
- Taxes -€25,402
down €25,402 (-65.0%), from €39,094 to €13,692
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 | €531,241 | €428,176 | -€103,065 | -19.4% |
| Fixed assets | 21/28 | €301,217 | €277,683 | -€23,534 | -7.8% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €301,217 | €277,683 | -€23,534 | -7.8% |
| Land and buildings | 22 | €249,470 | €236,715 | -€12,754 | -5.1% |
| Plant, machinery and equipment | 23 | €32,607 | €24,551 | -€8,056 | -24.7% |
| Furniture and vehicles | 24 | €19,141 | €16,417 | -€2,724 | -14.2% |
| Current assets | 29/58 | €230,023 | €150,492 | -€79,531 | -34.6% |
| Stocks and contracts in progress | 3 | €3,355 | €3,147 | -€209 | -6.2% |
| Stocks | 30/36 | €3,355 | €3,147 | -€209 | -6.2% |
| Amounts receivable within one year | 40/41 | €132,006 | €31,780 | -€100,226 | -75.9% |
| Trade receivables | 40 | €64,052 | €28,800 | -€35,251 | -55.0% |
| Other amounts receivable | 41 | €67,954 | €2,980 | -€64,975 | -95.6% |
| Cash at bank and in hand | 54/58 | €88,901 | €83,589 | -€5,312 | -6.0% |
| Deferred charges and accrued income | 490/1 | €5,761 | €31,976 | +€26,215 | +455% |
| Total equity and liabilities | 10/49 | €531,241 | €428,176 | -€103,065 | -19.4% |
| Equity | 10/15 | €305,012 | €280,749 | -€24,263 | -8.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €286,412 | €262,149 | -€24,263 | -8.5% |
| Tax-exempt reserves | 132 | €1,642 | €1,642 | = | 0.0% |
| Distributable reserves | 133 | €284,771 | €260,508 | -€24,263 | -8.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €226,228 | €147,426 | -€78,802 | -34.8% |
| Amounts payable within one year | 42/48 | €226,228 | €147,426 | -€78,802 | -34.8% |
| Trade debts | 44 | €997 | €1,604 | +€607 | +60.8% |
| Suppliers | 440/4 | €997 | €1,604 | +€607 | +60.8% |
| Taxes, remuneration and social security | 45 | €33,981 | €12,219 | -€21,763 | -64.0% |
| Taxes | 450/3 | €33,981 | €12,219 | -€21,763 | -64.0% |
| Other amounts payable | 47/48 | €191,250 | €133,604 | -€57,646 | -30.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,683 | €28,332 | -€1,351 | -4.6% |
| Other operating charges | 640/8 | €1,388 | €2,716 | +€1,328 | +95.6% |
| Non-recurring operating charges | 66A | €1,718 | €0 | -€1,718 | -100% |
| Gross operating margin | 9900 | €211,041 | €100,901 | -€110,139 | -52.2% |
| Operating profit (loss) | 9901 | €178,251 | €69,853 | -€108,398 | -60.8% |
| Financial income | 75/76B | €2,791 | €1,513 | -€1,278 | -45.8% |
| Recurring financial income | 75 | €2,791 | €1,513 | -€1,278 | -45.8% |
| Financial charges | 65/66B | €6,299 | €5,938 | -€361 | -5.7% |
| Recurring financial charges | 65 | €6,299 | €5,938 | -€361 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €174,744 | €65,429 | -€109,315 | -62.6% |
| Income taxes | 67/77 | €39,094 | €13,692 | -€25,402 | -65.0% |
| Profit (loss) for the period | 9904 | €135,649 | €51,737 | -€83,913 | -61.9% |
| Profit (loss) for the period to be appropriated | 9905 | €135,649 | €51,737 | -€83,913 | -61.9% |
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 29 October 2026 via checked.be.