ECONOR: 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.
ECONOR
Largest movements
- Receivables within one year +€1.0m
up €1.0m (+119%), from €853,127 to €1.9m
of which Other amounts receivable: +€854,328
- Tangible fixed assets -€304,147
down €304,147 (-8.6%), from €3.5m to €3.2m
of which Plant, machinery and equipment: -€179,653
- Cash -€289,350
down €289,350 (-50.3%), from €575,193 to €285,843
mainly Receivables within one year (-€1.0m) and Contributions, distributions and other (-€859,200)
- Profit (loss) carried forward +€964,740
up €964,740 (+19.5%), from €4.9m to €5.9m
- Reserves -€859,200
down €859,200 (-95.1%), from €903,517 to €44,318
of which Distributable reserves: -€859,200
- Debts after one year +€271,855
up €271,855 (+9.7%), from €2.8m to €3.1m
- Short-term financial debts +€210,628
up €210,628 (+43.8%), from €480,524 to €691,152
- Other debts -€142,206
down €142,206 (-11.1%), from €1.3m to €1.1m
- Staff costs +€64,100
up €64,100 (+59.7%), from €107,360 to €171,460
- Gross operating margin -€45,073
down €45,073 (-2.0%), from €2.3m to €2.2m
- Financial charges -€32,206
down €32,206 (-18.5%), from €173,769 to €141,564
- Financial income +€29,810
up €29,810 (+2,633%), from €1,132 to €30,942
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 | €10,768,929 | €11,067,654 | +€298,726 | +2.8% |
| Fixed assets | 21/28 | €9,242,184 | €8,914,038 | -€328,147 | -3.6% |
| Tangible fixed assets | 22/27 | €3,516,282 | €3,212,135 | -€304,147 | -8.6% |
| Land and buildings | 22 | €1,856,253 | €1,848,091 | -€8,162 | -0.4% |
| Plant, machinery and equipment | 23 | €1,214,193 | €1,034,540 | -€179,653 | -14.8% |
| Furniture and vehicles | 24 | €445,835 | €329,504 | -€116,332 | -26.1% |
| Financial fixed assets | 28 | €5,725,903 | €5,701,903 | -€24,000 | -0.4% |
| Current assets | 29/58 | €1,526,744 | €2,153,617 | +€626,872 | +41.1% |
| Amounts receivable within one year | 40/41 | €853,127 | €1,867,773 | +€1.0m | +119% |
| Trade receivables | 40 | €699,842 | €860,160 | +€160,318 | +22.9% |
| Other amounts receivable | 41 | €153,285 | €1,007,613 | +€854,328 | +557% |
| Current investments | 50/53 | €98,424 | €0 | -€98,424 | -100% |
| Cash at bank and in hand | 54/58 | €575,193 | €285,843 | -€289,350 | -50.3% |
| Total equity and liabilities | 10/49 | €10,768,929 | €11,067,654 | +€298,726 | +2.8% |
| Equity | 10/15 | €5,863,550 | €5,969,090 | +€105,540 | +1.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €903,517 | €44,318 | -€859,200 | -95.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €864,157 | €4,958 | -€859,200 | -99.4% |
| Profit (loss) carried forward | 14 | €4,941,432 | €5,906,172 | +€964,740 | +19.5% |
| Amounts payable | 17/49 | €4,905,379 | €5,098,565 | +€193,186 | +3.9% |
| Amounts payable after more than one year | 17 | €2,809,830 | €3,081,685 | +€271,855 | +9.7% |
| Financial debts | 170/4 | €2,809,830 | €3,081,685 | +€271,855 | +9.7% |
| Amounts payable within one year | 42/48 | €2,069,492 | €2,016,880 | -€52,613 | -2.5% |
| Financial debts | 43 | €480,524 | €691,152 | +€210,628 | +43.8% |
| Credit institutions | 430/8 | €480,524 | €691,152 | +€210,628 | +43.8% |
| Trade debts | 44 | €30,322 | €44,981 | +€14,659 | +48.3% |
| Suppliers | 440/4 | €30,322 | €44,981 | +€14,659 | +48.3% |
| Taxes, remuneration and social security | 45 | €282,241 | €146,547 | -€135,694 | -48.1% |
| Taxes | 450/3 | €273,624 | €130,064 | -€143,560 | -52.5% |
| Remuneration and social security | 454/9 | €8,617 | €16,483 | +€7,866 | +91.3% |
| Other amounts payable | 47/48 | €1,276,405 | €1,134,200 | -€142,206 | -11.1% |
| Accrued charges and deferred income | 492/3 | €26,057 | €0 | -€26,057 | -100% |
| Non-recurring operating income | 76A | €0 | €48,686 | +€48,686 | |
| Remuneration, social security and pensions | 62 | €107,360 | €171,460 | +€64,100 | +59.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €586,234 | €569,545 | -€16,688 | -2.8% |
| Other operating charges | 640/8 | €43,861 | €45,027 | +€1,166 | +2.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €2,254,513 | €2,209,440 | -€45,073 | -2.0% |
| Operating profit (loss) | 9901 | €1,517,059 | €1,423,408 | -€93,652 | -6.2% |
| Financial income | 75/76B | €1,132 | €30,942 | +€29,810 | +2,633% |
| Recurring financial income | 75 | €1,132 | €30,942 | +€29,810 | +2,633% |
| Financial charges | 65/66B | €173,769 | €141,564 | -€32,206 | -18.5% |
| Recurring financial charges | 65 | €173,769 | €141,564 | -€32,206 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €1,344,422 | €1,312,786 | -€31,636 | -2.4% |
| Income taxes | 67/77 | €348,634 | €348,046 | -€588 | -0.2% |
| Profit (loss) for the period | 9904 | €995,787 | €964,740 | -€31,048 | -3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €995,787 | €964,740 | -€31,048 | -3.1% |
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 21 October 2026 via checked.be.