ECORES: 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.
ECORES
Largest movements
- Cash +€73,541
up €73,541 (+987%), from €7,452 to €80,993
mainly Accrued charges and deferred income (+€98,503) and Tax, wage and social debts (+€51,100)
- Receivables after one year +€62,200
new in 2025: €62,200
- Financial fixed assets -€26,900
down €26,900 (-23.2%), from €116,068 to €89,168
- Receivables within one year +€25,221
up €25,221 (+5.2%), from €486,771 to €511,992
of which Other amounts receivable: +€46,240
- Tangible fixed assets +€24,049
up €24,049 (+1,622%), from €1,482 to €25,531
of which Assets under construction and advance payments: +€24,448
- Accrued charges and deferred income +€98,503
up €98,503 (+547%), from €18,016 to €116,519
- Tax, wage and social debts +€51,100
up €51,100 (+42.7%), from €119,731 to €170,831
of which Taxes: +€35,420
- Profit (loss) carried forward +€50,750
up €50,750, from -€50,750 to €0
- Reserves -€46,256
down €46,256 (-88.2%), from €52,474 to €6,218
of which Distributable reserves: -€46,256
- Trade debts -€35,142
down €35,142 (-13.0%), from €270,129 to €234,987
- Turnover -€389,804
down €389,804 (-26.3%), from €1.5m to €1.1m
- Purchases and services -€281,534
down €281,534 (-36.4%), from €774,417 to €492,883
- Staff costs -€154,514
down €154,514 (-20.5%), from €752,590 to €598,076
- Gross operating margin -€98,593
down €98,593 (-13.8%), from €716,076 to €617,483
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 | €626,011 | €775,575 | +€149,563 | +23.9% |
| Fixed assets | 21/28 | €117,550 | €114,699 | -€2,851 | -2.4% |
| Tangible fixed assets | 22/27 | €1,482 | €25,531 | +€24,049 | +1,622% |
| Furniture and vehicles | 24 | €1,482 | €1,083 | -€400 | -27.0% |
| Assets under construction and advance payments | 27 | - | €24,448 | +€24,448 | |
| Financial fixed assets | 28 | €116,068 | €89,168 | -€26,900 | -23.2% |
| Current assets | 29/58 | €508,461 | €660,876 | +€152,415 | +30.0% |
| Amounts receivable after more than one year | 29 | - | €62,200 | +€62,200 | |
| Other amounts receivable | 291 | - | €62,200 | +€62,200 | |
| Amounts receivable within one year | 40/41 | €486,771 | €511,992 | +€25,221 | +5.2% |
| Trade receivables | 40 | €456,618 | €435,599 | -€21,019 | -4.6% |
| Other amounts receivable | 41 | €30,153 | €76,393 | +€46,240 | +153% |
| Cash at bank and in hand | 54/58 | €7,452 | €80,993 | +€73,541 | +987% |
| Deferred charges and accrued income | 490/1 | €14,238 | €5,691 | -€8,547 | -60.0% |
| Total equity and liabilities | 10/49 | €626,011 | €775,575 | +€149,563 | +23.9% |
| Equity | 10/15 | €60,538 | €67,011 | +€6,473 | +10.7% |
| Contributions | 10/11 | €43,604 | €43,604 | = | 0.0% |
| Revaluation surpluses | 12 | €15,209 | €17,189 | +€1,980 | +13.0% |
| Reserves | 13 | €52,474 | €6,218 | -€46,256 | -88.2% |
| Non-distributable reserves | 130/1 | €4,162 | €4,162 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,162 | €4,162 | = | 0.0% |
| Distributable reserves | 133 | €48,312 | €2,056 | -€46,256 | -95.7% |
| Profit (loss) carried forward | 14 | -€50,750 | €0 | +€50,750 | |
| Amounts payable | 17/49 | €565,474 | €708,564 | +€143,090 | +25.3% |
| Amounts payable within one year | 42/48 | €547,458 | €592,045 | +€44,587 | +8.1% |
| Financial debts | 43 | €129,600 | €164,470 | +€34,869 | +26.9% |
| Credit institutions | 430/8 | €129,600 | €164,206 | +€34,606 | +26.7% |
| Other loans | 439 | - | €264 | +€264 | |
| Trade debts | 44 | €270,129 | €234,987 | -€35,142 | -13.0% |
| Suppliers | 440/4 | €270,129 | €234,987 | -€35,142 | -13.0% |
| Taxes, remuneration and social security | 45 | €119,731 | €170,831 | +€51,100 | +42.7% |
| Taxes | 450/3 | €48,648 | €84,067 | +€35,420 | +72.8% |
| Remuneration and social security | 454/9 | €71,083 | €86,764 | +€15,680 | +22.1% |
| Other amounts payable | 47/48 | €27,998 | €21,758 | -€6,240 | -22.3% |
| Accrued charges and deferred income | 492/3 | €18,016 | €116,519 | +€98,503 | +547% |
| Turnover | 70 | €1,483,258 | €1,093,455 | -€389,804 | -26.3% |
| Non-recurring operating income | 76A | €177 | €0 | -€177 | -100% |
| Goods, raw materials, services and sundry goods | 60/61 | €774,417 | €492,883 | -€281,534 | -36.4% |
| Remuneration, social security and pensions | 62 | €752,590 | €598,076 | -€154,514 | -20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117 | €400 | +€283 | +243% |
| Non-recurring operating charges | 66A | €4,835 | €2,503 | -€2,332 | -48.2% |
| Gross operating margin | 9900 | €716,076 | €617,483 | -€98,593 | -13.8% |
| Operating profit (loss) | 9901 | -€41,466 | €16,504 | +€57,970 | |
| Financial income | 75/76B | €371 | €3,569 | +€3,198 | +863% |
| Recurring financial income | 75 | €371 | €3,569 | +€3,198 | +863% |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €9,391 | €15,579 | +€6,188 | +65.9% |
| Recurring financial charges | 65 | €9,391 | €15,579 | +€6,188 | +65.9% |
| Profit (loss) for the period before taxes | 9903 | -€50,487 | €4,493 | +€54,980 | |
| Income taxes | 67/77 | €263 | - | -€263 | |
| Profit (loss) for the period | 9904 | -€50,750 | €4,493 | +€55,243 | |
| Profit (loss) for the period to be appropriated | 9905 | -€50,750 | €4,493 | +€55,243 |
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 23 October 2026 via checked.be.