ECOSTAL GROUP: 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
ECOSTAL GROUP
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€133,422
2024 · -€31.5m+€31.7m
Equity
€178.6m
2024 · €178.5m+€133,422
Cash
€458,817
2024 · €433,928+€24,889
Balance sheet total
€193.8m
2024 · €190.0m+€3.8m
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year +€2.8m
up €2.8m (+30.3%), from €9.3m to €12.2m
Income statement
- Financial charges -€31.7m
down €31.7m (-98.3%), from €32.3m to €556,461
of which Non-recurring financial charges: -€32.0m
- Turnover +€2.3m
up €2.3m (+159%), from €1.4m to €3.7m
- Services and other goods +€1.7m
up €1.7m (+106%), from €1.6m to €3.4m
- Staff costs +€603,404
up €603,404 (+349%), from €173,090 to €776,494
- Depreciation +€250,676
up €250,676 (+1,074%), from €23,345 to €274,021
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
-€31.5m
Turnover
+€2.3m
Other operating income
-€4,759
Services and other goods
-€1.7m
Staff costs
-€603,404
Depreciation
-€250,676
Other operating charges
+€1,498
Other operating items
+€357,060
Financial income
-€79,074
Financial charges
+€31.7m
Taxes
+€285
Result 2025
€133,422
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
-€379,870
Investment
-€2.0m
Financing
+€2.4m
Cash 2024
€433,928
From operations (derived)
-€379,870
Net result for the year
+€133,422
Depreciation
+€274,021
Receivables within one year
-€412,260
Deferred charges and accrued income
-€1.6m
Trade debts
+€598,293
Tax, wage and social debts
+€181,444
Other debts
+€391,205
Accrued charges and deferred income
+€69,037
Investment (derived)
-€2.0m
Investment in fixed assets (net)
-€2.0m
Financing
+€2.4m
Debts after one year
+€2.8m
Current portion of long-term debt
-€400,349
Cash 2025
€458,817
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €189,993,625 | €193,794,677 | +€3.8m | +2.0% |
| Formation expenses | 20 | €84,940 | €66,219 | -€18,721 | -22.0% |
| Fixed assets | 21/28 | €168,333,388 | €170,100,979 | +€1.8m | +1.1% |
| Intangible fixed assets | 21 | €280,691 | €1,938,832 | +€1.7m | +591% |
| Tangible fixed assets | 22/27 | €31,852 | €141,303 | +€109,451 | +344% |
| Furniture and vehicles | 24 | €31,852 | €141,303 | +€109,451 | +344% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €168,020,844 | €168,020,844 | = | 0.0% |
| Affiliated companies | 280/1 | €168,020,844 | €168,020,844 | = | 0.0% |
| Participating interests | 280 | €151,020,000 | €151,020,000 | = | 0.0% |
| Amounts receivable | 281 | €17,000,844 | €17,000,844 | = | 0.0% |
| Current assets | 29/58 | €21,575,297 | €23,627,478 | +€2.1m | +9.5% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €21,124,951 | €21,537,211 | +€412,260 | +2.0% |
| Trade receivables | 40 | €1,390,719 | €1,660,777 | +€270,058 | +19.4% |
| Other amounts receivable | 41 | €19,734,232 | €19,876,434 | +€142,202 | +0.7% |
| Cash at bank and in hand | 54/58 | €433,928 | €458,817 | +€24,889 | +5.7% |
| Deferred charges and accrued income | 490/1 | €16,418 | €1,631,451 | +€1.6m | +9,837% |
| Total equity and liabilities | 10/49 | €189,993,625 | €193,794,677 | +€3.8m | +2.0% |
| Equity | 10/15 | €178,472,674 | €178,606,096 | +€133,422 | +0.1% |
| Contributions | 10/11 | €209,541,477 | €209,541,477 | = | 0.0% |
| Capital | 10 | €209,541,477 | €209,541,477 | = | 0.0% |
| Issued capital | 100 | €209,541,477 | €209,541,477 | = | 0.0% |
| Reserves | 13 | €9,738 | €9,738 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,738 | €9,738 | = | 0.0% |
| Legal reserve | 130 | €9,738 | €9,738 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€31,078,541 | -€30,945,119 | +€133,422 | +0.4% |
| Amounts payable | 17/49 | €11,520,951 | €15,188,581 | +€3.7m | +31.8% |
| Amounts payable after more than one year | 17 | €9,331,814 | €12,159,814 | +€2.8m | +30.3% |
| Financial debts | 170/4 | €9,331,814 | €12,159,814 | +€2.8m | +30.3% |
| Subordinated loans | 170 | €7,930,000 | €10,758,000 | +€2.8m | +35.7% |
| Credit institutions | 173 | €1,401,814 | €1,401,814 | = | 0.0% |
| Other loans | 174 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €2,062,546 | €2,833,139 | +€770,593 | +37.4% |
| Current portion of amounts payable after more than one year | 42 | €830,349 | €430,000 | -€400,349 | -48.2% |
| Trade debts | 44 | €1,197,185 | €1,795,478 | +€598,293 | +50.0% |
| Suppliers | 440/4 | €1,197,185 | €1,795,478 | +€598,293 | +50.0% |
| Taxes, remuneration and social security | 45 | €13,142 | €194,586 | +€181,444 | +1,381% |
| Taxes | 450/3 | €548 | €40,531 | +€39,983 | +7,293% |
| Remuneration and social security | 454/9 | €12,594 | €154,055 | +€141,461 | +1,123% |
| Other amounts payable | 47/48 | €21,870 | €413,075 | +€391,205 | +1,789% |
| Accrued charges and deferred income | 492/3 | €126,591 | €195,628 | +€69,037 | +54.5% |
| Operating income | 70/76A | €1,475,316 | €3,866,700 | +€2.4m | +162% |
| Turnover | 70 | €1,437,849 | €3,726,932 | +€2.3m | +159% |
| Own construction capitalised | 72 | €25,154 | €132,214 | +€107,060 | +426% |
| Other operating income | 74 | €12,313 | €7,555 | -€4,759 | -38.6% |
| Operating charges | 60/66A | €2,342,851 | €4,689,016 | +€2.3m | +100% |
| Services and other goods | 61 | €1,644,706 | €3,388,288 | +€1.7m | +106% |
| Remuneration, social security and pensions | 62 | €173,090 | €776,494 | +€603,404 | +349% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,345 | €274,021 | +€250,676 | +1,074% |
| Other operating charges | 640/8 | €1,710 | €212 | -€1,498 | -87.6% |
| Non-recurring operating charges | 66A | €500,000 | €250,000 | -€250,000 | -50.0% |
| Operating profit (loss) | 9901 | -€867,535 | -€822,316 | +€45,220 | +5.2% |
| Financial income | 75/76B | €1,591,301 | €1,512,226 | -€79,074 | -5.0% |
| Recurring financial income | 75 | €1,591,301 | €1,512,226 | -€79,074 | -5.0% |
| Income from financial fixed assets | 750 | €480,000 | €0 | -€480,000 | -100% |
| Income from current assets | 751 | €1,111,293 | €1,511,468 | +€400,175 | +36.0% |
| Other financial income | 752/9 | €7 | €759 | +€751 | +10,110% |
| Financial charges | 65/66B | €32,256,513 | €556,461 | -€31.7m | -98.3% |
| Recurring financial charges | 65 | €256,513 | €556,461 | +€299,947 | +117% |
| Debt charges | 650 | €256,311 | €554,472 | +€298,161 | +116% |
| Other financial charges | 652/9 | €202 | €1,989 | +€1,787 | +884% |
| Non-recurring financial charges | 66B | €32,000,000 | €0 | -€32.0m | -100% |
| Profit (loss) for the period before taxes | 9903 | -€31,532,748 | €133,450 | +€31.7m | |
| Income taxes | 67/77 | €313 | €28 | -€285 | -91.0% |
| Taxes | 670/3 | €314 | €28 | -€285 | -91.0% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | €0 | -€0 | -100% |
| Profit (loss) for the period | 9904 | -€31,533,061 | €133,422 | +€31.7m | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,533,061 | €133,422 | +€31.7m |
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 19 October 2026 via checked.be.