ECOTFIN: what changed
Two fiscal 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.
ECOTFIN
Largest movements
- Tangible fixed assets -€65,281
down €65,281 (-13.7%), from €477,382 to €412,101
of which Plant, machinery and equipment: -€50,263
- Receivables within one year +€39,517
up €39,517 (+246.5%), from €16,031 to €55,548
- Cash -€19,406
down €19,406 (-42.2%), from €45,950 to €26,544
mainly Debts after one year (-€91,618) and Receivables within one year (-€39,517)
- Debts after one year -€91,618
down €91,618 (-27.0%), from €338,742 to €247,124
of which Financial debts: -€91,618
- Reserves +€44,000
up €44,000 (+44.8%), from €98,200 to €142,200
of which Distributable reserves: +€44,000
- Trade debts +€41,164
up €41,164 (+119.8%), from €34,374 to €75,538
- Advances received -€38,175
no longer reported in 2025 (was €38,175)
- Gross operating margin +€52,959
up €52,959 (+53.5%), from €99,072 to €152,031
- Depreciation +€33,874
up €33,874 (+93.8%), from €36,125 to €69,999
- Taxes +€5,143
up €5,143 (+29.6%), from €17,347 to €22,490
- Financial charges -€1,877
down €1,877 (-15.6%), from €12,043 to €10,166
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 | €940,051 | €893,302 | -€46,749 | -5.0% |
| Fixed assets | 21/28 | €868,200 | €802,919 | -€65,281 | -7.5% |
| Tangible fixed assets | 22/27 | €477,382 | €412,101 | -€65,281 | -13.7% |
| Land and buildings | 22 | €167,987 | €162,789 | -€5,198 | -3.1% |
| Plant, machinery and equipment | 23 | €275,467 | €225,204 | -€50,263 | -18.2% |
| Leasing and similar rights | 25 | €33,928 | €24,108 | -€9,820 | -28.9% |
| Financial fixed assets | 28 | €390,818 | €390,818 | = | 0.0% |
| Current assets | 29/58 | €71,851 | €90,383 | +€18,532 | +25.8% |
| Amounts receivable within one year | 40/41 | €16,031 | €55,548 | +€39,517 | +246.5% |
| Trade receivables | 40 | €16,031 | €55,548 | +€39,517 | +246.5% |
| Cash at bank and in hand | 54/58 | €45,950 | €26,544 | -€19,406 | -42.2% |
| Deferred charges and accrued income | 490/1 | €9,870 | €8,291 | -€1,579 | -16.0% |
| Total equity and liabilities | 10/49 | €940,051 | €893,302 | -€46,749 | -5.0% |
| Equity | 10/15 | €280,555 | €324,768 | +€44,213 | +15.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €98,200 | €142,200 | +€44,000 | +44.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €92,000 | €136,000 | +€44,000 | +47.8% |
| Profit (loss) carried forward | 14 | €120,355 | €120,568 | +€213 | +0.2% |
| Amounts payable | 17/49 | €659,496 | €568,534 | -€90,962 | -13.8% |
| Amounts payable after more than one year | 17 | €338,742 | €247,124 | -€91,618 | -27.0% |
| Financial debts | 170/4 | €338,234 | €246,616 | -€91,618 | -27.1% |
| Other amounts payable | 178/9 | €508 | €508 | = | 0.0% |
| Amounts payable within one year | 42/48 | €320,029 | €320,660 | +€631 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €114,561 | €110,863 | -€3,698 | -3.2% |
| Trade debts | 44 | €34,374 | €75,538 | +€41,164 | +119.8% |
| Suppliers | 440/4 | €34,374 | €75,538 | +€41,164 | +119.8% |
| Advances received on contracts in progress | 46 | €38,175 | - | -€38,175 | |
| Taxes, remuneration and social security | 45 | €17,585 | €14,652 | -€2,933 | -16.7% |
| Taxes | 450/3 | €17,585 | €14,652 | -€2,933 | -16.7% |
| Other amounts payable | 47/48 | €115,334 | €119,607 | +€4,273 | +3.7% |
| Accrued charges and deferred income | 492/3 | €725 | €750 | +€25 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,125 | €69,999 | +€33,874 | +93.8% |
| Other operating charges | 640/8 | €5,028 | €5,218 | +€190 | +3.8% |
| Gross operating margin | 9900 | €99,072 | €152,031 | +€52,959 | +53.5% |
| Operating profit (loss) | 9901 | €57,919 | €76,814 | +€18,895 | +32.6% |
| Financial income | 75/76B | - | €55 | +€55 | |
| Recurring financial income | 75 | - | €55 | +€55 | |
| Financial charges | 65/66B | €12,043 | €10,166 | -€1,877 | -15.6% |
| Recurring financial charges | 65 | €12,043 | €10,166 | -€1,877 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | €45,876 | €66,703 | +€20,827 | +45.4% |
| Income taxes | 67/77 | €17,347 | €22,490 | +€5,143 | +29.6% |
| Profit (loss) for the period | 9904 | €28,529 | €44,213 | +€15,684 | +55.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,529 | €44,213 | +€15,684 | +55.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.