Ecu Global: 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.
What changed
Ecu Global
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€68.2m
2024 · €1.2m+€66.9m
Equity
€95.7m
2024 · €27.5m+€68.2m
Cash
€5.1m
2024 · €160,098+€4.9m
Balance sheet total
€180.6m
2024 · €117.9m+€62.7m
Largest movements
Assets
- Receivables within one year +€49.7m
up €49.7m (+1321.0%), from €3.8m to €53.5m
of which Other amounts receivable: +€49.1m
- Financial fixed assets +€8.9m
up €8.9m (+7.9%), from €111.8m to €120.7m
of which Affiliated companies: +€8.9m
- Cash +€4.9m
up €4.9m (+3077.7%), from €160,098 to €5.1m
mainly Net result for the year (+€68.2m) and Current portion of long-term debt (+€39.6m)
Equity and liabilities
- Profit (loss) carried forward +€68.2m
up €68.2m (+458.9%), from €14.9m to €83.0m
- Current portion of long-term debt +€39.6m
up €39.6m (+194.1%), from €20.4m to €60.0m
- Other debts -€38.0m
down €38.0m (-66.2%), from €57.4m to €19.4m
- Debts after one year -€10.0m
no longer reported in 2025 (was €10.0m)
- Short-term financial debts +€3.8m
new in 2025: €3.8m
Income statement
- Financial income +€65.9m
up €65.9m (+951.0%), from €6.9m to €72.8m
- Other operating income +€753,097
up €753,097 (+197.1%), from €382,006 to €1.1m
- Financial charges -€215,541
down €215,541 (-4.4%), from €4.9m to €4.7m
- Services and other goods -€188,927
down €188,927 (-18.4%), from €1.0m to €836,061
- Other operating charges +€89,245
up €89,245 (+44.3%), from €201,684 to €290,930
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
€1.2m
Turnover
+€750
Other operating income
+€753,097
Services and other goods
+€188,927
Other operating charges
-€89,245
Other operating items
-€9,373
Financial income
+€65.9m
Financial charges
+€215,541
Taxes
-€6,997
Result 2025
€68.2m
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.
From operations
-€19.9m
Investment
-€8.5m
Financing
+€33.4m
Cash 2024
€160,098
From operations (derived)
-€19.9m
Net result for the year
+€68.2m
Smaller working-capital items
-€126,953
Receivables within one year
-€49.7m
Deferred charges and accrued income
+€435,603
Trade debts
-€632,218
Other debts
-€38.0m
Investment (derived)
-€8.5m
Investment in fixed assets (net)
-€8.5m
Financing
+€33.4m
Debts after one year
-€10.0m
Current portion of long-term debt
+€39.6m
Short-term financial debts
+€3.8m
Cash 2025
€5.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €117,874,971 | €180,616,798 | +€62.7m | +53.2% |
| Formation expenses | 20 | €768,867 | €395,245 | -€373,622 | -48.6% |
| Fixed assets | 21/28 | €111,813,427 | €120,691,927 | +€8.9m | +7.9% |
| Financial fixed assets | 28 | €111,813,427 | €120,691,927 | +€8.9m | +7.9% |
| Affiliated companies | 280/1 | €109,899,459 | €118,777,959 | +€8.9m | +8.1% |
| Participating interests | 280 | €93,963,389 | €99,607,252 | +€5.6m | +6.0% |
| Amounts receivable | 281 | €15,936,070 | €19,170,707 | +€3.2m | +20.3% |
| Other financial fixed assets | 284/8 | €1,913,968 | €1,913,968 | = | 0.0% |
| Shares | 284 | €1,913,968 | €1,913,968 | = | 0.0% |
| Current assets | 29/58 | €5,292,677 | €59,529,627 | +€54.2m | +1024.8% |
| Amounts receivable after more than one year | 29 | €555,997 | €554,509 | -€1,487 | -0.3% |
| Other amounts receivable | 291 | €555,997 | €554,509 | -€1,487 | -0.3% |
| Amounts receivable within one year | 40/41 | €3,765,834 | €53,512,592 | +€49.7m | +1321.0% |
| Trade receivables | 40 | €344,317 | €1,002,380 | +€658,063 | +191.1% |
| Other amounts receivable | 41 | €3,421,517 | €52,510,212 | +€49.1m | +1434.7% |
| Cash at bank and in hand | 54/58 | €160,098 | €5,087,381 | +€4.9m | +3077.7% |
| Deferred charges and accrued income | 490/1 | €810,748 | €375,145 | -€435,603 | -53.7% |
| Total equity and liabilities | 10/49 | €117,874,971 | €180,616,798 | +€62.7m | +53.2% |
| Equity | 10/15 | €27,504,759 | €95,674,022 | +€68.2m | +247.8% |
| Contributions | 10/11 | €11,500,000 | €11,500,000 | = | 0.0% |
| Capital | 10 | €11,500,000 | €11,500,000 | = | 0.0% |
| Issued capital | 100 | €11,500,000 | €11,500,000 | = | 0.0% |
| Reserves | 13 | €1,150,000 | €1,150,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,150,000 | €1,150,000 | = | 0.0% |
| Legal reserve | 130 | €1,150,000 | €1,150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,854,759 | €83,024,022 | +€68.2m | +458.9% |
| Amounts payable | 17/49 | €90,370,212 | €84,942,776 | -€5.4m | -6.0% |
| Amounts payable after more than one year | 17 | €10,000,000 | - | -€10.0m | |
| Financial debts | 170/4 | €10,000,000 | - | -€10.0m | |
| Credit institutions | 173 | €10,000,000 | - | -€10.0m | |
| Amounts payable within one year | 42/48 | €79,576,334 | €84,277,338 | +€4.7m | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €20,400,000 | €60,000,000 | +€39.6m | +194.1% |
| Financial debts | 43 | - | €3,753,638 | +€3.8m | |
| Credit institutions | 430/8 | - | €3,753,638 | +€3.8m | |
| Trade debts | 44 | €1,732,063 | €1,099,845 | -€632,218 | -36.5% |
| Suppliers | 440/4 | €1,732,063 | €1,099,845 | -€632,218 | -36.5% |
| Other amounts payable | 47/48 | €57,444,271 | €19,423,856 | -€38.0m | -66.2% |
| Accrued charges and deferred income | 492/3 | €793,878 | €665,438 | -€128,440 | -16.2% |
| Operating income | 70/76A | €407,323 | €1,151,797 | +€744,474 | +182.8% |
| Turnover | 70 | €11,250 | €12,000 | +€750 | +6.7% |
| Other operating income | 74 | €382,006 | €1,135,103 | +€753,097 | +197.1% |
| Non-recurring operating income | 76A | €14,067 | €4,693 | -€9,373 | -66.6% |
| Operating charges | 60/66A | €1,226,672 | €1,126,990 | -€99,682 | -8.1% |
| Services and other goods | 61 | €1,024,988 | €836,061 | -€188,927 | -18.4% |
| Other operating charges | 640/8 | €201,684 | €290,930 | +€89,245 | +44.3% |
| Operating profit (loss) | 9901 | -€819,350 | €24,806 | +€844,156 | |
| Financial income | 75/76B | €6,926,480 | €72,796,587 | +€65.9m | +951.0% |
| Recurring financial income | 75 | €6,926,480 | €72,796,587 | +€65.9m | +951.0% |
| Income from financial fixed assets | 750 | €4,425,158 | €70,828,219 | +€66.4m | +1500.6% |
| Income from current assets | 751 | €2,479,324 | €1,919,589 | -€559,735 | -22.6% |
| Other financial income | 752/9 | €21,998 | €48,779 | +€26,781 | +121.7% |
| Financial charges | 65/66B | €4,867,274 | €4,651,733 | -€215,541 | -4.4% |
| Recurring financial charges | 65 | €4,867,274 | €4,651,733 | -€215,541 | -4.4% |
| Debt charges | 650 | €3,972,873 | €4,343,089 | +€370,216 | +9.3% |
| Other financial charges | 652/9 | €894,401 | €308,644 | -€585,757 | -65.5% |
| Profit (loss) for the period before taxes | 9903 | €1,239,857 | €68,169,661 | +€66.9m | +5398.2% |
| Income taxes | 67/77 | -€6,599 | €398 | +€6,997 | |
| Taxes | 670/3 | €5,137 | €612 | -€4,525 | -88.1% |
| Tax adjustments and reversals of tax provisions | 77 | €11,737 | €214 | -€11,522 | -98.2% |
| Profit (loss) for the period | 9904 | €1,246,456 | €68,169,263 | +€66.9m | +5369.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,246,456 | €68,169,263 | +€66.9m | +5369.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.