ECUHOLD: 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
ECUHOLD
NACE 70.200, Business and other management consultancy
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€15.9m
2025 · €21.3m-€5.3m
Equity
€101.4m
2025 · €85.5m+€15.9m
Cash
€4.8m
2025 · €14.9m-€10.1m
Balance sheet total
€207.1m
2025 · €216.5m-€9.4m
Largest movements
Assets
- Receivables within one year -€30.6m
down €30.6m (-26.4%), from €115.7m to €85.2m
of which Other amounts receivable: -€32.9m
- Receivables after one year +€28.6m
up €28.6m (+127%), from €22.5m to €51.1m
- Cash -€10.1m
down €10.1m (-68.0%), from €14.9m to €4.8m
mainly Receivables after one year (-€28.6m) and Other debts (-€15.7m)
- Financial fixed assets +€5.7m
up €5.7m (+9.8%), from €58.7m to €64.5m
of which Affiliated companies: +€5.7m
- Intangible fixed assets -€2.7m
down €2.7m (-86.7%), from €3.1m to €413,831
Equity and liabilities
- Profit (loss) carried forward +€15.9m
up €15.9m (+21.9%), from €72.8m to €88.7m
- Other debts -€15.7m
down €15.7m (-14.8%), from €106.1m to €90.4m
- Short-term financial debts -€5.6m
down €5.6m (-50.4%), from €11.2m to €5.6m
- Accrued charges and deferred income -€5.5m
down €5.5m (-90.3%), from €6.1m to €593,558
- Trade debts +€3.8m
up €3.8m (+105%), from €3.6m to €7.4m
Income statement
- Financial income -€3.0m
down €3.0m (-14.0%), from €21.6m to €18.6m
- Services and other goods +€2.6m
up €2.6m (+33.0%), from €7.8m to €10.4m
- Depreciation -€1.3m
down €1.3m (-56.5%), from €2.3m to €979,368
- Staff costs +€971,303
up €971,303 (+33.1%), from €2.9m to €3.9m
- Other operating income -€496,486
down €496,486 (-2.8%), from €17.6m to €17.1m
From the 2025 result to the 2026 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 2025
€21.3m
Turnover
-€5,877
Other operating income
-€496,486
Services and other goods
-€2.6m
Staff costs
-€971,303
Depreciation
+€1.3m
Provisions
+€207,671
Other operating charges
+€211,231
Other operating items
+€61,901
Financial income
-€3.0m
Financial charges
-€120,481
Taxes
+€146,539
Result 2026
€15.9m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€1.5m
Investment
-€3.9m
Financing
-€7.8m
Cash 2025
€14.9m
From operations (derived)
+€1.5m
Net result for the year
+€15.9m
Depreciation
+€979,368
Receivables after one year
-€28.6m
Receivables within one year
+€30.6m
Deferred charges and accrued income
+€197,165
Provisions
-€203,729
Trade debts
+€3.8m
Tax, wage and social debts
+€38,484
Other debts
-€15.7m
Accrued charges and deferred income
-€5.5m
Investment (derived)
-€3.9m
Investment in fixed assets (net)
-€3.9m
Financing
-€7.8m
Debts after one year
-€2.1m
Short-term financial debts
-€5.6m
Cash 2026
€4.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €216,453,857 | €207,070,469 | -€9.4m | -4.3% |
| Fixed assets | 21/28 | €62,244,297 | €65,122,176 | +€2.9m | +4.6% |
| Intangible fixed assets | 21 | €3,107,735 | €413,831 | -€2.7m | -86.7% |
| Tangible fixed assets | 22/27 | €386,881 | €210,790 | -€176,091 | -45.5% |
| Plant, machinery and equipment | 23 | €12,894 | €9,105 | -€3,790 | -29.4% |
| Furniture and vehicles | 24 | €373,963 | €201,685 | -€172,278 | -46.1% |
| Other tangible fixed assets | 26 | €23 | - | -€23 | |
| Financial fixed assets | 28 | €58,749,681 | €64,497,555 | +€5.7m | +9.8% |
| Affiliated companies | 280/1 | €58,715,184 | €64,464,940 | +€5.7m | +9.8% |
| Participating interests | 280 | €58,715,184 | €64,464,940 | +€5.7m | +9.8% |
| Other financial fixed assets | 284/8 | €34,497 | €32,615 | -€1,882 | -5.5% |
| Amounts receivable and cash guarantees | 285/8 | €34,497 | €32,615 | -€1,882 | -5.5% |
| Current assets | 29/58 | €154,209,560 | €141,948,293 | -€12.3m | -8.0% |
| Amounts receivable after more than one year | 29 | €22,520,295 | €51,144,178 | +€28.6m | +127% |
| Other amounts receivable | 291 | €22,520,295 | €51,144,178 | +€28.6m | +127% |
| Amounts receivable within one year | 40/41 | €115,706,424 | €85,153,080 | -€30.6m | -26.4% |
| Trade receivables | 40 | €5,247,855 | €7,604,247 | +€2.4m | +44.9% |
| Other amounts receivable | 41 | €110,458,568 | €77,548,833 | -€32.9m | -29.8% |
| Cash at bank and in hand | 54/58 | €14,912,202 | €4,777,560 | -€10.1m | -68.0% |
| Deferred charges and accrued income | 490/1 | €1,070,640 | €873,475 | -€197,165 | -18.4% |
| Total equity and liabilities | 10/49 | €216,453,857 | €207,070,469 | -€9.4m | -4.3% |
| Equity | 10/15 | €85,475,391 | €101,421,403 | +€15.9m | +18.7% |
| Contributions | 10/11 | €12,102,468 | €12,102,468 | = | 0.0% |
| Capital | 10 | €3,139,276 | €3,139,276 | = | 0.0% |
| Issued capital | 100 | €3,139,276 | €3,139,276 | = | 0.0% |
| Contributions outside capital | 11 | €8,963,192 | €8,963,192 | = | 0.0% |
| Share premium | 1100/10 | €8,963,192 | €8,963,192 | = | 0.0% |
| Reserves | 13 | €596,526 | €596,526 | = | 0.0% |
| Non-distributable reserves | 130/1 | €313,928 | €313,928 | = | 0.0% |
| Legal reserve | 130 | €313,928 | €313,928 | = | 0.0% |
| Distributable reserves | 133 | €282,599 | €282,599 | = | 0.0% |
| Profit (loss) carried forward | 14 | €72,776,397 | €88,722,409 | +€15.9m | +21.9% |
| Provisions and deferred taxes | 16 | €1,537,731 | €1,334,002 | -€203,729 | -13.2% |
| Provisions for liabilities and charges | 160/5 | €1,537,731 | €1,334,002 | -€203,729 | -13.2% |
| Other liabilities and charges | 164/5 | €1,537,731 | €1,334,002 | -€203,729 | -13.2% |
| Amounts payable | 17/49 | €129,440,735 | €104,315,064 | -€25.1m | -19.4% |
| Amounts payable after more than one year | 17 | €2,133,799 | €24,340 | -€2.1m | -98.9% |
| Financial debts | 170/4 | €2,133,799 | €24,340 | -€2.1m | -98.9% |
| Other loans | 174 | €2,133,799 | €24,340 | -€2.1m | -98.9% |
| Amounts payable within one year | 42/48 | €121,206,513 | €103,697,166 | -€17.5m | -14.4% |
| Financial debts | 43 | €11,204,082 | €5,556,422 | -€5.6m | -50.4% |
| Credit institutions | 430/8 | €11,204,082 | €5,556,422 | -€5.6m | -50.4% |
| Trade debts | 44 | €3,588,388 | €7,372,579 | +€3.8m | +105% |
| Suppliers | 440/4 | €3,588,388 | €7,372,579 | +€3.8m | +105% |
| Taxes, remuneration and social security | 45 | €309,685 | €348,168 | +€38,484 | +12.4% |
| Taxes | 450/3 | €204,521 | €235,612 | +€31,092 | +15.2% |
| Remuneration and social security | 454/9 | €105,164 | €112,556 | +€7,392 | +7.0% |
| Other amounts payable | 47/48 | €106,104,359 | €90,419,997 | -€15.7m | -14.8% |
| Accrued charges and deferred income | 492/3 | €6,100,423 | €593,558 | -€5.5m | -90.3% |
| Operating income | 70/76A | €18,166,501 | €17,437,756 | -€728,745 | -4.0% |
| Turnover | 70 | €10,092 | €4,215 | -€5,877 | -58.2% |
| Other operating income | 74 | €17,564,489 | €17,068,003 | -€496,486 | -2.8% |
| Non-recurring operating income | 76A | €591,920 | €365,538 | -€226,382 | -38.2% |
| Operating charges | 60/66A | €15,155,254 | €16,731,368 | +€1.6m | +10.4% |
| Services and other goods | 61 | €7,832,296 | €10,417,809 | +€2.6m | +33.0% |
| Remuneration, social security and pensions | 62 | €2,938,750 | €3,910,052 | +€971,303 | +33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,252,885 | €979,368 | -€1.3m | -56.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€434,402 | -€642,073 | -€207,671 | -47.8% |
| Other operating charges | 640/8 | €1,951,199 | €1,739,968 | -€211,231 | -10.8% |
| Non-recurring operating charges | 66A | €614,527 | €326,244 | -€288,283 | -46.9% |
| Operating profit (loss) | 9901 | €3,011,247 | €706,388 | -€2.3m | -76.5% |
| Financial income | 75/76B | €21,600,193 | €18,574,523 | -€3.0m | -14.0% |
| Recurring financial income | 75 | €21,600,193 | €18,574,523 | -€3.0m | -14.0% |
| Income from financial fixed assets | 750 | €18,815,228 | €14,974,829 | -€3.8m | -20.4% |
| Income from current assets | 751 | €2,456,556 | €1,957,035 | -€499,521 | -20.3% |
| Other financial income | 752/9 | €328,408 | €1,642,659 | +€1.3m | +400% |
| Financial charges | 65/66B | €2,514,296 | €2,634,777 | +€120,481 | +4.8% |
| Recurring financial charges | 65 | €2,514,296 | €2,634,777 | +€120,481 | +4.8% |
| Debt charges | 650 | €2,317,523 | €1,941,883 | -€375,640 | -16.2% |
| Other financial charges | 652/9 | €196,773 | €692,894 | +€496,121 | +252% |
| Profit (loss) for the period before taxes | 9903 | €22,097,143 | €16,646,133 | -€5.5m | -24.7% |
| Income taxes | 67/77 | €846,660 | €700,121 | -€146,539 | -17.3% |
| Taxes | 670/3 | €846,660 | €772,142 | -€74,518 | -8.8% |
| Tax adjustments and reversals of tax provisions | 77 | - | €72,021 | +€72,021 | |
| Profit (loss) for the period | 9904 | €21,250,483 | €15,946,012 | -€5.3m | -25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,250,483 | €15,946,012 | -€5.3m | -25.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.