ECULEO: 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.
ECULEO
Largest movements
- Tangible fixed assets +€50,629
up €50,629 (+39.1%), from €129,420 to €180,049
of which Leasing and similar rights: +€71,415
- Receivables after one year +€17,000
new in 2025: €17,000
- Receivables within one year +€16,064
up €16,064 (+27.4%), from €58,605 to €74,669
of which Other amounts receivable: +€8,647
- Cash -€15,117
down €15,117 (-32.6%), from €46,382 to €31,266
mainly Investment in fixed assets (net) (-€91,439) and Receivables after one year (-€17,000)
- Stocks and contracts +€6,010
up €6,010 (+8.3%), from €72,490 to €78,500
- Debts after one year +€37,276
up €37,276 (+35.4%), from €105,218 to €142,494
- Profit (loss) carried forward +€16,335
up €16,335, from -€14,752 to €1,583
- Current portion of long-term debt +€14,202
up €14,202 (+72.2%), from €19,666 to €33,869
- Trade debts +€10,415
up €10,415 (+28.5%), from €36,500 to €46,915
- Gross operating margin +€22,218
up €22,218 (+35.5%), from €62,597 to €84,815
- Depreciation +€11,108
up €11,108 (+37.4%), from €29,702 to €40,810
- Taxes +€1,325
up €1,325 (+24.6%), from €5,381 to €6,706
- Financial charges +€1,310
up €1,310 (+8.0%), from €16,344 to €17,654
- Other operating charges -€956
down €956 (-17.2%), from €5,559 to €4,603
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 | €311,274 | €385,656 | +€74,382 | +23.9% |
| Fixed assets | 21/28 | €129,420 | €180,049 | +€50,629 | +39.1% |
| Tangible fixed assets | 22/27 | €129,420 | €180,049 | +€50,629 | +39.1% |
| Land and buildings | 22 | €95,089 | €79,199 | -€15,890 | -16.7% |
| Plant, machinery and equipment | 23 | €32,866 | €28,819 | -€4,047 | -12.3% |
| Furniture and vehicles | 24 | €1,465 | €615 | -€850 | -58.0% |
| Leasing and similar rights | 25 | - | €71,415 | +€71,415 | |
| Current assets | 29/58 | €181,854 | €205,607 | +€23,753 | +13.1% |
| Amounts receivable after more than one year | 29 | - | €17,000 | +€17,000 | |
| Other amounts receivable | 291 | - | €17,000 | +€17,000 | |
| Stocks and contracts in progress | 3 | €72,490 | €78,500 | +€6,010 | +8.3% |
| Stocks | 30/36 | €72,490 | €78,500 | +€6,010 | +8.3% |
| Amounts receivable within one year | 40/41 | €58,605 | €74,669 | +€16,064 | +27.4% |
| Trade receivables | 40 | €38,841 | €46,258 | +€7,417 | +19.1% |
| Other amounts receivable | 41 | €19,764 | €28,411 | +€8,647 | +43.8% |
| Cash at bank and in hand | 54/58 | €46,382 | €31,266 | -€15,117 | -32.6% |
| Deferred charges and accrued income | 490/1 | €4,377 | €4,173 | -€204 | -4.7% |
| Total equity and liabilities | 10/49 | €311,274 | €385,656 | +€74,382 | +23.9% |
| Equity | 10/15 | €75,248 | €91,583 | +€16,335 | +21.7% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,752 | €1,583 | +€16,335 | |
| Amounts payable | 17/49 | €236,026 | €294,073 | +€58,047 | +24.6% |
| Amounts payable after more than one year | 17 | €105,218 | €142,494 | +€37,276 | +35.4% |
| Financial debts | 170/4 | €105,218 | €142,494 | +€37,276 | +35.4% |
| Amounts payable within one year | 42/48 | €130,808 | €151,579 | +€20,771 | +15.9% |
| Current portion of amounts payable after more than one year | 42 | €19,666 | €33,869 | +€14,202 | +72.2% |
| Financial debts | 43 | €67,581 | €66,705 | -€877 | -1.3% |
| Credit institutions | 430/8 | €67,581 | €66,705 | -€877 | -1.3% |
| Trade debts | 44 | €36,500 | €46,915 | +€10,415 | +28.5% |
| Suppliers | 440/4 | €36,500 | €46,915 | +€10,415 | +28.5% |
| Taxes, remuneration and social security | 45 | €7,060 | €4,090 | -€2,969 | -42.1% |
| Taxes | 450/3 | €7,060 | €2,385 | -€4,675 | -66.2% |
| Remuneration and social security | 454/9 | - | €1,706 | +€1,706 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,702 | €40,810 | +€11,108 | +37.4% |
| Other operating charges | 640/8 | €5,559 | €4,603 | -€956 | -17.2% |
| Gross operating margin | 9900 | €62,597 | €84,815 | +€22,218 | +35.5% |
| Operating profit (loss) | 9901 | €27,335 | €39,401 | +€12,066 | +44.1% |
| Financial income | 75/76B | €651 | €1,293 | +€642 | +98.7% |
| Recurring financial income | 75 | €651 | €1,293 | +€642 | +98.7% |
| Financial charges | 65/66B | €16,344 | €17,654 | +€1,310 | +8.0% |
| Recurring financial charges | 65 | €16,344 | €17,654 | +€1,310 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €11,642 | €23,040 | +€11,398 | +97.9% |
| Income taxes | 67/77 | €5,381 | €6,706 | +€1,325 | +24.6% |
| Profit (loss) for the period | 9904 | €6,261 | €16,335 | +€10,074 | +160.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,261 | €16,335 | +€10,074 | +160.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.