ED & S: 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.
ED & S
Largest movements
- Receivables within one year -€125,971
down €125,971 (-71.6%), from €175,889 to €49,918
of which Trade receivables: -€129,660
- Tangible fixed assets +€21,543
up €21,543 (+812.9%), from €2,650 to €24,193
- Cash +€7,706
up €7,706 (+420.3%), from €1,833 to €9,540
mainly Receivables within one year (+€125,971) and Tax, wage and social debts (+€3,768)
- Reserves -€65,136
down €65,136 (-42.3%), from €153,831 to €88,695
- Profit (loss) carried forward -€31,840
new in 2025: -€31,840
- Tax, wage and social debts +€3,768
up €3,768 (+233.7%), from €1,612 to €5,380
of which Taxes: +€3,608
- Trade debts -€2,811
down €2,811 (-37.5%), from €7,499 to €4,688
- Other operating charges +€121,030
up €121,030 (+22167.0%), from €546 to €121,576
- Gross operating margin +€36,375
up €36,375, from -€11,572 to €24,804
- Financial charges -€699
down €699 (-57.4%), from €1,216 to €518
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 | €181,535 | €85,518 | -€96,018 | -52.9% |
| Fixed assets | 21/28 | €2,650 | €24,193 | +€21,543 | +812.9% |
| Tangible fixed assets | 22/27 | €2,650 | €24,193 | +€21,543 | +812.9% |
| Furniture and vehicles | 24 | €2,650 | €24,193 | +€21,543 | +812.9% |
| Current assets | 29/58 | €178,885 | €61,324 | -€117,561 | -65.7% |
| Amounts receivable within one year | 40/41 | €175,889 | €49,918 | -€125,971 | -71.6% |
| Trade receivables | 40 | €136,778 | €7,119 | -€129,660 | -94.8% |
| Other amounts receivable | 41 | €39,111 | €42,799 | +€3,688 | +9.4% |
| Cash at bank and in hand | 54/58 | €1,833 | €9,540 | +€7,706 | +420.3% |
| Deferred charges and accrued income | 490/1 | €1,162 | €1,866 | +€704 | +60.6% |
| Total equity and liabilities | 10/49 | €181,535 | €85,518 | -€96,018 | -52.9% |
| Equity | 10/15 | €172,424 | €75,449 | -€96,975 | -56.2% |
| Contributions | 10/11 | €18,593 | €18,593 | = | 0.0% |
| Reserves | 13 | €153,831 | €88,695 | -€65,136 | -42.3% |
| Distributable reserves | 133 | €153,831 | €88,695 | -€65,136 | -42.3% |
| Profit (loss) carried forward | 14 | - | -€31,840 | -€31,840 | |
| Amounts payable | 17/49 | €9,112 | €10,069 | +€957 | +10.5% |
| Amounts payable within one year | 42/48 | €9,112 | €10,069 | +€957 | +10.5% |
| Financial debts | 43 | - | €0 | = | |
| Credit institutions | 430/8 | - | €0 | = | |
| Trade debts | 44 | €7,499 | €4,688 | -€2,811 | -37.5% |
| Suppliers | 440/4 | €7,499 | €4,688 | -€2,811 | -37.5% |
| Taxes, remuneration and social security | 45 | €1,612 | €5,380 | +€3,768 | +233.7% |
| Taxes | 450/3 | €584 | €4,192 | +€3,608 | +617.8% |
| Remuneration and social security | 454/9 | €1,028 | €1,188 | +€160 | +15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,518 | €1,360 | -€157 | -10.4% |
| Other operating charges | 640/8 | €546 | €121,576 | +€121,030 | +22167.0% |
| Gross operating margin | 9900 | -€11,572 | €24,804 | +€36,375 | |
| Operating profit (loss) | 9901 | -€13,636 | -€98,133 | -€84,497 | -619.7% |
| Financial income | 75/76B | €1,906 | €2,152 | +€246 | +12.9% |
| Recurring financial income | 75 | €1,906 | €2,152 | +€246 | +12.9% |
| Financial charges | 65/66B | €1,216 | €518 | -€699 | -57.4% |
| Recurring financial charges | 65 | €1,216 | €518 | -€699 | -57.4% |
| Profit (loss) for the period before taxes | 9903 | -€12,946 | -€96,498 | -€83,552 | -645.4% |
| Income taxes | 67/77 | €532 | €477 | -€55 | -10.4% |
| Profit (loss) for the period | 9904 | -€13,478 | -€96,975 | -€83,497 | -619.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,478 | -€96,975 | -€83,497 | -619.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.