EDM: 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.
EDM
Largest movements
- Stocks and contracts +€454,100
new in 2025: €454,100
- Cash -€345,682
down €345,682 (-27.7%), from €1.3m to €904,349
mainly Stocks and contracts (-€454,100) and Current portion of long-term debt (-€28,257)
- Tangible fixed assets -€45,635
down €45,635 (-45.3%), from €100,661 to €55,026
- Reserves +€119,022
up €119,022 (+6.6%), from €1.8m to €1.9m
- Current portion of long-term debt -€28,257
no longer reported in 2025 (was €28,257)
- Tax, wage and social debts -€22,599
down €22,599 (-68.9%), from €32,780 to €10,182
- Gross operating margin -€332,283
down €332,283 (-65.3%), from €508,953 to €176,670
- Taxes -€87,344
down €87,344 (-63.4%), from €137,702 to €50,358
- Financial charges -€58,275
down €58,275 (-96.4%), from €60,420 to €2,145
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.
Derived cash bridge
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 | €1,924,132 | €1,986,557 | +€62,426 | +3.2% |
| Fixed assets | 21/28 | €100,661 | €55,026 | -€45,635 | -45.3% |
| Tangible fixed assets | 22/27 | €100,661 | €55,026 | -€45,635 | -45.3% |
| Furniture and vehicles | 24 | €100,661 | €55,026 | -€45,635 | -45.3% |
| Current assets | 29/58 | €1,823,471 | €1,931,531 | +€108,061 | +5.9% |
| Stocks and contracts in progress | 3 | - | €454,100 | +€454,100 | |
| Stocks | 30/36 | - | €454,100 | +€454,100 | |
| Amounts receivable within one year | 40/41 | €573,440 | €573,082 | -€358 | -0.1% |
| Trade receivables | 40 | €26,440 | €26,082 | -€358 | -1.4% |
| Other amounts receivable | 41 | €547,000 | €547,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,250,031 | €904,349 | -€345,682 | -27.7% |
| Total equity and liabilities | 10/49 | €1,924,132 | €1,986,557 | +€62,426 | +3.2% |
| Equity | 10/15 | €1,816,962 | €1,935,984 | +€119,022 | +6.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €1,815,962 | €1,934,984 | +€119,022 | +6.6% |
| Distributable reserves | 133 | €1,815,962 | €1,934,984 | +€119,022 | +6.6% |
| Amounts payable | 17/49 | €107,169 | €50,573 | -€56,596 | -52.8% |
| Amounts payable after more than one year | 17 | €20,332 | €20,332 | = | 0.0% |
| Financial debts | 170/4 | €20,332 | €20,332 | = | 0.0% |
| Amounts payable within one year | 42/48 | €86,838 | €28,806 | -€58,031 | -66.8% |
| Current portion of amounts payable after more than one year | 42 | €28,257 | - | -€28,257 | |
| Trade debts | 44 | €726 | €2,523 | +€1,797 | +248% |
| Suppliers | 440/4 | €726 | €2,523 | +€1,797 | +248% |
| Taxes, remuneration and social security | 45 | €32,780 | €10,182 | -€22,599 | -68.9% |
| Taxes | 450/3 | €32,780 | €10,182 | -€22,599 | -68.9% |
| Other amounts payable | 47/48 | €25,075 | €16,102 | -€8,973 | -35.8% |
| Accrued charges and deferred income | 492/3 | - | €1,435 | +€1,435 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,582 | €48,785 | +€203 | +0.4% |
| Other operating charges | 640/8 | €2,682 | €2,706 | +€25 | +0.9% |
| Gross operating margin | 9900 | €508,953 | €176,670 | -€332,283 | -65.3% |
| Operating profit (loss) | 9901 | €457,690 | €125,180 | -€332,510 | -72.6% |
| Financial income | 75/76B | €45,199 | €46,345 | +€1,147 | +2.5% |
| Recurring financial income | 75 | €45,199 | €46,345 | +€1,147 | +2.5% |
| Financial charges | 65/66B | €60,420 | €2,145 | -€58,275 | -96.4% |
| Recurring financial charges | 65 | €60,420 | €2,145 | -€58,275 | -96.4% |
| Profit (loss) for the period before taxes | 9903 | €442,469 | €169,380 | -€273,089 | -61.7% |
| Income taxes | 67/77 | €137,702 | €50,358 | -€87,344 | -63.4% |
| Profit (loss) for the period | 9904 | €304,767 | €119,022 | -€185,745 | -60.9% |
| Profit (loss) for the period to be appropriated | 9905 | €304,767 | €119,022 | -€185,745 | -60.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.