EDMAR - INVEST: 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.
EDMAR - INVEST
Largest movements
- Receivables within one year -€609,675
down €609,675 (-85.8%), from €710,778 to €101,102
- Cash -€160,893
down €160,893 (-61.7%), from €260,646 to €99,753
- Tangible fixed assets -€16,910
down €16,910 (-3.5%), from €487,480 to €470,571
of which Land and buildings: -€16,310
- Profit (loss) carried forward -€580,781
new in 2025: -€580,781
- Reserves -€144,070
down €144,070 (-17.1%), from €844,323 to €700,253
of which Distributable reserves: -€133,439
- Other debts -€53,823
no longer reported in 2025 (was €53,823)
- Other operating charges -€7,335
down €7,335 (-88.0%), from €8,333 to €998
- Provisions +€4,200
no longer reported in 2025 (was -€4,200)
- Financial income +€1,983
up €1,983 (+21,250%), from €9 to €1,992
- Gross operating margin -€1,410
down €1,410 (-18.0%), from €7,830 to €6,420
- Depreciation +€377
up €377 (+3.3%), from €11,448 to €11,824
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,462,331 | €674,853 | -€787,478 | -53.9% |
| Fixed assets | 21/28 | €487,480 | €470,571 | -€16,910 | -3.5% |
| Tangible fixed assets | 22/27 | €487,480 | €470,571 | -€16,910 | -3.5% |
| Land and buildings | 22 | €462,184 | €445,874 | -€16,310 | -3.5% |
| Plant, machinery and equipment | 23 | €1,374 | €774 | -€600 | -43.6% |
| Furniture and vehicles | 24 | €23,922 | €23,922 | = | 0.0% |
| Current assets | 29/58 | €974,850 | €204,282 | -€770,569 | -79.0% |
| Amounts receivable within one year | 40/41 | €710,778 | €101,102 | -€609,675 | -85.8% |
| Other amounts receivable | 41 | €710,778 | €101,102 | -€609,675 | -85.8% |
| Cash at bank and in hand | 54/58 | €260,646 | €99,753 | -€160,893 | -61.7% |
| Deferred charges and accrued income | 490/1 | €3,427 | €3,427 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,462,331 | €674,853 | -€787,478 | -53.9% |
| Equity | 10/15 | €1,154,190 | €429,339 | -€724,851 | -62.8% |
| Contributions | 10/11 | €309,867 | €309,867 | = | 0.0% |
| Capital | 10 | €309,867 | €309,867 | = | 0.0% |
| Issued capital | 100 | €309,867 | €309,867 | = | 0.0% |
| Reserves | 13 | €844,323 | €700,253 | -€144,070 | -17.1% |
| Non-distributable reserves | 130/1 | €30,987 | €30,987 | = | 0.0% |
| Legal reserve | 130 | €30,987 | €30,987 | = | 0.0% |
| Tax-exempt reserves | 132 | €679,897 | €669,266 | -€10,631 | -1.6% |
| Distributable reserves | 133 | €133,439 | - | -€133,439 | |
| Profit (loss) carried forward | 14 | - | -€580,781 | -€580,781 | |
| Provisions and deferred taxes | 16 | €250,147 | €244,671 | -€5,477 | -2.2% |
| Deferred taxes | 168 | €250,147 | €244,671 | -€5,477 | -2.2% |
| Amounts payable | 17/49 | €57,993 | €843 | -€57,151 | -98.5% |
| Amounts payable within one year | 42/48 | €57,993 | €843 | -€57,151 | -98.5% |
| Trade debts | 44 | €4,171 | €843 | -€3,328 | -79.8% |
| Suppliers | 440/4 | €4,171 | €843 | -€3,328 | -79.8% |
| Other amounts payable | 47/48 | €53,823 | - | -€53,823 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,448 | €11,824 | +€377 | +3.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€4,200 | - | +€4,200 | |
| Other operating charges | 640/8 | €8,333 | €998 | -€7,335 | -88.0% |
| Gross operating margin | 9900 | €7,830 | €6,420 | -€1,410 | -18.0% |
| Operating profit (loss) | 9901 | -€7,751 | -€6,402 | +€1,349 | +17.4% |
| Financial income | 75/76B | €9 | €1,992 | +€1,983 | +21,250% |
| Recurring financial income | 75 | €9 | €1,992 | +€1,983 | +21,250% |
| Financial charges | 65/66B | €69 | €170 | +€101 | +147% |
| Recurring financial charges | 65 | €69 | €170 | +€101 | +147% |
| Profit (loss) for the period before taxes | 9903 | -€7,810 | -€4,580 | +€3,230 | +41.4% |
| Transfer from deferred taxes | 780 | €2,692 | €2,740 | +€48 | +1.8% |
| Income taxes | 67/77 | €3 | - | -€3 | |
| Profit (loss) for the period | 9904 | -€5,121 | -€1,840 | +€3,281 | +64.1% |
| Transfer from tax-exempt reserves | 789 | €5,226 | €5,319 | +€93 | +1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €105 | €3,479 | +€3,374 | +3,203% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.