EGD: 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.
EGD
Largest movements
- Receivables within one year -€197,080
down €197,080 (-13.2%), from €1.5m to €1.3m
of which Trade receivables: -€248,742
- Stocks and contracts +€174,558
up €174,558 (+53.4%), from €326,613 to €501,171
of which Contracts in progress: +€152,816
- Cash -€155,393
down €155,393 (-16.7%), from €932,904 to €777,512
mainly Stocks and contracts (-€174,558) and Trade debts (-€125,522)
- Tangible fixed assets -€53,611
down €53,611 (-36.9%), from €145,412 to €91,800
of which Leasing and similar rights: -€31,136
- Deferred charges and accrued income +€31,808
up €31,808 (+445.1%), from €7,146 to €38,954
- Trade debts -€125,522
down €125,522 (-17.2%), from €730,471 to €604,950
- Current portion of long-term debt -€55,350
down €55,350 (-69.5%), from €79,640 to €24,290
- Gross operating margin -€448,464
down €448,464 (-20.6%), from €2.2m to €1.7m
- Staff costs -€175,446
down €175,446 (-10.0%), from €1.8m to €1.6m
- Write-downs -€76,643
down €76,643, from €71,414 to -€5,230
- Other operating charges -€23,430
down €23,430 (-55.3%), from €42,382 to €18,952
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 | €2,903,733 | €2,704,016 | -€199,717 | -6.9% |
| Fixed assets | 21/28 | €147,892 | €94,280 | -€53,611 | -36.3% |
| Tangible fixed assets | 22/27 | €145,412 | €91,800 | -€53,611 | -36.9% |
| Plant, machinery and equipment | 23 | €5,250 | €8,320 | +€3,070 | +58.5% |
| Furniture and vehicles | 24 | €17,415 | €13,770 | -€3,645 | -20.9% |
| Leasing and similar rights | 25 | €62,647 | €31,511 | -€31,136 | -49.7% |
| Other tangible fixed assets | 26 | €60,099 | €38,200 | -€21,899 | -36.4% |
| Financial fixed assets | 28 | €2,480 | €2,480 | = | 0.0% |
| Current assets | 29/58 | €2,755,841 | €2,609,736 | -€146,106 | -5.3% |
| Stocks and contracts in progress | 3 | €326,613 | €501,171 | +€174,558 | +53.4% |
| Stocks | 30/36 | €191,883 | €213,625 | +€21,743 | +11.3% |
| Contracts in progress | 37 | €134,730 | €287,546 | +€152,816 | +113.4% |
| Amounts receivable within one year | 40/41 | €1,489,178 | €1,292,099 | -€197,080 | -13.2% |
| Trade receivables | 40 | €1,357,631 | €1,108,890 | -€248,742 | -18.3% |
| Other amounts receivable | 41 | €131,547 | €183,209 | +€51,662 | +39.3% |
| Cash at bank and in hand | 54/58 | €932,904 | €777,512 | -€155,393 | -16.7% |
| Deferred charges and accrued income | 490/1 | €7,146 | €38,954 | +€31,808 | +445.1% |
| Total equity and liabilities | 10/49 | €2,903,733 | €2,704,016 | -€199,717 | -6.9% |
| Equity | 10/15 | €1,601,344 | €1,610,630 | +€9,285 | +0.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,539,344 | €1,548,630 | +€9,285 | +0.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,300 | €37,300 | = | 0.0% |
| Distributable reserves | 133 | €1,495,844 | €1,505,130 | +€9,285 | +0.6% |
| Amounts payable | 17/49 | €1,302,389 | €1,093,386 | -€209,002 | -16.0% |
| Amounts payable after more than one year | 17 | €35,997 | €11,279 | -€24,717 | -68.7% |
| Financial debts | 170/4 | €35,997 | €11,279 | -€24,717 | -68.7% |
| Amounts payable within one year | 42/48 | €1,261,007 | €1,076,553 | -€184,454 | -14.6% |
| Current portion of amounts payable after more than one year | 42 | €79,640 | €24,290 | -€55,350 | -69.5% |
| Financial debts | 43 | €315,000 | €315,000 | = | 0.0% |
| Credit institutions | 430/8 | €315,000 | €315,000 | = | 0.0% |
| Trade debts | 44 | €730,471 | €604,950 | -€125,522 | -17.2% |
| Suppliers | 440/4 | €730,471 | €604,950 | -€125,522 | -17.2% |
| Taxes, remuneration and social security | 45 | €135,896 | €125,547 | -€10,349 | -7.6% |
| Taxes | 450/3 | €21,191 | €25,495 | +€4,304 | +20.3% |
| Remuneration and social security | 454/9 | €114,705 | €100,052 | -€14,654 | -12.8% |
| Other amounts payable | 47/48 | - | €6,767 | +€6,767 | |
| Accrued charges and deferred income | 492/3 | €5,385 | €5,554 | +€169 | +3.1% |
| Non-recurring operating income | 76A | €25,071 | €17,730 | -€7,341 | -29.3% |
| Remuneration, social security and pensions | 62 | €1,751,678 | €1,576,232 | -€175,446 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,288 | €59,024 | -€4,264 | -6.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €71,414 | -€5,230 | -€76,643 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €42,382 | €18,952 | -€23,430 | -55.3% |
| Non-recurring operating charges | 66A | €15,091 | €36,951 | +€21,860 | +144.9% |
| Gross operating margin | 9900 | €2,178,988 | €1,730,524 | -€448,464 | -20.6% |
| Operating profit (loss) | 9901 | €235,135 | €44,595 | -€190,540 | -81.0% |
| Financial income | 75/76B | €3,349 | €7,111 | +€3,762 | +112.3% |
| Recurring financial income | 75 | €3,349 | €7,111 | +€3,762 | +112.3% |
| Financial charges | 65/66B | €32,968 | €27,517 | -€5,451 | -16.5% |
| Recurring financial charges | 65 | €32,968 | €27,517 | -€5,451 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | €205,516 | €24,189 | -€181,327 | -88.2% |
| Income taxes | 67/77 | €18,608 | €14,904 | -€3,704 | -19.9% |
| Profit (loss) for the period | 9904 | €186,908 | €9,285 | -€177,623 | -95.0% |
| Profit (loss) for the period to be appropriated | 9905 | €186,908 | €9,285 | -€177,623 | -95.0% |
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 28 September 2026 via checked.be.