EKO: 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.
EKO
Largest movements
- Tangible fixed assets +€7.5m
up €7.5m (+90.3%), from €8.3m to €15.7m
of which Land and buildings: +€6.6m
- Current investments -€3.3m
down €3.3m (-39.5%), from €8.3m to €5.0m
- Cash -€647,483
down €647,483 (-14.6%), from €4.4m to €3.8m
mainly Investment in fixed assets (net) (-€8.3m) and Accrued charges and deferred income (-€568,627)
- Receivables within one year -€462,237
down €462,237 (-10.5%), from €4.4m to €3.9m
of which Other amounts receivable: -€469,345
- Debts after one year +€1.8m
up €1.8m (+137%), from €1.3m to €3.2m
- Reserves +€1.3m
up €1.3m (+20.9%), from €6.2m to €7.5m
of which Distributable reserves: +€1.3m
- Trade debts +€684,021
up €684,021 (+222%), from €307,997 to €992,018
- Accrued charges and deferred income -€568,627
down €568,627 (-10.6%), from €5.3m to €4.8m
- Depreciation +€361,310
up €361,310 (+80.0%), from €451,374 to €812,684
- Gross operating margin -€133,807
down €133,807 (-6.2%), from €2.1m to €2.0m
- Provisions +€83,000
up €83,000 (+76.9%), from -€108,000 to -€25,000
- Financial income +€42,696
up €42,696 (+12.1%), from €353,435 to €396,131
- Staff costs +€38,834
up €38,834 (+17.9%), from €216,379 to €255,214
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 | €25,550,537 | €28,642,847 | +€3.1m | +12.1% |
| Fixed assets | 21/28 | €8,268,655 | €15,734,159 | +€7.5m | +90.3% |
| Intangible fixed assets | 21 | €3,672 | €2,448 | -€1,224 | -33.3% |
| Tangible fixed assets | 22/27 | €8,264,928 | €15,731,656 | +€7.5m | +90.3% |
| Land and buildings | 22 | €3,787,015 | €10,432,667 | +€6.6m | +175% |
| Plant, machinery and equipment | 23 | €197,956 | €224,417 | +€26,461 | +13.4% |
| Other tangible fixed assets | 26 | €4,279,957 | €5,074,571 | +€794,614 | +18.6% |
| Financial fixed assets | 28 | €55 | €55 | = | 0.0% |
| Current assets | 29/58 | €17,281,882 | €12,908,689 | -€4.4m | -25.3% |
| Amounts receivable within one year | 40/41 | €4,383,502 | €3,921,265 | -€462,237 | -10.5% |
| Trade receivables | 40 | €222,470 | €229,578 | +€7,108 | +3.2% |
| Other amounts receivable | 41 | €4,161,031 | €3,691,687 | -€469,345 | -11.3% |
| Current investments | 50/53 | €8,264,289 | €5,000,000 | -€3.3m | -39.5% |
| Cash at bank and in hand | 54/58 | €4,440,201 | €3,792,718 | -€647,483 | -14.6% |
| Deferred charges and accrued income | 490/1 | €193,891 | €194,706 | +€815 | +0.4% |
| Total equity and liabilities | 10/49 | €25,550,537 | €28,642,847 | +€3.1m | +12.1% |
| Equity | 10/15 | €15,527,401 | €16,722,816 | +€1.2m | +7.7% |
| Contributions | 10/11 | €1,087,679 | €1,087,679 | = | 0.0% |
| Capital | 10 | €1,087,679 | €1,087,679 | = | 0.0% |
| Issued capital | 100 | €1,087,679 | €1,087,679 | = | 0.0% |
| Reserves | 13 | €6,220,791 | €7,519,238 | +€1.3m | +20.9% |
| Non-distributable reserves | 130/1 | €108,768 | €108,768 | = | 0.0% |
| Legal reserve | 130 | €108,768 | €108,768 | = | 0.0% |
| Distributable reserves | 133 | €6,112,023 | €7,410,470 | +€1.3m | +21.2% |
| Investment grants | 15 | €8,218,931 | €8,115,899 | -€103,032 | -1.3% |
| Provisions and deferred taxes | 16 | €2,924,644 | €2,865,305 | -€59,339 | -2.0% |
| Provisions for liabilities and charges | 160/5 | €185,000 | €160,000 | -€25,000 | -13.5% |
| Major repairs and maintenance | 162 | €185,000 | €160,000 | -€25,000 | -13.5% |
| Deferred taxes | 168 | €2,739,644 | €2,705,305 | -€34,339 | -1.3% |
| Amounts payable | 17/49 | €7,098,492 | €9,054,727 | +€2.0m | +27.6% |
| Amounts payable after more than one year | 17 | €1,333,285 | €3,159,772 | +€1.8m | +137% |
| Financial debts | 170/4 | €1,333,285 | €3,159,772 | +€1.8m | +137% |
| Amounts payable within one year | 42/48 | €422,665 | €1,121,039 | +€698,374 | +165% |
| Current portion of amounts payable after more than one year | 42 | €83,599 | €84,237 | +€638 | +0.8% |
| Trade debts | 44 | €307,997 | €992,018 | +€684,021 | +222% |
| Suppliers | 440/4 | €307,997 | €992,018 | +€684,021 | +222% |
| Taxes, remuneration and social security | 45 | €31,069 | €44,785 | +€13,716 | +44.1% |
| Taxes | 450/3 | - | €10,258 | +€10,258 | |
| Remuneration and social security | 454/9 | €31,069 | €34,526 | +€3,457 | +11.1% |
| Accrued charges and deferred income | 492/3 | €5,342,543 | €4,773,916 | -€568,627 | -10.6% |
| Non-recurring operating income | 76A | - | €1,268 | +€1,268 | |
| Remuneration, social security and pensions | 62 | €216,379 | €255,214 | +€38,834 | +17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €451,374 | €812,684 | +€361,310 | +80.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€108,000 | -€25,000 | +€83,000 | +76.9% |
| Other operating charges | 640/8 | €71,521 | €72,406 | +€885 | +1.2% |
| Gross operating margin | 9900 | €2,147,190 | €2,013,383 | -€133,807 | -6.2% |
| Operating profit (loss) | 9901 | €1,515,916 | €898,079 | -€617,837 | -40.8% |
| Financial income | 75/76B | €353,435 | €396,131 | +€42,696 | +12.1% |
| Recurring financial income | 75 | €353,435 | €396,131 | +€42,696 | +12.1% |
| Financial charges | 65/66B | €25,010 | €30,755 | +€5,744 | +23.0% |
| Recurring financial charges | 65 | €25,010 | €30,755 | +€5,744 | +23.0% |
| Profit (loss) for the period before taxes | 9903 | €1,844,341 | €1,263,456 | -€580,885 | -31.5% |
| Transfer from deferred taxes | 780 | €40,386 | €59,339 | +€18,953 | +46.9% |
| Income taxes | 67/77 | €60,658 | €24,348 | -€36,310 | -59.9% |
| Profit (loss) for the period | 9904 | €1,824,069 | €1,298,447 | -€525,622 | -28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,824,069 | €1,298,447 | -€525,622 | -28.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.