EP MANAGEMENT: 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.
EP MANAGEMENT
Largest movements
- Cash +€43,592
up €43,592 (+11.0%), from €395,738 to €439,330
mainly Net result for the year (+€71,129) and Depreciation (+€13,322)
- Current investments +€34,653
up €34,653 (+86.1%), from €40,270 to €74,923
- Tangible fixed assets -€13,322
down €13,322 (-44.9%), from €29,651 to €16,329
- Reserves +€71,129
up €71,129 (+17.2%), from €412,534 to €483,663
of which Distributable reserves: +€71,129
- Debts after one year -€14,979
down €14,979 (-74.9%), from €20,005 to €5,026
- Tax, wage and social debts +€10,986
up €10,986 (+102%), from €10,805 to €21,790
- Gross operating margin +€21,944
up €21,944 (+20.2%), from €108,603 to €130,547
- Taxes +€6,758
up €6,758 (+23.2%), from €29,129 to €35,887
- Financial charges +€2,923
up €2,923 (+39.6%), from €7,380 to €10,303
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €896,280 | €961,742 | +€65,462 | +7.3% |
| Fixed assets | 21/28 | €437,437 | €424,115 | -€13,322 | -3.0% |
| Tangible fixed assets | 22/27 | €29,651 | €16,329 | -€13,322 | -44.9% |
| Furniture and vehicles | 24 | €29,651 | €16,329 | -€13,322 | -44.9% |
| Financial fixed assets | 28 | €407,785 | €407,785 | = | 0.0% |
| Current assets | 29/58 | €458,843 | €537,628 | +€78,785 | +17.2% |
| Amounts receivable within one year | 40/41 | €21,602 | €22,061 | +€459 | +2.1% |
| Trade receivables | 40 | €21,283 | €22,061 | +€778 | +3.7% |
| Other amounts receivable | 41 | €319 | - | -€319 | |
| Current investments | 50/53 | €40,270 | €74,923 | +€34,653 | +86.1% |
| Cash at bank and in hand | 54/58 | €395,738 | €439,330 | +€43,592 | +11.0% |
| Deferred charges and accrued income | 490/1 | €1,234 | €1,313 | +€80 | +6.5% |
| Total equity and liabilities | 10/49 | €896,280 | €961,742 | +€65,462 | +7.3% |
| Equity | 10/15 | €710,360 | €781,489 | +€71,129 | +10.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €412,534 | €483,663 | +€71,129 | +17.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €410,674 | €481,803 | +€71,129 | +17.3% |
| Profit (loss) carried forward | 14 | €291,625 | €291,625 | = | 0.0% |
| Amounts payable | 17/49 | €185,921 | €180,254 | -€5,667 | -3.0% |
| Amounts payable after more than one year | 17 | €20,005 | €5,026 | -€14,979 | -74.9% |
| Financial debts | 170/4 | €20,005 | €5,026 | -€14,979 | -74.9% |
| Amounts payable within one year | 42/48 | €159,236 | €165,912 | +€6,676 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €14,833 | €14,979 | +€147 | +1.0% |
| Trade debts | 44 | €2,046 | €1,451 | -€594 | -29.1% |
| Suppliers | 440/4 | €2,046 | €1,451 | -€594 | -29.1% |
| Taxes, remuneration and social security | 45 | €10,805 | €21,790 | +€10,986 | +102% |
| Taxes | 450/3 | €10,805 | €21,790 | +€10,986 | +102% |
| Other amounts payable | 47/48 | €131,553 | €127,691 | -€3,862 | -2.9% |
| Accrued charges and deferred income | 492/3 | €6,680 | €9,316 | +€2,636 | +39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,426 | €13,322 | -€104 | -0.8% |
| Other operating charges | 640/8 | €979 | €1,181 | +€202 | +20.6% |
| Gross operating margin | 9900 | €108,603 | €130,547 | +€21,944 | +20.2% |
| Operating profit (loss) | 9901 | €94,197 | €116,043 | +€21,846 | +23.2% |
| Financial income | 75/76B | €1,434 | €1,276 | -€158 | -11.0% |
| Recurring financial income | 75 | €1,434 | €1,276 | -€158 | -11.0% |
| Financial charges | 65/66B | €7,380 | €10,303 | +€2,923 | +39.6% |
| Recurring financial charges | 65 | €7,380 | €10,303 | +€2,923 | +39.6% |
| Profit (loss) for the period before taxes | 9903 | €88,251 | €107,016 | +€18,765 | +21.3% |
| Income taxes | 67/77 | €29,129 | €35,887 | +€6,758 | +23.2% |
| Profit (loss) for the period | 9904 | €59,122 | €71,129 | +€12,007 | +20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €59,122 | €71,129 | +€12,007 | +20.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.