EPAH: 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.
EPAH
Largest movements
- Tangible fixed assets +€780,059
up €780,059 (+153.4%), from €508,547 to €1.3m
of which Land and buildings: +€800,607
- Cash -€733,730
down €733,730 (-68.4%), from €1.1m to €338,440
mainly Investment in fixed assets (net) (-€938,644) and Contributions, distributions and other (-€850,000)
- Receivables within one year +€355,875
up €355,875 (+46.4%), from €767,399 to €1.1m
of which Other amounts receivable: +€348,375
- Debts after one year +€590,327
up €590,327 (+136224.0%), from €433 to €590,760
of which Financial debts: +€590,327
- Reserves -€545,050
down €545,050 (-33.6%), from €1.6m to €1.1m
- Other debts +€294,049
up €294,049 (+69.7%), from €421,628 to €715,676
- Tax, wage and social debts +€47,080
up €47,080 (+19.0%), from €247,729 to €294,809
- Current portion of long-term debt +€34,602
new in 2025: €34,602
- Depreciation +€125,274
up €125,274 (+376.1%), from €33,311 to €158,585
- Gross operating margin +€65,879
up €65,879 (+12.2%), from €541,071 to €606,950
- Taxes -€12,179
down €12,179 (-10.8%), from €113,091 to €100,911
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 | €2,348,116 | €2,750,321 | +€402,205 | +17.1% |
| Fixed assets | 21/28 | €508,547 | €1,288,606 | +€780,059 | +153.4% |
| Tangible fixed assets | 22/27 | €508,547 | €1,288,606 | +€780,059 | +153.4% |
| Land and buildings | 22 | €419,676 | €1,220,283 | +€800,607 | +190.8% |
| Furniture and vehicles | 24 | €88,871 | €68,323 | -€20,548 | -23.1% |
| Current assets | 29/58 | €1,839,569 | €1,461,714 | -€377,855 | -20.5% |
| Amounts receivable within one year | 40/41 | €767,399 | €1,123,274 | +€355,875 | +46.4% |
| Trade receivables | 40 | €9,075 | €16,575 | +€7,500 | +82.6% |
| Other amounts receivable | 41 | €758,324 | €1,106,699 | +€348,375 | +45.9% |
| Cash at bank and in hand | 54/58 | €1,072,170 | €338,440 | -€733,730 | -68.4% |
| Total equity and liabilities | 10/49 | €2,348,116 | €2,750,321 | +€402,205 | +17.1% |
| Equity | 10/15 | €1,632,861 | €1,087,811 | -€545,050 | -33.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,622,861 | €1,077,811 | -€545,050 | -33.6% |
| Distributable reserves | 133 | €1,622,861 | €1,077,811 | -€545,050 | -33.6% |
| Amounts payable | 17/49 | €715,255 | €1,662,510 | +€947,255 | +132.4% |
| Amounts payable after more than one year | 17 | €433 | €590,760 | +€590,327 | +136224.0% |
| Financial debts | 170/4 | - | €590,327 | +€590,327 | |
| Other amounts payable | 178/9 | €433 | €433 | = | 0.0% |
| Amounts payable within one year | 42/48 | €672,752 | €1,048,072 | +€375,320 | +55.8% |
| Current portion of amounts payable after more than one year | 42 | - | €34,602 | +€34,602 | |
| Trade debts | 44 | €3,395 | €2,984 | -€411 | -12.1% |
| Suppliers | 440/4 | €3,395 | €2,984 | -€411 | -12.1% |
| Taxes, remuneration and social security | 45 | €247,729 | €294,809 | +€47,080 | +19.0% |
| Taxes | 450/3 | €247,729 | €294,809 | +€47,080 | +19.0% |
| Other amounts payable | 47/48 | €421,628 | €715,676 | +€294,049 | +69.7% |
| Accrued charges and deferred income | 492/3 | €42,070 | €23,678 | -€18,392 | -43.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,311 | €158,585 | +€125,274 | +376.1% |
| Other operating charges | 640/8 | €4,824 | €5,317 | +€493 | +10.2% |
| Gross operating margin | 9900 | €541,071 | €606,950 | +€65,879 | +12.2% |
| Operating profit (loss) | 9901 | €502,936 | €443,048 | -€59,888 | -11.9% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €31,701 | €37,186 | +€5,486 | +17.3% |
| Recurring financial charges | 65 | €31,701 | €37,186 | +€5,486 | +17.3% |
| Profit (loss) for the period before taxes | 9903 | €471,235 | €405,862 | -€65,373 | -13.9% |
| Income taxes | 67/77 | €113,091 | €100,911 | -€12,179 | -10.8% |
| Profit (loss) for the period | 9904 | €358,144 | €304,950 | -€53,194 | -14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €358,144 | €304,950 | -€53,194 | -14.9% |
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 5 October 2026 via checked.be.