EPAM SYSTEMS.BE: 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.
What changed
EPAM SYSTEMS.BE
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€2.0m
2024 · -€1.8m-€189,926
Equity
€5.4m
2024 · €2.8m+€2.6m
Cash
€9.2m
2024 · €4.7m+€4.5m
Balance sheet total
€23.6m
2024 · €12.2m+€11.4m
Largest movements
Assets
- Receivables within one year +€7.1m
up €7.1m (+163%), from €4.4m to €11.5m
of which Other amounts receivable: +€6.0m
- Cash +€4.5m
up €4.5m (+97.3%), from €4.7m to €9.2m
mainly Other debts (+€7.0m) and Contributions, distributions and other (+€4.6m)
- Deferred charges and accrued income +€365,279
up €365,279 (+126%), from €289,177 to €654,456
- Tangible fixed assets -€360,728
down €360,728 (-22.4%), from €1.6m to €1.2m
of which Other tangible fixed assets: -€298,569
Equity and liabilities
- Other debts +€7.0m
up €7.0m (+175%), from €4.0m to €11.0m
- Profit (loss) carried forward +€2.6m
up €2.6m, from -€1.8m to €796,103
- Trade debts +€1.2m
up €1.2m (+68.0%), from €1.8m to €3.1m
- Accrued charges and deferred income +€528,901
up €528,901 (+42.0%), from €1.3m to €1.8m
Income statement
- Goods and materials +€3.5m
up €3.5m (+86.3%), from €4.0m to €7.5m
- Services and other goods -€1.1m
down €1.1m (-18.2%), from €5.9m to €4.9m
- Turnover -€905,679
down €905,679 (-4.1%), from €22.0m to €21.0m
- Staff costs -€858,161
down €858,161 (-7.3%), from €11.8m to €11.0m
- Financial charges -€542,512
down €542,512 (-51.5%), from €1.1m to €510,808
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.
Result 2024
-€1.8m
Turnover
-€905,679
Other operating income
-€53,607
Goods and materials
-€3.5m
Services and other goods
+€1.1m
Staff costs
+€858,161
Depreciation
+€75,142
Other operating charges
-€30,550
Other operating items
+€1.9m
Financial income
-€20,324
Financial charges
+€542,512
Taxes
-€107,514
Result 2025
-€2.0m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€57,235
Investment
-€134,430
Financing
+€4.6m
Cash 2024
€4.7m
From operations (derived)
+€57,235
Net result for the year
-€2.0m
Depreciation
+€715,341
Receivables within one year
-€7.1m
Deferred charges and accrued income
-€365,279
Trade debts
+€1.2m
Tax, wage and social debts
+€55,355
Other debts
+€7.0m
Accrued charges and deferred income
+€528,901
Investment (derived)
-€134,430
Investment in fixed assets (net)
-€134,430
Financing
+€4.6m
Current portion of long-term debt
-€19,715
Contributions, distributions and other
+€4.6m
Cash 2025
€9.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,219,721 | €23,645,204 | +€11.4m | +93.5% |
| Formation expenses | 20 | €50,138 | €0 | -€50,138 | -100% |
| Fixed assets | 21/28 | €2,844,457 | €2,313,684 | -€530,773 | -18.7% |
| Intangible fixed assets | 21 | €1,163,097 | €993,052 | -€170,045 | -14.6% |
| Tangible fixed assets | 22/27 | €1,607,870 | €1,247,142 | -€360,728 | -22.4% |
| Plant, machinery and equipment | 23 | €117,258 | €97,706 | -€19,552 | -16.7% |
| Furniture and vehicles | 24 | €141,666 | €108,789 | -€32,877 | -23.2% |
| Other tangible fixed assets | 26 | €1,339,216 | €1,040,647 | -€298,569 | -22.3% |
| Assets under construction and advance payments | 27 | €9,730 | €0 | -€9,730 | -100% |
| Financial fixed assets | 28 | €73,490 | €73,490 | = | 0.0% |
| Other financial fixed assets | 284/8 | €73,490 | €73,490 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €73,490 | €73,490 | = | 0.0% |
| Current assets | 29/58 | €9,325,126 | €21,331,520 | +€12.0m | +129% |
| Amounts receivable within one year | 40/41 | €4,367,833 | €11,466,471 | +€7.1m | +163% |
| Trade receivables | 40 | €4,367,307 | €5,453,423 | +€1.1m | +24.9% |
| Other amounts receivable | 41 | €526 | €6,013,048 | +€6.0m | +1,143,065% |
| Cash at bank and in hand | 54/58 | €4,668,116 | €9,210,593 | +€4.5m | +97.3% |
| Deferred charges and accrued income | 490/1 | €289,177 | €654,456 | +€365,279 | +126% |
| Total equity and liabilities | 10/49 | €12,219,721 | €23,645,204 | +€11.4m | +93.5% |
| Equity | 10/15 | €2,778,034 | €5,400,816 | +€2.6m | +94.4% |
| Contributions | 10/11 | €4,290,117 | €4,290,117 | = | 0.0% |
| Capital | 10 | €4,290,107 | €4,290,107 | = | 0.0% |
| Issued capital | 100 | €4,290,107 | €4,290,107 | = | 0.0% |
| Contributions outside capital | 11 | €10 | €10 | = | 0.0% |
| Share premium | 1100/10 | €10 | €10 | = | 0.0% |
| Reserves | 13 | €314,596 | €314,596 | = | 0.0% |
| Non-distributable reserves | 130/1 | €60,779 | €60,779 | = | 0.0% |
| Legal reserve | 130 | €60,779 | €60,779 | = | 0.0% |
| Distributable reserves | 133 | €253,817 | €253,817 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,826,679 | €796,103 | +€2.6m | |
| Amounts payable | 17/49 | €9,441,687 | €18,244,388 | +€8.8m | +93.2% |
| Amounts payable within one year | 42/48 | €8,183,400 | €16,457,200 | +€8.3m | +101% |
| Current portion of amounts payable after more than one year | 42 | €19,715 | - | -€19,715 | |
| Trade debts | 44 | €1,823,160 | €3,063,323 | +€1.2m | +68.0% |
| Suppliers | 440/4 | €1,823,160 | €3,063,323 | +€1.2m | +68.0% |
| Taxes, remuneration and social security | 45 | €2,338,522 | €2,393,877 | +€55,355 | +2.4% |
| Taxes | 450/3 | €321,086 | €484,603 | +€163,517 | +50.9% |
| Remuneration and social security | 454/9 | €2,017,436 | €1,909,274 | -€108,162 | -5.4% |
| Other amounts payable | 47/48 | €4,002,003 | €11,000,000 | +€7.0m | +175% |
| Accrued charges and deferred income | 492/3 | €1,258,287 | €1,787,188 | +€528,901 | +42.0% |
| Operating income | 70/76A | €21,614,512 | €22,435,841 | +€821,329 | +3.8% |
| Turnover | 70 | €21,950,762 | €21,045,083 | -€905,679 | -4.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€1,815,315 | - | +€1.8m | |
| Other operating income | 74 | €1,444,365 | €1,390,758 | -€53,607 | -3.7% |
| Non-recurring operating income | 76A | €34,700 | €0 | -€34,700 | -100% |
| Operating charges | 60/66A | €23,002,607 | €24,428,536 | +€1.4m | +6.2% |
| Goods for resale, raw materials and consumables | 60 | €4,037,136 | €7,519,545 | +€3.5m | +86.3% |
| Purchases | 600/8 | €4,037,136 | €7,519,545 | +€3.5m | +86.3% |
| Services and other goods | 61 | €5,931,614 | €4,852,868 | -€1.1m | -18.2% |
| Remuneration, social security and pensions | 62 | €11,809,182 | €10,951,021 | -€858,161 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €790,483 | €715,341 | -€75,142 | -9.5% |
| Other operating charges | 640/8 | €339,048 | €369,598 | +€30,550 | +9.0% |
| Non-recurring operating charges | 66A | €95,144 | €20,163 | -€74,981 | -78.8% |
| Operating profit (loss) | 9901 | -€1,388,095 | -€1,992,695 | -€604,600 | -43.6% |
| Financial income | 75/76B | €403,455 | €383,131 | -€20,324 | -5.0% |
| Recurring financial income | 75 | €403,455 | €383,131 | -€20,324 | -5.0% |
| Income from financial fixed assets | 750 | - | €97,294 | +€97,294 | |
| Other financial income | 752/9 | €403,455 | €285,837 | -€117,618 | -29.2% |
| Financial charges | 65/66B | €1,053,320 | €510,808 | -€542,512 | -51.5% |
| Recurring financial charges | 65 | €1,053,320 | €510,808 | -€542,512 | -51.5% |
| Debt charges | 650 | €605,941 | €125,624 | -€480,317 | -79.3% |
| Other financial charges | 652/9 | €447,379 | €385,184 | -€62,195 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | -€2,037,960 | -€2,120,372 | -€82,412 | -4.0% |
| Income taxes | 67/77 | -€211,281 | -€103,767 | +€107,514 | +50.9% |
| Taxes | 670/3 | €61,580 | €16,771 | -€44,809 | -72.8% |
| Tax adjustments and reversals of tax provisions | 77 | €272,861 | €120,539 | -€152,322 | -55.8% |
| Profit (loss) for the period | 9904 | -€1,826,679 | -€2,016,605 | -€189,926 | -10.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,826,679 | -€2,016,605 | -€189,926 | -10.4% |
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 29 October 2026 via checked.be.