EPCO: 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.
What changed
EPCO
NACE 25.120, Manufacture of fabricated metal products, except machinery and equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€8.4m
2024 · €7.1m+€1.3m
Equity
€56.7m
2024 · €55.4m+€1.4m
Cash
€5.7m
2024 · €18.1m-€12.4m
Balance sheet total
€112.7m
2024 · €103.0m+€9.6m
Largest movements
Assets
- Receivables within one year +€30.2m
up €30.2m (+263.1%), from €11.5m to €41.7m
of which Trade receivables: +€27.6m
- Cash -€12.4m
down €12.4m (-68.7%), from €18.1m to €5.7m
mainly Receivables within one year (-€30.2m) and Contributions, distributions and other (-€7.0m)
- Intangible fixed assets -€6.0m
down €6.0m (-16.7%), from €35.8m to €29.8m
- Current investments -€2.0m
down €2.0m (-85.8%), from €2.3m to €329,818
Equity and liabilities
- Trade debts +€4.1m
up €4.1m (+96.7%), from €4.2m to €8.4m
- Tax, wage and social debts +€2.4m
up €2.4m (+53.8%), from €4.6m to €7.0m
of which Taxes: +€2.3m
- Other debts +€1.7m
up €1.7m (+43.5%), from €3.9m to €5.6m
Income statement
- Turnover -€10.1m
down €10.1m (-17.3%), from €58.1m to €48.1m
- Taxes +€3.0m
up €3.0m (+175.3%), from €1.7m to €4.8m
of which Taxes: +€3.0m
- Financial income -€2.8m
down €2.8m (-52.2%), from €5.4m to €2.6m
- Goods and materials -€1.3m
down €1.3m (-3.4%), from €38.8m to €37.5m
of which Purchases: -€2.4m
- Financial charges -€958,835
down €958,835 (-40.3%), from €2.4m to €1.4m
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
€7.1m
Turnover
-€10.1m
Other operating income
-€95,852
Goods and materials
+€1.3m
Services and other goods
+€117,902
Staff costs
-€224,585
Depreciation
+€51,954
Other operating charges
-€1,294
Other operating items
+€15.0m
Financial income
-€2.8m
Financial charges
+€958,835
Taxes
-€3.0m
Result 2025
€8.4m
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.
From operations
-€6.7m
Investment
+€1.3m
Financing
-€7.0m
Cash 2024
€18.1m
From operations (derived)
-€6.7m
Net result for the year
+€8.4m
Depreciation
+€6.7m
Stocks and contracts
+€146,211
Receivables within one year
-€30.2m
Deferred charges and accrued income
+€25,786
Trade debts
+€4.1m
Tax, wage and social debts
+€2.4m
Other debts
+€1.7m
Investment (derived)
+€1.3m
Investment in fixed assets (net)
-€671,235
Current investments
+€2.0m
Financing
-€7.0m
Contributions, distributions and other
-€7.0m
Cash 2025
€5.7m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €103,042,822 | €112,672,106 | +€9.6m | +9.3% |
| Formation expenses | 20 | €42,879 | €2,300 | -€40,579 | -94.6% |
| Fixed assets | 21/28 | €65,062,220 | €59,076,228 | -€6.0m | -9.2% |
| Intangible fixed assets | 21 | €35,755,498 | €29,797,083 | -€6.0m | -16.7% |
| Tangible fixed assets | 22/27 | €2,796,381 | €2,733,275 | -€63,106 | -2.3% |
| Land and buildings | 22 | €1,518,866 | €1,433,037 | -€85,829 | -5.7% |
| Plant, machinery and equipment | 23 | €1,122,031 | €1,141,879 | +€19,848 | +1.8% |
| Furniture and vehicles | 24 | €155,484 | €158,359 | +€2,875 | +1.8% |
| Financial fixed assets | 28 | €26,510,341 | €26,545,870 | +€35,529 | +0.1% |
| Affiliated companies | 280/1 | €26,509,816 | €26,545,345 | +€35,529 | +0.1% |
| Participating interests | 280 | €25,819,253 | €25,819,253 | = | 0.0% |
| Amounts receivable | 281 | €690,564 | €726,092 | +€35,529 | +5.1% |
| Other financial fixed assets | 284/8 | €525 | €525 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €525 | €525 | = | 0.0% |
| Current assets | 29/58 | €37,937,723 | €53,593,578 | +€15.7m | +41.3% |
| Stocks and contracts in progress | 3 | €6,036,570 | €5,890,359 | -€146,211 | -2.4% |
| Stocks | 30/36 | €6,036,570 | €5,890,359 | -€146,211 | -2.4% |
| Raw materials and consumables | 30/31 | €5,503,881 | €4,994,032 | -€509,849 | -9.3% |
| Work in progress | 32 | - | €258,027 | +€258,027 | |
| Finished goods | 33 | €532,689 | €638,299 | +€105,610 | +19.8% |
| Amounts receivable within one year | 40/41 | €11,489,737 | €41,714,275 | +€30.2m | +263.1% |
| Trade receivables | 40 | €5,462,901 | €33,014,394 | +€27.6m | +504.3% |
| Other amounts receivable | 41 | €6,026,836 | €8,699,881 | +€2.7m | +44.4% |
| Current investments | 50/53 | €2,323,860 | €329,818 | -€2.0m | -85.8% |
| Other investments | 51/53 | €2,323,860 | €329,818 | -€2.0m | -85.8% |
| Cash at bank and in hand | 54/58 | €18,056,394 | €5,653,750 | -€12.4m | -68.7% |
| Deferred charges and accrued income | 490/1 | €31,162 | €5,377 | -€25,786 | -82.7% |
| Total equity and liabilities | 10/49 | €103,042,822 | €112,672,106 | +€9.6m | +9.3% |
| Equity | 10/15 | €55,357,358 | €56,740,116 | +€1.4m | +2.5% |
| Contributions | 10/11 | €45,876,848 | €45,876,848 | = | 0.0% |
| Capital | 10 | €45,876,848 | €45,876,848 | = | 0.0% |
| Issued capital | 100 | €45,876,848 | €45,876,848 | = | 0.0% |
| Reserves | 13 | €2,126,007 | €2,545,523 | +€419,516 | +19.7% |
| Non-distributable reserves | 130/1 | €2,126,007 | €2,545,523 | +€419,516 | +19.7% |
| Legal reserve | 130 | €2,126,007 | €2,545,523 | +€419,516 | +19.7% |
| Profit (loss) carried forward | 14 | €7,314,553 | €8,285,356 | +€970,803 | +13.3% |
| Investment grants | 15 | €39,950 | €32,389 | -€7,561 | -18.9% |
| Amounts payable | 17/49 | €47,685,464 | €55,931,991 | +€8.2m | +17.3% |
| Amounts payable after more than one year | 17 | €35,000,000 | €35,000,000 | = | 0.0% |
| Financial debts | 170/4 | €28,000,000 | €28,000,000 | = | 0.0% |
| Other loans | 174 | €28,000,000 | €28,000,000 | = | 0.0% |
| Other amounts payable | 178/9 | €7,000,000 | €7,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €12,685,464 | €20,931,991 | +€8.2m | +65.0% |
| Trade debts | 44 | €4,247,000 | €8,352,373 | +€4.1m | +96.7% |
| Suppliers | 440/4 | €4,247,000 | €8,352,373 | +€4.1m | +96.7% |
| Taxes, remuneration and social security | 45 | €4,551,249 | €7,000,012 | +€2.4m | +53.8% |
| Taxes | 450/3 | €4,186,362 | €6,503,812 | +€2.3m | +55.4% |
| Remuneration and social security | 454/9 | €364,888 | €496,200 | +€131,313 | +36.0% |
| Other amounts payable | 47/48 | €3,887,215 | €5,579,606 | +€1.7m | +43.5% |
| Operating income | 70/76A | €58,335,907 | €63,204,005 | +€4.9m | +8.3% |
| Turnover | 70 | €58,145,763 | €48,079,652 | -€10.1m | -17.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€77,143 | €363,638 | +€440,780 | |
| Other operating income | 74 | €256,567 | €160,715 | -€95,852 | -37.4% |
| Non-recurring operating income | 76A | €10,719 | €14,600,000 | +€14.6m | +136100.9% |
| Operating charges | 60/66A | €52,464,070 | €51,196,489 | -€1.3m | -2.4% |
| Goods for resale, raw materials and consumables | 60 | €38,828,901 | €37,500,287 | -€1.3m | -3.4% |
| Purchases | 600/8 | €39,371,381 | €36,990,438 | -€2.4m | -6.0% |
| Change in stocks: decrease (increase) | 609 | -€542,480 | €509,849 | +€1.1m | |
| Services and other goods | 61 | €3,203,821 | €3,085,918 | -€117,902 | -3.7% |
| Remuneration, social security and pensions | 62 | €3,630,231 | €3,854,816 | +€224,585 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,749,760 | €6,697,805 | -€51,954 | -0.8% |
| Other operating charges | 640/8 | €51,357 | €52,651 | +€1,294 | +2.5% |
| Non-recurring operating charges | 66A | - | €5,010 | +€5,010 | |
| Operating profit (loss) | 9901 | €5,871,837 | €12,007,516 | +€6.1m | +104.5% |
| Financial income | 75/76B | €5,350,337 | €2,556,353 | -€2.8m | -52.2% |
| Recurring financial income | 75 | €5,350,337 | €2,556,353 | -€2.8m | -52.2% |
| Income from financial fixed assets | 750 | €4,836,434 | €2,176,166 | -€2.7m | -55.0% |
| Income from current assets | 751 | €261,045 | €130,552 | -€130,493 | -50.0% |
| Other financial income | 752/9 | €252,859 | €249,636 | -€3,223 | -1.3% |
| Financial charges | 65/66B | €2,381,451 | €1,422,616 | -€958,835 | -40.3% |
| Recurring financial charges | 65 | €2,381,451 | €1,422,616 | -€958,835 | -40.3% |
| Debt charges | 650 | €2,111,409 | €1,373,698 | -€737,711 | -34.9% |
| Other financial charges | 652/9 | €270,042 | €48,918 | -€221,124 | -81.9% |
| Profit (loss) for the period before taxes | 9903 | €8,840,724 | €13,141,254 | +€4.3m | +48.6% |
| Income taxes | 67/77 | €1,725,842 | €4,750,935 | +€3.0m | +175.3% |
| Taxes | 670/3 | €1,769,845 | €4,750,935 | +€3.0m | +168.4% |
| Tax adjustments and reversals of tax provisions | 77 | €44,003 | - | -€44,003 | |
| Profit (loss) for the period | 9904 | €7,114,882 | €8,390,319 | +€1.3m | +17.9% |
| Profit (loss) for the period to be appropriated | 9905 | €7,114,882 | €8,390,319 | +€1.3m | +17.9% |
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.