EPCOM REAL ESTATE: 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.
EPCOM REAL ESTATE
Largest movements
- Cash -€265,357
down €265,357 (-96.9%), from €273,869 to €8,512
mainly Debts after one year (-€350,000) and Provisions (-€135,996)
- Tangible fixed assets -€143,537
down €143,537 (-4.2%), from €3.4m to €3.3m
of which Land and buildings: -€138,856
- Profit (loss) carried forward +€471,386
up €471,386 (+34.2%), from -€1.4m to -€906,146
- Reserves -€407,987
down €407,987 (-39.1%), from €1.0m to €636,361
of which Tax-exempt reserves: -€407,987
- Debts after one year -€350,000
down €350,000 (-25.9%), from €1.4m to €1.0m
- Provisions -€135,996
down €135,996 (-41.2%), from €329,836 to €193,840
- Depreciation -€42,676
down €42,676 (-20.4%), from €208,775 to €166,099
- Gross operating margin -€8,961
down €8,961 (-5.9%), from €151,095 to €142,134
- Taxes -€6,202
down €6,202, from €3,930 to -€2,273
- Other operating charges -€6,020
down €6,020 (-14.3%), from €41,975 to €35,955
- Financial income -€1,666
down €1,666 (-95.6%), from €1,743 to €77
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 | €3,757,980 | €3,328,637 | -€429,344 | -11.4% |
| Fixed assets | 21/28 | €3,401,977 | €3,258,440 | -€143,537 | -4.2% |
| Tangible fixed assets | 22/27 | €3,401,977 | €3,258,440 | -€143,537 | -4.2% |
| Land and buildings | 22 | €3,396,415 | €3,257,559 | -€138,856 | -4.1% |
| Furniture and vehicles | 24 | €5,562 | €881 | -€4,681 | -84.2% |
| Current assets | 29/58 | €356,003 | €70,196 | -€285,807 | -80.3% |
| Amounts receivable within one year | 40/41 | €64,831 | €57,279 | -€7,552 | -11.6% |
| Trade receivables | 40 | €64,831 | €57,279 | -€7,552 | -11.6% |
| Other amounts receivable | 41 | €0 | - | -€0 | |
| Current investments | 50/53 | €14,078 | - | -€14,078 | |
| Cash at bank and in hand | 54/58 | €273,869 | €8,512 | -€265,357 | -96.9% |
| Deferred charges and accrued income | 490/1 | €3,225 | €4,405 | +€1,180 | +36.6% |
| Total equity and liabilities | 10/49 | €3,757,980 | €3,328,637 | -€429,344 | -11.4% |
| Equity | 10/15 | €1,752,815 | €1,816,215 | +€63,400 | +3.6% |
| Contributions | 10/11 | €2,086,000 | €2,086,000 | = | 0.0% |
| Capital | 10 | €2,086,000 | €2,086,000 | = | 0.0% |
| Issued capital | 100 | €2,086,000 | €2,086,000 | = | 0.0% |
| Reserves | 13 | €1,044,348 | €636,361 | -€407,987 | -39.1% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Tax-exempt reserves | 132 | €989,506 | €581,519 | -€407,987 | -41.2% |
| Distributable reserves | 133 | €51,743 | €51,743 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,377,532 | -€906,146 | +€471,386 | +34.2% |
| Provisions and deferred taxes | 16 | €329,836 | €193,840 | -€135,996 | -41.2% |
| Deferred taxes | 168 | €329,836 | €193,840 | -€135,996 | -41.2% |
| Amounts payable | 17/49 | €1,675,329 | €1,318,581 | -€356,748 | -21.3% |
| Amounts payable after more than one year | 17 | €1,350,000 | €1,000,000 | -€350,000 | -25.9% |
| Financial debts | 170/4 | €1,350,000 | €1,000,000 | -€350,000 | -25.9% |
| Amounts payable within one year | 42/48 | €288,565 | €287,394 | -€1,171 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €10,972 | - | -€10,972 | |
| Trade debts | 44 | €42,876 | €35,070 | -€7,807 | -18.2% |
| Suppliers | 440/4 | €42,876 | €35,070 | -€7,807 | -18.2% |
| Taxes, remuneration and social security | 45 | €4,716 | €2,324 | -€2,392 | -50.7% |
| Taxes | 450/3 | €4,716 | €2,324 | -€2,392 | -50.7% |
| Other amounts payable | 47/48 | €230,000 | €250,000 | +€20,000 | +8.7% |
| Accrued charges and deferred income | 492/3 | €36,764 | €31,188 | -€5,577 | -15.2% |
| Non-recurring operating income | 76A | €29,154 | - | -€29,154 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €208,775 | €166,099 | -€42,676 | -20.4% |
| Other operating charges | 640/8 | €41,975 | €35,955 | -€6,020 | -14.3% |
| Gross operating margin | 9900 | €151,095 | €142,134 | -€8,961 | -5.9% |
| Operating profit (loss) | 9901 | -€99,655 | -€59,920 | +€39,735 | +39.9% |
| Financial income | 75/76B | €1,743 | €77 | -€1,666 | -95.6% |
| Recurring financial income | 75 | €1,743 | €77 | -€1,666 | -95.6% |
| Financial charges | 65/66B | €16,177 | €15,026 | -€1,152 | -7.1% |
| Recurring financial charges | 65 | €16,177 | €15,026 | -€1,152 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | -€114,089 | -€74,869 | +€39,220 | +34.4% |
| Transfer from deferred taxes | 780 | €10,307 | €135,996 | +€125,689 | +1,220% |
| Income taxes | 67/77 | €3,930 | -€2,273 | -€6,202 | |
| Profit (loss) for the period | 9904 | -€107,712 | €63,400 | +€171,112 | |
| Transfer from tax-exempt reserves | 789 | €30,920 | €407,987 | +€377,067 | +1,220% |
| Profit (loss) for the period to be appropriated | 9905 | -€76,793 | €471,386 | +€548,179 |
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 31 October 2026 via checked.be.