Epeco: 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.
Epeco
Largest movements
- Tangible fixed assets +€131,096
up €131,096 (+459.9%), from €28,508 to €159,605
of which Land and buildings: +€136,642
- Receivables within one year -€17,899
down €17,899 (-54.9%), from €32,595 to €14,695
of which Other amounts receivable: -€10,352
- Cash +€7,127
up €7,127 (+12.0%), from €59,197 to €66,324
mainly Other debts (+€91,666) and Debts after one year (+€76,175)
- Financial fixed assets +€2,500
new in 2025: €2,500
- Other debts +€91,666
up €91,666 (+6231.9%), from €1,471 to €93,137
- Debts after one year +€76,175
up €76,175 (+495.1%), from €15,384 to €91,559
- Reserves -€74,557
down €74,557 (-90.4%), from €82,508 to €7,950
- Tax, wage and social debts +€17,654
up €17,654 (+2077.4%), from €850 to €18,504
- Trade debts +€7,879
up €7,879 (+62.4%), from €12,619 to €20,498
- Gross operating margin +€17,116
up €17,116 (+30.0%), from €57,105 to €74,220
- Depreciation +€15,050
up €15,050 (+804.6%), from €1,871 to €16,921
- Financial charges +€3,917
up €3,917 (+201.4%), from €1,945 to €5,861
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 | €121,386 | €243,841 | +€122,455 | +100.9% |
| Fixed assets | 21/28 | €28,508 | €162,105 | +€133,596 | +468.6% |
| Tangible fixed assets | 22/27 | €28,508 | €159,605 | +€131,096 | +459.9% |
| Land and buildings | 22 | - | €136,642 | +€136,642 | |
| Plant, machinery and equipment | 23 | €1,678 | €1,785 | +€107 | +6.4% |
| Furniture and vehicles | 24 | €26,830 | €21,178 | -€5,652 | -21.1% |
| Financial fixed assets | 28 | - | €2,500 | +€2,500 | |
| Current assets | 29/58 | €92,878 | €81,737 | -€11,141 | -12.0% |
| Amounts receivable within one year | 40/41 | €32,595 | €14,695 | -€17,899 | -54.9% |
| Trade receivables | 40 | €18,257 | €10,710 | -€7,547 | -41.3% |
| Other amounts receivable | 41 | €14,338 | €3,985 | -€10,352 | -72.2% |
| Cash at bank and in hand | 54/58 | €59,197 | €66,324 | +€7,127 | +12.0% |
| Deferred charges and accrued income | 490/1 | €1,086 | €717 | -€369 | -34.0% |
| Total equity and liabilities | 10/49 | €121,386 | €243,841 | +€122,455 | +100.9% |
| Equity | 10/15 | €83,508 | €8,950 | -€74,557 | -89.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €82,508 | €7,950 | -€74,557 | -90.4% |
| Distributable reserves | 133 | €82,508 | €7,950 | -€74,557 | -90.4% |
| Amounts payable | 17/49 | €37,878 | €234,891 | +€197,013 | +520.1% |
| Amounts payable after more than one year | 17 | €15,384 | €91,559 | +€76,175 | +495.1% |
| Financial debts | 170/4 | €15,384 | €91,559 | +€76,175 | +495.1% |
| Amounts payable within one year | 42/48 | €22,494 | €143,172 | +€120,678 | +536.5% |
| Current portion of amounts payable after more than one year | 42 | €7,554 | €11,033 | +€3,480 | +46.1% |
| Trade debts | 44 | €12,619 | €20,498 | +€7,879 | +62.4% |
| Suppliers | 440/4 | €12,619 | €20,498 | +€7,879 | +62.4% |
| Taxes, remuneration and social security | 45 | €850 | €18,504 | +€17,654 | +2077.4% |
| Taxes | 450/3 | €850 | €18,504 | +€17,654 | +2077.4% |
| Other amounts payable | 47/48 | €1,471 | €93,137 | +€91,666 | +6231.9% |
| Accrued charges and deferred income | 492/3 | - | €159 | +€159 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,871 | €16,921 | +€15,050 | +804.6% |
| Other operating charges | 640/8 | €182 | €585 | +€404 | +222.0% |
| Gross operating margin | 9900 | €57,105 | €74,220 | +€17,116 | +30.0% |
| Operating profit (loss) | 9901 | €55,052 | €56,714 | +€1,662 | +3.0% |
| Financial income | 75/76B | €100 | €1 | -€99 | -99.3% |
| Recurring financial income | 75 | €100 | €1 | -€99 | -99.3% |
| Financial charges | 65/66B | €1,945 | €5,861 | +€3,917 | +201.4% |
| Recurring financial charges | 65 | €1,945 | €5,861 | +€3,917 | +201.4% |
| Profit (loss) for the period before taxes | 9903 | €53,208 | €50,853 | -€2,354 | -4.4% |
| Income taxes | 67/77 | €10,850 | €10,403 | -€447 | -4.1% |
| Profit (loss) for the period | 9904 | €42,358 | €40,450 | -€1,907 | -4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €42,358 | €40,450 | -€1,907 | -4.5% |
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 3 October 2026 via checked.be.