EPEI: 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.
EPEI
Largest movements
- Tangible fixed assets -€43,307
down €43,307 (-19.0%), from €227,602 to €184,295
of which Land and buildings: -€36,331
- Cash -€34,490
down €34,490 (-33.5%), from €103,088 to €68,598
mainly Net result for the year (-€103,125) and Debts after one year (-€34,665)
- Stocks and contracts -€6,910
no longer reported in 2025 (was €6,910)
- Receivables within one year +€3,955
up €3,955 (+77.2%), from €5,126 to €9,082
of which Trade receivables: +€2,117
- Profit (loss) carried forward -€103,125
down €103,125 (-83.3%), from -€123,767 to -€226,893
- Short-term financial debts +€100,000
new in 2025: €100,000
- Debts after one year -€34,665
down €34,665 (-53.4%), from €64,937 to €30,272
- Other debts -€26,150
down €26,150 (-41.7%), from €62,734 to €36,584
- Trade debts -€20,301
down €20,301 (-91.3%), from €22,243 to €1,942
- Gross operating margin -€58,169
down €58,169, from €23,962 to -€34,207
- Other operating charges +€5,305
up €5,305 (+48.1%), from €11,036 to €16,340
- Write-downs +€5,100
new in 2025: €5,100
- Financial charges -€2,284
down €2,284 (-33.5%), from €6,817 to €4,534
- Depreciation -€1,460
down €1,460 (-3.3%), from €44,611 to €43,151
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 | €343,034 | €261,974 | -€81,060 | -23.6% |
| Fixed assets | 21/28 | €227,602 | €184,295 | -€43,307 | -19.0% |
| Tangible fixed assets | 22/27 | €227,602 | €184,295 | -€43,307 | -19.0% |
| Land and buildings | 22 | €202,428 | €166,096 | -€36,331 | -17.9% |
| Plant, machinery and equipment | 23 | €15,006 | €11,557 | -€3,450 | -23.0% |
| Furniture and vehicles | 24 | €10,168 | €6,641 | -€3,526 | -34.7% |
| Current assets | 29/58 | €115,432 | €77,679 | -€37,753 | -32.7% |
| Stocks and contracts in progress | 3 | €6,910 | - | -€6,910 | |
| Stocks | 30/36 | €6,910 | - | -€6,910 | |
| Amounts receivable within one year | 40/41 | €5,126 | €9,082 | +€3,955 | +77.2% |
| Trade receivables | 40 | €3,550 | €5,667 | +€2,117 | +59.6% |
| Other amounts receivable | 41 | €1,576 | €3,415 | +€1,839 | +116.7% |
| Cash at bank and in hand | 54/58 | €103,088 | €68,598 | -€34,490 | -33.5% |
| Deferred charges and accrued income | 490/1 | €308 | - | -€308 | |
| Total equity and liabilities | 10/49 | €343,034 | €261,974 | -€81,060 | -23.6% |
| Equity | 10/15 | €159,433 | €56,307 | -€103,125 | -64.7% |
| Contributions | 10/11 | €282,000 | €282,000 | = | 0.0% |
| Capital | 10 | €282,000 | €282,000 | = | 0.0% |
| Issued capital | 100 | €282,000 | €282,000 | = | 0.0% |
| Reserves | 13 | €1,200 | €1,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,200 | €1,200 | = | 0.0% |
| Legal reserve | 130 | €1,200 | €1,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€123,767 | -€226,893 | -€103,125 | -83.3% |
| Amounts payable | 17/49 | €183,602 | €205,667 | +€22,065 | +12.0% |
| Amounts payable after more than one year | 17 | €64,937 | €30,272 | -€34,665 | -53.4% |
| Financial debts | 170/4 | €64,937 | €30,272 | -€34,665 | -53.4% |
| Amounts payable within one year | 42/48 | €118,665 | €175,395 | +€56,730 | +47.8% |
| Current portion of amounts payable after more than one year | 42 | €32,938 | €34,665 | +€1,727 | +5.2% |
| Financial debts | 43 | - | €100,000 | +€100,000 | |
| Other loans | 439 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €22,243 | €1,942 | -€20,301 | -91.3% |
| Suppliers | 440/4 | €22,243 | €1,942 | -€20,301 | -91.3% |
| Taxes, remuneration and social security | 45 | €750 | €2,204 | +€1,454 | +193.9% |
| Taxes | 450/3 | €749 | - | -€749 | |
| Remuneration and social security | 454/9 | €1 | €2,204 | +€2,203 | +220323.0% |
| Other amounts payable | 47/48 | €62,734 | €36,584 | -€26,150 | -41.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,611 | €43,151 | -€1,460 | -3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,100 | +€5,100 | |
| Other operating charges | 640/8 | €11,036 | €16,340 | +€5,305 | +48.1% |
| Gross operating margin | 9900 | €23,962 | -€34,207 | -€58,169 | |
| Operating profit (loss) | 9901 | -€31,685 | -€98,798 | -€67,113 | -211.8% |
| Financial income | 75/76B | €351 | €86 | -€265 | -75.5% |
| Recurring financial income | 75 | €351 | €86 | -€265 | -75.5% |
| Financial charges | 65/66B | €6,817 | €4,534 | -€2,284 | -33.5% |
| Recurring financial charges | 65 | €6,817 | €4,534 | -€2,284 | -33.5% |
| Profit (loss) for the period before taxes | 9903 | -€38,151 | -€103,246 | -€65,095 | -170.6% |
| Income taxes | 67/77 | €723 | -€121 | -€843 | |
| Profit (loss) for the period | 9904 | -€38,873 | -€103,125 | -€64,252 | -165.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,873 | -€103,125 | -€64,252 | -165.3% |
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 8 October 2026 via checked.be.