EPI: 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.
EPI
Largest movements
- Tangible fixed assets +€219,759
up €219,759 (+20.0%), from €1.1m to €1.3m
of which Land and buildings: +€222,242
- Receivables within one year -€38,130
no longer reported in 2025 (was €38,130)
of which Trade receivables: -€25,764
- Current investments +€28,000
up €28,000 (+169.7%), from €16,497 to €44,497
- Cash -€23,964
down €23,964 (-19.8%), from €121,092 to €97,128
mainly Investment in fixed assets (net) (-€277,047) and Contributions, distributions and other (-€66,852)
- Trade debts +€109,648
up €109,648 (+676.2%), from €16,216 to €125,864
- Other debts +€97,225
up €97,225 (+38.4%), from €253,326 to €350,552
- Debts after one year -€60,465
down €60,465 (-24.2%), from €250,201 to €189,737
- Reserves +€34,400
up €34,400 (+9.9%), from €347,261 to €381,662
of which Distributable reserves: +€34,400
- Gross operating margin -€33,444
down €33,444 (-11.0%), from €304,430 to €270,987
- Other operating charges +€16,238
up €16,238 (+71.0%), from €22,858 to €39,096
- Depreciation +€3,942
up €3,942 (+7.4%), from €53,346 to €57,288
- Financial charges +€3,443
up €3,443 (+12.1%), from €28,374 to €31,817
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 | €1,276,678 | €1,463,605 | +€186,928 | +14.6% |
| Fixed assets | 21/28 | €1,097,453 | €1,317,212 | +€219,759 | +20.0% |
| Tangible fixed assets | 22/27 | €1,097,453 | €1,317,212 | +€219,759 | +20.0% |
| Land and buildings | 22 | €1,094,970 | €1,317,212 | +€222,242 | +20.3% |
| Furniture and vehicles | 24 | €2,482 | - | -€2,482 | |
| Current assets | 29/58 | €179,225 | €146,393 | -€32,831 | -18.3% |
| Amounts receivable within one year | 40/41 | €38,130 | - | -€38,130 | |
| Trade receivables | 40 | €25,764 | - | -€25,764 | |
| Other amounts receivable | 41 | €12,365 | - | -€12,365 | |
| Current investments | 50/53 | €16,497 | €44,497 | +€28,000 | +169.7% |
| Cash at bank and in hand | 54/58 | €121,092 | €97,128 | -€23,964 | -19.8% |
| Deferred charges and accrued income | 490/1 | €3,506 | €4,768 | +€1,262 | +36.0% |
| Total equity and liabilities | 10/49 | €1,276,678 | €1,463,605 | +€186,928 | +14.6% |
| Equity | 10/15 | €667,920 | €702,320 | +€34,400 | +5.2% |
| Contributions | 10/11 | €28,000 | €28,000 | = | 0.0% |
| Reserves | 13 | €347,261 | €381,662 | +€34,400 | +9.9% |
| Tax-exempt reserves | 132 | €18,600 | €18,600 | = | 0.0% |
| Distributable reserves | 133 | €328,661 | €363,062 | +€34,400 | +10.5% |
| Profit (loss) carried forward | 14 | €292,658 | €292,658 | = | 0.0% |
| Amounts payable | 17/49 | €608,758 | €761,285 | +€152,528 | +25.1% |
| Amounts payable after more than one year | 17 | €250,201 | €189,737 | -€60,465 | -24.2% |
| Financial debts | 170/4 | €250,201 | €189,737 | -€60,465 | -24.2% |
| Amounts payable within one year | 42/48 | €358,556 | €568,517 | +€209,960 | +58.6% |
| Current portion of amounts payable after more than one year | 42 | €66,079 | €59,117 | -€6,962 | -10.5% |
| Trade debts | 44 | €16,216 | €125,864 | +€109,648 | +676.2% |
| Suppliers | 440/4 | €16,216 | €125,864 | +€109,648 | +676.2% |
| Taxes, remuneration and social security | 45 | €22,935 | €32,984 | +€10,049 | +43.8% |
| Taxes | 450/3 | €22,935 | €32,984 | +€10,049 | +43.8% |
| Other amounts payable | 47/48 | €253,326 | €350,552 | +€97,225 | +38.4% |
| Accrued charges and deferred income | 492/3 | - | €3,032 | +€3,032 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,346 | €57,288 | +€3,942 | +7.4% |
| Other operating charges | 640/8 | €22,858 | €39,096 | +€16,238 | +71.0% |
| Gross operating margin | 9900 | €304,430 | €270,987 | -€33,444 | -11.0% |
| Operating profit (loss) | 9901 | €228,226 | €174,603 | -€53,623 | -23.5% |
| Financial income | 75/76B | €10 | €766 | +€756 | +7562.1% |
| Recurring financial income | 75 | €10 | €766 | +€756 | +7562.1% |
| Financial charges | 65/66B | €28,374 | €31,817 | +€3,443 | +12.1% |
| Recurring financial charges | 65 | €28,374 | €31,817 | +€3,443 | +12.1% |
| Profit (loss) for the period before taxes | 9903 | €199,862 | €143,552 | -€56,310 | -28.2% |
| Income taxes | 67/77 | €44,902 | €42,299 | -€2,603 | -5.8% |
| Profit (loss) for the period | 9904 | €154,960 | €101,253 | -€53,708 | -34.7% |
| Profit (loss) for the period to be appropriated | 9905 | €154,960 | €101,253 | -€53,708 | -34.7% |
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 6 October 2026 via checked.be.