EPIC: 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.
EPIC
Largest movements
- Receivables within one year +€34,240
up €34,240 (+36.3%), from €94,358 to €128,598
of which Trade receivables: +€36,779
- Cash +€25,012
up €25,012 (+148.5%), from €16,843 to €41,856
mainly Debts after one year (+€194,072) and Current portion of long-term debt (+€47,068)
- Tangible fixed assets -€12,976
down €12,976 (-5.4%), from €238,704 to €225,728
of which Land and buildings: -€11,150
- Deferred charges and accrued income +€4,091
up €4,091 (+76.4%), from €5,353 to €9,444
- Debts after one year +€194,072
new in 2025: €194,072
- Other debts -€170,272
down €170,272 (-69.0%), from €246,918 to €76,647
- Current portion of long-term debt +€47,068
up €47,068, from €0 to €47,068
- Reserves -€22,904
down €22,904 (-27.5%), from €83,228 to €60,325
of which Distributable reserves: -€22,904
- Gross operating margin +€30,747
up €30,747 (+73.6%), from €41,753 to €72,500
- Taxes +€7,244
up €7,244 (+108.8%), from €6,659 to €13,903
- Depreciation -€2,435
down €2,435 (-13.0%), from €18,707 to €16,272
- Other operating charges +€1,479
up €1,479 (+59.3%), from €2,493 to €3,972
- Financial charges +€1,198
up €1,198 (+79.1%), from €1,513 to €2,711
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 | €355,257 | €405,625 | +€50,368 | +14.2% |
| Fixed assets | 21/28 | €238,704 | €225,728 | -€12,976 | -5.4% |
| Tangible fixed assets | 22/27 | €238,704 | €225,728 | -€12,976 | -5.4% |
| Land and buildings | 22 | €233,266 | €222,117 | -€11,150 | -4.8% |
| Furniture and vehicles | 24 | €5,437 | €1,996 | -€3,442 | -63.3% |
| Other tangible fixed assets | 26 | €0 | €1,615 | +€1,615 | |
| Current assets | 29/58 | €116,554 | €179,897 | +€63,344 | +54.3% |
| Amounts receivable within one year | 40/41 | €94,358 | €128,598 | +€34,240 | +36.3% |
| Trade receivables | 40 | €90,981 | €127,760 | +€36,779 | +40.4% |
| Other amounts receivable | 41 | €3,376 | €838 | -€2,539 | -75.2% |
| Current investments | 50/53 | €0 | €0 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €16,843 | €41,856 | +€25,012 | +148.5% |
| Deferred charges and accrued income | 490/1 | €5,353 | €9,444 | +€4,091 | +76.4% |
| Total equity and liabilities | 10/49 | €355,257 | €405,625 | +€50,368 | +14.2% |
| Equity | 10/15 | €101,828 | €78,925 | -€22,904 | -22.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €83,228 | €60,325 | -€22,904 | -27.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €83,228 | €60,325 | -€22,904 | -27.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €253,429 | €326,700 | +€73,272 | +28.9% |
| Amounts payable after more than one year | 17 | - | €194,072 | +€194,072 | |
| Financial debts | 170/4 | - | €194,072 | +€194,072 | |
| Amounts payable within one year | 42/48 | €253,429 | €132,628 | -€120,801 | -47.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | €47,068 | +€47,068 | |
| Trade debts | 44 | €6,248 | €4,975 | -€1,273 | -20.4% |
| Suppliers | 440/4 | €6,248 | €4,975 | -€1,273 | -20.4% |
| Taxes, remuneration and social security | 45 | €263 | €3,938 | +€3,676 | +1398.5% |
| Taxes | 450/3 | €263 | €3,938 | +€3,676 | +1398.5% |
| Other amounts payable | 47/48 | €246,918 | €76,647 | -€170,272 | -69.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,707 | €16,272 | -€2,435 | -13.0% |
| Other operating charges | 640/8 | €2,493 | €3,972 | +€1,479 | +59.3% |
| Gross operating margin | 9900 | €41,753 | €72,500 | +€30,747 | +73.6% |
| Operating profit (loss) | 9901 | €20,553 | €52,255 | +€31,702 | +154.2% |
| Financial income | 75/76B | €208 | €0 | -€208 | -100.0% |
| Recurring financial income | 75 | €208 | €0 | -€208 | -100.0% |
| Financial charges | 65/66B | €1,513 | €2,711 | +€1,198 | +79.1% |
| Recurring financial charges | 65 | €1,513 | €2,711 | +€1,198 | +79.1% |
| Profit (loss) for the period before taxes | 9903 | €19,248 | €49,544 | +€30,296 | +157.4% |
| Income taxes | 67/77 | €6,659 | €13,903 | +€7,244 | +108.8% |
| Profit (loss) for the period | 9904 | €12,589 | €35,641 | +€23,052 | +183.1% |
| Profit (loss) for the period to be appropriated | 9905 | €12,589 | €35,641 | +€23,052 | +183.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.