ÉPICÉA: 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.
ÉPICÉA
Largest movements
- Financial fixed assets +€532,233
up €532,233 (+124.4%), from €427,769 to €960,002
- Receivables within one year -€77,694
down €77,694 (-68.6%), from €113,238 to €35,544
of which Other amounts receivable: -€52,701
- Tangible fixed assets +€25,693
up €25,693 (+129.9%), from €19,784 to €45,477
of which Furniture and vehicles: +€28,015
- Cash -€24,648
down €24,648 (-54.9%), from €44,911 to €20,263
mainly Investment in fixed assets (net) (-€566,936) and Trade debts (-€13,877)
- Debts after one year +€404,133
up €404,133 (+85.8%), from €470,782 to €874,915
- Profit (loss) carried forward +€34,659
up €34,659, from -€27,229 to €7,431
- Current portion of long-term debt +€28,178
up €28,178 (+96.4%), from €29,218 to €57,396
- Trade debts -€13,877
down €13,877 (-52.1%), from €26,626 to €12,749
- Gross operating margin +€100,023
up €100,023, from -€22,187 to €77,836
- Financial charges +€26,502
up €26,502 (+22240.7%), from €119 to €26,621
- Taxes +€6,572
up €6,572 (+3561.0%), from €185 to €6,757
- Depreciation +€3,098
up €3,098 (+52.4%), from €5,911 to €9,010
- Other operating charges +€1,059
up €1,059 (+1677.6%), from €63 to €1,122
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 | €605,701 | €1,062,288 | +€456,586 | +75.4% |
| Fixed assets | 21/28 | €447,553 | €1,005,479 | +€557,926 | +124.7% |
| Tangible fixed assets | 22/27 | €19,784 | €45,477 | +€25,693 | +129.9% |
| Furniture and vehicles | 24 | €9,383 | €37,398 | +€28,015 | +298.6% |
| Other tangible fixed assets | 26 | €10,401 | €8,079 | -€2,322 | -22.3% |
| Financial fixed assets | 28 | €427,769 | €960,002 | +€532,233 | +124.4% |
| Current assets | 29/58 | €158,149 | €56,809 | -€101,340 | -64.1% |
| Amounts receivable within one year | 40/41 | €113,238 | €35,544 | -€77,694 | -68.6% |
| Trade receivables | 40 | €42,135 | €17,142 | -€24,993 | -59.3% |
| Other amounts receivable | 41 | €71,103 | €18,402 | -€52,701 | -74.1% |
| Cash at bank and in hand | 54/58 | €44,911 | €20,263 | -€24,648 | -54.9% |
| Deferred charges and accrued income | 490/1 | - | €1,002 | +€1,002 | |
| Total equity and liabilities | 10/49 | €605,701 | €1,062,288 | +€456,586 | +75.4% |
| Equity | 10/15 | €74,359 | €109,018 | +€34,659 | +46.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €98,587 | €98,587 | = | 0.0% |
| Distributable reserves | 133 | €98,587 | €98,587 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,229 | €7,431 | +€34,659 | |
| Amounts payable | 17/49 | €531,343 | €953,270 | +€421,927 | +79.4% |
| Amounts payable after more than one year | 17 | €470,782 | €874,915 | +€404,133 | +85.8% |
| Financial debts | 170/4 | €470,782 | €874,915 | +€404,133 | +85.8% |
| Amounts payable within one year | 42/48 | €60,561 | €78,355 | +€17,794 | +29.4% |
| Current portion of amounts payable after more than one year | 42 | €29,218 | €57,396 | +€28,178 | +96.4% |
| Trade debts | 44 | €26,626 | €12,749 | -€13,877 | -52.1% |
| Suppliers | 440/4 | €26,626 | €12,749 | -€13,877 | -52.1% |
| Taxes, remuneration and social security | 45 | €4,717 | €8,210 | +€3,494 | +74.1% |
| Taxes | 450/3 | €4,717 | €8,210 | +€3,494 | +74.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,911 | €9,010 | +€3,098 | +52.4% |
| Other operating charges | 640/8 | €63 | €1,122 | +€1,059 | +1677.6% |
| Gross operating margin | 9900 | -€22,187 | €77,836 | +€100,023 | |
| Operating profit (loss) | 9901 | -€28,161 | €67,704 | +€95,866 | |
| Financial income | 75/76B | €1,237 | €333 | -€904 | -73.1% |
| Recurring financial income | 75 | €1,237 | €333 | -€904 | -73.1% |
| Financial charges | 65/66B | €119 | €26,621 | +€26,502 | +22240.7% |
| Recurring financial charges | 65 | €119 | €26,621 | +€26,502 | +22240.7% |
| Profit (loss) for the period before taxes | 9903 | -€27,044 | €41,416 | +€68,460 | |
| Income taxes | 67/77 | €185 | €6,757 | +€6,572 | +3561.0% |
| Profit (loss) for the period | 9904 | -€27,229 | €34,659 | +€61,888 | |
| Profit (loss) for the period to be appropriated | 9905 | -€27,229 | €34,659 | +€61,888 |
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 7 October 2026 via checked.be.