EPICO: what changed
Two financial 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.
EPICO
Largest movements
- Receivables within one year -€32,943
down €32,943 (-92.6%), from €35,589 to €2,646
of which Other amounts receivable: -€30,963
- Tangible fixed assets -€9,567
down €9,567 (-8.2%), from €116,069 to €106,502
of which Plant, machinery and equipment: -€8,477
- Cash -€3,065
no longer reported in 2025 (was €3,065)
mainly Net result for the year (-€107,371) and Debts after one year (-€19,340)
- Profit (loss) carried forward -€107,371
down €107,371 (-37.9%), from -€283,623 to -€390,994
- Other debts +€54,793
up €54,793 (+23.7%), from €231,679 to €286,472
- Trade debts +€40,765
up €40,765 (+136%), from €29,950 to €70,715
- Debts after one year -€19,340
down €19,340 (-23.9%), from €81,007 to €61,668
- Tax, wage and social debts -€15,258
no longer reported in 2025 (was €15,258)
- Staff costs +€24,730
new in 2025: €24,730
- Depreciation +€17,407
up €17,407 (+930%), from €1,872 to €19,280
- Gross operating margin -€15,679
down €15,679 (-37.8%), from -€41,452 to -€57,131
- Other operating charges -€6,959
down €6,959 (-92.4%), from €7,532 to €573
- Financial charges +€4,780
up €4,780 (+545%), from €878 to €5,658
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.
Derived cash bridge
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 | €177,207 | €131,652 | -€45,555 | -25.7% |
| Fixed assets | 21/28 | €116,069 | €106,502 | -€9,567 | -8.2% |
| Tangible fixed assets | 22/27 | €116,069 | €106,502 | -€9,567 | -8.2% |
| Land and buildings | 22 | €8,826 | €7,936 | -€890 | -10.1% |
| Plant, machinery and equipment | 23 | €106,281 | €97,804 | -€8,477 | -8.0% |
| Furniture and vehicles | 24 | €962 | €762 | -€200 | -20.8% |
| Current assets | 29/58 | €61,138 | €25,149 | -€35,989 | -58.9% |
| Stocks and contracts in progress | 3 | €22,485 | €22,485 | = | 0.0% |
| Stocks | 30/36 | €22,485 | €22,485 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €35,589 | €2,646 | -€32,943 | -92.6% |
| Trade receivables | 40 | €2,209 | €230 | -€1,980 | -89.6% |
| Other amounts receivable | 41 | €33,379 | €2,416 | -€30,963 | -92.8% |
| Cash at bank and in hand | 54/58 | €3,065 | - | -€3,065 | |
| Deferred charges and accrued income | 490/1 | - | €19 | +€19 | |
| Total equity and liabilities | 10/49 | €177,207 | €131,652 | -€45,555 | -25.7% |
| Equity | 10/15 | -€199,172 | -€306,543 | -€107,371 | -53.9% |
| Contributions | 10/11 | €68,592 | €68,592 | = | 0.0% |
| Reserves | 13 | €15,859 | €15,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €9,000 | €9,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€283,623 | -€390,994 | -€107,371 | -37.9% |
| Amounts payable | 17/49 | €376,379 | €438,195 | +€61,815 | +16.4% |
| Amounts payable after more than one year | 17 | €81,007 | €61,668 | -€19,340 | -23.9% |
| Financial debts | 170/4 | €81,007 | €61,668 | -€19,340 | -23.9% |
| Amounts payable within one year | 42/48 | €295,372 | €376,527 | +€81,155 | +27.5% |
| Current portion of amounts payable after more than one year | 42 | €18,484 | €19,340 | +€855 | +4.6% |
| Trade debts | 44 | €29,950 | €70,715 | +€40,765 | +136% |
| Suppliers | 440/4 | €29,950 | €70,715 | +€40,765 | +136% |
| Taxes, remuneration and social security | 45 | €15,258 | - | -€15,258 | |
| Taxes | 450/3 | €15,258 | - | -€15,258 | |
| Other amounts payable | 47/48 | €231,679 | €286,472 | +€54,793 | +23.7% |
| Remuneration, social security and pensions | 62 | - | €24,730 | +€24,730 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,872 | €19,280 | +€17,407 | +930% |
| Other operating charges | 640/8 | €7,532 | €573 | -€6,959 | -92.4% |
| Gross operating margin | 9900 | -€41,452 | -€57,131 | -€15,679 | -37.8% |
| Operating profit (loss) | 9901 | -€50,857 | -€101,714 | -€50,857 | -100% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €878 | €5,658 | +€4,780 | +545% |
| Recurring financial charges | 65 | €878 | €5,658 | +€4,780 | +545% |
| Profit (loss) for the period before taxes | 9903 | -€51,734 | -€107,371 | -€55,637 | -108% |
| Profit (loss) for the period | 9904 | -€51,734 | -€107,371 | -€55,637 | -108% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,734 | -€107,371 | -€55,637 | -108% |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.