EPIFIN: 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.
What changed
EPIFIN
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€55.5m
2024 · €50.0m+€5.5m
Equity
€304.3m
2024 · €328.8m-€24.5m
Cash
€15.6m
2024 · €12.4m+€3.2m
Balance sheet total
€384.3m
2024 · €363.8m+€20.5m
Largest movements
Assets
- Financial fixed assets +€17.2m
up €17.2m (+4.9%), from €351.4m to €368.6m
Equity and liabilities
- Other debts +€31.5m
up €31.5m (+128.4%), from €24.5m to €56.0m
- Profit (loss) carried forward -€24.5m
down €24.5m (-7.5%), from €325.5m to €301.0m
- Tax, wage and social debts +€13.5m
up €13.5m (+128.6%), from €10.5m to €24.0m
Income statement
- Financial income +€5.4m
up €5.4m (+10.9%), from €50.1m to €55.5m
of which Non-recurring financial income: +€5.6m
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.
Result 2024
€50.0m
Other operating charges
-€1,150
Other operating items
+€34,115
Financial income
+€5.4m
Financial charges
+€48,104
Result 2025
€55.5m
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.
From operations
+€100.4m
Investment
-€17.2m
Financing
-€80.0m
Cash 2024
€12.4m
From operations (derived)
+€100.4m
Net result for the year
+€55.5m
Receivables within one year
-€36,539
Tax, wage and social debts
+€13.5m
Other debts
+€31.5m
Investment (derived)
-€17.2m
Investment in fixed assets (net)
-€17.2m
Financing
-€80.0m
Contributions, distributions and other
-€80.0m
Cash 2025
€15.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €363,829,369 | €384,307,799 | +€20.5m | +5.6% |
| Fixed assets | 21/28 | €351,387,912 | €368,592,970 | +€17.2m | +4.9% |
| Financial fixed assets | 28 | €351,387,912 | €368,592,970 | +€17.2m | +4.9% |
| Affiliated companies | 280/1 | €351,387,912 | €368,592,970 | +€17.2m | +4.9% |
| Participating interests | 280 | €351,387,912 | €368,592,970 | +€17.2m | +4.9% |
| Current assets | 29/58 | €12,441,458 | €15,714,829 | +€3.3m | +26.3% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €45,401 | €81,940 | +€36,539 | +80.5% |
| Other amounts receivable | 41 | €45,401 | €81,940 | +€36,539 | +80.5% |
| Cash at bank and in hand | 54/58 | €12,396,057 | €15,632,889 | +€3.2m | +26.1% |
| Total equity and liabilities | 10/49 | €363,829,369 | €384,307,799 | +€20.5m | +5.6% |
| Equity | 10/15 | €328,801,979 | €304,278,913 | -€24.5m | -7.5% |
| Contributions | 10/11 | €3,000,000 | €3,000,000 | = | 0.0% |
| Capital | 10 | €3,000,000 | €3,000,000 | = | 0.0% |
| Issued capital | 100 | €3,000,000 | €3,000,000 | = | 0.0% |
| Reserves | 13 | €300,000 | €300,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €300,000 | €300,000 | = | 0.0% |
| Legal reserve | 130 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €325,501,979 | €300,978,913 | -€24.5m | -7.5% |
| Amounts payable | 17/49 | €35,027,390 | €80,028,887 | +€45.0m | +128.5% |
| Amounts payable within one year | 42/48 | €35,027,390 | €80,028,887 | +€45.0m | +128.5% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €10,500,000 | €24,000,000 | +€13.5m | +128.6% |
| Taxes | 450/3 | €10,500,000 | €24,000,000 | +€13.5m | +128.6% |
| Other amounts payable | 47/48 | €24,527,390 | €56,028,887 | +€31.5m | +128.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating charges | 60/66A | €76,260 | €43,295 | -€32,965 | -43.2% |
| Services and other goods | 61 | €74,708 | €40,593 | -€34,115 | -45.7% |
| Other operating charges | 640/8 | €1,552 | €2,702 | +€1,150 | +74.1% |
| Operating profit (loss) | 9901 | -€76,260 | -€43,295 | +€32,965 | +43.2% |
| Financial income | 75/76B | €50,079,758 | €55,520,490 | +€5.4m | +10.9% |
| Recurring financial income | 75 | €39,993,376 | €39,861,986 | -€131,390 | -0.3% |
| Income from financial fixed assets | 750 | €39,862,061 | €39,739,661 | -€122,400 | -0.3% |
| Income from current assets | 751 | €131,314 | €122,325 | -€8,990 | -6.8% |
| Other financial income | 752/9 | €0 | - | = | |
| Non-recurring financial income | 76B | €10,086,382 | €15,658,504 | +€5.6m | +55.2% |
| Financial charges | 65/66B | €48,366 | €262 | -€48,104 | -99.5% |
| Recurring financial charges | 65 | €48,366 | €262 | -€48,104 | -99.5% |
| Debt charges | 650 | €48,100 | €0 | -€48,100 | -100.0% |
| Other financial charges | 652/9 | €266 | €262 | -€4 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €49,955,132 | €55,476,934 | +€5.5m | +11.1% |
| Profit (loss) for the period | 9904 | €49,955,132 | €55,476,934 | +€5.5m | +11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €49,955,132 | €55,476,934 | +€5.5m | +11.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.