EPMV: 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.
EPMV
Largest movements
- Financial fixed assets +€1.2m
up €1.2m (+576.3%), from €199,950 to €1.4m
- Current investments +€230,740
new in 2025: €230,740
- Cash -€225,974
down €225,974 (-54.5%), from €414,796 to €188,821
mainly Investment in fixed assets (net) (-€1.2m) and Current investments (-€230,740)
- Reserves +€1.0m
up €1.0m (+213.5%), from €477,398 to €1.5m
- Trade debts +€149,228
up €149,228 (+12346.2%), from €1,209 to €150,437
- Tax, wage and social debts +€72,291
up €72,291 (+228.8%), from €31,602 to €103,894
of which Taxes: +€72,291
- Other debts -€65,828
down €65,828 (-100.0%), from €65,828 to €0
- Debts after one year -€33,350
down €33,350 (-50.0%), from €66,650 to €33,300
- Financial income +€798,847
up €798,847 (+257.4%), from €310,345 to €1.1m
- Taxes +€73,432
up €73,432 (+215.8%), from €34,021 to €107,453
- Gross operating margin -€7,991
down €7,991 (-19.9%), from €40,108 to €32,117
- Financial charges +€1,658
up €1,658 (+1421.6%), from €117 to €1,775
- Depreciation +€505
up €505 (+4.3%), from €11,725 to €12,230
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 | €661,287 | €1,802,729 | +€1.1m | +172.6% |
| Fixed assets | 21/28 | €223,494 | €1,363,623 | +€1.1m | +510.1% |
| Tangible fixed assets | 22/27 | €23,544 | €11,314 | -€12,230 | -51.9% |
| Furniture and vehicles | 24 | €23,544 | €11,314 | -€12,230 | -51.9% |
| Financial fixed assets | 28 | €199,950 | €1,352,309 | +€1.2m | +576.3% |
| Current assets | 29/58 | €437,793 | €439,105 | +€1,313 | +0.3% |
| Amounts receivable within one year | 40/41 | €14,498 | €10,584 | -€3,914 | -27.0% |
| Trade receivables | 40 | €14,362 | €10,353 | -€4,009 | -27.9% |
| Other amounts receivable | 41 | €136 | €231 | +€95 | +69.8% |
| Current investments | 50/53 | - | €230,740 | +€230,740 | |
| Cash at bank and in hand | 54/58 | €414,796 | €188,821 | -€225,974 | -54.5% |
| Deferred charges and accrued income | 490/1 | €8,500 | €8,960 | +€461 | +5.4% |
| Total equity and liabilities | 10/49 | €661,287 | €1,802,729 | +€1.1m | +172.6% |
| Equity | 10/15 | €495,998 | €1,515,099 | +€1.0m | +205.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €477,398 | €1,496,499 | +€1.0m | +213.5% |
| Distributable reserves | 133 | €477,398 | €1,496,499 | +€1.0m | +213.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €165,289 | €287,630 | +€122,342 | +74.0% |
| Amounts payable after more than one year | 17 | €66,650 | €33,300 | -€33,350 | -50.0% |
| Financial debts | 170/4 | €66,650 | €33,300 | -€33,350 | -50.0% |
| Amounts payable within one year | 42/48 | €98,639 | €254,330 | +€155,692 | +157.8% |
| Trade debts | 44 | €1,209 | €150,437 | +€149,228 | +12346.2% |
| Suppliers | 440/4 | €1,209 | €150,437 | +€149,228 | +12346.2% |
| Taxes, remuneration and social security | 45 | €31,602 | €103,894 | +€72,291 | +228.8% |
| Taxes | 450/3 | €29,175 | €101,466 | +€72,291 | +247.8% |
| Remuneration and social security | 454/9 | €2,427 | €2,427 | = | 0.0% |
| Other amounts payable | 47/48 | €65,828 | €0 | -€65,828 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,725 | €12,230 | +€505 | +4.3% |
| Other operating charges | 640/8 | €943 | €751 | -€192 | -20.4% |
| Gross operating margin | 9900 | €40,108 | €32,117 | -€7,991 | -19.9% |
| Operating profit (loss) | 9901 | €27,440 | €19,136 | -€8,304 | -30.3% |
| Financial income | 75/76B | €310,345 | €1,109,192 | +€798,847 | +257.4% |
| Recurring financial income | 75 | €310,345 | €1,109,192 | +€798,847 | +257.4% |
| Financial charges | 65/66B | €117 | €1,775 | +€1,658 | +1421.6% |
| Recurring financial charges | 65 | €117 | €1,775 | +€1,658 | +1421.6% |
| Profit (loss) for the period before taxes | 9903 | €337,668 | €1,126,553 | +€788,885 | +233.6% |
| Income taxes | 67/77 | €34,021 | €107,453 | +€73,432 | +215.8% |
| Profit (loss) for the period | 9904 | €303,647 | €1,019,100 | +€715,453 | +235.6% |
| Profit (loss) for the period to be appropriated | 9905 | €303,647 | €1,019,100 | +€715,453 | +235.6% |
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 3 October 2026 via checked.be.