EPO: 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.
EPO
Largest movements
- Receivables within one year -€266,848
down €266,848 (-78.3%), from €340,723 to €73,875
- Tangible fixed assets -€77,563
down €77,563 (-11.9%), from €651,647 to €574,084
of which Plant, machinery and equipment: -€51,041
- Cash -€34,868
down €34,868 (-52.5%), from €66,387 to €31,519
mainly Trade debts (-€271,078) and Net result for the year (-€163,675)
- Stocks and contracts -€17,141
down €17,141 (-13.4%), from €127,675 to €110,534
- Financial fixed assets -€13,882
down €13,882 (-43.4%), from €31,968 to €18,086
- Trade debts -€271,078
down €271,078 (-62.4%), from €434,579 to €163,501
- Profit (loss) carried forward -€163,674
down €163,674 (-15.6%), from -€1.0m to -€1.2m
- Debts after one year +€85,959
up €85,959 (+10.4%), from €829,582 to €915,541
- Tax, wage and social debts -€41,813
down €41,813 (-86.6%), from €48,269 to €6,456
of which Remuneration and social security: -€41,741
- Accrued charges and deferred income -€15,960
down €15,960 (-28.9%), from €55,160 to €39,200
- Staff costs -€325,436
down €325,436 (-41.8%), from €778,921 to €453,485
- Gross operating margin -€301,257
down €301,257 (-45.9%), from €656,226 to €354,969
- Write-downs +€11,670
up €11,670 (+157.2%), from €7,424 to €19,094
- Depreciation -€9,686
down €9,686 (-18.7%), from €51,827 to €42,141
- Financial income +€9,682
up €9,682 (+984.9%), from €983 to €10,665
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 | €1,222,561 | €816,135 | -€406,426 | -33.2% |
| Fixed assets | 21/28 | €683,615 | €592,170 | -€91,445 | -13.4% |
| Tangible fixed assets | 22/27 | €651,647 | €574,084 | -€77,563 | -11.9% |
| Land and buildings | 22 | €594,944 | €568,422 | -€26,522 | -4.5% |
| Plant, machinery and equipment | 23 | €56,703 | €5,662 | -€51,041 | -90.0% |
| Financial fixed assets | 28 | €31,968 | €18,086 | -€13,882 | -43.4% |
| Current assets | 29/58 | €538,946 | €223,965 | -€314,981 | -58.4% |
| Stocks and contracts in progress | 3 | €127,675 | €110,534 | -€17,141 | -13.4% |
| Stocks | 30/36 | €127,675 | €110,534 | -€17,141 | -13.4% |
| Amounts receivable within one year | 40/41 | €340,723 | €73,875 | -€266,848 | -78.3% |
| Trade receivables | 40 | €340,723 | €73,875 | -€266,848 | -78.3% |
| Cash at bank and in hand | 54/58 | €66,387 | €31,519 | -€34,868 | -52.5% |
| Deferred charges and accrued income | 490/1 | €4,161 | €8,037 | +€3,876 | +93.2% |
| Total equity and liabilities | 10/49 | €1,222,561 | €816,135 | -€406,426 | -33.2% |
| Equity | 10/15 | -€167,775 | -€331,449 | -€163,674 | -97.6% |
| Contributions | 10/11 | €512,391 | €512,391 | = | 0.0% |
| Capital | 10 | - | €512,391 | +€512,391 | |
| Revaluation surpluses | 12 | €369,767 | €369,767 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,049,933 | -€1,213,607 | -€163,674 | -15.6% |
| Amounts payable | 17/49 | €1,390,336 | €1,147,584 | -€242,752 | -17.5% |
| Amounts payable after more than one year | 17 | €829,582 | €915,541 | +€85,959 | +10.4% |
| Financial debts | 170/4 | €829,582 | €915,541 | +€85,959 | +10.4% |
| Amounts payable within one year | 42/48 | €505,594 | €192,843 | -€312,751 | -61.9% |
| Current portion of amounts payable after more than one year | 42 | €22,746 | €22,886 | +€140 | +0.6% |
| Trade debts | 44 | €434,579 | €163,501 | -€271,078 | -62.4% |
| Suppliers | 440/4 | €434,579 | €163,501 | -€271,078 | -62.4% |
| Taxes, remuneration and social security | 45 | €48,269 | €6,456 | -€41,813 | -86.6% |
| Taxes | 450/3 | €6,528 | €6,456 | -€72 | -1.1% |
| Remuneration and social security | 454/9 | €41,741 | - | -€41,741 | |
| Accrued charges and deferred income | 492/3 | €55,160 | €39,200 | -€15,960 | -28.9% |
| Remuneration, social security and pensions | 62 | €778,921 | €453,485 | -€325,436 | -41.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,827 | €42,141 | -€9,686 | -18.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,424 | €19,094 | +€11,670 | +157.2% |
| Gross operating margin | 9900 | €656,226 | €354,969 | -€301,257 | -45.9% |
| Operating profit (loss) | 9901 | -€181,946 | -€159,751 | +€22,195 | +12.2% |
| Financial income | 75/76B | €983 | €10,665 | +€9,682 | +984.9% |
| Recurring financial income | 75 | €983 | €10,665 | +€9,682 | +984.9% |
| Financial charges | 65/66B | €15,118 | €14,589 | -€529 | -3.5% |
| Recurring financial charges | 65 | €15,118 | €14,589 | -€529 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | -€196,081 | -€163,675 | +€32,406 | +16.5% |
| Profit (loss) for the period | 9904 | -€196,081 | -€163,675 | +€32,406 | +16.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€196,081 | -€163,675 | +€32,406 | +16.5% |
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 5 October 2026 via checked.be.