EPSILON: 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.
What changed
EPSILON
NACE 25.110, Manufacture of metal structures and parts of structures
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.4m
2024 · €66.7m-€65.3m
Equity
€15.0m
2024 · €13.7m+€1.4m
Cash
€4.2m
2024 · €2.4m+€1.7m
Balance sheet total
€19.9m
2024 · €87.4m-€67.5m
Largest movements
Assets
- Current investments -€68.8m
down €68.8m (-100.0%), from €68.8m to €0
- Cash +€1.7m
up €1.7m (+71.3%), from €2.4m to €4.2m
mainly Current investments (+€68.8m) and Stocks and contracts (+€1.4m)
- Stocks and contracts -€1.4m
down €1.4m (-16.1%), from €8.8m to €7.4m
of which Contracts in progress: -€1.8m
Equity and liabilities
- Other debts -€67.8m
down €67.8m (-100.0%), from €67.8m to €3,131
- Reserves +€1.4m
up €1.4m (+10.3%), from €13.5m to €14.9m
of which Distributable reserves: +€1.4m
- Short-term financial debts -€1.4m
down €1.4m (-97.6%), from €1.4m to €33,085
Income statement
- Financial income -€65.2m
down €65.2m (-99.9%), from €65.3m to €52,013
of which Non-recurring financial income: -€64.9m
- Turnover +€3.4m
up €3.4m (+19.0%), from €18.1m to €21.6m
- Services and other goods -€867,808
down €867,808 (-18.0%), from €4.8m to €4.0m
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
€66.7m
Turnover
+€3.4m
Other operating income
-€168,729
Goods and materials
-€135,941
Services and other goods
+€867,808
Staff costs
+€60,425
Depreciation
-€72,186
Other operating charges
-€20,570
Other operating items
-€4.1m
Financial income
-€65.2m
Financial charges
+€30,715
Taxes
+€8,100
Deferred taxes and other
-€267
Result 2025
€1.4m
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
-€63.7m
Investment
+€67.3m
Financing
-€1.9m
Cash 2024
€2.4m
From operations (derived)
-€63.7m
Net result for the year
+€1.4m
Depreciation
+€992,035
Stocks and contracts
+€1.4m
Receivables within one year
-€516,366
Smaller working-capital items
-€14,569
Tax, wage and social debts
+€291,265
Advances received
+€623,915
Other debts
-€67.8m
Investment (derived)
+€67.3m
Investment in fixed assets (net)
-€1.4m
Current investments
+€68.8m
Financing
-€1.9m
Debts after one year
-€576,597
Current portion of long-term debt
+€8,918
Short-term financial debts
-€1.4m
Contributions, distributions and other
-€5,726
Cash 2025
€4.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €87,372,198 | €19,897,755 | -€67.5m | -77.2% |
| Fixed assets | 21/28 | €3,883,631 | €4,329,257 | +€445,625 | +11.5% |
| Intangible fixed assets | 21 | €581,004 | €557,338 | -€23,666 | -4.1% |
| Tangible fixed assets | 22/27 | €2,582,445 | €3,045,182 | +€462,737 | +17.9% |
| Land and buildings | 22 | €670,209 | €723,766 | +€53,558 | +8.0% |
| Plant, machinery and equipment | 23 | €1,409,499 | €1,537,469 | +€127,970 | +9.1% |
| Furniture and vehicles | 24 | €389,150 | €600,879 | +€211,729 | +54.4% |
| Leasing and similar rights | 25 | €113,587 | €51,708 | -€61,880 | -54.5% |
| Assets under construction and advance payments | 27 | €0 | €131,361 | +€131,361 | |
| Financial fixed assets | 28 | €720,182 | €726,736 | +€6,554 | +0.9% |
| Affiliated companies | 280/1 | €503,182 | €553,182 | +€50,000 | +9.9% |
| Participating interests | 280 | €503,182 | €553,182 | +€50,000 | +9.9% |
| Companies linked by participating interests | 282/3 | €213,750 | €168,750 | -€45,000 | -21.1% |
| Participating interests | 282 | €73,750 | €73,750 | = | 0.0% |
| Amounts receivable | 283 | €140,000 | €95,000 | -€45,000 | -32.1% |
| Other financial fixed assets | 284/8 | €3,250 | €4,804 | +€1,554 | +47.8% |
| Shares | 284 | €2,500 | €2,500 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €750 | €2,304 | +€1,554 | +207.1% |
| Current assets | 29/58 | €83,488,566 | €15,568,498 | -€67.9m | -81.4% |
| Stocks and contracts in progress | 3 | €8,797,047 | €7,384,603 | -€1.4m | -16.1% |
| Stocks | 30/36 | €6,313,788 | €6,729,760 | +€415,972 | +6.6% |
| Raw materials and consumables | 30/31 | €6,313,788 | €6,729,760 | +€415,972 | +6.6% |
| Contracts in progress | 37 | €2,483,258 | €654,843 | -€1.8m | -73.6% |
| Amounts receivable within one year | 40/41 | €3,455,912 | €3,972,278 | +€516,366 | +14.9% |
| Trade receivables | 40 | €3,108,987 | €3,223,640 | +€114,653 | +3.7% |
| Other amounts receivable | 41 | €346,925 | €748,638 | +€401,713 | +115.8% |
| Current investments | 50/53 | €68,750,000 | €0 | -€68.8m | -100.0% |
| Other investments | 51/53 | €68,750,000 | €0 | -€68.8m | -100.0% |
| Cash at bank and in hand | 54/58 | €2,428,490 | €4,160,996 | +€1.7m | +71.3% |
| Deferred charges and accrued income | 490/1 | €57,118 | €50,621 | -€6,498 | -11.4% |
| Total equity and liabilities | 10/49 | €87,372,198 | €19,897,755 | -€67.5m | -77.2% |
| Equity | 10/15 | €13,666,390 | €15,045,599 | +€1.4m | +10.1% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €13,496,172 | €14,881,107 | +€1.4m | +10.3% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €13,481,172 | €14,866,107 | +€1.4m | +10.3% |
| Investment grants | 15 | €20,218 | €14,492 | -€5,726 | -28.3% |
| Provisions and deferred taxes | 16 | €4,936 | €4,255 | -€681 | -13.8% |
| Deferred taxes | 168 | €4,936 | €4,255 | -€681 | -13.8% |
| Amounts payable | 17/49 | €73,700,872 | €4,847,901 | -€68.9m | -93.4% |
| Amounts payable after more than one year | 17 | €1,362,896 | €786,299 | -€576,597 | -42.3% |
| Financial debts | 170/4 | €1,362,896 | €786,299 | -€576,597 | -42.3% |
| Leasing and similar obligations | 172 | €51,994 | €0 | -€51,994 | -100.0% |
| Credit institutions | 173 | €1,310,902 | €786,299 | -€524,603 | -40.0% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €72,337,977 | €4,061,602 | -€68.3m | -94.4% |
| Current portion of amounts payable after more than one year | 42 | €567,678 | €576,597 | +€8,918 | +1.6% |
| Financial debts | 43 | €1,385,304 | €33,085 | -€1.4m | -97.6% |
| Credit institutions | 430/8 | €1,385,304 | €33,085 | -€1.4m | -97.6% |
| Trade debts | 44 | €1,699,618 | €1,679,233 | -€20,386 | -1.2% |
| Suppliers | 440/4 | €1,699,618 | €1,679,233 | -€20,386 | -1.2% |
| Advances received on contracts in progress | 46 | €92,312 | €716,227 | +€623,915 | +675.9% |
| Taxes, remuneration and social security | 45 | €762,065 | €1,053,330 | +€291,265 | +38.2% |
| Taxes | 450/3 | €105,508 | €374,972 | +€269,464 | +255.4% |
| Remuneration and social security | 454/9 | €656,556 | €678,358 | +€21,802 | +3.3% |
| Other amounts payable | 47/48 | €67,830,999 | €3,131 | -€67.8m | -100.0% |
| Operating income | 70/76A | €21,120,360 | €20,334,257 | -€786,103 | -3.7% |
| Turnover | 70 | €18,122,701 | €21,565,817 | +€3.4m | +19.0% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €2,319,089 | -€1,828,415 | -€4.1m | |
| Own construction capitalised | 72 | €113,750 | €200,765 | +€87,014 | +76.5% |
| Other operating income | 74 | €564,820 | €396,091 | -€168,729 | -29.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €19,047,564 | €18,348,029 | -€699,536 | -3.7% |
| Goods for resale, raw materials and consumables | 60 | €8,261,658 | €8,397,599 | +€135,941 | +1.6% |
| Purchases | 600/8 | €7,760,526 | €8,813,571 | +€1.1m | +13.6% |
| Change in stocks: decrease (increase) | 609 | €501,132 | -€415,972 | -€917,104 | |
| Services and other goods | 61 | €4,827,668 | €3,959,860 | -€867,808 | -18.0% |
| Remuneration, social security and pensions | 62 | €4,937,863 | €4,877,438 | -€60,425 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €919,849 | €992,035 | +€72,186 | +7.8% |
| Other operating charges | 640/8 | €100,526 | €121,096 | +€20,570 | +20.5% |
| Operating profit (loss) | 9901 | €2,072,796 | €1,986,229 | -€86,567 | -4.2% |
| Financial income | 75/76B | €65,274,270 | €52,013 | -€65.2m | -99.9% |
| Recurring financial income | 75 | €339,150 | €52,013 | -€287,137 | -84.7% |
| Income from current assets | 751 | €331,501 | €27,138 | -€304,363 | -91.8% |
| Other financial income | 752/9 | €7,649 | €24,875 | +€17,226 | +225.2% |
| Non-recurring financial income | 76B | €64,935,120 | €0 | -€64.9m | -100.0% |
| Financial charges | 65/66B | €189,601 | €158,886 | -€30,715 | -16.2% |
| Recurring financial charges | 65 | €189,601 | €158,886 | -€30,715 | -16.2% |
| Debt charges | 650 | €88,780 | €76,732 | -€12,049 | -13.6% |
| Other financial charges | 652/9 | €100,821 | €82,155 | -€18,666 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €67,157,465 | €1,879,356 | -€65.3m | -97.2% |
| Transfer from deferred taxes | 780 | €948 | €681 | -€267 | -28.2% |
| Income taxes | 67/77 | €503,201 | €495,101 | -€8,100 | -1.6% |
| Taxes | 670/3 | €503,201 | €495,101 | -€8,100 | -1.6% |
| Profit (loss) for the period | 9904 | €66,655,212 | €1,384,935 | -€65.3m | -97.9% |
| Profit (loss) for the period to be appropriated | 9905 | €66,655,212 | €1,384,935 | -€65.3m | -97.9% |
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 8 October 2026 via checked.be.