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.
EPSILON
Largest movements
- Receivables after one year -€31,220
down €31,220 (-37.0%), from €84,360 to €53,140
- Tangible fixed assets +€28,475
up €28,475 (+15.9%), from €179,363 to €207,838
of which Land and buildings: +€29,860
- Receivables within one year -€21,396
down €21,396 (-14.4%), from €148,259 to €126,862
of which Other amounts receivable: -€59,590
- Financial fixed assets -€20,805
down €20,805 (-4.9%), from €423,373 to €402,568
- Other debts -€22,237
down €22,237 (-14.4%), from €154,612 to €132,375
- Reserves -€21,482
down €21,482 (-5.2%), from €412,180 to €390,698
of which Distributable reserves: -€19,275
- Gross operating margin -€32,063
down €32,063 (-12.7%), from €251,637 to €219,574
- Depreciation -€13,952
down €13,952 (-29.0%), from €48,181 to €34,229
- Financial income -€9,193
down €9,193 (-100.0%), from €9,193 to €0
- Taxes -€3,338
down €3,338 (-6.1%), from €54,456 to €51,118
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 | €845,560 | €799,650 | -€45,910 | -5.4% |
| Fixed assets | 21/28 | €602,736 | €610,406 | +€7,670 | +1.3% |
| Tangible fixed assets | 22/27 | €179,363 | €207,838 | +€28,475 | +15.9% |
| Land and buildings | 22 | €140,268 | €170,128 | +€29,860 | +21.3% |
| Furniture and vehicles | 24 | €36,166 | €37,089 | +€923 | +2.6% |
| Other tangible fixed assets | 26 | €2,929 | €621 | -€2,308 | -78.8% |
| Financial fixed assets | 28 | €423,373 | €402,568 | -€20,805 | -4.9% |
| Current assets | 29/58 | €242,824 | €189,244 | -€53,580 | -22.1% |
| Amounts receivable after more than one year | 29 | €84,360 | €53,140 | -€31,220 | -37.0% |
| Other amounts receivable | 291 | €84,360 | €53,140 | -€31,220 | -37.0% |
| Amounts receivable within one year | 40/41 | €148,259 | €126,862 | -€21,396 | -14.4% |
| Trade receivables | 40 | - | €38,194 | +€38,194 | |
| Other amounts receivable | 41 | €148,259 | €88,668 | -€59,590 | -40.2% |
| Cash at bank and in hand | 54/58 | €8,641 | €2,644 | -€5,998 | -69.4% |
| Deferred charges and accrued income | 490/1 | €1,565 | €6,598 | +€5,034 | +321.7% |
| Total equity and liabilities | 10/49 | €845,560 | €799,650 | -€45,910 | -5.4% |
| Equity | 10/15 | €673,492 | €652,010 | -€21,482 | -3.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €412,180 | €390,698 | -€21,482 | -5.2% |
| Non-distributable reserves | 130/1 | €500 | €500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €500 | €0 | -€500 | -100.0% |
| Other | 1319 | - | €500 | +€500 | |
| Tax-exempt reserves | 132 | €2,207 | €0 | -€2,207 | -100.0% |
| Distributable reserves | 133 | €409,473 | €390,198 | -€19,275 | -4.7% |
| Profit (loss) carried forward | 14 | €256,312 | €256,312 | = | 0.0% |
| Amounts payable | 17/49 | €172,068 | €147,640 | -€24,428 | -14.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €172,068 | €147,640 | -€24,428 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | €6,166 | €0 | -€6,166 | -100.0% |
| Trade debts | 44 | €2,508 | €8,288 | +€5,779 | +230.4% |
| Suppliers | 440/4 | €2,508 | €8,288 | +€5,779 | +230.4% |
| Taxes, remuneration and social security | 45 | €8,781 | €6,978 | -€1,804 | -20.5% |
| Taxes | 450/3 | €8,781 | €6,978 | -€1,804 | -20.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €154,612 | €132,375 | -€22,237 | -14.4% |
| Remuneration, social security and pensions | 62 | €39,628 | €40,755 | +€1,126 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,181 | €34,229 | -€13,952 | -29.0% |
| Other operating charges | 640/8 | €5,517 | €3,903 | -€1,615 | -29.3% |
| Gross operating margin | 9900 | €251,637 | €219,574 | -€32,063 | -12.7% |
| Operating profit (loss) | 9901 | €158,310 | €140,687 | -€17,623 | -11.1% |
| Financial income | 75/76B | €9,193 | €0 | -€9,193 | -100.0% |
| Recurring financial income | 75 | €9,193 | €0 | -€9,193 | -100.0% |
| Financial charges | 65/66B | €1,234 | €229 | -€1,005 | -81.4% |
| Recurring financial charges | 65 | €1,234 | €229 | -€1,005 | -81.4% |
| Profit (loss) for the period before taxes | 9903 | €166,270 | €140,458 | -€25,812 | -15.5% |
| Income taxes | 67/77 | €54,456 | €51,118 | -€3,338 | -6.1% |
| Profit (loss) for the period | 9904 | €111,814 | €89,340 | -€22,474 | -20.1% |
| Transfer from tax-exempt reserves | 789 | - | €2,207 | +€2,207 | |
| Profit (loss) for the period to be appropriated | 9905 | €111,814 | €91,546 | -€20,267 | -18.1% |
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.