Epsilon Cities: 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.
Epsilon Cities
Largest movements
- Current investments +€38.2m
up €38.2m (+799%), from €4.8m to €43.0m
- Receivables within one year +€14.5m
up €14.5m (+224%), from €6.5m to €20.9m
of which Other amounts receivable: +€14.5m
- Financial fixed assets +€13.2m
up €13.2m (+481%), from €2.7m to €15.9m
- Cash -€1.9m
down €1.9m (-43.3%), from €4.4m to €2.5m
mainly Current investments (-€38.2m) and Receivables within one year (-€14.5m)
- Reserves +€66.4m
up €66.4m (+372%), from €17.8m to €84.3m
of which Distributable reserves: +€66.4m
- Other debts -€2.2m
down €2.2m (-100%), from €2.2m to €0
- Financial income +€64.0m
up €64.0m (+2,323%), from €2.8m to €66.8m
- Financial charges -€351,778
down €351,778 (-81.9%), from €429,672 to €77,894
- Gross operating margin -€230,498
down €230,498 (-34.8%), from €661,944 to €431,446
- Taxes +€206,073
up €206,073 (+85.5%), from €240,963 to €447,036
- Other operating charges +€8,757
up €8,757 (+11.9%), from €73,383 to €82,140
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.
Derived cash bridge
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 | €20,380,715 | €84,520,969 | +€64.1m | +315% |
| Fixed assets | 21/28 | €4,622,224 | €17,833,264 | +€13.2m | +286% |
| Tangible fixed assets | 22/27 | €1,880,501 | €1,906,181 | +€25,680 | +1.4% |
| Land and buildings | 22 | €1,784,706 | €1,730,522 | -€54,184 | -3.0% |
| Furniture and vehicles | 24 | €95,795 | €175,659 | +€79,864 | +83.4% |
| Financial fixed assets | 28 | €2,741,723 | €15,927,083 | +€13.2m | +481% |
| Current assets | 29/58 | €15,758,491 | €66,687,705 | +€50.9m | +323% |
| Amounts receivable within one year | 40/41 | €6,469,746 | €20,934,467 | +€14.5m | +224% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €6,469,746 | €20,934,467 | +€14.5m | +224% |
| Current investments | 50/53 | €4,783,559 | €43,000,000 | +€38.2m | +799% |
| Cash at bank and in hand | 54/58 | €4,384,574 | €2,485,891 | -€1.9m | -43.3% |
| Deferred charges and accrued income | 490/1 | €120,611 | €267,347 | +€146,736 | +122% |
| Total equity and liabilities | 10/49 | €20,380,715 | €84,520,969 | +€64.1m | +315% |
| Equity | 10/15 | €17,953,536 | €84,373,203 | +€66.4m | +370% |
| Contributions | 10/11 | €104,000 | €104,000 | = | 0.0% |
| Capital | 10 | €104,000 | €104,000 | = | 0.0% |
| Issued capital | 100 | €104,000 | €104,000 | = | 0.0% |
| Reserves | 13 | €17,849,536 | €84,269,203 | +€66.4m | +372% |
| Non-distributable reserves | 130/1 | €10,400 | €10,400 | = | 0.0% |
| Legal reserve | 130 | €10,400 | €10,400 | = | 0.0% |
| Distributable reserves | 133 | €17,839,136 | €84,258,803 | +€66.4m | +372% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,427,179 | €147,766 | -€2.3m | -93.9% |
| Amounts payable within one year | 42/48 | €2,427,179 | €147,766 | -€2.3m | -93.9% |
| Financial debts | 43 | €63,738 | €0 | -€63,738 | -100% |
| Credit institutions | 430/8 | €63,738 | €0 | -€63,738 | -100% |
| Trade debts | 44 | €6,995 | €116,916 | +€109,920 | +1,571% |
| Suppliers | 440/4 | €6,995 | €116,916 | +€109,920 | +1,571% |
| Taxes, remuneration and social security | 45 | €143,744 | €30,851 | -€112,893 | -78.5% |
| Taxes | 450/3 | €143,744 | €30,851 | -€112,893 | -78.5% |
| Other amounts payable | 47/48 | €2,212,702 | €0 | -€2.2m | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €394 | +€394 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,550 | €173,772 | -€1,779 | -1.0% |
| Other operating charges | 640/8 | €73,383 | €82,140 | +€8,757 | +11.9% |
| Gross operating margin | 9900 | €661,944 | €431,446 | -€230,498 | -34.8% |
| Operating profit (loss) | 9901 | €413,010 | €175,140 | -€237,870 | -57.6% |
| Financial income | 75/76B | €2,756,154 | €66,769,456 | +€64.0m | +2,323% |
| Recurring financial income | 75 | €2,756,154 | €66,769,456 | +€64.0m | +2,323% |
| Financial charges | 65/66B | €429,672 | €77,894 | -€351,778 | -81.9% |
| Recurring financial charges | 65 | €429,672 | €77,894 | -€351,778 | -81.9% |
| Profit (loss) for the period before taxes | 9903 | €2,739,493 | €66,866,702 | +€64.1m | +2,341% |
| Income taxes | 67/77 | €240,963 | €447,036 | +€206,073 | +85.5% |
| Profit (loss) for the period | 9904 | €2,498,530 | €66,419,666 | +€63.9m | +2,558% |
| Profit (loss) for the period to be appropriated | 9905 | €2,498,530 | €66,419,666 | +€63.9m | +2,558% |
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 19 October 2026 via checked.be.