EPW: 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.
EPW
Largest movements
- Receivables within one year -€32,433
down €32,433 (-64.1%), from €50,583 to €18,149
of which Other amounts receivable: -€16,413
- Cash +€9,811
up €9,811 (+24.5%), from €40,048 to €49,858
mainly Other debts (+€88,287) and Receivables within one year (+€32,433)
- Stocks and contracts -€7,935
down €7,935 (-100.0%), from €7,935 to €0
- Other debts +€88,287
up €88,287, from €0 to €88,287
- Profit (loss) carried forward -€68,482
down €68,482 (-212.0%), from -€32,309 to -€100,791
- Trade debts -€51,292
down €51,292 (-29.7%), from €172,457 to €121,166
- Tax, wage and social debts -€6,602
down €6,602 (-99.7%), from €6,622 to €20
- Advances received +€5,500
new in 2025: €5,500
- Gross operating margin -€4,931
down €4,931 (-10.4%), from -€47,618 to -€52,549
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 | €151,771 | €119,181 | -€32,589 | -21.5% |
| Formation expenses | 20 | €1,585 | €1,125 | -€461 | -29.1% |
| Fixed assets | 21/28 | €51,426 | €49,752 | -€1,674 | -3.3% |
| Intangible fixed assets | 21 | €50,653 | €49,277 | -€1,376 | -2.7% |
| Tangible fixed assets | 22/27 | €773 | €476 | -€297 | -38.5% |
| Furniture and vehicles | 24 | €773 | €476 | -€297 | -38.5% |
| Current assets | 29/58 | €98,760 | €68,305 | -€30,455 | -30.8% |
| Stocks and contracts in progress | 3 | €7,935 | €0 | -€7,935 | -100.0% |
| Stocks | 30/36 | €7,935 | €0 | -€7,935 | -100.0% |
| Amounts receivable within one year | 40/41 | €50,583 | €18,149 | -€32,433 | -64.1% |
| Trade receivables | 40 | €33,188 | €17,168 | -€16,020 | -48.3% |
| Other amounts receivable | 41 | €17,395 | €982 | -€16,413 | -94.4% |
| Cash at bank and in hand | 54/58 | €40,048 | €49,858 | +€9,811 | +24.5% |
| Deferred charges and accrued income | 490/1 | €194 | €297 | +€103 | +52.8% |
| Total equity and liabilities | 10/49 | €151,771 | €119,181 | -€32,589 | -21.5% |
| Equity | 10/15 | -€27,309 | -€95,791 | -€68,482 | -250.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€32,309 | -€100,791 | -€68,482 | -212.0% |
| Amounts payable | 17/49 | €179,080 | €214,973 | +€35,893 | +20.0% |
| Amounts payable within one year | 42/48 | €179,080 | €214,973 | +€35,893 | +20.0% |
| Trade debts | 44 | €172,457 | €121,166 | -€51,292 | -29.7% |
| Suppliers | 440/4 | €172,457 | €121,166 | -€51,292 | -29.7% |
| Advances received on contracts in progress | 46 | - | €5,500 | +€5,500 | |
| Taxes, remuneration and social security | 45 | €6,622 | €20 | -€6,602 | -99.7% |
| Taxes | 450/3 | €6,622 | €20 | -€6,602 | -99.7% |
| Other amounts payable | 47/48 | €0 | €88,287 | +€88,287 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,013 | €13,454 | +€441 | +3.4% |
| Other operating charges | 640/8 | €226 | €128 | -€98 | -43.4% |
| Gross operating margin | 9900 | -€47,618 | -€52,549 | -€4,931 | -10.4% |
| Operating profit (loss) | 9901 | -€60,857 | -€66,131 | -€5,274 | -8.7% |
| Financial charges | 65/66B | €2,241 | €2,352 | +€111 | +5.0% |
| Recurring financial charges | 65 | €2,241 | €2,352 | +€111 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | -€63,098 | -€68,482 | -€5,385 | -8.5% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€63,098 | -€68,482 | -€5,385 | -8.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€63,098 | -€68,482 | -€5,385 | -8.5% |
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 30 September 2026 via checked.be.