EQUIPAL: 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.
EQUIPAL
Largest movements
- Cash -€80,358
down €80,358 (-39.3%), from €204,316 to €123,958
mainly Advances received (-€178,374) and Investment in fixed assets (net) (-€82,063)
- Receivables within one year -€62,923
down €62,923 (-51.8%), from €121,581 to €58,658
of which Trade receivables: -€50,214
- Stocks and contracts +€39,044
up €39,044 (+7.7%), from €507,696 to €546,740
of which Stocks: +€49,794
- Tangible fixed assets +€19,609
up €19,609 (+2.9%), from €685,233 to €704,842
of which Leasing and similar rights: +€33,098
- Advances received -€178,374
down €178,374 (-64.5%), from €276,664 to €98,290
- Tax, wage and social debts +€49,791
up €49,791 (+39.3%), from €126,803 to €176,593
of which Remuneration and social security: +€25,536
- Debts after one year +€28,106
up €28,106 (+51.1%), from €54,959 to €83,065
- Reserves +€27,524
up €27,524 (+4.3%), from €640,166 to €667,690
of which Distributable reserves: +€27,524
- Trade debts -€27,322
down €27,322 (-8.6%), from €317,385 to €290,063
- Gross operating margin +€57,692
up €57,692 (+7.9%), from €730,794 to €788,486
- Staff costs +€32,009
up €32,009 (+5.1%), from €633,371 to €665,380
- Depreciation +€16,527
up €16,527 (+34.7%), from €47,667 to €64,194
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 | €1,539,599 | €1,450,038 | -€89,562 | -5.8% |
| Fixed assets | 21/28 | €692,719 | €710,588 | +€17,869 | +2.6% |
| Intangible fixed assets | 21 | €6,960 | €5,220 | -€1,740 | -25.0% |
| Tangible fixed assets | 22/27 | €685,233 | €704,842 | +€19,609 | +2.9% |
| Land and buildings | 22 | €551,999 | €541,608 | -€10,391 | -1.9% |
| Plant, machinery and equipment | 23 | €32,727 | €31,190 | -€1,537 | -4.7% |
| Furniture and vehicles | 24 | €100,507 | €98,947 | -€1,560 | -1.6% |
| Leasing and similar rights | 25 | - | €33,098 | +€33,098 | |
| Financial fixed assets | 28 | €526 | €526 | = | 0.0% |
| Current assets | 29/58 | €846,881 | €739,450 | -€107,431 | -12.7% |
| Stocks and contracts in progress | 3 | €507,696 | €546,740 | +€39,044 | +7.7% |
| Stocks | 30/36 | €394,696 | €444,490 | +€49,794 | +12.6% |
| Contracts in progress | 37 | €113,000 | €102,250 | -€10,750 | -9.5% |
| Amounts receivable within one year | 40/41 | €121,581 | €58,658 | -€62,923 | -51.8% |
| Trade receivables | 40 | €105,100 | €54,886 | -€50,214 | -47.8% |
| Other amounts receivable | 41 | €16,481 | €3,772 | -€12,709 | -77.1% |
| Cash at bank and in hand | 54/58 | €204,316 | €123,958 | -€80,358 | -39.3% |
| Deferred charges and accrued income | 490/1 | €13,288 | €10,095 | -€3,194 | -24.0% |
| Total equity and liabilities | 10/49 | €1,539,599 | €1,450,038 | -€89,562 | -5.8% |
| Equity | 10/15 | €720,731 | €748,255 | +€27,524 | +3.8% |
| Contributions | 10/11 | €80,565 | €80,565 | = | 0.0% |
| Reserves | 13 | €640,166 | €667,690 | +€27,524 | +4.3% |
| Tax-exempt reserves | 132 | €31,056 | €31,056 | = | 0.0% |
| Distributable reserves | 133 | €609,110 | €636,634 | +€27,524 | +4.5% |
| Amounts payable | 17/49 | €818,868 | €701,783 | -€117,086 | -14.3% |
| Amounts payable after more than one year | 17 | €54,959 | €83,065 | +€28,106 | +51.1% |
| Financial debts | 170/4 | €54,959 | €83,065 | +€28,106 | +51.1% |
| Amounts payable within one year | 42/48 | €763,909 | €618,717 | -€145,192 | -19.0% |
| Current portion of amounts payable after more than one year | 42 | €29,198 | €40,825 | +€11,627 | +39.8% |
| Trade debts | 44 | €317,385 | €290,063 | -€27,322 | -8.6% |
| Suppliers | 440/4 | €317,385 | €290,063 | -€27,322 | -8.6% |
| Advances received on contracts in progress | 46 | €276,664 | €98,290 | -€178,374 | -64.5% |
| Taxes, remuneration and social security | 45 | €126,803 | €176,593 | +€49,791 | +39.3% |
| Taxes | 450/3 | €32,899 | €57,154 | +€24,255 | +73.7% |
| Remuneration and social security | 454/9 | €93,903 | €119,439 | +€25,536 | +27.2% |
| Other amounts payable | 47/48 | €13,860 | €12,947 | -€913 | -6.6% |
| Remuneration, social security and pensions | 62 | €633,371 | €665,380 | +€32,009 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,667 | €64,194 | +€16,527 | +34.7% |
| Other operating charges | 640/8 | €16,757 | €11,976 | -€4,782 | -28.5% |
| Non-recurring operating charges | 66A | - | €455 | +€455 | |
| Gross operating margin | 9900 | €730,794 | €788,486 | +€57,692 | +7.9% |
| Operating profit (loss) | 9901 | €32,998 | €46,481 | +€13,483 | +40.9% |
| Financial income | 75/76B | €2,271 | €1,700 | -€571 | -25.1% |
| Recurring financial income | 75 | €2,271 | €1,047 | -€1,223 | -53.9% |
| Non-recurring financial income | 76B | - | €653 | +€653 | |
| Financial charges | 65/66B | €6,762 | €8,374 | +€1,612 | +23.8% |
| Recurring financial charges | 65 | €6,308 | €8,374 | +€2,066 | +32.8% |
| Non-recurring financial charges | 66B | €454 | - | -€454 | |
| Profit (loss) for the period before taxes | 9903 | €28,507 | €39,807 | +€11,300 | +39.6% |
| Income taxes | 67/77 | €10,605 | €12,283 | +€1,677 | +15.8% |
| Profit (loss) for the period | 9904 | €17,901 | €27,524 | +€9,623 | +53.8% |
| Profit (loss) for the period to be appropriated | 9905 | €17,901 | €27,524 | +€9,623 | +53.8% |
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 7 October 2026 via checked.be.