Etablissements Epac: what changed
What changed
Etablissements Epac
NACE 46.649, Wholesale of other machinery and equipment
filed annual accounts (NBB)
Net result for the year
€85,907
2024 · €5,571+€80,337
Equity
€1.0m
2024 · €924,223+€85,907
Cash
€461,488
2024 · €537,877-€76,389
Balance sheet total
€1.1m
2024 · €1.0m+€87,338
Largest movements
Assets
- Tangible fixed assets +€160,521
up €160,521 (+34.9%), from €459,401 to €619,922
of which Land and buildings: +€216,146
- Cash -€76,389
down €76,389 (-14.2%), from €537,877 to €461,488
mainly Investment in fixed assets (net) (-€263,713) and Provisions (-€34,898)
Equity and liabilities
- Profit (loss) carried forward +€114,159
up €114,159 (+169%), from €67,604 to €181,763
- Tax, wage and social debts +€36,963
new in 2025: €36,963
- Provisions -€34,898
down €34,898 (-48.3%), from €72,196 to €37,298
- Reserves -€28,252
down €28,252 (-17.3%), from €163,481 to €135,230
of which Tax-exempt reserves: -€28,252
Income statement
- Gross operating margin +€158,248
up €158,248 (+632%), from €25,038 to €183,286
- Depreciation +€74,954
up €74,954 (+265%), from €28,237 to €103,191
- Taxes +€32,321
up €32,321 (+1,014%), from €3,187 to €35,509
- Turnover +€28,075
new in 2025: €28,075
- Purchases and services +€21,243
new in 2025: €21,243
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€5,571
Gross operating margin
+€158,248
Depreciation
-€74,954
Other operating charges
-€2,501
Financial income
+€658
Financial charges
-€140
Taxes
-€32,321
Deferred taxes and other
+€31,348
Result 2025
€85,907
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€187,323
Investment
-€263,713
Financing
€0
Cash 2024
€537,877
From operations (derived)
+€187,323
Net result for the year
+€85,907
Depreciation
+€103,191
Receivables within one year
-€3,206
Provisions
-€34,898
Smaller working-capital items
-€634
Tax, wage and social debts
+€36,963
Investment (derived)
-€263,713
Investment in fixed assets (net)
-€263,713
Cash 2025
€461,488
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,001,523 | €1,088,861 | +€87,338 | +8.7% |
| Fixed assets | 21/28 | €460,637 | €621,158 | +€160,521 | +34.8% |
| Tangible fixed assets | 22/27 | €459,401 | €619,922 | +€160,521 | +34.9% |
| Land and buildings | 22 | €316,395 | €532,541 | +€216,146 | +68.3% |
| Furniture and vehicles | 24 | €110,355 | €86,155 | -€24,200 | -21.9% |
| Other tangible fixed assets | 26 | €32,651 | €1,227 | -€31,425 | -96.2% |
| Financial fixed assets | 28 | €1,236 | €1,236 | = | 0.0% |
| Current assets | 29/58 | €540,886 | €467,703 | -€73,183 | -13.5% |
| Amounts receivable within one year | 40/41 | €3,009 | €6,215 | +€3,206 | +107% |
| Other amounts receivable | 41 | €3,009 | €6,215 | +€3,206 | +107% |
| Cash at bank and in hand | 54/58 | €537,877 | €461,488 | -€76,389 | -14.2% |
| Total equity and liabilities | 10/49 | €1,001,523 | €1,088,861 | +€87,338 | +8.7% |
| Equity | 10/15 | €924,223 | €1,010,130 | +€85,907 | +9.3% |
| Contributions | 10/11 | €692,000 | €692,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,138 | €1,138 | = | 0.0% |
| Reserves | 13 | €163,481 | €135,230 | -€28,252 | -17.3% |
| Tax-exempt reserves | 132 | €140,146 | €111,894 | -€28,252 | -20.2% |
| Distributable reserves | 133 | €23,336 | €23,336 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,604 | €181,763 | +€114,159 | +169% |
| Provisions and deferred taxes | 16 | €72,196 | €37,298 | -€34,898 | -48.3% |
| Deferred taxes | 168 | €72,196 | €37,298 | -€34,898 | -48.3% |
| Amounts payable | 17/49 | €5,104 | €41,433 | +€36,329 | +712% |
| Amounts payable within one year | 42/48 | €3,454 | €39,758 | +€36,304 | +1,051% |
| Trade debts | 44 | €3,454 | €2,795 | -€659 | -19.1% |
| Suppliers | 440/4 | €3,454 | €2,795 | -€659 | -19.1% |
| Taxes, remuneration and social security | 45 | - | €36,963 | +€36,963 | |
| Taxes | 450/3 | - | €36,963 | +€36,963 | |
| Accrued charges and deferred income | 492/3 | €1,650 | €1,675 | +€25 | +1.5% |
| Turnover | 70 | - | €28,075 | +€28,075 | |
| Non-recurring operating income | 76A | - | €172,305 | +€172,305 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €21,243 | +€21,243 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,237 | €103,191 | +€74,954 | +265% |
| Other operating charges | 640/8 | €1,385 | €3,887 | +€2,501 | +181% |
| Gross operating margin | 9900 | €25,038 | €183,286 | +€158,248 | +632% |
| Operating profit (loss) | 9901 | -€4,584 | €76,208 | +€80,792 | |
| Financial income | 75/76B | €10,029 | €10,687 | +€658 | +6.6% |
| Recurring financial income | 75 | €10,029 | €10,687 | +€658 | +6.6% |
| Financial charges | 65/66B | €238 | €378 | +€140 | +58.9% |
| Recurring financial charges | 65 | €238 | €378 | +€140 | +58.9% |
| Profit (loss) for the period before taxes | 9903 | €5,207 | €86,518 | +€81,311 | +1,561% |
| Transfer from deferred taxes | 780 | €3,551 | €77,975 | +€74,424 | +2,096% |
| Transfer to deferred taxes | 680 | - | €43,076 | +€43,076 | |
| Income taxes | 67/77 | €3,187 | €35,509 | +€32,321 | +1,014% |
| Profit (loss) for the period | 9904 | €5,571 | €85,907 | +€80,337 | +1,442% |
| Transfer from tax-exempt reserves | 789 | €6,892 | €157,481 | +€150,588 | +2,185% |
| Transfer to tax-exempt reserves | 689 | - | €129,229 | +€129,229 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,463 | €114,159 | +€101,696 | +816% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.