EUROPEN: 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.
EUROPEN
Largest movements
- Receivables within one year -€114,544
down €114,544 (-15.9%), from €719,548 to €605,004
of which Other amounts receivable: -€92,838
- Tangible fixed assets +€80,347
up €80,347 (+9.3%), from €866,557 to €946,904
of which Leasing and similar rights: +€156,795
- Cash +€55,491
up €55,491 (+9.5%), from €583,730 to €639,220
mainly Net result for the year (+€172,022) and Depreciation (+€151,571)
- Stocks and contracts +€26,408
up €26,408 (+48.4%), from €54,522 to €80,930
of which Stocks: +€26,408
- Current portion of long-term debt +€98,211
up €98,211 (+69.0%), from €142,330 to €240,541
- Debts after one year -€85,589
down €85,589 (-26.6%), from €321,839 to €236,251
- Other debts +€46,179
up €46,179 (+46.2%), from €100,000 to €146,179
- Short-term financial debts -€33,316
down €33,316 (-66.4%), from €50,143 to €16,827
- Reserves +€24,424
up €24,424 (+1.9%), from €1.3m to €1.3m
- Staff costs +€483,282
up €483,282 (+6,038%), from €8,004 to €491,286
- Gross operating margin +€324,428
up €324,428 (+56.8%), from €570,881 to €895,309
- Taxes -€44,542
down €44,542 (-51.0%), from €87,268 to €42,726
- Depreciation +€12,124
up €12,124 (+8.7%), from €139,447 to €151,571
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 | €2,248,926 | €2,298,624 | +€49,698 | +2.2% |
| Fixed assets | 21/28 | €871,450 | €952,143 | +€80,693 | +9.3% |
| Tangible fixed assets | 22/27 | €866,557 | €946,904 | +€80,347 | +9.3% |
| Land and buildings | 22 | €615,240 | €576,568 | -€38,672 | -6.3% |
| Plant, machinery and equipment | 23 | €51,879 | €38,591 | -€13,289 | -25.6% |
| Furniture and vehicles | 24 | €199,438 | €174,950 | -€24,488 | -12.3% |
| Leasing and similar rights | 25 | - | €156,795 | +€156,795 | |
| Financial fixed assets | 28 | €4,893 | €5,239 | +€346 | +7.1% |
| Current assets | 29/58 | €1,377,476 | €1,346,480 | -€30,995 | -2.3% |
| Stocks and contracts in progress | 3 | €54,522 | €80,930 | +€26,408 | +48.4% |
| Stocks | 30/36 | €54,522 | €80,930 | +€26,408 | +48.4% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €719,548 | €605,004 | -€114,544 | -15.9% |
| Trade receivables | 40 | €420,931 | €399,226 | -€21,706 | -5.2% |
| Other amounts receivable | 41 | €298,617 | €205,778 | -€92,838 | -31.1% |
| Cash at bank and in hand | 54/58 | €583,730 | €639,220 | +€55,491 | +9.5% |
| Deferred charges and accrued income | 490/1 | €19,676 | €21,326 | +€1,650 | +8.4% |
| Total equity and liabilities | 10/49 | €2,248,926 | €2,298,624 | +€49,698 | +2.2% |
| Equity | 10/15 | €1,339,832 | €1,364,256 | +€24,424 | +1.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,319,832 | €1,344,256 | +€24,424 | +1.9% |
| Distributable reserves | 133 | €1,319,832 | €1,344,256 | +€24,424 | +1.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €909,094 | €934,367 | +€25,274 | +2.8% |
| Amounts payable after more than one year | 17 | €321,839 | €236,251 | -€85,589 | -26.6% |
| Financial debts | 170/4 | €321,839 | €236,251 | -€85,589 | -26.6% |
| Amounts payable within one year | 42/48 | €587,254 | €698,090 | +€110,836 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €142,330 | €240,541 | +€98,211 | +69.0% |
| Financial debts | 43 | €50,143 | €16,827 | -€33,316 | -66.4% |
| Credit institutions | 430/8 | €50,143 | €16,827 | -€33,316 | -66.4% |
| Trade debts | 44 | €277,663 | €265,188 | -€12,474 | -4.5% |
| Suppliers | 440/4 | €277,663 | €265,188 | -€12,474 | -4.5% |
| Taxes, remuneration and social security | 45 | €17,119 | €29,356 | +€12,236 | +71.5% |
| Taxes | 450/3 | €12,755 | €4,237 | -€8,518 | -66.8% |
| Remuneration and social security | 454/9 | €4,365 | €25,119 | +€20,754 | +476% |
| Other amounts payable | 47/48 | €100,000 | €146,179 | +€46,179 | +46.2% |
| Accrued charges and deferred income | 492/3 | €0 | €26 | +€26 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €8,004 | €491,286 | +€483,282 | +6,038% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,447 | €151,571 | +€12,124 | +8.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €11,242 | €11,321 | +€80 | +0.7% |
| Non-recurring operating charges | 66A | €18,885 | €0 | -€18,885 | -100% |
| Gross operating margin | 9900 | €570,881 | €895,309 | +€324,428 | +56.8% |
| Operating profit (loss) | 9901 | €393,304 | €241,130 | -€152,174 | -38.7% |
| Financial income | 75/76B | €4,499 | €1,402 | -€3,097 | -68.8% |
| Recurring financial income | 75 | €4,499 | €1,402 | -€3,097 | -68.8% |
| Financial charges | 65/66B | €21,493 | €27,784 | +€6,291 | +29.3% |
| Recurring financial charges | 65 | €21,493 | €27,784 | +€6,291 | +29.3% |
| Profit (loss) for the period before taxes | 9903 | €376,310 | €214,748 | -€161,561 | -42.9% |
| Income taxes | 67/77 | €87,268 | €42,726 | -€44,542 | -51.0% |
| Profit (loss) for the period | 9904 | €289,042 | €172,022 | -€117,020 | -40.5% |
| Profit (loss) for the period to be appropriated | 9905 | €289,042 | €172,022 | -€117,020 | -40.5% |
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 28 October 2026 via checked.be.