L'Epée: 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.
L'Epée
Largest movements
- Current investments +€144,076
up €144,076 (+42.7%), from €337,729 to €481,805
- Cash -€97,472
down €97,472 (-37.8%), from €257,549 to €160,077
mainly Current investments (-€144,076) and Debts after one year (-€32,822)
- Tangible fixed assets -€60,499
down €60,499 (-10.0%), from €606,015 to €545,516
of which Land and buildings: -€52,619
- Receivables within one year +€21,877
up €21,877 (+104.2%), from €20,998 to €42,875
of which Trade receivables: +€21,998
- Provisions +€60,000
new in 2025: €60,000
- Debts after one year -€32,822
down €32,822 (-21.1%), from €155,362 to €122,540
of which Other amounts payable: -€57,142
- Debts within one year -€21,330
down €21,330 (-9.2%), from €231,690 to €210,360
- Gross operating margin +€81,395
up €81,395 (+7.5%), from €1.1m to €1.2m
- Staff costs +€13,308
up €13,308 (+1.3%), from €1.0m to €1.0m
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 | €1,233,973 | €1,244,101 | +€10,128 | +0.8% |
| Fixed assets | 21/28 | €609,015 | €548,516 | -€60,499 | -9.9% |
| Tangible fixed assets | 22/27 | €606,015 | €545,516 | -€60,499 | -10.0% |
| Land and buildings | 22 | €554,088 | €501,469 | -€52,619 | -9.5% |
| Plant, machinery and equipment | 23 | €36,125 | €32,205 | -€3,920 | -10.9% |
| Furniture and vehicles | 24 | €15,802 | €11,842 | -€3,960 | -25.1% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €624,958 | €695,585 | +€70,627 | +11.3% |
| Amounts receivable within one year | 40/41 | €20,998 | €42,875 | +€21,877 | +104.2% |
| Trade receivables | 40 | €20,877 | €42,875 | +€21,998 | +105.4% |
| Other amounts receivable | 41 | €121 | - | -€121 | |
| Current investments | 50/53 | €337,729 | €481,805 | +€144,076 | +42.7% |
| Cash at bank and in hand | 54/58 | €257,549 | €160,077 | -€97,472 | -37.8% |
| Deferred charges and accrued income | 490/1 | €8,682 | €10,828 | +€2,146 | +24.7% |
| Total equity and liabilities | 10/49 | €1,233,973 | €1,244,101 | +€10,128 | +0.8% |
| Equity | 10/15 | €706,921 | €711,201 | +€4,280 | +0.6% |
| Contributions | 10/11 | €42,070 | €42,070 | = | 0.0% |
| Capital | 10 | €42,070 | €42,070 | = | 0.0% |
| Reserves | 13 | €533,767 | €533,767 | = | 0.0% |
| Profit (loss) carried forward | 14 | €102,051 | €108,247 | +€6,196 | +6.1% |
| Investment grants | 15 | €29,033 | €27,117 | -€1,916 | -6.6% |
| Provisions and deferred taxes | 16 | - | €60,000 | +€60,000 | |
| Provisions for liabilities and charges | 160/5 | - | €60,000 | +€60,000 | |
| Other liabilities and charges | 164/5 | - | €60,000 | +€60,000 | |
| Amounts payable | 17/49 | €527,052 | €472,900 | -€54,152 | -10.3% |
| Amounts payable after more than one year | 17 | €155,362 | €122,540 | -€32,822 | -21.1% |
| Financial debts | 170/4 | €98,220 | €122,540 | +€24,320 | +24.8% |
| Other amounts payable | 178/9 | €57,142 | - | -€57,142 | |
| Amounts payable within one year | 42/48 | €231,690 | €210,360 | -€21,330 | -9.2% |
| Current portion of amounts payable after more than one year | 42 | €32,187 | €32,822 | +€635 | +2.0% |
| Trade debts | 44 | €14,652 | €17,465 | +€2,813 | +19.2% |
| Suppliers | 440/4 | €14,652 | €17,465 | +€2,813 | +19.2% |
| Taxes, remuneration and social security | 45 | €160,248 | €157,273 | -€2,975 | -1.9% |
| Taxes | 450/3 | €32,469 | €21,961 | -€10,508 | -32.4% |
| Remuneration and social security | 454/9 | €127,779 | €135,312 | +€7,533 | +5.9% |
| Accrued charges and deferred income | 492/3 | €140,000 | €140,000 | = | 0.0% |
| Membership fees, donations, legacies and grants | 73 | €1,186,054 | €1,252,121 | +€66,067 | +5.6% |
| Non-recurring operating income | 76A | €20,411 | €38,465 | +€18,054 | +88.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €114,543 | €117,270 | +€2,727 | +2.4% |
| Remuneration, social security and pensions | 62 | €1,027,016 | €1,040,324 | +€13,308 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,036 | €67,828 | -€3,208 | -4.5% |
| Other operating charges | 640/8 | €1,543 | €658 | -€885 | -57.4% |
| Non-recurring operating charges | 66A | - | €498 | +€498 | |
| Gross operating margin | 9900 | €1,091,922 | €1,173,317 | +€81,395 | +7.5% |
| Operating profit (loss) | 9901 | €62,327 | €4,009 | -€58,318 | -93.6% |
| Financial income | 75/76B | €4,817 | €6,494 | +€1,677 | +34.8% |
| Recurring financial income | 75 | €4,817 | €6,494 | +€1,677 | +34.8% |
| Financial charges | 65/66B | €4,626 | €4,307 | -€319 | -6.9% |
| Recurring financial charges | 65 | €4,626 | €4,307 | -€319 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €62,518 | €6,196 | -€56,322 | -90.1% |
| Profit (loss) for the period | 9904 | €62,518 | €6,196 | -€56,322 | -90.1% |
| Profit (loss) for the period to be appropriated | 9905 | €62,518 | €6,196 | -€56,322 | -90.1% |
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 12 October 2026 via checked.be.