REF EP Belgium 1: 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.
REF EP Belgium 1
Largest movements
- Tangible fixed assets -€579,848
down €579,848 (-6.1%), from €9.5m to €8.9m
- Receivables within one year +€535,240
up €535,240 (+52.9%), from €1.0m to €1.5m
of which Other amounts receivable: +€585,896
- Deferred charges and accrued income -€196,452
down €196,452 (-42.2%), from €465,981 to €269,528
- Cash -€157,438
down €157,438 (-69.8%), from €225,646 to €68,208
mainly Receivables within one year (-€535,240) and Net result for the year (-€320,555)
- Profit (loss) carried forward -€320,555
down €320,555 (-105%), from -€304,957 to -€625,512
- Trade debts -€120,261
down €120,261 (-60.7%), from €198,082 to €77,821
- Gross operating margin -€320,851
down €320,851 (-24.3%), from €1.3m to €1.0m
- Other operating charges +€54,049
up €54,049 (+12.0%), from €450,887 to €504,936
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,229,017 | €10,830,518 | -€398,499 | -3.5% |
| Fixed assets | 21/28 | €9,524,828 | €8,944,980 | -€579,848 | -6.1% |
| Tangible fixed assets | 22/27 | €9,524,828 | €8,944,980 | -€579,848 | -6.1% |
| Land and buildings | 22 | €9,524,828 | €8,944,980 | -€579,848 | -6.1% |
| Current assets | 29/58 | €1,704,189 | €1,885,538 | +€181,349 | +10.6% |
| Amounts receivable within one year | 40/41 | €1,012,562 | €1,547,801 | +€535,240 | +52.9% |
| Trade receivables | 40 | €188,095 | €137,438 | -€50,657 | -26.9% |
| Other amounts receivable | 41 | €824,467 | €1,410,363 | +€585,896 | +71.1% |
| Cash at bank and in hand | 54/58 | €225,646 | €68,208 | -€157,438 | -69.8% |
| Deferred charges and accrued income | 490/1 | €465,981 | €269,528 | -€196,452 | -42.2% |
| Total equity and liabilities | 10/49 | €11,229,017 | €10,830,518 | -€398,499 | -3.5% |
| Equity | 10/15 | €3,195,043 | €2,874,488 | -€320,555 | -10.0% |
| Contributions | 10/11 | €3,500,000 | €3,500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€304,957 | -€625,512 | -€320,555 | -105% |
| Amounts payable | 17/49 | €8,033,974 | €7,956,030 | -€77,944 | -1.0% |
| Amounts payable after more than one year | 17 | €7,500,000 | €7,500,000 | = | 0.0% |
| Financial debts | 170/4 | €7,500,000 | €7,500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €204,753 | €84,491 | -€120,261 | -58.7% |
| Trade debts | 44 | €198,082 | €77,821 | -€120,261 | -60.7% |
| Suppliers | 440/4 | €198,082 | €77,821 | -€120,261 | -60.7% |
| Other amounts payable | 47/48 | €6,670 | €6,670 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €329,221 | €371,539 | +€42,317 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €584,730 | €582,994 | -€1,736 | -0.3% |
| Other operating charges | 640/8 | €450,887 | €504,936 | +€54,049 | +12.0% |
| Gross operating margin | 9900 | €1,322,046 | €1,001,195 | -€320,851 | -24.3% |
| Operating profit (loss) | 9901 | €286,429 | -€86,735 | -€373,164 | |
| Financial income | 75/76B | €16,589 | €11,646 | -€4,943 | -29.8% |
| Recurring financial income | 75 | €16,589 | €11,646 | -€4,943 | -29.8% |
| Financial charges | 65/66B | €244,538 | €245,466 | +€928 | +0.4% |
| Recurring financial charges | 65 | €244,538 | €245,466 | +€928 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €58,479 | -€320,555 | -€379,034 | |
| Profit (loss) for the period | 9904 | €58,479 | -€320,555 | -€379,034 | |
| Profit (loss) for the period to be appropriated | 9905 | €58,479 | -€320,555 | -€379,034 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.