REF EP Belgium 2: 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.
What changed
REF EP Belgium 2
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€57,208
2025 · €111,769-€54,561
Equity
€3.4m
2025 · €3.3m+€57,208
Cash
€67,754
2025 · €31,255+€36,498
Balance sheet total
€25.3m
2025 · €26.5m-€1.2m
Largest movements
Assets
- Tangible fixed assets -€641,537
down €641,537 (-2.6%), from €24.6m to €23.9m
- Receivables within one year -€557,575
down €557,575 (-30.5%), from €1.8m to €1.3m
of which Other amounts receivable: -€568,152
Equity and liabilities
- Other debts -€1.2m
down €1.2m (-100%), from €1.2m to €0
Income statement
- Gross operating margin -€60,013
down €60,013 (-3.3%), from €1.8m to €1.7m
- Taxes -€26,708
down €26,708 (-58.3%), from €45,777 to €19,069
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.
Result 2025
€111,769
Gross operating margin
-€60,013
Other operating charges
-€4,498
Financial income
-€16,303
Financial charges
-€455
Taxes
+€26,708
Result 2026
€57,208
raises the resultlowers the result
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.
From operations
+€36,498
Investment
€0
Financing
€0
Cash 2025
€31,255
From operations (derived)
+€36,498
Net result for the year
+€57,208
Depreciation
+€641,537
Receivables within one year
+€557,575
Deferred charges and accrued income
+€10,527
Trade debts
+€652
Tax, wage and social debts
-€42,931
Other debts
-€1.2m
Accrued charges and deferred income
+€11,930
Cash 2026
€67,754
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,475,511 | €25,302,370 | -€1.2m | -4.4% |
| Fixed assets | 21/28 | €24,550,613 | €23,909,076 | -€641,537 | -2.6% |
| Tangible fixed assets | 22/27 | €24,550,613 | €23,909,076 | -€641,537 | -2.6% |
| Land and buildings | 22 | €24,550,613 | €23,909,076 | -€641,537 | -2.6% |
| Current assets | 29/58 | €1,924,899 | €1,393,295 | -€531,604 | -27.6% |
| Amounts receivable within one year | 40/41 | €1,825,504 | €1,267,929 | -€557,575 | -30.5% |
| Trade receivables | 40 | €430,938 | €441,516 | +€10,578 | +2.5% |
| Other amounts receivable | 41 | €1,394,566 | €826,413 | -€568,152 | -40.7% |
| Cash at bank and in hand | 54/58 | €31,255 | €67,754 | +€36,498 | +117% |
| Deferred charges and accrued income | 490/1 | €68,139 | €57,612 | -€10,527 | -15.4% |
| Total equity and liabilities | 10/49 | €26,475,511 | €25,302,370 | -€1.2m | -4.4% |
| Equity | 10/15 | €3,322,433 | €3,379,640 | +€57,208 | +1.7% |
| Contributions | 10/11 | €3,200,000 | €3,200,000 | = | 0.0% |
| Reserves | 13 | €533 | €3,394 | +€2,860 | +536% |
| Non-distributable reserves | 130/1 | €533 | €3,394 | +€2,860 | +536% |
| Reserves not available under the articles | 1311 | €533 | €3,394 | +€2,860 | +536% |
| Profit (loss) carried forward | 14 | €121,900 | €176,247 | +€54,347 | +44.6% |
| Amounts payable | 17/49 | €23,153,079 | €21,922,730 | -€1.2m | -5.3% |
| Amounts payable after more than one year | 17 | €21,400,000 | €21,400,000 | = | 0.0% |
| Financial debts | 170/4 | €21,400,000 | €21,400,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,265,881 | €23,602 | -€1.2m | -98.1% |
| Trade debts | 44 | €22,950 | €23,602 | +€652 | +2.8% |
| Suppliers | 440/4 | €22,950 | €23,602 | +€652 | +2.8% |
| Taxes, remuneration and social security | 45 | €42,931 | €0 | -€42,931 | -100% |
| Taxes | 450/3 | €42,931 | €0 | -€42,931 | -100% |
| Other amounts payable | 47/48 | €1,200,000 | €0 | -€1.2m | -100% |
| Accrued charges and deferred income | 492/3 | €487,197 | €499,128 | +€11,930 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €641,537 | €641,537 | = | 0.0% |
| Other operating charges | 640/8 | €168,114 | €172,611 | +€4,498 | +2.7% |
| Gross operating margin | 9900 | €1,801,676 | €1,741,663 | -€60,013 | -3.3% |
| Operating profit (loss) | 9901 | €992,026 | €927,515 | -€64,511 | -6.5% |
| Financial income | 75/76B | €23,220 | €6,917 | -€16,303 | -70.2% |
| Recurring financial income | 75 | €23,220 | €6,917 | -€16,303 | -70.2% |
| Financial charges | 65/66B | €857,700 | €858,155 | +€455 | +0.1% |
| Recurring financial charges | 65 | €857,700 | €858,155 | +€455 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €157,546 | €76,277 | -€81,269 | -51.6% |
| Income taxes | 67/77 | €45,777 | €19,069 | -€26,708 | -58.3% |
| Profit (loss) for the period | 9904 | €111,769 | €57,208 | -€54,561 | -48.8% |
| Profit (loss) for the period to be appropriated | 9905 | €111,769 | €57,208 | -€54,561 | -48.8% |
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 20 October 2026 via checked.be.