ECODEC: 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.
ECODEC
Largest movements
- Receivables within one year -€102,864
down €102,864 (-62.3%), from €165,098 to €62,233
of which Trade receivables: -€70,289
- Stocks and contracts +€35,888
up €35,888 (+19.9%), from €180,794 to €216,682
- Cash +€24,173
up €24,173 (+33.9%), from €71,395 to €95,568
mainly Receivables within one year (+€102,864) and Debts after one year (+€45,219)
- Intangible fixed assets -€9,772
down €9,772 (-39.2%), from €24,957 to €15,185
- Deferred charges and accrued income +€6,861
up €6,861 (+80.6%), from €8,515 to €15,376
- Profit (loss) carried forward -€81,169
no longer reported in 2025 (was €81,169)
- Debts after one year +€45,219
up €45,219 (+151%), from €30,012 to €75,231
of which Financial debts: +€75,231
- Trade debts -€33,053
down €33,053 (-60.8%), from €54,402 to €21,349
- Other debts -€31,467
down €31,467 (-79.4%), from €39,638 to €8,170
- Short-term financial debts +€30,000
up €30,000 (+27.8%), from €107,950 to €137,950
- Gross operating margin -€62,002
down €62,002 (-56.3%), from €110,093 to €48,091
- Staff costs +€40,623
up €40,623 (+63.4%), from €64,080 to €104,703
- Taxes -€2,371
no longer reported in 2025 (was €2,371)
- Financial income +€2,342
up €2,342 (+56.9%), from €4,112 to €6,454
- Financial charges +€1,903
up €1,903 (+23.1%), from €8,248 to €10,151
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 | €471,934 | €420,610 | -€51,324 | -10.9% |
| Fixed assets | 21/28 | €46,134 | €30,752 | -€15,382 | -33.3% |
| Intangible fixed assets | 21 | €24,957 | €15,185 | -€9,772 | -39.2% |
| Tangible fixed assets | 22/27 | €21,176 | €15,566 | -€5,610 | -26.5% |
| Plant, machinery and equipment | 23 | €20,856 | €14,467 | -€6,389 | -30.6% |
| Furniture and vehicles | 24 | €320 | €1,099 | +€779 | +243% |
| Current assets | 29/58 | €425,801 | €389,859 | -€35,942 | -8.4% |
| Stocks and contracts in progress | 3 | €180,794 | €216,682 | +€35,888 | +19.9% |
| Stocks | 30/36 | €180,794 | €216,682 | +€35,888 | +19.9% |
| Amounts receivable within one year | 40/41 | €165,098 | €62,233 | -€102,864 | -62.3% |
| Trade receivables | 40 | €97,117 | €26,828 | -€70,289 | -72.4% |
| Other amounts receivable | 41 | €67,980 | €35,405 | -€32,575 | -47.9% |
| Cash at bank and in hand | 54/58 | €71,395 | €95,568 | +€24,173 | +33.9% |
| Deferred charges and accrued income | 490/1 | €8,515 | €15,376 | +€6,861 | +80.6% |
| Total equity and liabilities | 10/49 | €471,934 | €420,610 | -€51,324 | -10.9% |
| Equity | 10/15 | €229,799 | €145,625 | -€84,174 | -36.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €71,814 | €74,758 | +€2,945 | +4.1% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €65,664 | €68,608 | +€2,945 | +4.5% |
| Profit (loss) carried forward | 14 | €81,169 | - | -€81,169 | |
| Investment grants | 15 | €15,316 | €9,366 | -€5,950 | -38.8% |
| Amounts payable | 17/49 | €242,136 | €274,985 | +€32,850 | +13.6% |
| Amounts payable after more than one year | 17 | €30,012 | €75,231 | +€45,219 | +151% |
| Financial debts | 170/4 | - | €75,231 | +€75,231 | |
| Other amounts payable | 178/9 | €30,012 | - | -€30,012 | |
| Amounts payable within one year | 42/48 | €212,124 | €199,754 | -€12,370 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | - | €18,330 | +€18,330 | |
| Financial debts | 43 | €107,950 | €137,950 | +€30,000 | +27.8% |
| Credit institutions | 430/8 | €107,950 | €137,950 | +€30,000 | +27.8% |
| Trade debts | 44 | €54,402 | €21,349 | -€33,053 | -60.8% |
| Suppliers | 440/4 | €54,402 | €21,349 | -€33,053 | -60.8% |
| Taxes, remuneration and social security | 45 | €10,135 | €13,955 | +€3,820 | +37.7% |
| Remuneration and social security | 454/9 | €10,135 | €13,955 | +€3,820 | +37.7% |
| Other amounts payable | 47/48 | €39,638 | €8,170 | -€31,467 | -79.4% |
| Remuneration, social security and pensions | 62 | €64,080 | €104,703 | +€40,623 | +63.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,667 | €16,901 | +€235 | +1.4% |
| Other operating charges | 640/8 | €1,729 | €1,014 | -€715 | -41.4% |
| Gross operating margin | 9900 | €110,093 | €48,091 | -€62,002 | -56.3% |
| Operating profit (loss) | 9901 | €27,617 | -€74,527 | -€102,144 | |
| Financial income | 75/76B | €4,112 | €6,454 | +€2,342 | +56.9% |
| Recurring financial income | 75 | €4,112 | €6,454 | +€2,342 | +56.9% |
| Financial charges | 65/66B | €8,248 | €10,151 | +€1,903 | +23.1% |
| Recurring financial charges | 65 | €8,248 | €10,151 | +€1,903 | +23.1% |
| Profit (loss) for the period before taxes | 9903 | €23,481 | -€78,224 | -€101,705 | |
| Income taxes | 67/77 | €2,371 | - | -€2,371 | |
| Profit (loss) for the period | 9904 | €21,111 | -€78,224 | -€99,335 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,111 | -€78,224 | -€99,335 |
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 20 October 2026 via checked.be.