ECON: 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.
ECON
Largest movements
- Cash +€312,217
up €312,217 (+173.5%), from €179,911 to €492,128
mainly Net result for the year (+€313,204) and Receivables within one year (+€144,647)
- Receivables within one year -€144,647
down €144,647 (-31.4%), from €460,057 to €315,410
of which Other amounts receivable: -€144,687
- Tangible fixed assets -€117,471
down €117,471 (-15.8%), from €742,076 to €624,605
- Profit (loss) carried forward +€316,889
up €316,889 (+45.0%), from -€704,545 to -€387,656
- Advances received -€148,000
down €148,000 (-100.0%), from €148,000 to €0
- Other debts -€105,285
down €105,285 (-8.2%), from €1.3m to €1.2m
- Gross operating margin +€441,179
up €441,179 (+919.3%), from €47,992 to €489,171
- Depreciation +€82,754
up €82,754 (+238.4%), from €34,717 to €117,471
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 | €1,404,003 | €1,456,015 | +€52,011 | +3.7% |
| Fixed assets | 21/28 | €742,076 | €624,605 | -€117,471 | -15.8% |
| Tangible fixed assets | 22/27 | €742,076 | €624,605 | -€117,471 | -15.8% |
| Land and buildings | 22 | €742,076 | €624,605 | -€117,471 | -15.8% |
| Current assets | 29/58 | €661,927 | €831,410 | +€169,482 | +25.6% |
| Amounts receivable within one year | 40/41 | €460,057 | €315,410 | -€144,647 | -31.4% |
| Trade receivables | 40 | €0 | €40 | +€40 | |
| Other amounts receivable | 41 | €460,057 | €315,370 | -€144,687 | -31.4% |
| Current investments | 50/53 | €17,000 | €17,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €179,911 | €492,128 | +€312,217 | +173.5% |
| Deferred charges and accrued income | 490/1 | €4,959 | €6,871 | +€1,912 | +38.6% |
| Total equity and liabilities | 10/49 | €1,404,003 | €1,456,015 | +€52,011 | +3.7% |
| Equity | 10/15 | -€122,504 | €190,699 | +€313,204 | |
| Contributions | 10/11 | €458,603 | €458,603 | = | 0.0% |
| Capital | 10 | €458,603 | €458,603 | = | 0.0% |
| Issued capital | 100 | €458,603 | €458,603 | = | 0.0% |
| Reserves | 13 | €123,438 | €119,752 | -€3,686 | -3.0% |
| Tax-exempt reserves | 132 | €111,762 | €108,076 | -€3,686 | -3.3% |
| Distributable reserves | 133 | €11,676 | €11,676 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€704,545 | -€387,656 | +€316,889 | +45.0% |
| Provisions and deferred taxes | 16 | €40,067 | €38,169 | -€1,898 | -4.7% |
| Deferred taxes | 168 | €40,067 | €38,169 | -€1,898 | -4.7% |
| Amounts payable | 17/49 | €1,486,441 | €1,227,147 | -€259,295 | -17.4% |
| Amounts payable within one year | 42/48 | €1,444,945 | €1,190,166 | -€254,779 | -17.6% |
| Trade debts | 44 | €5,607 | €4,162 | -€1,445 | -25.8% |
| Suppliers | 440/4 | €5,607 | €4,162 | -€1,445 | -25.8% |
| Advances received on contracts in progress | 46 | €148,000 | €0 | -€148,000 | -100.0% |
| Taxes, remuneration and social security | 45 | €125 | €76 | -€50 | -39.7% |
| Taxes | 450/3 | €125 | €76 | -€50 | -39.7% |
| Other amounts payable | 47/48 | €1,291,213 | €1,185,928 | -€105,285 | -8.2% |
| Accrued charges and deferred income | 492/3 | €41,496 | €36,981 | -€4,515 | -10.9% |
| Non-recurring operating income | 76A | €944 | €1,494 | +€550 | +58.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,717 | €117,471 | +€82,754 | +238.4% |
| Other operating charges | 640/8 | €21,993 | €22,680 | +€687 | +3.1% |
| Gross operating margin | 9900 | €47,992 | €489,171 | +€441,179 | +919.3% |
| Operating profit (loss) | 9901 | -€8,719 | €349,020 | +€357,739 | |
| Financial income | 75/76B | €2 | €0 | -€2 | -100.0% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -100.0% |
| Financial charges | 65/66B | €42,052 | €37,544 | -€4,507 | -10.7% |
| Recurring financial charges | 65 | €42,052 | €37,544 | -€4,507 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | -€50,769 | €311,475 | +€362,244 | |
| Transfer from deferred taxes | 780 | €1,898 | €1,898 | = | 0.0% |
| Income taxes | 67/77 | €170 | €170 | -€1 | -0.3% |
| Profit (loss) for the period | 9904 | -€49,041 | €313,204 | +€362,245 | |
| Transfer from tax-exempt reserves | 789 | €3,686 | €3,686 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,355 | €316,889 | +€362,245 |
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 11 October 2026 via checked.be.