EPICO: what changed
EPICO
Largest movements
- Receivables within one year -€32,943
down €32,943 (-92.6%), from €35,589 to €2,646
of which Other amounts receivable: -€30,963
- Tangible fixed assets -€9,567
down €9,567 (-8.2%), from €116,069 to €106,502
of which Plant, machinery and equipment: -€8,477
- Cash -€3,065
no longer reported in 2025 (was €3,065)
mainly Net result for the year (-€107,371) and Debts after one year (-€19,340)
- Profit (loss) carried forward -€107,371
down €107,371 (-37.9%), from -€283,623 to -€390,994
- Other debts +€54,793
up €54,793 (+23.7%), from €231,679 to €286,472
- Trade debts +€40,765
up €40,765 (+136%), from €29,950 to €70,715
- Debts after one year -€19,340
down €19,340 (-23.9%), from €81,007 to €61,668
- Tax, wage and social debts -€15,258
no longer reported in 2025 (was €15,258)
- Staff costs +€24,730
new in 2025: €24,730
- Depreciation +€17,407
up €17,407 (+930%), from €1,872 to €19,280
- Gross operating margin -€15,679
down €15,679 (-37.8%), from -€41,452 to -€57,131
- Other operating charges -€6,959
down €6,959 (-92.4%), from €7,532 to €573
- Financial charges +€4,780
up €4,780 (+545%), from €878 to €5,658
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €177,207 | €131,652 | -€45,555 | -25.7% |
| Fixed assets | 21/28 | €116,069 | €106,502 | -€9,567 | -8.2% |
| Tangible fixed assets | 22/27 | €116,069 | €106,502 | -€9,567 | -8.2% |
| Land and buildings | 22 | €8,826 | €7,936 | -€890 | -10.1% |
| Plant, machinery and equipment | 23 | €106,281 | €97,804 | -€8,477 | -8.0% |
| Furniture and vehicles | 24 | €962 | €762 | -€200 | -20.8% |
| Current assets | 29/58 | €61,138 | €25,149 | -€35,989 | -58.9% |
| Stocks and contracts in progress | 3 | €22,485 | €22,485 | = | 0.0% |
| Stocks | 30/36 | €22,485 | €22,485 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €35,589 | €2,646 | -€32,943 | -92.6% |
| Trade receivables | 40 | €2,209 | €230 | -€1,980 | -89.6% |
| Other amounts receivable | 41 | €33,379 | €2,416 | -€30,963 | -92.8% |
| Cash at bank and in hand | 54/58 | €3,065 | - | -€3,065 | |
| Deferred charges and accrued income | 490/1 | - | €19 | +€19 | |
| Total equity and liabilities | 10/49 | €177,207 | €131,652 | -€45,555 | -25.7% |
| Equity | 10/15 | -€199,172 | -€306,543 | -€107,371 | -53.9% |
| Contributions | 10/11 | €68,592 | €68,592 | = | 0.0% |
| Reserves | 13 | €15,859 | €15,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €9,000 | €9,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€283,623 | -€390,994 | -€107,371 | -37.9% |
| Amounts payable | 17/49 | €376,379 | €438,195 | +€61,815 | +16.4% |
| Amounts payable after more than one year | 17 | €81,007 | €61,668 | -€19,340 | -23.9% |
| Financial debts | 170/4 | €81,007 | €61,668 | -€19,340 | -23.9% |
| Amounts payable within one year | 42/48 | €295,372 | €376,527 | +€81,155 | +27.5% |
| Current portion of amounts payable after more than one year | 42 | €18,484 | €19,340 | +€855 | +4.6% |
| Trade debts | 44 | €29,950 | €70,715 | +€40,765 | +136% |
| Suppliers | 440/4 | €29,950 | €70,715 | +€40,765 | +136% |
| Taxes, remuneration and social security | 45 | €15,258 | - | -€15,258 | |
| Taxes | 450/3 | €15,258 | - | -€15,258 | |
| Other amounts payable | 47/48 | €231,679 | €286,472 | +€54,793 | +23.7% |
| Remuneration, social security and pensions | 62 | - | €24,730 | +€24,730 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,872 | €19,280 | +€17,407 | +930% |
| Other operating charges | 640/8 | €7,532 | €573 | -€6,959 | -92.4% |
| Gross operating margin | 9900 | -€41,452 | -€57,131 | -€15,679 | -37.8% |
| Operating profit (loss) | 9901 | -€50,857 | -€101,714 | -€50,857 | -100% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €878 | €5,658 | +€4,780 | +545% |
| Recurring financial charges | 65 | €878 | €5,658 | +€4,780 | +545% |
| Profit (loss) for the period before taxes | 9903 | -€51,734 | -€107,371 | -€55,637 | -108% |
| Profit (loss) for the period | 9904 | -€51,734 | -€107,371 | -€55,637 | -108% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,734 | -€107,371 | -€55,637 | -108% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.