EPIPHRON: what changed
What changed
EPIPHRON
filed annual accounts (NBB)
Net result for the year
€38,068
2024 · €2.6m-€2.6m
Equity
€34.9m
2024 · €37.1m-€2.2m
Cash
€1.5m
2024 · €5.1m-€3.6m
Balance sheet total
€37.1m
2024 · €39.2m-€2.1m
Largest movements
Assets
- Current investments +€3.7m
up €3.7m (+1,729%), from €212,309 to €3.9m
- Cash -€3.6m
down €3.6m (-71.1%), from €5.1m to €1.5m
mainly Current investments (-€3.7m) and Contributions, distributions and other (-€2.2m)
- Financial fixed assets -€1.3m
down €1.3m (-4.4%), from €29.8m to €28.5m
- Receivables within one year -€715,053
down €715,053 (-40.9%), from €1.7m to €1.0m
Equity and liabilities
- Reserves -€2.2m
down €2.2m (-13.1%), from €16.5m to €14.4m
of which Distributable reserves: -€2.2m
Income statement
- Financial income -€2.4m
down €2.4m (-69.9%), from €3.4m to €1.0m
- Services and other goods +€368,018
new in 2025: €368,018
- Gross operating margin +€262,288
no longer reported in 2025 (was -€262,288)
- Financial charges +€191,663
up €191,663 (+42.0%), from €456,265 to €647,928
of which Financial charges: +€249,663
- Turnover +€78,752
new in 2025: €78,752
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.
Result 2024
€2.6m
Turnover
+€78,752
Services and other goods
-€368,018
Other operating charges
+€842
Other operating items
+€262,288
Financial income
-€2.4m
Financial charges
-€191,663
Taxes
+€9,129
Result 2025
€38,068
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.1m
Investment
-€2.4m
Financing
-€2.3m
Cash 2024
€5.1m
From operations (derived)
+€1.1m
Net result for the year
+€38,068
Depreciation
+€50,550
Receivables within one year
+€715,053
Deferred charges and accrued income
+€85,901
Smaller working-capital items
-€4,607
Other debts
+€175,000
Investment (derived)
-€2.4m
Investment in fixed assets (net)
+€1.3m
Current investments
-€3.7m
Financing
-€2.3m
Debts after one year
-€114,190
Contributions, distributions and other
-€2.2m
Cash 2025
€1.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €39,216,078 | €37,110,349 | -€2.1m | -5.4% |
| Fixed assets | 21/28 | €32,036,903 | €30,665,653 | -€1.4m | -4.3% |
| Tangible fixed assets | 22/27 | €2,227,557 | €2,177,007 | -€50,550 | -2.3% |
| Land and buildings | 22 | €1,725,769 | €1,676,825 | -€48,944 | -2.8% |
| Plant, machinery and equipment | 23 | €2,613 | €1,629 | -€984 | -37.7% |
| Furniture and vehicles | 24 | €1,919 | €1,297 | -€622 | -32.4% |
| Assets under construction and advance payments | 27 | €497,257 | €497,257 | = | 0.0% |
| Financial fixed assets | 28 | €29,809,346 | €28,488,646 | -€1.3m | -4.4% |
| Affiliated companies | 280/1 | - | €18,817,392 | +€18.8m | |
| Participating interests | 280 | - | €18,547,392 | +€18.5m | |
| Amounts receivable | 281 | - | €270,000 | +€270,000 | |
| Companies linked by participating interests | 282/3 | - | €297,844 | +€297,844 | |
| Participating interests | 282 | - | €6,294 | +€6,294 | |
| Amounts receivable | 283 | - | €291,550 | +€291,550 | |
| Other financial fixed assets | 284/8 | - | €9,373,410 | +€9.4m | |
| Shares | 284 | - | €9,178,410 | +€9.2m | |
| Amounts receivable and cash guarantees | 285/8 | - | €195,000 | +€195,000 | |
| Current assets | 29/58 | €7,179,175 | €6,444,696 | -€734,479 | -10.2% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,749,313 | €1,034,259 | -€715,053 | -40.9% |
| Other amounts receivable | 41 | €1,749,313 | €1,034,259 | -€715,053 | -40.9% |
| Current investments | 50/53 | €212,309 | €3,883,347 | +€3.7m | +1,729% |
| Other investments | 51/53 | - | €3,883,347 | +€3.9m | |
| Cash at bank and in hand | 54/58 | €5,067,247 | €1,462,684 | -€3.6m | -71.1% |
| Deferred charges and accrued income | 490/1 | €150,306 | €64,405 | -€85,901 | -57.2% |
| Total equity and liabilities | 10/49 | €39,216,078 | €37,110,349 | -€2.1m | -5.4% |
| Equity | 10/15 | €37,054,569 | €34,892,637 | -€2.2m | -5.8% |
| Contributions | 10/11 | €20,507,215 | €20,507,215 | = | 0.0% |
| Capital | 10 | €20,507,215 | €20,507,215 | = | 0.0% |
| Issued capital | 100 | €20,507,215 | €20,507,215 | = | 0.0% |
| Reserves | 13 | €16,547,355 | €14,385,422 | -€2.2m | -13.1% |
| Non-distributable reserves | 130/1 | €1,136,997 | €1,138,901 | +€1,903 | +0.2% |
| Legal reserve | 130 | €1,136,997 | €1,138,901 | +€1,903 | +0.2% |
| Distributable reserves | 133 | €15,410,358 | €13,246,522 | -€2.2m | -14.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €2,161,509 | €2,217,712 | +€56,203 | +2.6% |
| Amounts payable after more than one year | 17 | €1,195,394 | €1,081,203 | -€114,190 | -9.6% |
| Financial debts | 170/4 | €1,195,394 | €1,081,203 | -€114,190 | -9.6% |
| Credit institutions | 173 | - | €1,081,203 | +€1.1m | |
| Amounts payable within one year | 42/48 | €957,326 | €1,131,966 | +€174,640 | +18.2% |
| Current portion of amounts payable after more than one year | 42 | €114,190 | €114,190 | = | 0.0% |
| Trade debts | 44 | €17,357 | €16,997 | -€360 | -2.1% |
| Suppliers | 440/4 | €17,357 | €16,997 | -€360 | -2.1% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €825,779 | €1,000,779 | +€175,000 | +21.2% |
| Accrued charges and deferred income | 492/3 | €8,789 | €4,542 | -€4,247 | -48.3% |
| Operating income | 70/76A | - | €78,752 | +€78,752 | |
| Turnover | 70 | - | €78,752 | +€78,752 | |
| Operating charges | 60/66A | - | €424,653 | +€424,653 | |
| Services and other goods | 61 | - | €368,018 | +€368,018 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,550 | €50,550 | = | 0.0% |
| Other operating charges | 640/8 | €6,927 | €6,085 | -€842 | -12.2% |
| Gross operating margin | 9900 | -€262,288 | - | +€262,288 | |
| Operating profit (loss) | 9901 | -€319,765 | -€345,901 | -€26,137 | -8.2% |
| Financial income | 75/76B | €3,432,507 | €1,031,933 | -€2.4m | -69.9% |
| Recurring financial income | 75 | €3,432,507 | €1,031,933 | -€2.4m | -69.9% |
| Income from financial fixed assets | 750 | - | €847,954 | +€847,954 | |
| Income from current assets | 751 | - | €171,591 | +€171,591 | |
| Other financial income | 752/9 | - | €12,388 | +€12,388 | |
| Financial charges | 65/66B | €456,265 | €647,928 | +€191,663 | +42.0% |
| Recurring financial charges | 65 | €15,190 | €264,853 | +€249,663 | +1,644% |
| Debt charges | 650 | - | €14,786 | +€14,786 | |
| Other financial charges | 652/9 | - | €250,067 | +€250,067 | |
| Non-recurring financial charges | 66B | €441,075 | €383,075 | -€58,000 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €2,656,477 | €38,104 | -€2.6m | -98.6% |
| Income taxes | 67/77 | €9,165 | €36 | -€9,129 | -99.6% |
| Taxes | 670/3 | - | €36 | +€36 | |
| Profit (loss) for the period | 9904 | €2,647,313 | €38,068 | -€2.6m | -98.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,647,313 | €38,068 | -€2.6m | -98.6% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.