E-MODEL: what changed
E-MODEL
Largest movements
- Receivables within one year -€18,192
down €18,192 (-91.1%), from €19,975 to €1,783
of which Trade receivables: -€17,822
- Debts after one year -€411,476
down €411,476 (-60.6%), from €678,637 to €267,161
of which Other amounts payable: -€380,000
- Other debts +€329,541
up €329,541 (+743%), from €44,350 to €373,892
- Trade debts +€70,772
up €70,772 (+712%), from €9,941 to €80,713
- Profit (loss) carried forward -€20,563
down €20,563 (-10.7%), from -€192,247 to -€212,809
- Tax, wage and social debts +€16,516
up €16,516 (+155%), from €10,681 to €27,197
- Gross operating margin -€66,364
down €66,364, from €55,340 to -€11,025
- Staff costs +€12,730
no longer reported in 2025 (was -€12,730)
- Other operating charges -€5,393
down €5,393 (-85.4%), from €6,313 to €920
- Financial charges -€1,940
down €1,940 (-19.4%), from €10,011 to €8,071
of which Financial charges: -€1,089
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 | €689,663 | €670,562 | -€19,101 | -2.8% |
| Fixed assets | 21/28 | €668,006 | €668,006 | = | 0.0% |
| Financial fixed assets | 28 | €668,006 | €668,006 | = | 0.0% |
| Current assets | 29/58 | €21,657 | €2,556 | -€19,101 | -88.2% |
| Amounts receivable within one year | 40/41 | €19,975 | €1,783 | -€18,192 | -91.1% |
| Trade receivables | 40 | €17,822 | - | -€17,822 | |
| Other amounts receivable | 41 | €2,154 | €1,783 | -€371 | -17.2% |
| Cash at bank and in hand | 54/58 | €1,682 | €773 | -€909 | -54.0% |
| Total equity and liabilities | 10/49 | €689,663 | €670,562 | -€19,101 | -2.8% |
| Equity | 10/15 | -€92,247 | -€112,809 | -€20,563 | -22.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€192,247 | -€212,809 | -€20,563 | -10.7% |
| Amounts payable | 17/49 | €781,910 | €783,371 | +€1,461 | +0.2% |
| Amounts payable after more than one year | 17 | €678,637 | €267,161 | -€411,476 | -60.6% |
| Financial debts | 170/4 | €298,637 | €267,161 | -€31,476 | -10.5% |
| Other amounts payable | 178/9 | €380,000 | - | -€380,000 | |
| Amounts payable within one year | 42/48 | €96,041 | €513,278 | +€417,238 | +434% |
| Current portion of amounts payable after more than one year | 42 | €31,068 | €31,476 | +€408 | +1.3% |
| Trade debts | 44 | €9,941 | €80,713 | +€70,772 | +712% |
| Suppliers | 440/4 | €9,941 | €80,713 | +€70,772 | +712% |
| Taxes, remuneration and social security | 45 | €10,681 | €27,197 | +€16,516 | +155% |
| Taxes | 450/3 | €10,681 | €27,197 | +€16,516 | +155% |
| Other amounts payable | 47/48 | €44,350 | €373,892 | +€329,541 | +743% |
| Accrued charges and deferred income | 492/3 | €7,232 | €2,932 | -€4,300 | -59.5% |
| Remuneration, social security and pensions | 62 | -€12,730 | - | +€12,730 | |
| Other operating charges | 640/8 | €6,313 | €920 | -€5,393 | -85.4% |
| Non-recurring operating charges | 66A | €9,325 | €212 | -€9,113 | -97.7% |
| Gross operating margin | 9900 | €55,340 | -€11,025 | -€66,364 | |
| Operating profit (loss) | 9901 | €52,432 | -€12,157 | -€64,589 | |
| Financial charges | 65/66B | €10,011 | €8,071 | -€1,940 | -19.4% |
| Recurring financial charges | 65 | €8,249 | €7,160 | -€1,089 | -13.2% |
| Non-recurring financial charges | 66B | €1,762 | €911 | -€851 | -48.3% |
| Profit (loss) for the period before taxes | 9903 | €42,421 | -€20,228 | -€62,649 | |
| Income taxes | 67/77 | €379 | €335 | -€44 | -11.6% |
| Profit (loss) for the period | 9904 | €42,043 | -€20,563 | -€62,605 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,043 | -€20,563 | -€62,605 |
Next steps
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 6 November 2026 via checked.be.