Ecu Global: 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.
What changed
Ecu Global
NACE 64.210, Activities of holding companies
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
-€8.3m
2025 · €68.2m-€76.5m
Equity
€87.4m
2025 · €95.7m-€8.3m
Cash
€1.1m
2025 · €5.1m-€4.0m
Balance sheet total
€146.1m
2025 · €180.6m-€34.5m
Largest movements
Assets
- Receivables within one year -€18.5m
down €18.5m (-34.5%), from €53.5m to €35.1m
of which Other amounts receivable: -€18.9m
- Financial fixed assets -€11.8m
down €11.8m (-9.8%), from €120.7m to €108.9m
of which Affiliated companies: -€11.8m
- Cash -€4.0m
down €4.0m (-78.9%), from €5.1m to €1.1m
mainly Other debts (-€18.1m) and Current portion of long-term debt (-€10.0m)
Equity and liabilities
- Other debts -€18.1m
down €18.1m (-93.4%), from €19.4m to €1.3m
- Current portion of long-term debt -€10.0m
down €10.0m (-16.7%), from €60.0m to €50.0m
- Profit (loss) carried forward -€8.3m
down €8.3m (-10.0%), from €83.0m to €74.7m
- Short-term financial debts +€2.8m
up €2.8m (+73.7%), from €3.8m to €6.5m
Income statement
- Financial income -€67.9m
down €67.9m (-93.3%), from €72.8m to €4.9m
- Financial charges -€980,727
down €980,727 (-21.1%), from €4.7m to €3.7m
- Other operating income +€972,908
up €972,908 (+85.7%), from €1.1m to €2.1m
- Services and other goods -€105,827
down €105,827 (-12.7%), from €836,061 to €730,234
- Other operating charges -€96,787
down €96,787 (-33.3%), from €290,930 to €194,143
From the 2025 result to the 2026 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.
Result 2025
€68.2m
Other operating income
+€972,908
Services and other goods
+€105,827
Other operating charges
+€96,787
Other operating items
-€10.7m
Financial income
-€67.9m
Financial charges
+€980,727
Taxes
-€13,896
Result 2026
-€8.3m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€8.7m
Investment
+€11.9m
Financing
-€7.2m
Cash 2025
€5.1m
From operations (derived)
-€8.7m
Net result for the year
-€8.3m
Receivables after one year
+€32,934
Receivables within one year
+€18.5m
Deferred charges and accrued income
+€169,904
Trade debts
-€621,491
Other debts
-€18.1m
Accrued charges and deferred income
-€261,262
Investment (derived)
+€11.9m
Investment in fixed assets (net)
+€11.9m
Financing
-€7.2m
Current portion of long-term debt
-€10.0m
Short-term financial debts
+€2.8m
Cash 2026
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €180,616,798 | €146,072,428 | -€34.5m | -19.1% |
| Formation expenses | 20 | €395,245 | €354,792 | -€40,453 | -10.2% |
| Fixed assets | 21/28 | €120,691,927 | €108,860,819 | -€11.8m | -9.8% |
| Financial fixed assets | 28 | €120,691,927 | €108,860,819 | -€11.8m | -9.8% |
| Affiliated companies | 280/1 | €118,777,959 | €106,946,851 | -€11.8m | -10.0% |
| Participating interests | 280 | €99,607,252 | €89,246,118 | -€10.4m | -10.4% |
| Amounts receivable | 281 | €19,170,707 | €17,700,733 | -€1.5m | -7.7% |
| Other financial fixed assets | 284/8 | €1,913,968 | €1,913,968 | = | 0.0% |
| Shares | 284 | €1,913,968 | €1,913,968 | = | 0.0% |
| Current assets | 29/58 | €59,529,627 | €36,856,817 | -€22.7m | -38.1% |
| Amounts receivable after more than one year | 29 | €554,509 | €521,575 | -€32,934 | -5.9% |
| Other amounts receivable | 291 | €554,509 | €521,575 | -€32,934 | -5.9% |
| Amounts receivable within one year | 40/41 | €53,512,592 | €35,057,120 | -€18.5m | -34.5% |
| Trade receivables | 40 | €1,002,380 | €1,433,019 | +€430,639 | +43.0% |
| Other amounts receivable | 41 | €52,510,212 | €33,624,101 | -€18.9m | -36.0% |
| Cash at bank and in hand | 54/58 | €5,087,381 | €1,072,881 | -€4.0m | -78.9% |
| Deferred charges and accrued income | 490/1 | €375,145 | €205,241 | -€169,904 | -45.3% |
| Total equity and liabilities | 10/49 | €180,616,798 | €146,072,428 | -€34.5m | -19.1% |
| Equity | 10/15 | €95,674,022 | €87,391,459 | -€8.3m | -8.7% |
| Contributions | 10/11 | €11,500,000 | €11,500,000 | = | 0.0% |
| Capital | 10 | €11,500,000 | €11,500,000 | = | 0.0% |
| Issued capital | 100 | €11,500,000 | €11,500,000 | = | 0.0% |
| Reserves | 13 | €1,150,000 | €1,150,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,150,000 | €1,150,000 | = | 0.0% |
| Legal reserve | 130 | €1,150,000 | €1,150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,024,022 | €74,741,459 | -€8.3m | -10.0% |
| Amounts payable | 17/49 | €84,942,776 | €58,680,969 | -€26.3m | -30.9% |
| Amounts payable within one year | 42/48 | €84,277,338 | €58,276,793 | -€26.0m | -30.9% |
| Current portion of amounts payable after more than one year | 42 | €60,000,000 | €50,000,000 | -€10.0m | -16.7% |
| Financial debts | 43 | €3,753,638 | €6,520,279 | +€2.8m | +73.7% |
| Credit institutions | 430/8 | €3,753,638 | €6,520,279 | +€2.8m | +73.7% |
| Trade debts | 44 | €1,099,845 | €478,354 | -€621,491 | -56.5% |
| Suppliers | 440/4 | €1,099,845 | €478,354 | -€621,491 | -56.5% |
| Other amounts payable | 47/48 | €19,423,856 | €1,278,160 | -€18.1m | -93.4% |
| Accrued charges and deferred income | 492/3 | €665,438 | €404,176 | -€261,262 | -39.3% |
| Operating income | 70/76A | €1,151,797 | €2,120,011 | +€968,215 | +84.1% |
| Turnover | 70 | €12,000 | €12,000 | = | 0.0% |
| Other operating income | 74 | €1,135,103 | €2,108,011 | +€972,908 | +85.7% |
| Non-recurring operating income | 76A | €4,693 | - | -€4,693 | |
| Operating charges | 60/66A | €1,126,990 | €11,623,340 | +€10.5m | +931% |
| Services and other goods | 61 | €836,061 | €730,234 | -€105,827 | -12.7% |
| Other operating charges | 640/8 | €290,930 | €194,143 | -€96,787 | -33.3% |
| Non-recurring operating charges | 66A | - | €10,698,963 | +€10.7m | |
| Operating profit (loss) | 9901 | €24,806 | -€9,503,329 | -€9.5m | |
| Financial income | 75/76B | €72,796,587 | €4,906,066 | -€67.9m | -93.3% |
| Recurring financial income | 75 | €72,796,587 | €4,906,066 | -€67.9m | -93.3% |
| Income from financial fixed assets | 750 | €70,828,219 | €3,575,238 | -€67.3m | -95.0% |
| Income from current assets | 751 | €1,919,589 | €1,327,306 | -€592,283 | -30.9% |
| Other financial income | 752/9 | €48,779 | €3,522 | -€45,257 | -92.8% |
| Financial charges | 65/66B | €4,651,733 | €3,671,006 | -€980,727 | -21.1% |
| Recurring financial charges | 65 | €4,651,733 | €3,671,006 | -€980,727 | -21.1% |
| Debt charges | 650 | €4,343,089 | €3,173,530 | -€1.2m | -26.9% |
| Other financial charges | 652/9 | €308,644 | €497,476 | +€188,832 | +61.2% |
| Profit (loss) for the period before taxes | 9903 | €68,169,661 | -€8,268,269 | -€76.4m | |
| Income taxes | 67/77 | €398 | €14,294 | +€13,896 | +3,493% |
| Taxes | 670/3 | €612 | €14,294 | +€13,682 | +2,236% |
| Tax adjustments and reversals of tax provisions | 77 | €214 | - | -€214 | |
| Profit (loss) for the period | 9904 | €68,169,263 | -€8,282,563 | -€76.5m | |
| Profit (loss) for the period to be appropriated | 9905 | €68,169,263 | -€8,282,563 | -€76.5m |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.