Brussels, 26 May 2023

Financial report 2022: €291.878 spent on projects and meetings

In 2022, the total income of ECSWE was €249,970, the total expenses were €291,878, resulting in a negative result of €41,908. The original budget for 2022 was set with a total income of €350,000, total expenses of €296,800, and a projected profit of €53,200.

Two factors explain the negative result of €41,908

First­ly, we changed the bud­get­ing method for the HERMMES project. Instead of book­ing the entire €160,000 project funds as income in the 2022 finan­cial year, we ear­marked €99,939 as “HERMMES project funds to car­ry for­ward” into 2023.

Sec­ond­ly, infla­tion in 2022 caused sig­nif­i­cant spend­ing increas­es across bud­get lines such as staff costs, office costs and PR, result­ing in approx­i­mate­ly €15,500 of unplanned expenditures.

Recharging our reserves in 2023 and 2024 is of strategic importance

To cov­er the loss­es of 2022, ECSWE can use ded­i­cat­ed reserves of €40,500. How­ev­er, in 2023, we need to either increase income or find ways to cut costs. We also need to build up sav­ings to increase our finan­cial flex­i­bil­i­ty. Our goal is to bring the reserves up to €100,000 over the course of 2023 and 2024.

Budget vs. profit and loss statement (€)