CHRIS ENGELS: what changed
Two fiscal 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.
CHRIS ENGELS
Largest movements
- Cash -€639,690
down €639,690 (-16.5%), from €3.9m to €3.2m
mainly Contributions, distributions and other (-€653,000) and Other debts (-€141,574)
- Receivables within one year +€135,296
up €135,296 (+32.1%), from €421,755 to €557,052
of which Other amounts receivable: +€89,432
- Reserves -€377,263
down €377,263 (-9.4%), from €4.0m to €3.6m
of which Tax-exempt reserves: -€210,500
- Other debts -€141,574
no longer reported in 2025 (was €141,574)
- Gross operating margin -€41,462
down €41,462 (-8.7%), from €477,197 to €435,735
- Depreciation -€16,075
down €16,075 (-86.4%), from €18,612 to €2,537
- Taxes +€8,842
up €8,842 (+6.0%), from €147,337 to €156,178
From the 2024 result to the 2025 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.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,355,406 | €3,848,576 | -€506,830 | -11.6% |
| Fixed assets | 21/28 | €65,610 | €63,073 | -€2,537 | -3.9% |
| Tangible fixed assets | 22/27 | €49,310 | €46,773 | -€2,537 | -5.1% |
| Plant, machinery and equipment | 23 | €1,715 | €429 | -€1,286 | -75.0% |
| Furniture and vehicles | 24 | €47,595 | €46,344 | -€1,251 | -2.6% |
| Financial fixed assets | 28 | €16,300 | €16,300 | = | 0.0% |
| Current assets | 29/58 | €4,289,795 | €3,785,503 | -€504,293 | -11.8% |
| Amounts receivable within one year | 40/41 | €421,755 | €557,052 | +€135,296 | +32.1% |
| Trade receivables | 40 | €365,191 | €411,055 | +€45,864 | +12.6% |
| Other amounts receivable | 41 | €56,565 | €145,997 | +€89,432 | +158.1% |
| Cash at bank and in hand | 54/58 | €3,866,578 | €3,226,888 | -€639,690 | -16.5% |
| Deferred charges and accrued income | 490/1 | €1,462 | €1,563 | +€101 | +6.9% |
| Total equity and liabilities | 10/49 | €4,355,406 | €3,848,576 | -€506,830 | -11.6% |
| Equity | 10/15 | €4,201,390 | €3,824,126 | -€377,263 | -9.0% |
| Contributions | 10/11 | €177,500 | €177,500 | = | 0.0% |
| Reserves | 13 | €4,011,347 | €3,634,084 | -€377,263 | -9.4% |
| Tax-exempt reserves | 132 | €210,500 | - | -€210,500 | |
| Distributable reserves | 133 | €3,800,847 | €3,634,084 | -€166,763 | -4.4% |
| Profit (loss) carried forward | 14 | €12,543 | €12,543 | = | 0.0% |
| Amounts payable | 17/49 | €154,016 | €24,449 | -€129,567 | -84.1% |
| Amounts payable within one year | 42/48 | €154,016 | €24,449 | -€129,567 | -84.1% |
| Trade debts | 44 | €2,041 | €3,320 | +€1,279 | +62.7% |
| Suppliers | 440/4 | €2,041 | €3,320 | +€1,279 | +62.7% |
| Taxes, remuneration and social security | 45 | €10,402 | €21,129 | +€10,728 | +103.1% |
| Taxes | 450/3 | €10,402 | €12,289 | +€1,888 | +18.1% |
| Remuneration and social security | 454/9 | - | €8,840 | +€8,840 | |
| Other amounts payable | 47/48 | €141,574 | - | -€141,574 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,612 | €2,537 | -€16,075 | -86.4% |
| Other operating charges | 640/8 | €1,948 | €2,087 | +€139 | +7.2% |
| Gross operating margin | 9900 | €477,197 | €435,735 | -€41,462 | -8.7% |
| Operating profit (loss) | 9901 | €456,637 | €431,111 | -€25,527 | -5.6% |
| Financial income | 75/76B | €0 | €1,592 | +€1,592 | +15923600.0% |
| Recurring financial income | 75 | €0 | €1,592 | +€1,592 | +15923600.0% |
| Financial charges | 65/66B | - | €788 | +€788 | |
| Recurring financial charges | 65 | - | €788 | +€788 | |
| Profit (loss) for the period before taxes | 9903 | €456,637 | €431,915 | -€24,722 | -5.4% |
| Income taxes | 67/77 | €147,337 | €156,178 | +€8,842 | +6.0% |
| Profit (loss) for the period | 9904 | €309,301 | €275,737 | -€33,564 | -10.9% |
| Transfer from tax-exempt reserves | 789 | - | €210,500 | +€210,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €309,301 | €486,237 | +€176,936 | +57.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.