DAVID EARNSHAW: 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.
DAVID EARNSHAW
Largest movements
- Tangible fixed assets +€17,619
up €17,619 (+7.5%), from €236,271 to €253,890
of which Other tangible fixed assets: +€14,453
- Receivables within one year -€12,478
down €12,478 (-94.0%), from €13,282 to €803
of which Trade receivables: -€13,282
- Cash +€4,173
up €4,173 (+12.3%), from €33,812 to €37,985
mainly Net result for the year (+€23,518) and Receivables within one year (+€12,478)
- Reserves +€20,000
up €20,000 (+38.1%), from €52,500 to €72,500
- Tax, wage and social debts -€7,807
down €7,807 (-79.6%), from €9,807 to €2,000
- Other debts -€5,294
down €5,294 (-2.6%), from €202,744 to €197,449
- Profit (loss) carried forward +€3,518
up €3,518 (+51.2%), from €6,869 to €10,387
- Gross operating margin -€5,938
down €5,938 (-15.0%), from €39,570 to €33,633
- Depreciation +€4,063
up €4,063 (+110%), from €3,677 to €7,739
- Other operating charges -€1,322
no longer reported in 2025 (was €1,322)
- Taxes +€1,000
up €1,000 (+100%), from €1,000 to €2,000
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.
Derived cash bridge
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 | €283,364 | €292,678 | +€9,314 | +3.3% |
| Fixed assets | 21/28 | €236,271 | €253,890 | +€17,619 | +7.5% |
| Tangible fixed assets | 22/27 | €236,271 | €253,890 | +€17,619 | +7.5% |
| Land and buildings | 22 | €223,997 | €223,997 | = | 0.0% |
| Furniture and vehicles | 24 | €670 | €3,836 | +€3,166 | +473% |
| Other tangible fixed assets | 26 | €11,604 | €26,057 | +€14,453 | +125% |
| Current assets | 29/58 | €47,094 | €38,789 | -€8,305 | -17.6% |
| Amounts receivable within one year | 40/41 | €13,282 | €803 | -€12,478 | -94.0% |
| Trade receivables | 40 | €13,282 | - | -€13,282 | |
| Other amounts receivable | 41 | - | €803 | +€803 | |
| Cash at bank and in hand | 54/58 | €33,812 | €37,985 | +€4,173 | +12.3% |
| Total equity and liabilities | 10/49 | €283,364 | €292,678 | +€9,314 | +3.3% |
| Equity | 10/15 | €67,429 | €90,947 | +€23,518 | +34.9% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €52,500 | €72,500 | +€20,000 | +38.1% |
| Distributable reserves | 133 | €52,500 | €72,500 | +€20,000 | +38.1% |
| Profit (loss) carried forward | 14 | €6,869 | €10,387 | +€3,518 | +51.2% |
| Amounts payable | 17/49 | €215,936 | €201,732 | -€14,204 | -6.6% |
| Amounts payable within one year | 42/48 | €215,936 | €201,732 | -€14,204 | -6.6% |
| Trade debts | 44 | €3,385 | €2,282 | -€1,103 | -32.6% |
| Suppliers | 440/4 | €3,385 | €2,282 | -€1,103 | -32.6% |
| Taxes, remuneration and social security | 45 | €9,807 | €2,000 | -€7,807 | -79.6% |
| Taxes | 450/3 | €9,807 | €2,000 | -€7,807 | -79.6% |
| Other amounts payable | 47/48 | €202,744 | €197,449 | -€5,294 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,677 | €7,739 | +€4,063 | +110% |
| Other operating charges | 640/8 | €1,322 | - | -€1,322 | |
| Gross operating margin | 9900 | €39,570 | €33,633 | -€5,938 | -15.0% |
| Operating profit (loss) | 9901 | €34,572 | €25,893 | -€8,678 | -25.1% |
| Financial charges | 65/66B | €310 | €375 | +€65 | +21.0% |
| Recurring financial charges | 65 | €310 | €375 | +€65 | +21.0% |
| Profit (loss) for the period before taxes | 9903 | €34,262 | €25,518 | -€8,744 | -25.5% |
| Income taxes | 67/77 | €1,000 | €2,000 | +€1,000 | +100% |
| Profit (loss) for the period | 9904 | €33,262 | €23,518 | -€9,744 | -29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €33,262 | €23,518 | -€9,744 | -29.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.