Declerck Eric: 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.
Declerck Eric
Largest movements
- Current investments +€3.5m
up €3.5m (+116.1%), from €3.0m to €6.5m
- Cash -€1.4m
down €1.4m (-84.1%), from €1.7m to €263,229
mainly Current investments (-€3.5m) and Contributions, distributions and other (-€2.8m)
- Stocks and contracts -€433,379
down €433,379 (-12.3%), from €3.5m to €3.1m
- Receivables within one year -€177,035
down €177,035 (-4.9%), from €3.6m to €3.5m
of which Trade receivables: -€247,936
- Other debts +€3.3m
up €3.3m (+22287.3%), from €14,804 to €3.3m
- Profit (loss) carried forward -€2.2m
down €2.2m (-19.3%), from €11.4m to €9.2m
- Trade debts +€262,455
up €262,455 (+124.4%), from €210,916 to €473,371
- Accrued charges and deferred income +€140,854
up €140,854 (+3707.0%), from €3,800 to €144,654
- Gross operating margin -€370,245
down €370,245 (-25.8%), from €1.4m to €1.1m
- Other operating charges +€136,383
up €136,383 (+398.2%), from €34,250 to €170,633
- Write-downs -€111,450
down €111,450, from €23,450 to -€88,000
- Taxes -€83,170
down €83,170 (-29.3%), from €283,832 to €200,662
- Financial income +€54,192
up €54,192 (+52.9%), from €102,450 to €156,642
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 | €11,982,813 | €13,473,432 | +€1.5m | +12.4% |
| Fixed assets | 21/28 | €90,652 | €68,278 | -€22,374 | -24.7% |
| Tangible fixed assets | 22/27 | €90,570 | €68,196 | -€22,374 | -24.7% |
| Land and buildings | 22 | €88,428 | €68,196 | -€20,232 | -22.9% |
| Plant, machinery and equipment | 23 | €2,142 | - | -€2,142 | |
| Financial fixed assets | 28 | €82 | €82 | = | 0.0% |
| Current assets | 29/58 | €11,892,161 | €13,405,154 | +€1.5m | +12.7% |
| Stocks and contracts in progress | 3 | €3,510,777 | €3,077,398 | -€433,379 | -12.3% |
| Stocks | 30/36 | €3,510,777 | €3,077,398 | -€433,379 | -12.3% |
| Amounts receivable within one year | 40/41 | €3,645,954 | €3,468,919 | -€177,035 | -4.9% |
| Trade receivables | 40 | €837,944 | €590,009 | -€247,936 | -29.6% |
| Other amounts receivable | 41 | €2,808,009 | €2,878,910 | +€70,901 | +2.5% |
| Current investments | 50/53 | €3,022,514 | €6,530,790 | +€3.5m | +116.1% |
| Cash at bank and in hand | 54/58 | €1,659,084 | €263,229 | -€1.4m | -84.1% |
| Deferred charges and accrued income | 490/1 | €53,832 | €64,818 | +€10,986 | +20.4% |
| Total equity and liabilities | 10/49 | €11,982,813 | €13,473,432 | +€1.5m | +12.4% |
| Equity | 10/15 | €11,675,578 | €9,463,687 | -€2.2m | -18.9% |
| Contributions | 10/11 | €204,512 | €204,512 | = | 0.0% |
| Capital | 10 | €204,512 | €204,512 | = | 0.0% |
| Issued capital | 100 | €204,512 | €204,512 | = | 0.0% |
| Reserves | 13 | €32,287 | €32,287 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,451 | €20,451 | = | 0.0% |
| Legal reserve | 130 | €20,451 | €20,451 | = | 0.0% |
| Distributable reserves | 133 | €11,836 | €11,836 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,438,779 | €9,226,888 | -€2.2m | -19.3% |
| Amounts payable | 17/49 | €307,235 | €4,009,745 | +€3.7m | +1205.1% |
| Amounts payable within one year | 42/48 | €303,435 | €3,865,091 | +€3.6m | +1173.8% |
| Trade debts | 44 | €210,916 | €473,371 | +€262,455 | +124.4% |
| Suppliers | 440/4 | €210,916 | €473,371 | +€262,455 | +124.4% |
| Taxes, remuneration and social security | 45 | €77,715 | €77,573 | -€142 | -0.2% |
| Taxes | 450/3 | €27,806 | €26,835 | -€971 | -3.5% |
| Remuneration and social security | 454/9 | €49,909 | €50,738 | +€829 | +1.7% |
| Other amounts payable | 47/48 | €14,804 | €3,314,146 | +€3.3m | +22287.3% |
| Accrued charges and deferred income | 492/3 | €3,800 | €144,654 | +€140,854 | +3707.0% |
| Remuneration, social security and pensions | 62 | €326,964 | €325,877 | -€1,087 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,354 | €22,374 | -€4,980 | -18.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €23,450 | -€88,000 | -€111,450 | |
| Other operating charges | 640/8 | €34,250 | €170,633 | +€136,383 | +398.2% |
| Gross operating margin | 9900 | €1,434,420 | €1,064,175 | -€370,245 | -25.8% |
| Operating profit (loss) | 9901 | €1,022,402 | €633,290 | -€389,111 | -38.1% |
| Financial income | 75/76B | €102,450 | €156,642 | +€54,192 | +52.9% |
| Recurring financial income | 75 | €102,450 | €156,642 | +€54,192 | +52.9% |
| Financial charges | 65/66B | €8,333 | €1,161 | -€7,173 | -86.1% |
| Recurring financial charges | 65 | €8,333 | €1,161 | -€7,173 | -86.1% |
| Profit (loss) for the period before taxes | 9903 | €1,116,518 | €788,771 | -€327,747 | -29.4% |
| Income taxes | 67/77 | €283,832 | €200,662 | -€83,170 | -29.3% |
| Profit (loss) for the period | 9904 | €832,686 | €588,109 | -€244,577 | -29.4% |
| Profit (loss) for the period to be appropriated | 9905 | €832,686 | €588,109 | -€244,577 | -29.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.