Dieter Eeckhout: what changed
Dieter Eeckhout
Largest movements
- Cash +€106,489
up €106,489 (+54.6%), from €195,150 to €301,638
mainly Receivables within one year (+€62,731) and Net result for the year (+€53,581)
- Receivables within one year -€62,731
down €62,731 (-25.1%), from €250,132 to €187,401
of which Trade receivables: -€62,133
- Tangible fixed assets +€13,795
up €13,795 (+29.9%), from €46,193 to €59,988
- Reserves +€53,581
up €53,581 (+15.8%), from €339,990 to €393,571
of which Distributable reserves: +€53,581
- Gross operating margin -€6,594
down €6,594 (-6.3%), from €104,427 to €97,834
- Taxes -€3,639
down €3,639 (-14.5%), from €25,174 to €21,535
- Financial charges +€3,206
up €3,206 (+61.8%), from €5,191 to €8,396
- Depreciation +€2,537
up €2,537 (+22.0%), from €11,556 to €14,093
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €501,797 | €557,879 | +€56,082 | +11.2% |
| Fixed assets | 21/28 | €46,193 | €59,988 | +€13,795 | +29.9% |
| Tangible fixed assets | 22/27 | €46,193 | €59,988 | +€13,795 | +29.9% |
| Furniture and vehicles | 24 | €46,193 | €59,988 | +€13,795 | +29.9% |
| Current assets | 29/58 | €455,604 | €497,891 | +€42,287 | +9.3% |
| Stocks and contracts in progress | 3 | €7,812 | €6,211 | -€1,601 | -20.5% |
| Stocks | 30/36 | €7,812 | €6,211 | -€1,601 | -20.5% |
| Amounts receivable within one year | 40/41 | €250,132 | €187,401 | -€62,731 | -25.1% |
| Trade receivables | 40 | €249,470 | €187,337 | -€62,133 | -24.9% |
| Other amounts receivable | 41 | €662 | €63 | -€598 | -90.4% |
| Cash at bank and in hand | 54/58 | €195,150 | €301,638 | +€106,489 | +54.6% |
| Deferred charges and accrued income | 490/1 | €2,510 | €2,641 | +€131 | +5.2% |
| Total equity and liabilities | 10/49 | €501,797 | €557,879 | +€56,082 | +11.2% |
| Equity | 10/15 | €358,590 | €412,171 | +€53,581 | +14.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €339,990 | €393,571 | +€53,581 | +15.8% |
| Tax-exempt reserves | 132 | €13,379 | €13,379 | = | 0.0% |
| Distributable reserves | 133 | €326,611 | €380,192 | +€53,581 | +16.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €143,207 | €145,708 | +€2,500 | +1.7% |
| Amounts payable within one year | 42/48 | €138,872 | €137,976 | -€897 | -0.6% |
| Trade debts | 44 | €4,963 | €3,057 | -€1,906 | -38.4% |
| Suppliers | 440/4 | €4,963 | €3,057 | -€1,906 | -38.4% |
| Taxes, remuneration and social security | 45 | €28,318 | €24,669 | -€3,649 | -12.9% |
| Taxes | 450/3 | €28,318 | €24,669 | -€3,649 | -12.9% |
| Other amounts payable | 47/48 | €105,591 | €110,250 | +€4,659 | +4.4% |
| Accrued charges and deferred income | 492/3 | €4,335 | €7,732 | +€3,397 | +78.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,556 | €14,093 | +€2,537 | +22.0% |
| Other operating charges | 640/8 | €2,036 | €1,914 | -€122 | -6.0% |
| Gross operating margin | 9900 | €104,427 | €97,834 | -€6,594 | -6.3% |
| Operating profit (loss) | 9901 | €90,835 | €81,827 | -€9,008 | -9.9% |
| Financial income | 75/76B | €1,500 | €1,686 | +€186 | +12.4% |
| Recurring financial income | 75 | €1,500 | €1,686 | +€186 | +12.4% |
| Financial charges | 65/66B | €5,191 | €8,396 | +€3,206 | +61.8% |
| Recurring financial charges | 65 | €5,191 | €8,396 | +€3,206 | +61.8% |
| Profit (loss) for the period before taxes | 9903 | €87,145 | €75,117 | -€12,028 | -13.8% |
| Income taxes | 67/77 | €25,174 | €21,535 | -€3,639 | -14.5% |
| Profit (loss) for the period | 9904 | €61,971 | €53,581 | -€8,389 | -13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €61,971 | €53,581 | -€8,389 | -13.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.