DR. EERSELS: 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.
DR. EERSELS
Largest movements
- Current investments -€400,000
no longer reported in 2025 (was €400,000)
- Cash +€288,689
up €288,689 (+273.1%), from €105,706 to €394,395
mainly Current investments (+€400,000) and Net result for the year (+€116,179)
- Tangible fixed assets -€57,851
down €57,851 (-8.1%), from €710,099 to €652,248
of which Land and buildings: -€34,022
- Deferred charges and accrued income +€35,222
up €35,222 (+48.4%), from €72,801 to €108,023
- Receivables within one year +€32,232
up €32,232 (+496.3%), from €6,494 to €38,727
- Current portion of long-term debt -€45,859
down €45,859 (-53.8%), from €85,186 to €39,327
- Reserves -€26,511
down €26,511 (-2.6%), from €1.0m to €1.0m
of which Distributable reserves: -€26,511
- Debts after one year -€25,971
down €25,971 (-21.4%), from €121,333 to €95,363
- Gross operating margin -€46,508
down €46,508 (-14.2%), from €327,701 to €281,193
- Financial income -€41,453
down €41,453 (-91.3%), from €45,426 to €3,973
of which Non-recurring financial income: -€34,463
- Taxes -€23,126
down €23,126 (-31.4%), from €73,568 to €50,442
- Depreciation +€17,242
up €17,242 (+26.8%), from €64,375 to €81,617
- Staff costs -€14,940
down €14,940 (-36.0%), from €41,513 to €26,573
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 | €1,295,101 | €1,193,393 | -€101,708 | -7.9% |
| Fixed assets | 21/28 | €710,099 | €652,248 | -€57,851 | -8.1% |
| Tangible fixed assets | 22/27 | €710,099 | €652,248 | -€57,851 | -8.1% |
| Land and buildings | 22 | €571,069 | €537,047 | -€34,022 | -6.0% |
| Plant, machinery and equipment | 23 | €2,610 | €1,146 | -€1,464 | -56.1% |
| Furniture and vehicles | 24 | €136,420 | €114,055 | -€22,365 | -16.4% |
| Current assets | 29/58 | €585,002 | €541,145 | -€43,857 | -7.5% |
| Amounts receivable within one year | 40/41 | €6,494 | €38,727 | +€32,232 | +496.3% |
| Other amounts receivable | 41 | €6,494 | €38,727 | +€32,232 | +496.3% |
| Current investments | 50/53 | €400,000 | - | -€400,000 | |
| Cash at bank and in hand | 54/58 | €105,706 | €394,395 | +€288,689 | +273.1% |
| Deferred charges and accrued income | 490/1 | €72,801 | €108,023 | +€35,222 | +48.4% |
| Total equity and liabilities | 10/49 | €1,295,101 | €1,193,393 | -€101,708 | -7.9% |
| Equity | 10/15 | €1,049,931 | €1,023,421 | -€26,511 | -2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,031,331 | €1,004,821 | -€26,511 | -2.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,600 | €18,600 | = | 0.0% |
| Distributable reserves | 133 | €1,010,872 | €984,361 | -€26,511 | -2.6% |
| Amounts payable | 17/49 | €245,170 | €169,973 | -€75,197 | -30.7% |
| Amounts payable after more than one year | 17 | €121,333 | €95,363 | -€25,971 | -21.4% |
| Financial debts | 170/4 | €121,333 | €95,363 | -€25,971 | -21.4% |
| Amounts payable within one year | 42/48 | €122,855 | €72,729 | -€50,126 | -40.8% |
| Current portion of amounts payable after more than one year | 42 | €85,186 | €39,327 | -€45,859 | -53.8% |
| Trade debts | 44 | €5,038 | €4,150 | -€889 | -17.6% |
| Suppliers | 440/4 | €5,038 | €4,150 | -€889 | -17.6% |
| Taxes, remuneration and social security | 45 | €32,550 | €29,252 | -€3,298 | -10.1% |
| Taxes | 450/3 | €26,288 | €29,252 | +€2,964 | +11.3% |
| Remuneration and social security | 454/9 | €6,262 | - | -€6,262 | |
| Other amounts payable | 47/48 | €81 | - | -€81 | |
| Accrued charges and deferred income | 492/3 | €981 | €1,881 | +€900 | +91.8% |
| Remuneration, social security and pensions | 62 | €41,513 | €26,573 | -€14,940 | -36.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,375 | €81,617 | +€17,242 | +26.8% |
| Other operating charges | 640/8 | €6,894 | €3,560 | -€3,335 | -48.4% |
| Gross operating margin | 9900 | €327,701 | €281,193 | -€46,508 | -14.2% |
| Operating profit (loss) | 9901 | €214,918 | €169,443 | -€45,475 | -21.2% |
| Financial income | 75/76B | €45,426 | €3,973 | -€41,453 | -91.3% |
| Recurring financial income | 75 | €10,964 | €3,973 | -€6,990 | -63.8% |
| Non-recurring financial income | 76B | €34,463 | - | -€34,463 | |
| Financial charges | 65/66B | €10,436 | €6,795 | -€3,641 | -34.9% |
| Recurring financial charges | 65 | €10,436 | €6,795 | -€3,641 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | €249,909 | €166,621 | -€83,288 | -33.3% |
| Income taxes | 67/77 | €73,568 | €50,442 | -€23,126 | -31.4% |
| Profit (loss) for the period | 9904 | €176,341 | €116,179 | -€60,162 | -34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €176,341 | €116,179 | -€60,162 | -34.1% |
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 12 October 2026 via checked.be.