Dr. Eric Bodard: 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. Eric Bodard
Largest movements
- Cash +€729,763
up €729,763 (+134%), from €542,676 to €1.3m
mainly Net result for the year (+€432,402) and Current investments (+€408,000)
- Current investments -€408,000
no longer reported in 2025 (was €408,000)
- Tangible fixed assets -€43,331
down €43,331 (-3.0%), from €1.4m to €1.4m
of which Plant, machinery and equipment: -€42,082
- Reserves +€432,402
up €432,402 (+28.4%), from €1.5m to €2.0m
- Other debts -€107,676
no longer reported in 2025 (was €107,676)
- Debts after one year -€100,915
down €100,915 (-14.9%), from €677,472 to €576,557
- Tax, wage and social debts +€49,386
up €49,386 (+834%), from €5,924 to €55,310
of which Taxes: +€36,157
- Gross operating margin +€59,615
up €59,615 (+7.6%), from €783,266 to €842,881
- Taxes +€26,998
up €26,998 (+15.9%), from €169,364 to €196,362
- Depreciation -€17,179
down €17,179 (-11.4%), from €150,598 to €133,419
- Financial income +€15,506
up €15,506 (+2,930%), from €529 to €16,035
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 | €2,445,466 | €2,716,442 | +€270,976 | +11.1% |
| Fixed assets | 21/28 | €1,448,821 | €1,405,489 | -€43,331 | -3.0% |
| Tangible fixed assets | 22/27 | €1,448,709 | €1,405,378 | -€43,331 | -3.0% |
| Land and buildings | 22 | €1,180,034 | €1,171,414 | -€8,620 | -0.7% |
| Plant, machinery and equipment | 23 | €219,584 | €177,501 | -€42,082 | -19.2% |
| Furniture and vehicles | 24 | €49,092 | €56,462 | +€7,371 | +15.0% |
| Financial fixed assets | 28 | €112 | €112 | = | 0.0% |
| Current assets | 29/58 | €996,645 | €1,310,953 | +€314,307 | +31.5% |
| Amounts receivable within one year | 40/41 | €31,595 | €9,701 | -€21,894 | -69.3% |
| Trade receivables | 40 | €25,800 | - | -€25,800 | |
| Other amounts receivable | 41 | €5,795 | €9,701 | +€3,907 | +67.4% |
| Current investments | 50/53 | €408,000 | - | -€408,000 | |
| Cash at bank and in hand | 54/58 | €542,676 | €1,272,439 | +€729,763 | +134% |
| Deferred charges and accrued income | 490/1 | €14,375 | €28,813 | +€14,438 | +100% |
| Total equity and liabilities | 10/49 | €2,445,466 | €2,716,442 | +€270,976 | +11.1% |
| Equity | 10/15 | €1,542,850 | €1,975,252 | +€432,402 | +28.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,524,258 | €1,956,660 | +€432,402 | +28.4% |
| Distributable reserves | 133 | €1,524,258 | €1,956,660 | +€432,402 | +28.4% |
| Amounts payable | 17/49 | €902,616 | €741,190 | -€161,426 | -17.9% |
| Amounts payable after more than one year | 17 | €677,472 | €576,557 | -€100,915 | -14.9% |
| Financial debts | 170/4 | €677,472 | €576,557 | -€100,915 | -14.9% |
| Amounts payable within one year | 42/48 | €225,144 | €159,011 | -€66,133 | -29.4% |
| Current portion of amounts payable after more than one year | 42 | €103,571 | €100,915 | -€2,656 | -2.6% |
| Trade debts | 44 | €7,973 | €2,786 | -€5,187 | -65.1% |
| Suppliers | 440/4 | €7,973 | €2,786 | -€5,187 | -65.1% |
| Taxes, remuneration and social security | 45 | €5,924 | €55,310 | +€49,386 | +834% |
| Taxes | 450/3 | €5,924 | €42,081 | +€36,157 | +610% |
| Remuneration and social security | 454/9 | - | €13,229 | +€13,229 | |
| Other amounts payable | 47/48 | €107,676 | - | -€107,676 | |
| Accrued charges and deferred income | 492/3 | - | €5,622 | +€5,622 | |
| Non-recurring operating income | 76A | - | €693 | +€693 | |
| Remuneration, social security and pensions | 62 | €66,670 | €67,851 | +€1,181 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,598 | €133,419 | -€17,179 | -11.4% |
| Other operating charges | 640/8 | €7,663 | €14,096 | +€6,433 | +84.0% |
| Non-recurring operating charges | 66A | - | €142 | +€142 | |
| Gross operating margin | 9900 | €783,266 | €842,881 | +€59,615 | +7.6% |
| Operating profit (loss) | 9901 | €558,335 | €627,373 | +€69,038 | +12.4% |
| Financial income | 75/76B | €529 | €16,035 | +€15,506 | +2,930% |
| Recurring financial income | 75 | €529 | €16,035 | +€15,506 | +2,930% |
| Financial charges | 65/66B | €15,021 | €14,645 | -€376 | -2.5% |
| Recurring financial charges | 65 | €15,021 | €14,645 | -€376 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €543,843 | €628,764 | +€84,920 | +15.6% |
| Income taxes | 67/77 | €169,364 | €196,362 | +€26,998 | +15.9% |
| Profit (loss) for the period | 9904 | €374,479 | €432,402 | +€57,922 | +15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €374,479 | €432,402 | +€57,922 | +15.5% |
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 27 October 2026 via checked.be.