Dr. Eric Joosens: 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 Joosens
Largest movements
- Current investments +€138,507
up €138,507 (+12.5%), from €1.1m to €1.3m
- Tangible fixed assets -€35,860
down €35,860 (-33.0%), from €108,819 to €72,959
- Reserves +€139,229
up €139,229 (+10.9%), from €1.3m to €1.4m
- Tax, wage and social debts -€26,121
down €26,121 (-100%), from €26,121 to €0
of which Taxes: -€26,121
- Gross operating margin -€58,299
down €58,299 (-20.4%), from €285,766 to €227,466
- Financial charges +€15,137
up €15,137, from -€3,487 to €11,651
- Taxes -€9,986
down €9,986 (-12.8%), from €78,225 to €68,239
- Financial income +€9,055
up €9,055 (+44.6%), from €20,292 to €29,347
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 | €1,379,312 | €1,495,201 | +€115,890 | +8.4% |
| Fixed assets | 21/28 | €108,819 | €72,959 | -€35,860 | -33.0% |
| Tangible fixed assets | 22/27 | €108,819 | €72,959 | -€35,860 | -33.0% |
| Furniture and vehicles | 24 | €108,819 | €72,959 | -€35,860 | -33.0% |
| Current assets | 29/58 | €1,270,493 | €1,422,243 | +€151,750 | +11.9% |
| Amounts receivable within one year | 40/41 | €75,612 | €89,426 | +€13,814 | +18.3% |
| Trade receivables | 40 | €75,612 | €85,352 | +€9,740 | +12.9% |
| Other amounts receivable | 41 | - | €4,074 | +€4,074 | |
| Current investments | 50/53 | €1,111,715 | €1,250,222 | +€138,507 | +12.5% |
| Cash at bank and in hand | 54/58 | €82,592 | €80,369 | -€2,224 | -2.7% |
| Deferred charges and accrued income | 490/1 | €574 | €2,226 | +€1,652 | +288% |
| Total equity and liabilities | 10/49 | €1,379,312 | €1,495,201 | +€115,890 | +8.4% |
| Equity | 10/15 | €1,331,276 | €1,470,505 | +€139,229 | +10.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,273,286 | €1,412,514 | +€139,229 | +10.9% |
| Distributable reserves | 133 | €1,273,286 | €1,412,514 | +€139,229 | +10.9% |
| Profit (loss) carried forward | 14 | €39,391 | €39,391 | -€0 | 0.0% |
| Amounts payable | 17/49 | €48,035 | €24,696 | -€23,339 | -48.6% |
| Amounts payable within one year | 42/48 | €48,035 | €24,696 | -€23,339 | -48.6% |
| Trade debts | 44 | €20,304 | €24,190 | +€3,886 | +19.1% |
| Suppliers | 440/4 | €20,304 | €24,190 | +€3,886 | +19.1% |
| Taxes, remuneration and social security | 45 | €26,121 | €0 | -€26,121 | -100% |
| Taxes | 450/3 | €26,121 | €0 | -€26,121 | -100% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,610 | €506 | -€1,104 | -68.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,566 | €35,860 | +€295 | +0.8% |
| Other operating charges | 640/8 | €182 | €1,834 | +€1,653 | +909% |
| Gross operating margin | 9900 | €285,766 | €227,466 | -€58,299 | -20.4% |
| Operating profit (loss) | 9901 | €250,018 | €189,772 | -€60,247 | -24.1% |
| Financial income | 75/76B | €20,292 | €29,347 | +€9,055 | +44.6% |
| Recurring financial income | 75 | €20,292 | €29,347 | +€9,055 | +44.6% |
| Financial charges | 65/66B | -€3,487 | €11,651 | +€15,137 | |
| Recurring financial charges | 65 | -€3,487 | €11,651 | +€15,137 | |
| Profit (loss) for the period before taxes | 9903 | €273,797 | €207,468 | -€66,329 | -24.2% |
| Income taxes | 67/77 | €78,225 | €68,239 | -€9,986 | -12.8% |
| Profit (loss) for the period | 9904 | €195,571 | €139,229 | -€56,343 | -28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €195,571 | €139,229 | -€56,343 | -28.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.