Dr. Thomas Eeckhout: 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. Thomas Eeckhout
Largest movements
- Receivables within one year +€64,240
up €64,240 (+70.6%), from €90,944 to €155,183
of which Other amounts receivable: +€65,320
- Intangible fixed assets -€24,000
down €24,000 (-33.3%), from €72,000 to €48,000
- Cash -€6,382
down €6,382 (-36.4%), from €17,511 to €11,129
mainly Receivables within one year (-€64,240) and Contributions, distributions and other (-€63,541)
- Other debts +€87,608
up €87,608 (+112%), from €78,366 to €165,974
- Reserves -€26,309
down €26,309 (-41.4%), from €63,541 to €37,232
- Current portion of long-term debt -€22,857
no longer reported in 2025 (was €22,857)
- Accrued charges and deferred income -€3,671
no longer reported in 2025 (was €3,671)
- Gross operating margin -€39,540
down €39,540 (-33.5%), from €117,973 to €78,433
- Taxes -€8,788
down €8,788 (-37.1%), from €23,708 to €14,920
- Financial charges -€4,327
down €4,327 (-73.5%), from €5,888 to €1,561
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 | €190,387 | €223,985 | +€33,597 | +17.6% |
| Fixed assets | 21/28 | €78,824 | €52,907 | -€25,917 | -32.9% |
| Intangible fixed assets | 21 | €72,000 | €48,000 | -€24,000 | -33.3% |
| Tangible fixed assets | 22/27 | €6,824 | €4,907 | -€1,917 | -28.1% |
| Plant, machinery and equipment | 23 | €1,936 | €1,269 | -€666 | -34.4% |
| Furniture and vehicles | 24 | €3,461 | €2,454 | -€1,007 | -29.1% |
| Other tangible fixed assets | 26 | €1,428 | €1,184 | -€243 | -17.0% |
| Current assets | 29/58 | €111,563 | €171,078 | +€59,515 | +53.3% |
| Amounts receivable within one year | 40/41 | €90,944 | €155,183 | +€64,240 | +70.6% |
| Trade receivables | 40 | €6,432 | €5,352 | -€1,080 | -16.8% |
| Other amounts receivable | 41 | €84,511 | €149,831 | +€65,320 | +77.3% |
| Cash at bank and in hand | 54/58 | €17,511 | €11,129 | -€6,382 | -36.4% |
| Deferred charges and accrued income | 490/1 | €3,108 | €4,766 | +€1,657 | +53.3% |
| Total equity and liabilities | 10/49 | €190,387 | €223,985 | +€33,597 | +17.6% |
| Equity | 10/15 | €82,141 | €55,832 | -€26,309 | -32.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €63,541 | €37,232 | -€26,309 | -41.4% |
| Distributable reserves | 133 | €63,541 | €37,232 | -€26,309 | -41.4% |
| Amounts payable | 17/49 | €108,246 | €168,153 | +€59,906 | +55.3% |
| Amounts payable within one year | 42/48 | €104,575 | €168,153 | +€63,578 | +60.8% |
| Current portion of amounts payable after more than one year | 42 | €22,857 | - | -€22,857 | |
| Trade debts | 44 | €1,478 | €1,879 | +€401 | +27.1% |
| Suppliers | 440/4 | €1,478 | €1,879 | +€401 | +27.1% |
| Taxes, remuneration and social security | 45 | €1,873 | €300 | -€1,573 | -84.0% |
| Taxes | 450/3 | €1,873 | €300 | -€1,573 | -84.0% |
| Other amounts payable | 47/48 | €78,366 | €165,974 | +€87,608 | +112% |
| Accrued charges and deferred income | 492/3 | €3,671 | - | -€3,671 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,315 | €25,917 | +€603 | +2.4% |
| Other operating charges | 640/8 | €277 | €284 | +€7 | +2.4% |
| Gross operating margin | 9900 | €117,973 | €78,433 | -€39,540 | -33.5% |
| Operating profit (loss) | 9901 | €92,382 | €52,232 | -€40,149 | -43.5% |
| Financial income | 75/76B | €756 | €1,481 | +€725 | +95.9% |
| Recurring financial income | 75 | €756 | €1,481 | +€725 | +95.9% |
| Financial charges | 65/66B | €5,888 | €1,561 | -€4,327 | -73.5% |
| Recurring financial charges | 65 | €5,888 | €1,561 | -€4,327 | -73.5% |
| Profit (loss) for the period before taxes | 9903 | €87,249 | €52,152 | -€35,097 | -40.2% |
| Income taxes | 67/77 | €23,708 | €14,920 | -€8,788 | -37.1% |
| Profit (loss) for the period | 9904 | €63,541 | €37,232 | -€26,309 | -41.4% |
| Profit (loss) for the period to be appropriated | 9905 | €63,541 | €37,232 | -€26,309 | -41.4% |
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 29 October 2026 via checked.be.