E. De Groote: 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.
E. De Groote
Largest movements
- Cash +€91,143
up €91,143 (+47.3%), from €192,613 to €283,756
mainly Net result for the year (+€164,237) and Trade debts (+€15,175)
- Current investments +€44,347
new in 2025: €44,347
- Receivables within one year +€4,909
up €4,909 (+110310.3%), from €4 to €4,913
- Reserves +€164,237
up €164,237 (+77.4%), from €212,261 to €376,497
of which Distributable reserves: +€122,137
- Tax, wage and social debts -€29,560
down €29,560 (-54.0%), from €54,755 to €25,195
of which Taxes: -€30,076
- Trade debts +€15,175
up €15,175 (+6355.8%), from €239 to €15,414
- Debts after one year -€10,736
down €10,736 (-35.2%), from €30,476 to €19,740
- Gross operating margin +€29,207
up €29,207 (+15.0%), from €194,444 to €223,651
- Taxes +€5,149
up €5,149 (+11.9%), from €43,187 to €48,337
- Financial income +€2,474
up €2,474 (+358.3%), from €691 to €3,165
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 | €313,715 | €452,924 | +€139,209 | +44.4% |
| Fixed assets | 21/28 | €45,228 | €44,015 | -€1,213 | -2.7% |
| Tangible fixed assets | 22/27 | €42,728 | €41,515 | -€1,213 | -2.8% |
| Furniture and vehicles | 24 | €42,728 | €31,414 | -€11,315 | -26.5% |
| Other tangible fixed assets | 26 | - | €10,102 | +€10,102 | |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €268,487 | €408,909 | +€140,422 | +52.3% |
| Amounts receivable after more than one year | 29 | €75,680 | €75,680 | = | 0.0% |
| Other amounts receivable | 291 | €75,680 | €75,680 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4 | €4,913 | +€4,909 | +110310.3% |
| Other amounts receivable | 41 | €4 | €4,913 | +€4,909 | +110310.3% |
| Current investments | 50/53 | - | €44,347 | +€44,347 | |
| Cash at bank and in hand | 54/58 | €192,613 | €283,756 | +€91,143 | +47.3% |
| Deferred charges and accrued income | 490/1 | €189 | €213 | +€24 | +12.5% |
| Total equity and liabilities | 10/49 | €313,715 | €452,924 | +€139,209 | +44.4% |
| Equity | 10/15 | €217,261 | €381,497 | +€164,237 | +75.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €212,261 | €376,497 | +€164,237 | +77.4% |
| Tax-exempt reserves | 132 | - | €42,100 | +€42,100 | |
| Distributable reserves | 133 | €212,261 | €334,397 | +€122,137 | +57.5% |
| Amounts payable | 17/49 | €96,454 | €71,427 | -€25,028 | -25.9% |
| Amounts payable after more than one year | 17 | €30,476 | €19,740 | -€10,736 | -35.2% |
| Financial debts | 170/4 | €30,476 | €19,740 | -€10,736 | -35.2% |
| Amounts payable within one year | 42/48 | €65,979 | €51,687 | -€14,291 | -21.7% |
| Current portion of amounts payable after more than one year | 42 | €10,358 | €10,736 | +€378 | +3.6% |
| Trade debts | 44 | €239 | €15,414 | +€15,175 | +6355.8% |
| Suppliers | 440/4 | €239 | €15,414 | +€15,175 | +6355.8% |
| Taxes, remuneration and social security | 45 | €54,755 | €25,195 | -€29,560 | -54.0% |
| Taxes | 450/3 | €52,119 | €22,043 | -€30,076 | -57.7% |
| Remuneration and social security | 454/9 | €2,636 | €3,152 | +€516 | +19.6% |
| Other amounts payable | 47/48 | €627 | €342 | -€285 | -45.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,111 | €11,323 | +€212 | +1.9% |
| Other operating charges | 640/8 | €697 | €893 | +€197 | +28.3% |
| Gross operating margin | 9900 | €194,444 | €223,651 | +€29,207 | +15.0% |
| Operating profit (loss) | 9901 | €182,637 | €211,435 | +€28,798 | +15.8% |
| Financial income | 75/76B | €691 | €3,165 | +€2,474 | +358.3% |
| Recurring financial income | 75 | €691 | €3,165 | +€2,474 | +358.3% |
| Financial charges | 65/66B | €1,737 | €2,027 | +€290 | +16.7% |
| Recurring financial charges | 65 | €1,737 | €2,027 | +€290 | +16.7% |
| Profit (loss) for the period before taxes | 9903 | €181,591 | €212,573 | +€30,983 | +17.1% |
| Income taxes | 67/77 | €43,187 | €48,337 | +€5,149 | +11.9% |
| Profit (loss) for the period | 9904 | €138,403 | €164,237 | +€25,833 | +18.7% |
| Transfer to tax-exempt reserves | 689 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €138,403 | €122,137 | -€16,267 | -11.8% |
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 11 October 2026 via checked.be.