Eagle Fund I: 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.
Eagle Fund I
Largest movements
- Stocks and contracts -€1.6m
down €1.6m (-28.2%), from €5.6m to €4.0m
of which Stocks: -€1.6m
- Tangible fixed assets +€203,419
up €203,419 (+10.5%), from €1.9m to €2.1m
- Cash -€183,117
down €183,117 (-41.8%), from €438,125 to €255,008
mainly Net result for the year (-€584,390) and Advances received (-€575,457)
- Profit (loss) carried forward -€584,390
down €584,390, from €304,658 to -€279,732
- Advances received -€575,457
down €575,457 (-52.6%), from €1.1m to €519,159
- Short-term financial debts -€250,000
no longer reported in 2025 (was €250,000)
- Other debts -€129,347
down €129,347 (-99.7%), from €129,786 to €439
- Tax, wage and social debts -€109,696
down €109,696 (-94.2%), from €116,437 to €6,741
- Gross operating margin -€1.2m
down €1.2m, from €693,978 to -€508,172
- Financial charges -€235,720
down €235,720 (-95.5%), from €246,862 to €11,142
- Depreciation +€61,232
up €61,232 (+3,076%), from €1,990 to €63,222
- Other operating charges -€17,981
down €17,981 (-80.4%), from €22,364 to €4,383
- Financial income -€15,779
down €15,779 (-81.4%), from €19,384 to €3,605
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 | €8,374,748 | €6,732,499 | -€1.6m | -19.6% |
| Fixed assets | 21/28 | €1,928,799 | €2,132,218 | +€203,419 | +10.5% |
| Tangible fixed assets | 22/27 | €1,928,799 | €2,132,218 | +€203,419 | +10.5% |
| Land and buildings | 22 | €1,928,799 | €2,132,218 | +€203,419 | +10.5% |
| Current assets | 29/58 | €6,445,949 | €4,600,281 | -€1.8m | -28.6% |
| Stocks and contracts in progress | 3 | €5,571,792 | €4,001,251 | -€1.6m | -28.2% |
| Stocks | 30/36 | €5,571,150 | €4,000,609 | -€1.6m | -28.2% |
| Contracts in progress | 37 | €642 | €642 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €230,490 | €185,695 | -€44,794 | -19.4% |
| Trade receivables | 40 | €141,123 | €125,474 | -€15,649 | -11.1% |
| Other amounts receivable | 41 | €89,366 | €60,221 | -€29,145 | -32.6% |
| Current investments | 50/53 | €44,996 | €46,662 | +€1,667 | +3.7% |
| Cash at bank and in hand | 54/58 | €438,125 | €255,008 | -€183,117 | -41.8% |
| Deferred charges and accrued income | 490/1 | €160,547 | €111,665 | -€48,882 | -30.4% |
| Total equity and liabilities | 10/49 | €8,374,748 | €6,732,499 | -€1.6m | -19.6% |
| Equity | 10/15 | €6,702,824 | €6,118,434 | -€584,390 | -8.7% |
| Contributions | 10/11 | €6,398,166 | €6,398,166 | = | 0.0% |
| Profit (loss) carried forward | 14 | €304,658 | -€279,732 | -€584,390 | |
| Amounts payable | 17/49 | €1,671,924 | €614,066 | -€1.1m | -63.3% |
| Amounts payable within one year | 42/48 | €1,671,839 | €603,474 | -€1.1m | -63.9% |
| Financial debts | 43 | €250,000 | - | -€250,000 | |
| Credit institutions | 430/8 | €250,000 | - | -€250,000 | |
| Trade debts | 44 | €81,000 | €77,135 | -€3,865 | -4.8% |
| Suppliers | 440/4 | €81,000 | €77,135 | -€3,865 | -4.8% |
| Advances received on contracts in progress | 46 | €1,094,616 | €519,159 | -€575,457 | -52.6% |
| Taxes, remuneration and social security | 45 | €116,437 | €6,741 | -€109,696 | -94.2% |
| Taxes | 450/3 | €116,437 | €6,741 | -€109,696 | -94.2% |
| Other amounts payable | 47/48 | €129,786 | €439 | -€129,347 | -99.7% |
| Accrued charges and deferred income | 492/3 | €85 | €10,591 | +€10,506 | +12,346% |
| Non-recurring operating income | 76A | €74,301 | - | -€74,301 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,990 | €63,222 | +€61,232 | +3,076% |
| Other operating charges | 640/8 | €22,364 | €4,383 | -€17,981 | -80.4% |
| Gross operating margin | 9900 | €693,978 | -€508,172 | -€1.2m | |
| Operating profit (loss) | 9901 | €669,623 | -€575,777 | -€1.2m | |
| Financial income | 75/76B | €19,384 | €3,605 | -€15,779 | -81.4% |
| Recurring financial income | 75 | €19,384 | €3,605 | -€15,779 | -81.4% |
| Financial charges | 65/66B | €246,862 | €11,142 | -€235,720 | -95.5% |
| Recurring financial charges | 65 | €246,862 | €11,142 | -€235,720 | -95.5% |
| Profit (loss) for the period before taxes | 9903 | €442,146 | -€583,314 | -€1.0m | |
| Income taxes | 67/77 | €228 | €1,076 | +€848 | +371% |
| Profit (loss) for the period | 9904 | €441,917 | -€584,390 | -€1.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €441,917 | -€584,390 | -€1.0m |
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 22 October 2026 via checked.be.