EAGLES: 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.
EAGLES
Largest movements
- Current investments -€28,555
down €28,555 (-4.0%), from €713,555 to €685,000
- Tangible fixed assets +€27,709
up €27,709 (+2.1%), from €1.3m to €1.4m
of which Furniture and vehicles: +€66,949
- Cash -€22,546
down €22,546 (-13.3%), from €168,954 to €146,407
mainly Investment in fixed assets (net) (-€79,339) and Accrued charges and deferred income (-€40,000)
- Accrued charges and deferred income -€40,000
no longer reported in 2025 (was €40,000)
- Taxes +€49,580
up €49,580 (+6951.0%), from €713 to €50,293
- Gross operating margin +€38,271
up €38,271 (+53.9%), from €70,950 to €109,221
- Financial income +€25,756
new in 2025: €25,756
- Depreciation +€12,533
up €12,533 (+32.1%), from €39,097 to €51,630
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 | €2,239,302 | €2,219,146 | -€20,157 | -0.9% |
| Fixed assets | 21/28 | €1,327,806 | €1,355,514 | +€27,709 | +2.1% |
| Tangible fixed assets | 22/27 | €1,327,806 | €1,355,514 | +€27,709 | +2.1% |
| Land and buildings | 22 | €1,327,806 | €1,288,565 | -€39,240 | -3.0% |
| Furniture and vehicles | 24 | - | €66,949 | +€66,949 | |
| Current assets | 29/58 | €911,496 | €863,631 | -€47,865 | -5.3% |
| Amounts receivable within one year | 40/41 | €28,988 | €32,224 | +€3,236 | +11.2% |
| Trade receivables | 40 | €28,980 | €30,628 | +€1,648 | +5.7% |
| Other amounts receivable | 41 | €8 | €1,596 | +€1,588 | +19775.6% |
| Current investments | 50/53 | €713,555 | €685,000 | -€28,555 | -4.0% |
| Cash at bank and in hand | 54/58 | €168,954 | €146,407 | -€22,546 | -13.3% |
| Total equity and liabilities | 10/49 | €2,239,302 | €2,219,146 | -€20,157 | -0.9% |
| Equity | 10/15 | €622,426 | €619,374 | -€3,051 | -0.5% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €320,195 | €319,374 | -€821 | -0.3% |
| Tax-exempt reserves | 132 | €185,808 | €178,752 | -€7,056 | -3.8% |
| Distributable reserves | 133 | €134,387 | €140,622 | +€6,235 | +4.6% |
| Profit (loss) carried forward | 14 | €2,230 | - | -€2,230 | |
| Provisions and deferred taxes | 16 | €46,452 | €44,688 | -€1,764 | -3.8% |
| Deferred taxes | 168 | €46,452 | €44,688 | -€1,764 | -3.8% |
| Amounts payable | 17/49 | €1,570,424 | €1,555,083 | -€15,341 | -1.0% |
| Amounts payable after more than one year | 17 | €650,130 | €650,130 | = | 0.0% |
| Financial debts | 170/4 | €650,130 | €650,130 | = | 0.0% |
| Amounts payable within one year | 42/48 | €880,294 | €904,953 | +€24,659 | +2.8% |
| Trade debts | 44 | €51,562 | €63,093 | +€11,531 | +22.4% |
| Suppliers | 440/4 | €51,562 | €63,093 | +€11,531 | +22.4% |
| Taxes, remuneration and social security | 45 | €3,453 | €6,265 | +€2,812 | +81.4% |
| Taxes | 450/3 | €3,453 | €6,265 | +€2,812 | +81.4% |
| Other amounts payable | 47/48 | €825,279 | €835,595 | +€10,316 | +1.2% |
| Accrued charges and deferred income | 492/3 | €40,000 | - | -€40,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,097 | €51,630 | +€12,533 | +32.1% |
| Other operating charges | 640/8 | €4,168 | €3,886 | -€282 | -6.8% |
| Gross operating margin | 9900 | €70,950 | €109,221 | +€38,271 | +53.9% |
| Operating profit (loss) | 9901 | €27,685 | €53,704 | +€26,020 | +94.0% |
| Financial income | 75/76B | - | €25,756 | +€25,756 | |
| Recurring financial income | 75 | - | €25,756 | +€25,756 | |
| Financial charges | 65/66B | €33,832 | €33,983 | +€151 | +0.4% |
| Recurring financial charges | 65 | €33,832 | €33,983 | +€151 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | -€6,147 | €45,478 | +€51,625 | |
| Transfer from deferred taxes | 780 | €1,764 | €1,764 | = | 0.0% |
| Income taxes | 67/77 | €713 | €50,293 | +€49,580 | +6951.0% |
| Profit (loss) for the period | 9904 | -€5,097 | -€3,051 | +€2,045 | +40.1% |
| Transfer from tax-exempt reserves | 789 | €7,056 | €7,056 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,959 | €4,005 | +€2,045 | +104.4% |
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 11 October 2026 via checked.be.