Eddy Muermans: 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.
Eddy Muermans
Largest movements
- Cash -€29,691
down €29,691 (-69.1%), from €42,972 to €13,281
mainly Net result for the year (-€28,141) and Trade debts (-€5,056)
- Tangible fixed assets -€3,279
down €3,279 (-39.2%), from €8,368 to €5,089
of which Furniture and vehicles: -€2,700
- Receivables within one year -€1,651
down €1,651 (-20.9%), from €7,909 to €6,257
of which Trade receivables: -€913
- Profit (loss) carried forward -€28,141
down €28,141 (-56.3%), from -€50,008 to -€78,149
- Trade debts -€5,056
down €5,056 (-100%), from €5,056 to €0
- Other debts -€2,010
down €2,010 (-14.5%), from €13,853 to €11,843
- Gross operating margin -€60,497
down €60,497, from €41,115 to -€19,382
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 | €59,598 | €24,882 | -€34,716 | -58.2% |
| Fixed assets | 21/28 | €8,368 | €5,089 | -€3,279 | -39.2% |
| Tangible fixed assets | 22/27 | €8,368 | €5,089 | -€3,279 | -39.2% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €774 | €195 | -€579 | -74.8% |
| Furniture and vehicles | 24 | €7,594 | €4,894 | -€2,700 | -35.6% |
| Current assets | 29/58 | €51,230 | €19,793 | -€31,437 | -61.4% |
| Amounts receivable within one year | 40/41 | €7,909 | €6,257 | -€1,651 | -20.9% |
| Trade receivables | 40 | €7,166 | €6,252 | -€913 | -12.7% |
| Other amounts receivable | 41 | €743 | €5 | -€738 | -99.3% |
| Cash at bank and in hand | 54/58 | €42,972 | €13,281 | -€29,691 | -69.1% |
| Deferred charges and accrued income | 490/1 | €349 | €254 | -€95 | -27.2% |
| Total equity and liabilities | 10/49 | €59,598 | €24,882 | -€34,716 | -58.2% |
| Equity | 10/15 | €13,823 | -€14,318 | -€28,141 | |
| Contributions | 10/11 | €55,776 | €55,776 | = | 0.0% |
| Reserves | 13 | €8,055 | €8,055 | = | 0.0% |
| Distributable reserves | 133 | €8,055 | €8,055 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,008 | -€78,149 | -€28,141 | -56.3% |
| Amounts payable | 17/49 | €45,775 | €39,200 | -€6,575 | -14.4% |
| Amounts payable after more than one year | 17 | €25,000 | €25,000 | = | 0.0% |
| Financial debts | 170/4 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €20,775 | €14,200 | -€6,575 | -31.6% |
| Trade debts | 44 | €5,056 | €0 | -€5,056 | -100% |
| Suppliers | 440/4 | €5,056 | €0 | -€5,056 | -100% |
| Taxes, remuneration and social security | 45 | €1,866 | €2,357 | +€491 | +26.3% |
| Taxes | 450/3 | €517 | €353 | -€164 | -31.7% |
| Remuneration and social security | 454/9 | €1,349 | €2,004 | +€655 | +48.6% |
| Other amounts payable | 47/48 | €13,853 | €11,843 | -€2,010 | -14.5% |
| Remuneration, social security and pensions | 62 | €847 | €1,187 | +€340 | +40.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,522 | €3,279 | -€243 | -6.9% |
| Other operating charges | 640/8 | €1,542 | €1,627 | +€84 | +5.5% |
| Gross operating margin | 9900 | €41,115 | -€19,382 | -€60,497 | |
| Operating profit (loss) | 9901 | €35,204 | -€25,474 | -€60,678 | |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €2,267 | €2,587 | +€320 | +14.1% |
| Recurring financial charges | 65 | €2,267 | €2,587 | +€320 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | €32,937 | -€28,058 | -€60,995 | |
| Income taxes | 67/77 | €90 | €83 | -€7 | -7.4% |
| Profit (loss) for the period | 9904 | €32,847 | -€28,141 | -€60,988 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,847 | -€28,141 | -€60,988 |
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 28 October 2026 via checked.be.