EDUARDO: what changed
Two fiscal 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.
EDUARDO
Largest movements
- Deferred charges and accrued income +€30,093
up €30,093 (+201.9%), from €14,903 to €44,996
- Tangible fixed assets -€19,368
down €19,368 (-36.8%), from €52,569 to €33,201
of which Furniture and vehicles: -€15,089
- Receivables within one year -€6,631
down €6,631 (-50.4%), from €13,147 to €6,516
- Cash -€5,569
down €5,569 (-74.2%), from €7,510 to €1,941
mainly Deferred charges and accrued income (-€30,093) and Net result for the year (-€22,321)
- Intangible fixed assets -€1,550
down €1,550 (-14.9%), from €10,415 to €8,865
- Advances received +€39,026
up €39,026 (+450.9%), from €8,655 to €47,681
- Profit (loss) carried forward -€22,321
down €22,321, from €2,012 to -€20,310
- Debts after one year -€5,650
no longer reported in 2025 (was €5,650)
- Tax, wage and social debts -€4,754
down €4,754 (-16.0%), from €29,637 to €24,883
of which Remuneration and social security: -€3,763
- Current portion of long-term debt -€4,238
no longer reported in 2025 (was €4,238)
- Staff costs +€46,529
up €46,529 (+47.9%), from €97,136 to €143,665
- Gross operating margin +€15,861
up €15,861 (+13.0%), from €122,222 to €138,083
- Depreciation -€4,026
down €4,026 (-28.2%), from €14,293 to €10,267
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 | €104,483 | €101,415 | -€3,068 | -2.9% |
| Fixed assets | 21/28 | €63,968 | €42,894 | -€21,073 | -32.9% |
| Intangible fixed assets | 21 | €10,415 | €8,865 | -€1,550 | -14.9% |
| Tangible fixed assets | 22/27 | €52,569 | €33,201 | -€19,368 | -36.8% |
| Furniture and vehicles | 24 | €19,624 | €4,535 | -€15,089 | -76.9% |
| Other tangible fixed assets | 26 | €32,945 | €28,665 | -€4,280 | -13.0% |
| Financial fixed assets | 28 | €984 | €829 | -€155 | -15.8% |
| Current assets | 29/58 | €40,515 | €58,521 | +€18,005 | +44.4% |
| Stocks and contracts in progress | 3 | €4,956 | €5,068 | +€112 | +2.3% |
| Stocks | 30/36 | €4,956 | €5,068 | +€112 | +2.3% |
| Amounts receivable within one year | 40/41 | €13,147 | €6,516 | -€6,631 | -50.4% |
| Other amounts receivable | 41 | €13,147 | €6,516 | -€6,631 | -50.4% |
| Cash at bank and in hand | 54/58 | €7,510 | €1,941 | -€5,569 | -74.2% |
| Deferred charges and accrued income | 490/1 | €14,903 | €44,996 | +€30,093 | +201.9% |
| Total equity and liabilities | 10/49 | €104,483 | €101,415 | -€3,068 | -2.9% |
| Equity | 10/15 | €7,012 | -€15,310 | -€22,321 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,012 | -€20,310 | -€22,321 | |
| Amounts payable | 17/49 | €97,471 | €116,725 | +€19,253 | +19.8% |
| Amounts payable after more than one year | 17 | €5,650 | - | -€5,650 | |
| Financial debts | 170/4 | €5,650 | - | -€5,650 | |
| Amounts payable within one year | 42/48 | €91,821 | €116,725 | +€24,904 | +27.1% |
| Current portion of amounts payable after more than one year | 42 | €4,238 | - | -€4,238 | |
| Trade debts | 44 | €17,808 | €14,447 | -€3,362 | -18.9% |
| Suppliers | 440/4 | €17,808 | €14,447 | -€3,362 | -18.9% |
| Advances received on contracts in progress | 46 | €8,655 | €47,681 | +€39,026 | +450.9% |
| Taxes, remuneration and social security | 45 | €29,637 | €24,883 | -€4,754 | -16.0% |
| Taxes | 450/3 | €8,136 | €7,144 | -€992 | -12.2% |
| Remuneration and social security | 454/9 | €21,502 | €17,739 | -€3,763 | -17.5% |
| Other amounts payable | 47/48 | €31,483 | €29,714 | -€1,769 | -5.6% |
| Remuneration, social security and pensions | 62 | €97,136 | €143,665 | +€46,529 | +47.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,293 | €10,267 | -€4,026 | -28.2% |
| Other operating charges | 640/8 | €1,181 | €1,450 | +€270 | +22.8% |
| Non-recurring operating charges | 66A | - | €2,750 | +€2,750 | |
| Gross operating margin | 9900 | €122,222 | €138,083 | +€15,861 | +13.0% |
| Operating profit (loss) | 9901 | €9,612 | -€20,049 | -€29,660 | |
| Financial income | 75/76B | €11 | €327 | +€316 | +2815.4% |
| Recurring financial income | 75 | €11 | €327 | +€316 | +2815.4% |
| Financial charges | 65/66B | €1,917 | €2,597 | +€679 | +35.4% |
| Recurring financial charges | 65 | €1,917 | €2,597 | +€679 | +35.4% |
| Profit (loss) for the period before taxes | 9903 | €7,706 | -€22,318 | -€30,024 | |
| Income taxes | 67/77 | €842 | €3 | -€838 | -99.6% |
| Profit (loss) for the period | 9904 | €6,864 | -€22,321 | -€29,185 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,864 | -€22,321 | -€29,185 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.