ERIC CREMER: 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.
ERIC CREMER
Largest movements
- Cash +€84,074
up €84,074 (+15.5%), from €544,074 to €628,148
mainly Other debts (+€143,487) and Net result for the year (+€118,491)
- Current investments -€60,000
down €60,000 (-100.0%), from €60,000 to €0
- Other debts +€143,487
up €143,487 (+25.4%), from €564,797 to €708,284
- Tax, wage and social debts -€50,188
down €50,188 (-27.3%), from €183,953 to €133,764
of which Taxes: -€53,080
- Advances received -€44,098
down €44,098 (-42.8%), from €102,914 to €58,816
- Trade debts +€36,461
up €36,461 (+51.4%), from €70,871 to €107,332
- Debts after one year -€27,960
down €27,960 (-50.9%), from €54,971 to €27,011
- Gross operating margin -€66,146
down €66,146 (-10.0%), from €660,092 to €593,945
- Staff costs +€50,913
up €50,913 (+19.5%), from €260,492 to €311,406
- Financial charges +€24,597
up €24,597 (+27.9%), from €88,122 to €112,719
- Taxes -€23,266
down €23,266 (-29.8%), from €78,204 to €54,938
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 | €1,854,717 | €1,890,384 | +€35,667 | +1.9% |
| Fixed assets | 21/28 | €261,896 | €264,061 | +€2,164 | +0.8% |
| Tangible fixed assets | 22/27 | €261,277 | €263,441 | +€2,164 | +0.8% |
| Land and buildings | 22 | €142,440 | €131,120 | -€11,320 | -7.9% |
| Plant, machinery and equipment | 23 | €30,240 | €44,072 | +€13,832 | +45.7% |
| Furniture and vehicles | 24 | €5,230 | €14,306 | +€9,077 | +173.6% |
| Other tangible fixed assets | 26 | €83,367 | €73,943 | -€9,424 | -11.3% |
| Financial fixed assets | 28 | €620 | €620 | = | 0.0% |
| Current assets | 29/58 | €1,592,820 | €1,626,323 | +€33,503 | +2.1% |
| Stocks and contracts in progress | 3 | €709,487 | €714,057 | +€4,571 | +0.6% |
| Stocks | 30/36 | €709,487 | €714,057 | +€4,571 | +0.6% |
| Amounts receivable within one year | 40/41 | €271,646 | €276,172 | +€4,526 | +1.7% |
| Trade receivables | 40 | €271,646 | €253,847 | -€17,799 | -6.6% |
| Other amounts receivable | 41 | €0 | €22,325 | +€22,325 | |
| Current investments | 50/53 | €60,000 | €0 | -€60,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €544,074 | €628,148 | +€84,074 | +15.5% |
| Deferred charges and accrued income | 490/1 | €7,615 | €7,946 | +€332 | +4.4% |
| Total equity and liabilities | 10/49 | €1,854,717 | €1,890,384 | +€35,667 | +1.9% |
| Equity | 10/15 | €849,935 | €827,216 | -€22,720 | -2.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €831,335 | €808,616 | -€22,720 | -2.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €831,335 | €808,616 | -€22,720 | -2.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,004,781 | €1,063,168 | +€58,387 | +5.8% |
| Amounts payable after more than one year | 17 | €54,971 | €27,011 | -€27,960 | -50.9% |
| Financial debts | 170/4 | €54,971 | €27,011 | -€27,960 | -50.9% |
| Amounts payable within one year | 42/48 | €949,810 | €1,036,157 | +€86,347 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €27,276 | €27,960 | +€684 | +2.5% |
| Trade debts | 44 | €70,871 | €107,332 | +€36,461 | +51.4% |
| Suppliers | 440/4 | €70,871 | €107,332 | +€36,461 | +51.4% |
| Advances received on contracts in progress | 46 | €102,914 | €58,816 | -€44,098 | -42.8% |
| Taxes, remuneration and social security | 45 | €183,953 | €133,764 | -€50,188 | -27.3% |
| Taxes | 450/3 | €148,986 | €95,906 | -€53,080 | -35.6% |
| Remuneration and social security | 454/9 | €34,966 | €37,858 | +€2,892 | +8.3% |
| Other amounts payable | 47/48 | €564,797 | €708,284 | +€143,487 | +25.4% |
| Non-recurring operating income | 76A | €38,220 | €1,168 | -€37,052 | -96.9% |
| Remuneration, social security and pensions | 62 | €260,492 | €311,406 | +€50,913 | +19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,870 | €34,357 | +€2,487 | +7.8% |
| Other operating charges | 640/8 | €12,618 | €10,542 | -€2,075 | -16.4% |
| Non-recurring operating charges | 66A | €24,267 | -€46,264 | -€70,531 | |
| Gross operating margin | 9900 | €660,092 | €593,945 | -€66,146 | -10.0% |
| Operating profit (loss) | 9901 | €330,845 | €283,904 | -€46,941 | -14.2% |
| Financial income | 75/76B | €1,805 | €2,243 | +€438 | +24.3% |
| Recurring financial income | 75 | €1,805 | €2,243 | +€438 | +24.3% |
| Financial charges | 65/66B | €88,122 | €112,719 | +€24,597 | +27.9% |
| Recurring financial charges | 65 | €88,122 | €112,719 | +€24,597 | +27.9% |
| Profit (loss) for the period before taxes | 9903 | €244,528 | €173,429 | -€71,100 | -29.1% |
| Income taxes | 67/77 | €78,204 | €54,938 | -€23,266 | -29.8% |
| Profit (loss) for the period | 9904 | €166,325 | €118,491 | -€47,834 | -28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €166,325 | €118,491 | -€47,834 | -28.8% |
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 4 October 2026 via checked.be.