ERIC CUSAS: 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 CUSAS
Largest movements
- Cash -€74,507
down €74,507 (-19.8%), from €376,651 to €302,144
mainly Other debts (-€121,955) and Tax, wage and social debts (-€8,842)
- Deferred charges and accrued income -€41,031
down €41,031 (-100.0%), from €41,034 to €3
- Other debts -€121,955
no longer reported in 2025 (was €121,955)
- Reserves +€24,023
up €24,023 (+8.2%), from €293,944 to €317,967
of which Distributable reserves: +€25,883
- Tax, wage and social debts -€8,842
down €8,842 (-48.5%), from €18,214 to €9,373
- Current portion of long-term debt -€5,629
no longer reported in 2025 (was €5,629)
- Gross operating margin -€199,568
down €199,568 (-86.3%), from €231,312 to €31,745
- Taxes -€49,008
down €49,008 (-83.7%), from €58,533 to €9,525
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 | €460,990 | €348,431 | -€112,559 | -24.4% |
| Fixed assets | 21/28 | - | €1,039 | +€1,039 | |
| Tangible fixed assets | 22/27 | - | €1,039 | +€1,039 | |
| Plant, machinery and equipment | 23 | - | €1,039 | +€1,039 | |
| Current assets | 29/58 | €460,990 | €347,392 | -€113,598 | -24.6% |
| Amounts receivable within one year | 40/41 | €43,305 | €45,245 | +€1,940 | +4.5% |
| Trade receivables | 40 | €4,763 | €4,789 | +€26 | +0.5% |
| Other amounts receivable | 41 | €38,542 | €40,456 | +€1,915 | +5.0% |
| Cash at bank and in hand | 54/58 | €376,651 | €302,144 | -€74,507 | -19.8% |
| Deferred charges and accrued income | 490/1 | €41,034 | €3 | -€41,031 | -100.0% |
| Total equity and liabilities | 10/49 | €460,990 | €348,431 | -€112,559 | -24.4% |
| Equity | 10/15 | €306,344 | €330,367 | +€24,023 | +7.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €293,944 | €317,967 | +€24,023 | +8.2% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €292,084 | €317,967 | +€25,883 | +8.9% |
| Amounts payable | 17/49 | €154,645 | €18,064 | -€136,581 | -88.3% |
| Amounts payable within one year | 42/48 | €154,614 | €18,034 | -€136,580 | -88.3% |
| Current portion of amounts payable after more than one year | 42 | €5,629 | - | -€5,629 | |
| Trade debts | 44 | €8,815 | €8,661 | -€154 | -1.7% |
| Suppliers | 440/4 | €8,815 | €8,661 | -€154 | -1.7% |
| Taxes, remuneration and social security | 45 | €18,214 | €9,373 | -€8,842 | -48.5% |
| Taxes | 450/3 | €18,214 | €9,373 | -€8,842 | -48.5% |
| Other amounts payable | 47/48 | €121,955 | - | -€121,955 | |
| Accrued charges and deferred income | 492/3 | €31 | €30 | -€1 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €484 | +€484 | |
| Other operating charges | 640/8 | €384 | €408 | +€23 | +6.0% |
| Gross operating margin | 9900 | €231,312 | €31,745 | -€199,568 | -86.3% |
| Operating profit (loss) | 9901 | €230,928 | €30,853 | -€200,075 | -86.6% |
| Financial income | 75/76B | €1,683 | €3,200 | +€1,516 | +90.1% |
| Recurring financial income | 75 | €1,683 | €3,200 | +€1,516 | +90.1% |
| Financial charges | 65/66B | €560 | €505 | -€55 | -9.8% |
| Recurring financial charges | 65 | €560 | €505 | -€55 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €232,052 | €33,548 | -€198,504 | -85.5% |
| Income taxes | 67/77 | €58,533 | €9,525 | -€49,008 | -83.7% |
| Profit (loss) for the period | 9904 | €173,519 | €24,023 | -€149,496 | -86.2% |
| Profit (loss) for the period to be appropriated | 9905 | €173,519 | €24,023 | -€149,496 | -86.2% |
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 7 October 2026 via checked.be.