Eric DEROOSE: 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.
Eric DEROOSE
Largest movements
- Cash -€8.1m
down €8.1m (-54.1%), from €14.9m to €6.8m
mainly Trade debts (-€8.5m) and Current investments (-€667,058)
- Current investments +€667,058
up €667,058 (+21.5%), from €3.1m to €3.8m
- Trade debts -€8.5m
down €8.5m (-70.1%), from €12.2m to €3.6m
- Profit (loss) carried forward +€659,376
up €659,376 (+19.2%), from €3.4m to €4.1m
- Other debts +€561,107
up €561,107 (+19.7%), from €2.9m to €3.4m
- Gross operating margin +€421,840
up €421,840 (+34.5%), from €1.2m to €1.6m
- Taxes +€134,668
up €134,668 (+302.7%), from €44,486 to €179,154
- Financial income +€17,719
up €17,719 (+11.7%), from €151,584 to €169,303
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 | €18,948,648 | €11,511,334 | -€7.4m | -39.2% |
| Fixed assets | 21/28 | €624,905 | €507,308 | -€117,597 | -18.8% |
| Tangible fixed assets | 22/27 | €624,905 | €507,308 | -€117,597 | -18.8% |
| Plant, machinery and equipment | 23 | €475,850 | €410,028 | -€65,822 | -13.8% |
| Furniture and vehicles | 24 | €149,054 | €97,280 | -€51,774 | -34.7% |
| Current assets | 29/58 | €18,323,743 | €11,004,026 | -€7.3m | -39.9% |
| Amounts receivable within one year | 40/41 | €294,616 | €386,299 | +€91,682 | +31.1% |
| Trade receivables | 40 | €49,468 | €207,229 | +€157,762 | +318.9% |
| Other amounts receivable | 41 | €245,148 | €179,069 | -€66,079 | -27.0% |
| Current investments | 50/53 | €3,100,000 | €3,767,058 | +€667,058 | +21.5% |
| Cash at bank and in hand | 54/58 | €14,924,855 | €6,849,616 | -€8.1m | -54.1% |
| Deferred charges and accrued income | 490/1 | €4,272 | €1,053 | -€3,219 | -75.4% |
| Total equity and liabilities | 10/49 | €18,948,648 | €11,511,334 | -€7.4m | -39.2% |
| Equity | 10/15 | €3,694,805 | €4,212,549 | +€517,744 | +14.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €241,830 | €100,198 | -€141,632 | -58.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €239,970 | €98,338 | -€141,632 | -59.0% |
| Profit (loss) carried forward | 14 | €3,434,375 | €4,093,751 | +€659,376 | +19.2% |
| Amounts payable | 17/49 | €15,253,843 | €7,298,785 | -€8.0m | -52.2% |
| Amounts payable within one year | 42/48 | €15,163,364 | €7,205,969 | -€8.0m | -52.5% |
| Trade debts | 44 | €12,171,786 | €3,637,344 | -€8.5m | -70.1% |
| Suppliers | 440/4 | €12,171,786 | €3,637,344 | -€8.5m | -70.1% |
| Taxes, remuneration and social security | 45 | €139,178 | €155,118 | +€15,940 | +11.5% |
| Taxes | 450/3 | €68,349 | €83,999 | +€15,650 | +22.9% |
| Remuneration and social security | 454/9 | €70,829 | €71,119 | +€290 | +0.4% |
| Other amounts payable | 47/48 | €2,852,400 | €3,413,507 | +€561,107 | +19.7% |
| Accrued charges and deferred income | 492/3 | €90,479 | €92,816 | +€2,337 | +2.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €616,256 | €622,542 | +€6,286 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,120 | €117,597 | +€4,476 | +4.0% |
| Other operating charges | 640/8 | €1,625 | €1,847 | +€222 | +13.7% |
| Gross operating margin | 9900 | €1,221,131 | €1,642,971 | +€421,840 | +34.5% |
| Operating profit (loss) | 9901 | €490,130 | €900,985 | +€410,855 | +83.8% |
| Financial income | 75/76B | €151,584 | €169,303 | +€17,719 | +11.7% |
| Recurring financial income | 75 | €151,584 | €169,303 | +€17,719 | +11.7% |
| Financial charges | 65/66B | €129,707 | €131,639 | +€1,932 | +1.5% |
| Recurring financial charges | 65 | €129,707 | €131,639 | +€1,932 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €512,007 | €938,650 | +€426,642 | +83.3% |
| Income taxes | 67/77 | €44,486 | €179,154 | +€134,668 | +302.7% |
| Profit (loss) for the period | 9904 | €467,521 | €759,495 | +€291,974 | +62.5% |
| Transfer from tax-exempt reserves | 789 | €0 | €141,632 | +€141,632 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €467,521 | €901,127 | +€433,606 | +92.7% |
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 11 October 2026 via checked.be.