Eric Geboes: 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 Geboes
Largest movements
- Receivables within one year +€46,794
up €46,794 (+84.6%), from €55,293 to €102,087
of which Trade receivables: +€46,222
- Cash +€28,379
up €28,379 (+36.9%), from €76,832 to €105,211
- Tangible fixed assets +€5,961
up €5,961 (+51.1%), from €11,659 to €17,620
of which Furniture and vehicles: +€8,909
- Reserves -€67,665
no longer reported in 2025 (was €67,665)
of which Distributable reserves: -€51,242
- Profit (loss) carried forward +€52,699
no longer reported in 2025 (was -€52,699)
- Trade debts +€32,910
up €32,910 (+137%), from €24,019 to €56,929
- Tax, wage and social debts +€18,270
up €18,270 (+114%), from €16,001 to €34,271
- Debts after one year +€17,826
new in 2025: €17,826
- Gross operating margin +€16,262
up €16,262 (+49.6%), from €32,817 to €49,079
- Financial charges +€12,597
up €12,597 (+6,998%), from €180 to €12,777
of which Non-recurring financial charges: +€11,055
- Taxes +€6,167
new in 2025: €6,167
- Depreciation -€805
down €805 (-5.3%), from €15,193 to €14,388
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €143,784 | €224,918 | +€81,134 | +56.4% |
| Fixed assets | 21/28 | €11,659 | €17,620 | +€5,961 | +51.1% |
| Tangible fixed assets | 22/27 | €11,659 | €17,620 | +€5,961 | +51.1% |
| Land and buildings | 22 | - | €7,265 | +€7,265 | |
| Plant, machinery and equipment | 23 | €10,470 | €257 | -€10,213 | -97.5% |
| Furniture and vehicles | 24 | €1,189 | €10,098 | +€8,909 | +749% |
| Current assets | 29/58 | €132,125 | €207,298 | +€75,173 | +56.9% |
| Amounts receivable within one year | 40/41 | €55,293 | €102,087 | +€46,794 | +84.6% |
| Trade receivables | 40 | €55,278 | €101,500 | +€46,222 | +83.6% |
| Other amounts receivable | 41 | €15 | €587 | +€572 | +3,813% |
| Cash at bank and in hand | 54/58 | €76,832 | €105,211 | +€28,379 | +36.9% |
| Total equity and liabilities | 10/49 | €143,784 | €224,918 | +€81,134 | +56.4% |
| Equity | 10/15 | €69,966 | €55,000 | -€14,966 | -21.4% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €67,665 | - | -€67,665 | |
| Non-distributable reserves | 130/1 | €16,423 | - | -€16,423 | |
| Reserves not available under the articles | 1311 | €16,423 | - | -€16,423 | |
| Distributable reserves | 133 | €51,242 | - | -€51,242 | |
| Profit (loss) carried forward | 14 | -€52,699 | - | +€52,699 | |
| Amounts payable | 17/49 | €73,818 | €169,918 | +€96,100 | +130% |
| Amounts payable after more than one year | 17 | - | €17,826 | +€17,826 | |
| Financial debts | 170/4 | - | €17,826 | +€17,826 | |
| Amounts payable within one year | 42/48 | €73,818 | €152,092 | +€78,274 | +106% |
| Current portion of amounts payable after more than one year | 42 | - | €10,705 | +€10,705 | |
| Trade debts | 44 | €24,019 | €56,929 | +€32,910 | +137% |
| Suppliers | 440/4 | €24,019 | €56,929 | +€32,910 | +137% |
| Taxes, remuneration and social security | 45 | €16,001 | €34,271 | +€18,270 | +114% |
| Taxes | 450/3 | €16,001 | €34,271 | +€18,270 | +114% |
| Other amounts payable | 47/48 | €33,798 | €50,187 | +€16,389 | +48.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,193 | €14,388 | -€805 | -5.3% |
| Other operating charges | 640/8 | €384 | €400 | +€16 | +4.2% |
| Gross operating margin | 9900 | €32,817 | €49,079 | +€16,262 | +49.6% |
| Operating profit (loss) | 9901 | €17,240 | €34,291 | +€17,051 | +98.9% |
| Financial income | 75/76B | - | €21 | +€21 | |
| Recurring financial income | 75 | - | €21 | +€21 | |
| Financial charges | 65/66B | €180 | €12,777 | +€12,597 | +6,998% |
| Recurring financial charges | 65 | €180 | €1,722 | +€1,542 | +857% |
| Non-recurring financial charges | 66B | - | €11,055 | +€11,055 | |
| Profit (loss) for the period before taxes | 9903 | €17,060 | €21,535 | +€4,475 | +26.2% |
| Income taxes | 67/77 | - | €6,167 | +€6,167 | |
| Profit (loss) for the period | 9904 | €17,060 | €15,368 | -€1,692 | -9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,060 | €15,368 | -€1,692 | -9.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.