ERIC KEUSTERMANS: 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 KEUSTERMANS
Largest movements
- Tangible fixed assets -€30,462
down €30,462 (-97.4%), from €31,265 to €803
of which Land and buildings: -€29,891
- Receivables within one year -€9,098
down €9,098 (-91.3%), from €9,963 to €865
of which Other amounts receivable: -€7,909
- Cash -€4,381
down €4,381 (-96.2%), from €4,556 to €175
mainly Contributions, distributions and other (-€35,972) and Net result for the year (-€8,428)
- Intangible fixed assets +€1,366
up €1,366, from €0 to €1,366
- Contributions -€40,230
down €40,230 (-90.6%), from €44,400 to €4,170
- Other debts +€4,170
new in 2025: €4,170
- Reserves -€3,514
down €3,514 (-79.1%), from €4,440 to €926
- Current portion of long-term debt -€2,213
no longer reported in 2025 (was €2,213)
- Trade debts -€814
down €814 (-46.9%), from €1,734 to €920
- Gross operating margin -€10,681
down €10,681, from €4,541 to -€6,140
- Depreciation -€4,761
down €4,761 (-84.8%), from €5,614 to €853
- Financial income -€433
no longer reported in 2025 (was €433)
- Financial charges -€123
down €123 (-68.4%), from €180 to €57
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 | €55,521 | €12,259 | -€43,262 | -77.9% |
| Formation expenses | 20 | €465 | €0 | -€465 | -100.0% |
| Fixed assets | 21/28 | €31,265 | €2,169 | -€29,096 | -93.1% |
| Intangible fixed assets | 21 | €0 | €1,366 | +€1,366 | |
| Tangible fixed assets | 22/27 | €31,265 | €803 | -€30,462 | -97.4% |
| Land and buildings | 22 | €29,891 | - | -€29,891 | |
| Furniture and vehicles | 24 | €310 | €271 | -€39 | -12.5% |
| Other tangible fixed assets | 26 | €1,064 | €532 | -€532 | -50.0% |
| Current assets | 29/58 | €23,791 | €10,090 | -€13,701 | -57.6% |
| Stocks and contracts in progress | 3 | €8,427 | €8,161 | -€266 | -3.2% |
| Stocks | 30/36 | €8,427 | €8,161 | -€266 | -3.2% |
| Amounts receivable within one year | 40/41 | €9,963 | €865 | -€9,098 | -91.3% |
| Trade receivables | 40 | €1,354 | €166 | -€1,188 | -87.7% |
| Other amounts receivable | 41 | €8,608 | €699 | -€7,909 | -91.9% |
| Cash at bank and in hand | 54/58 | €4,556 | €175 | -€4,381 | -96.2% |
| Deferred charges and accrued income | 490/1 | €845 | €889 | +€43 | +5.1% |
| Total equity and liabilities | 10/49 | €55,521 | €12,259 | -€43,262 | -77.9% |
| Equity | 10/15 | €49,669 | €5,269 | -€44,400 | -89.4% |
| Contributions | 10/11 | €44,400 | €4,170 | -€40,230 | -90.6% |
| Reserves | 13 | €4,440 | €926 | -€3,514 | -79.1% |
| Distributable reserves | 133 | €4,440 | €926 | -€3,514 | -79.1% |
| Profit (loss) carried forward | 14 | €829 | €173 | -€656 | -79.1% |
| Provisions and deferred taxes | 16 | €1,900 | €1,900 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €1,900 | €1,900 | = | 0.0% |
| Pensions and similar obligations | 160 | €1,900 | - | -€1,900 | |
| Other liabilities and charges | 164/5 | - | €1,900 | +€1,900 | |
| Amounts payable | 17/49 | €3,952 | €5,090 | +€1,138 | +28.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €3,952 | €5,090 | +€1,138 | +28.8% |
| Current portion of amounts payable after more than one year | 42 | €2,213 | - | -€2,213 | |
| Trade debts | 44 | €1,734 | €920 | -€814 | -46.9% |
| Suppliers | 440/4 | €1,734 | €920 | -€814 | -46.9% |
| Taxes, remuneration and social security | 45 | €6 | - | -€6 | |
| Taxes | 450/3 | €6 | - | -€6 | |
| Other amounts payable | 47/48 | - | €4,170 | +€4,170 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,614 | €853 | -€4,761 | -84.8% |
| Other operating charges | 640/8 | €1,374 | €1,377 | +€4 | +0.3% |
| Gross operating margin | 9900 | €4,541 | -€6,140 | -€10,681 | |
| Operating profit (loss) | 9901 | -€2,447 | -€8,371 | -€5,923 | -242.0% |
| Financial income | 75/76B | €433 | - | -€433 | |
| Recurring financial income | 75 | €433 | - | -€433 | |
| Financial charges | 65/66B | €180 | €57 | -€123 | -68.4% |
| Recurring financial charges | 65 | €180 | €57 | -€123 | -68.4% |
| Profit (loss) for the period before taxes | 9903 | -€2,194 | -€8,428 | -€6,234 | -284.1% |
| Profit (loss) for the period | 9904 | -€2,194 | -€8,428 | -€6,234 | -284.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,194 | -€8,428 | -€6,234 | -284.1% |
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.