ERIC LIEGEOIS: 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 LIEGEOIS
Largest movements
- Receivables within one year +€44,844
up €44,844 (+106%), from €42,207 to €87,050
of which Trade receivables: +€49,051
- Tangible fixed assets -€38,901
down €38,901 (-15.6%), from €248,644 to €209,743
of which Plant, machinery and equipment: -€24,262
- Stocks and contracts +€5,840
up €5,840 (+117%), from €5,000 to €10,840
- Current portion of long-term debt +€156,754
up €156,754 (+624%), from €25,115 to €181,869
- Debts after one year -€156,187
down €156,187 (-97.7%), from €159,937 to €3,750
- Trade debts +€18,551
up €18,551 (+8.3%), from €222,844 to €241,394
- Profit (loss) carried forward +€16,910
up €16,910 (+6.9%), from -€246,680 to -€229,770
- Other debts -€11,887
down €11,887 (-33.2%), from €35,803 to €23,916
- Turnover -€657,615
no longer reported in 2025 (was €657,615)
- Purchases and services -€424,894
no longer reported in 2025 (was €424,894)
- Staff costs -€103,678
down €103,678 (-36.5%), from €284,299 to €180,621
- Gross operating margin +€41,962
up €41,962 (+18.0%), from €232,721 to €274,682
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.
Derived cash bridge
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 | €337,614 | €353,130 | +€15,515 | +4.6% |
| Fixed assets | 21/28 | €248,644 | €212,798 | -€35,847 | -14.4% |
| Tangible fixed assets | 22/27 | €248,644 | €209,743 | -€38,901 | -15.6% |
| Land and buildings | 22 | €164,716 | €158,716 | -€6,000 | -3.6% |
| Plant, machinery and equipment | 23 | €54,917 | €30,655 | -€24,262 | -44.2% |
| Furniture and vehicles | 24 | €13,395 | €6,482 | -€6,913 | -51.6% |
| Other tangible fixed assets | 26 | €15,617 | €13,890 | -€1,727 | -11.1% |
| Financial fixed assets | 28 | - | €3,055 | +€3,055 | |
| Current assets | 29/58 | €88,970 | €140,332 | +€51,362 | +57.7% |
| Stocks and contracts in progress | 3 | €5,000 | €10,840 | +€5,840 | +117% |
| Stocks | 30/36 | €5,000 | €10,840 | +€5,840 | +117% |
| Amounts receivable within one year | 40/41 | €42,207 | €87,050 | +€44,844 | +106% |
| Trade receivables | 40 | €37,999 | €87,050 | +€49,051 | +129% |
| Other amounts receivable | 41 | €4,207 | - | -€4,207 | |
| Cash at bank and in hand | 54/58 | €39,220 | €42,442 | +€3,222 | +8.2% |
| Deferred charges and accrued income | 490/1 | €2,544 | - | -€2,544 | |
| Total equity and liabilities | 10/49 | €337,614 | €353,130 | +€15,515 | +4.6% |
| Equity | 10/15 | -€223,836 | -€206,926 | +€16,910 | +7.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €21,343 | €21,343 | = | 0.0% |
| Distributable reserves | 133 | €21,343 | €21,343 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€246,680 | -€229,770 | +€16,910 | +6.9% |
| Amounts payable | 17/49 | €561,451 | €560,056 | -€1,395 | -0.2% |
| Amounts payable after more than one year | 17 | €159,937 | €3,750 | -€156,187 | -97.7% |
| Financial debts | 170/4 | €159,937 | €3,750 | -€156,187 | -97.7% |
| Amounts payable within one year | 42/48 | €398,477 | €556,306 | +€157,829 | +39.6% |
| Current portion of amounts payable after more than one year | 42 | €25,115 | €181,869 | +€156,754 | +624% |
| Financial debts | 43 | €6,360 | - | -€6,360 | |
| Credit institutions | 430/8 | €6,360 | - | -€6,360 | |
| Trade debts | 44 | €222,844 | €241,394 | +€18,551 | +8.3% |
| Suppliers | 440/4 | €222,844 | €241,394 | +€18,551 | +8.3% |
| Taxes, remuneration and social security | 45 | €108,356 | €109,127 | +€771 | +0.7% |
| Taxes | 450/3 | €41,161 | €49,025 | +€7,864 | +19.1% |
| Remuneration and social security | 454/9 | €67,195 | €60,102 | -€7,093 | -10.6% |
| Other amounts payable | 47/48 | €35,803 | €23,916 | -€11,887 | -33.2% |
| Accrued charges and deferred income | 492/3 | €3,037 | - | -€3,037 | |
| Turnover | 70 | €657,615 | - | -€657,615 | |
| Goods, raw materials, services and sundry goods | 60/61 | €424,894 | - | -€424,894 | |
| Remuneration, social security and pensions | 62 | €284,299 | €180,621 | -€103,678 | -36.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,414 | €38,901 | -€512 | -1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €16 | - | -€16 | |
| Other operating charges | 640/8 | €6,098 | €2,276 | -€3,821 | -62.7% |
| Non-recurring operating charges | 66A | €532 | - | -€532 | |
| Gross operating margin | 9900 | €232,721 | €274,682 | +€41,962 | +18.0% |
| Operating profit (loss) | 9901 | -€97,638 | €52,884 | +€150,521 | |
| Financial income | 75/76B | €35 | €306 | +€271 | +774% |
| Recurring financial income | 75 | €35 | €306 | +€271 | +774% |
| Financial charges | 65/66B | €39,334 | €36,280 | -€3,055 | -7.8% |
| Recurring financial charges | 65 | €39,334 | €36,280 | -€3,055 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | -€136,937 | €16,910 | +€153,847 | |
| Profit (loss) for the period | 9904 | -€136,937 | €16,910 | +€153,847 | |
| Profit (loss) for the period to be appropriated | 9905 | -€136,937 | €16,910 | +€153,847 |
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 30 October 2026 via checked.be.