ERIC THEVISSEN: 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 THEVISSEN
Largest movements
- Current investments +€25,610
new in 2025: €25,610
- Tangible fixed assets -€19,850
down €19,850 (-26.6%), from €74,638 to €54,788
of which Furniture and vehicles: -€16,806
- Stocks and contracts -€11,097
down €11,097 (-35.6%), from €31,133 to €20,036
- Receivables within one year +€2,484
up €2,484 (+32.4%), from €7,675 to €10,159
of which Other amounts receivable: +€2,676
- Cash -€1,958
down €1,958 (-4.2%), from €46,608 to €44,651
mainly Current investments (-€25,610) and Net result for the year (-€5,907)
- Profit (loss) carried forward -€5,907
down €5,907 (-26.3%), from €22,435 to €16,528
- Trade debts +€2,353
up €2,353, from €0 to €2,353
- Gross operating margin -€11,421
down €11,421 (-35.5%), from €32,177 to €20,756
- Taxes -€2,499
down €2,499 (-97.0%), from €2,575 to €77
- Other operating charges +€1,918
up €1,918 (+374%), from €512 to €2,431
- Financial charges +€846
up €846 (+117%), from €723 to €1,569
of which Financial charges: +€846
- Depreciation +€719
up €719 (+3.2%), from €22,671 to €23,390
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 | €165,405 | €161,223 | -€4,182 | -2.5% |
| Fixed assets | 21/28 | €77,638 | €57,788 | -€19,850 | -25.6% |
| Tangible fixed assets | 22/27 | €74,638 | €54,788 | -€19,850 | -26.6% |
| Plant, machinery and equipment | 23 | €7,004 | €3,960 | -€3,044 | -43.5% |
| Furniture and vehicles | 24 | €67,634 | €50,828 | -€16,806 | -24.8% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €87,767 | €103,435 | +€15,668 | +17.9% |
| Stocks and contracts in progress | 3 | €31,133 | €20,036 | -€11,097 | -35.6% |
| Stocks | 30/36 | €31,133 | €20,036 | -€11,097 | -35.6% |
| Amounts receivable within one year | 40/41 | €7,675 | €10,159 | +€2,484 | +32.4% |
| Trade receivables | 40 | €192 | €0 | -€192 | -100% |
| Other amounts receivable | 41 | €7,483 | €10,159 | +€2,676 | +35.8% |
| Current investments | 50/53 | - | €25,610 | +€25,610 | |
| Cash at bank and in hand | 54/58 | €46,608 | €44,651 | -€1,958 | -4.2% |
| Deferred charges and accrued income | 490/1 | €2,350 | €2,980 | +€629 | +26.8% |
| Total equity and liabilities | 10/49 | €165,405 | €161,223 | -€4,182 | -2.5% |
| Equity | 10/15 | €95,143 | €89,236 | -€5,907 | -6.2% |
| Contributions | 10/11 | €9,200 | €9,200 | = | 0.0% |
| Reserves | 13 | €63,508 | €63,508 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,069 | €9,069 | = | 0.0% |
| Distributable reserves | 133 | €54,440 | €54,440 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,435 | €16,528 | -€5,907 | -26.3% |
| Amounts payable | 17/49 | €70,261 | €71,987 | +€1,725 | +2.5% |
| Amounts payable within one year | 42/48 | €70,261 | €71,987 | +€1,725 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €833 | €833 | = | 0.0% |
| Credit institutions | 430/8 | €833 | €833 | = | 0.0% |
| Trade debts | 44 | €0 | €2,353 | +€2,353 | |
| Suppliers | 440/4 | €0 | €2,353 | +€2,353 | |
| Taxes, remuneration and social security | 45 | €1,365 | €0 | -€1,365 | -100% |
| Taxes | 450/3 | €1,365 | €0 | -€1,365 | -100% |
| Other amounts payable | 47/48 | €68,063 | €68,800 | +€737 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,671 | €23,390 | +€719 | +3.2% |
| Other operating charges | 640/8 | €512 | €2,431 | +€1,918 | +374% |
| Gross operating margin | 9900 | €32,177 | €20,756 | -€11,421 | -35.5% |
| Operating profit (loss) | 9901 | €8,993 | -€5,065 | -€14,058 | |
| Financial income | 75/76B | €194 | €803 | +€609 | +313% |
| Recurring financial income | 75 | €194 | €803 | +€609 | +313% |
| Financial charges | 65/66B | €723 | €1,569 | +€846 | +117% |
| Recurring financial charges | 65 | €723 | €1,569 | +€846 | +117% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €8,464 | -€5,831 | -€14,295 | |
| Income taxes | 67/77 | €2,575 | €77 | -€2,499 | -97.0% |
| Profit (loss) for the period | 9904 | €5,889 | -€5,907 | -€11,796 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,889 | -€5,907 | -€11,796 |
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 18 October 2026 via checked.be.