ERIC THIRION: 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 THIRION
Largest movements
- Cash +€40,617
up €40,617 (+1304.6%), from €3,113 to €43,730
mainly Net result for the year (+€148,478) and Depreciation (+€27,716)
- Tangible fixed assets -€26,617
down €26,617 (-6.8%), from €392,272 to €365,655
of which Plant, machinery and equipment: -€14,103
- Receivables within one year +€7,503
up €7,503 (+1099.9%), from €682 to €8,186
- Reserves +€148,478
up €148,478 (+151.6%), from €97,938 to €246,416
of which Distributable reserves: +€148,478
- Debts after one year -€57,639
down €57,639 (-42.8%), from €134,525 to €76,886
- Other debts -€32,493
no longer reported in 2025 (was €32,493)
- Current portion of long-term debt -€17,584
down €17,584 (-53.7%), from €32,765 to €15,181
- Short-term financial debts -€12,831
no longer reported in 2025 (was €12,831)
- Gross operating margin +€137,865
up €137,865 (+96.0%), from €143,607 to €281,472
- Taxes +€54,938
up €54,938 (+463.6%), from €11,851 to €66,789
- Staff costs -€33,543
down €33,543 (-53.6%), from €62,583 to €29,040
- Financial charges -€4,214
down €4,214 (-40.4%), from €10,425 to €6,210
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 | €396,067 | €417,571 | +€21,503 | +5.4% |
| Fixed assets | 21/28 | €392,272 | €365,655 | -€26,617 | -6.8% |
| Tangible fixed assets | 22/27 | €392,272 | €365,655 | -€26,617 | -6.8% |
| Land and buildings | 22 | €292,223 | €281,261 | -€10,961 | -3.8% |
| Plant, machinery and equipment | 23 | €94,366 | €80,263 | -€14,103 | -14.9% |
| Furniture and vehicles | 24 | €5,683 | €4,131 | -€1,552 | -27.3% |
| Current assets | 29/58 | €3,795 | €51,916 | +€48,120 | +1267.8% |
| Amounts receivable within one year | 40/41 | €682 | €8,186 | +€7,503 | +1099.9% |
| Other amounts receivable | 41 | €682 | €8,186 | +€7,503 | +1099.9% |
| Cash at bank and in hand | 54/58 | €3,113 | €43,730 | +€40,617 | +1304.6% |
| Total equity and liabilities | 10/49 | €396,067 | €417,571 | +€21,503 | +5.4% |
| Equity | 10/15 | €164,041 | €312,520 | +€148,478 | +90.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €97,938 | €246,416 | +€148,478 | +151.6% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,371 | €9,371 | = | 0.0% |
| Distributable reserves | 133 | €86,566 | €235,045 | +€148,478 | +171.5% |
| Profit (loss) carried forward | 14 | €46,104 | €46,104 | = | 0.0% |
| Amounts payable | 17/49 | €232,026 | €105,051 | -€126,975 | -54.7% |
| Amounts payable after more than one year | 17 | €134,525 | €76,886 | -€57,639 | -42.8% |
| Other amounts payable | 178/9 | €134,525 | €76,886 | -€57,639 | -42.8% |
| Amounts payable within one year | 42/48 | €97,501 | €28,165 | -€69,336 | -71.1% |
| Current portion of amounts payable after more than one year | 42 | €32,765 | €15,181 | -€17,584 | -53.7% |
| Financial debts | 43 | €12,831 | - | -€12,831 | |
| Credit institutions | 430/8 | €12,831 | - | -€12,831 | |
| Trade debts | 44 | €3,819 | €344 | -€3,475 | -91.0% |
| Suppliers | 440/4 | €3,819 | €344 | -€3,475 | -91.0% |
| Taxes, remuneration and social security | 45 | €15,593 | €12,640 | -€2,953 | -18.9% |
| Taxes | 450/3 | €5,851 | €12,640 | +€6,789 | +116.0% |
| Remuneration and social security | 454/9 | €9,742 | - | -€9,742 | |
| Other amounts payable | 47/48 | €32,493 | - | -€32,493 | |
| Non-recurring operating income | 76A | - | €180,000 | +€180,000 | |
| Remuneration, social security and pensions | 62 | €62,583 | €29,040 | -€33,543 | -53.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,893 | €27,716 | -€1,177 | -4.1% |
| Other operating charges | 640/8 | €4,641 | €3,239 | -€1,402 | -30.2% |
| Gross operating margin | 9900 | €143,607 | €281,472 | +€137,865 | +96.0% |
| Operating profit (loss) | 9901 | €47,491 | €221,478 | +€173,987 | +366.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €10,425 | €6,210 | -€4,214 | -40.4% |
| Recurring financial charges | 65 | €10,425 | €6,210 | -€4,214 | -40.4% |
| Profit (loss) for the period before taxes | 9903 | €37,066 | €215,268 | +€178,202 | +480.8% |
| Income taxes | 67/77 | €11,851 | €66,789 | +€54,938 | +463.6% |
| Profit (loss) for the period | 9904 | €25,215 | €148,478 | +€123,263 | +488.8% |
| Profit (loss) for the period to be appropriated | 9905 | €25,215 | €148,478 | +€123,263 | +488.8% |
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 3 October 2026 via checked.be.