Eric Vanbeveren: 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 Vanbeveren
Largest movements
- Receivables within one year +€49,345
up €49,345 (+37.7%), from €130,900 to €180,245
of which Trade receivables: +€39,580
- Cash -€21,407
down €21,407 (-12.5%), from €171,294 to €149,886
mainly Receivables within one year (-€49,345) and Investment in fixed assets (net) (-€16,000)
- Tangible fixed assets +€10,357
up €10,357 (+52.3%), from €19,815 to €30,173
of which Furniture and vehicles: +€12,567
- Reserves +€33,779
up €33,779 (+33.8%), from €99,896 to €133,675
of which Distributable reserves: +€33,779
- Tax, wage and social debts +€5,921
up €5,921 (+24.1%), from €24,532 to €30,453
- Gross operating margin +€5,722
up €5,722 (+11.5%), from €49,692 to €55,414
- Taxes +€1,511
up €1,511 (+9.9%), from €15,234 to €16,745
- Depreciation +€1,138
up €1,138 (+25.3%), from €4,505 to €5,643
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 | €330,303 | €369,980 | +€39,677 | +12.0% |
| Fixed assets | 21/28 | €21,840 | €32,197 | +€10,357 | +47.4% |
| Tangible fixed assets | 22/27 | €19,815 | €30,173 | +€10,357 | +52.3% |
| Plant, machinery and equipment | 23 | €3,353 | €2,750 | -€604 | -18.0% |
| Furniture and vehicles | 24 | €3,511 | €16,078 | +€12,567 | +357.9% |
| Other tangible fixed assets | 26 | €12,951 | €11,345 | -€1,606 | -12.4% |
| Financial fixed assets | 28 | €2,024 | €2,024 | = | 0.0% |
| Current assets | 29/58 | €308,463 | €337,783 | +€29,319 | +9.5% |
| Amounts receivable within one year | 40/41 | €130,900 | €180,245 | +€49,345 | +37.7% |
| Trade receivables | 40 | €6,400 | €45,980 | +€39,580 | +618.4% |
| Other amounts receivable | 41 | €124,500 | €134,265 | +€9,765 | +7.8% |
| Cash at bank and in hand | 54/58 | €171,294 | €149,886 | -€21,407 | -12.5% |
| Deferred charges and accrued income | 490/1 | €6,270 | €7,652 | +€1,382 | +22.0% |
| Total equity and liabilities | 10/49 | €330,303 | €369,980 | +€39,677 | +12.0% |
| Equity | 10/15 | €302,435 | €336,215 | +€33,779 | +11.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €99,896 | €133,675 | +€33,779 | +33.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €329 | €329 | = | 0.0% |
| Distributable reserves | 133 | €97,707 | €131,486 | +€33,779 | +34.6% |
| Profit (loss) carried forward | 14 | €183,948 | €183,948 | = | 0.0% |
| Amounts payable | 17/49 | €27,868 | €33,765 | +€5,898 | +21.2% |
| Amounts payable within one year | 42/48 | €27,868 | €33,765 | +€5,898 | +21.2% |
| Financial debts | 43 | €1,667 | €1,667 | = | 0.0% |
| Credit institutions | 430/8 | €1,667 | €1,667 | = | 0.0% |
| Trade debts | 44 | €172 | €285 | +€113 | +66.2% |
| Suppliers | 440/4 | €172 | €285 | +€113 | +66.2% |
| Taxes, remuneration and social security | 45 | €24,532 | €30,453 | +€5,921 | +24.1% |
| Taxes | 450/3 | €24,532 | €30,453 | +€5,921 | +24.1% |
| Other amounts payable | 47/48 | €1,497 | €1,360 | -€137 | -9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,505 | €5,643 | +€1,138 | +25.3% |
| Other operating charges | 640/8 | €1,816 | €1,784 | -€32 | -1.7% |
| Gross operating margin | 9900 | €49,692 | €55,414 | +€5,722 | +11.5% |
| Operating profit (loss) | 9901 | €43,371 | €47,987 | +€4,616 | +10.6% |
| Financial income | 75/76B | €2,801 | €3,060 | +€259 | +9.3% |
| Recurring financial income | 75 | €2,801 | €3,060 | +€259 | +9.3% |
| Financial charges | 65/66B | €544 | €523 | -€21 | -3.9% |
| Recurring financial charges | 65 | €544 | €523 | -€21 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | €45,628 | €50,524 | +€4,896 | +10.7% |
| Income taxes | 67/77 | €15,234 | €16,745 | +€1,511 | +9.9% |
| Profit (loss) for the period | 9904 | €30,394 | €33,779 | +€3,385 | +11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €30,394 | €33,779 | +€3,385 | +11.1% |
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.