Eric Verbauwhede: 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 Verbauwhede
Largest movements
- Current investments +€215,421
up €215,421 (+76.7%), from €280,758 to €496,179
- Cash -€213,480
down €213,480 (-97.5%), from €218,918 to €5,438
mainly Current investments (-€215,421) and Contributions, distributions and other (-€69,147)
- Receivables within one year +€10,190
up €10,190 (+65.5%), from €15,568 to €25,758
of which Other amounts receivable: +€9,667
- Tangible fixed assets -€8,097
down €8,097 (-13.9%), from €58,316 to €50,219
of which Furniture and vehicles: -€8,097
- Other debts -€18,512
down €18,512 (-21.1%), from €87,659 to €69,147
- Accrued charges and deferred income +€14,991
up €14,991 (+60,181%), from €25 to €15,016
- Reserves +€10,113
up €10,113 (+2.4%), from €416,158 to €426,270
- Gross operating margin -€53,334
down €53,334 (-34.1%), from €156,437 to €103,103
- Financial income +€18,303
up €18,303 (+269%), from €6,792 to €25,095
- Taxes -€13,953
down €13,953 (-32.0%), from €43,576 to €29,622
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 | €574,967 | €579,036 | +€4,069 | +0.7% |
| Fixed assets | 21/28 | €58,316 | €50,219 | -€8,097 | -13.9% |
| Tangible fixed assets | 22/27 | €58,316 | €50,219 | -€8,097 | -13.9% |
| Furniture and vehicles | 24 | €55,816 | €47,719 | -€8,097 | -14.5% |
| Other tangible fixed assets | 26 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €516,651 | €528,818 | +€12,166 | +2.4% |
| Amounts receivable within one year | 40/41 | €15,568 | €25,758 | +€10,190 | +65.5% |
| Trade receivables | 40 | €0 | €523 | +€523 | |
| Other amounts receivable | 41 | €15,568 | €25,235 | +€9,667 | +62.1% |
| Current investments | 50/53 | €280,758 | €496,179 | +€215,421 | +76.7% |
| Cash at bank and in hand | 54/58 | €218,918 | €5,438 | -€213,480 | -97.5% |
| Deferred charges and accrued income | 490/1 | €1,408 | €1,442 | +€35 | +2.5% |
| Total equity and liabilities | 10/49 | €574,967 | €579,036 | +€4,069 | +0.7% |
| Equity | 10/15 | €475,926 | €486,038 | +€10,113 | +2.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €416,158 | €426,270 | +€10,113 | +2.4% |
| Distributable reserves | 133 | €416,158 | €426,270 | +€10,113 | +2.4% |
| Profit (loss) carried forward | 14 | €53,568 | €53,568 | = | 0.0% |
| Amounts payable | 17/49 | €99,042 | €92,998 | -€6,044 | -6.1% |
| Amounts payable within one year | 42/48 | €99,017 | €77,982 | -€21,035 | -21.2% |
| Trade debts | 44 | €1,527 | €1,017 | -€510 | -33.4% |
| Suppliers | 440/4 | €1,527 | €1,017 | -€510 | -33.4% |
| Taxes, remuneration and social security | 45 | €9,832 | €7,819 | -€2,013 | -20.5% |
| Taxes | 450/3 | €9,832 | €7,819 | -€2,013 | -20.5% |
| Other amounts payable | 47/48 | €87,659 | €69,147 | -€18,512 | -21.1% |
| Accrued charges and deferred income | 492/3 | €25 | €15,016 | +€14,991 | +60,181% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,737 | €16,564 | -€1,173 | -6.6% |
| Other operating charges | 640/8 | €2,030 | €1,982 | -€48 | -2.4% |
| Gross operating margin | 9900 | €156,437 | €103,103 | -€53,334 | -34.1% |
| Operating profit (loss) | 9901 | €136,669 | €84,557 | -€52,112 | -38.1% |
| Financial income | 75/76B | €6,792 | €25,095 | +€18,303 | +269% |
| Recurring financial income | 75 | €6,792 | €25,095 | +€18,303 | +269% |
| Financial charges | 65/66B | €496 | €770 | +€274 | +55.4% |
| Recurring financial charges | 65 | €496 | €770 | +€274 | +55.4% |
| Profit (loss) for the period before taxes | 9903 | €142,966 | €108,882 | -€34,084 | -23.8% |
| Income taxes | 67/77 | €43,576 | €29,622 | -€13,953 | -32.0% |
| Profit (loss) for the period | 9904 | €99,390 | €79,259 | -€20,131 | -20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €99,390 | €79,259 | -€20,131 | -20.3% |
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 16 October 2026 via checked.be.