ERIC VERSTRAETE: 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 VERSTRAETE
Largest movements
- Cash +€143,254
up €143,254 (+97.7%), from €146,645 to €289,899
mainly Net result for the year (+€213,661) and Other debts (+€65,000)
- Tangible fixed assets -€30,813
down €30,813 (-10.3%), from €298,401 to €267,588
of which Furniture and vehicles: -€40,115
- Receivables within one year -€27,739
down €27,739 (-29.1%), from €95,225 to €67,486
of which Other amounts receivable: -€14,243
- Stocks and contracts -€13,438
down €13,438 (-8.0%), from €168,364 to €154,926
of which Stocks: -€12,972
- Reserves +€113,661
up €113,661 (+85.4%), from €133,077 to €246,738
of which Distributable reserves: +€113,661
- Other debts +€65,000
up €65,000 (+186%), from €35,000 to €100,000
- Debts after one year -€63,669
down €63,669 (-27.7%), from €229,667 to €165,998
of which Other amounts payable: -€52,389
- Trade debts -€47,143
down €47,143 (-37.8%), from €124,751 to €77,608
- Accrued charges and deferred income +€25,728
up €25,728 (+75.5%), from €34,071 to €59,799
- Gross operating margin +€111,533
up €111,533 (+17.5%), from €636,332 to €747,865
- Staff costs +€10,374
up €10,374 (+2.5%), from €415,225 to €425,599
- Depreciation +€9,060
up €9,060 (+19.5%), from €46,452 to €55,512
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 | €720,816 | €792,892 | +€72,076 | +10.0% |
| Fixed assets | 21/28 | €298,401 | €267,588 | -€30,813 | -10.3% |
| Tangible fixed assets | 22/27 | €298,401 | €267,588 | -€30,813 | -10.3% |
| Land and buildings | 22 | €152,628 | €166,765 | +€14,136 | +9.3% |
| Plant, machinery and equipment | 23 | €10,312 | €5,478 | -€4,834 | -46.9% |
| Furniture and vehicles | 24 | €135,460 | €95,345 | -€40,115 | -29.6% |
| Current assets | 29/58 | €422,414 | €525,304 | +€102,889 | +24.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €168,364 | €154,926 | -€13,438 | -8.0% |
| Stocks | 30/36 | €101,466 | €88,493 | -€12,972 | -12.8% |
| Contracts in progress | 37 | €66,898 | €66,433 | -€466 | -0.7% |
| Amounts receivable within one year | 40/41 | €95,225 | €67,486 | -€27,739 | -29.1% |
| Trade receivables | 40 | €72,912 | €59,416 | -€13,496 | -18.5% |
| Other amounts receivable | 41 | €22,313 | €8,069 | -€14,243 | -63.8% |
| Cash at bank and in hand | 54/58 | €146,645 | €289,899 | +€143,254 | +97.7% |
| Deferred charges and accrued income | 490/1 | €12,181 | €12,993 | +€812 | +6.7% |
| Total equity and liabilities | 10/49 | €720,816 | €792,892 | +€72,076 | +10.0% |
| Equity | 10/15 | €208,077 | €321,738 | +€113,661 | +54.6% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €133,077 | €246,738 | +€113,661 | +85.4% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €125,577 | €239,238 | +€113,661 | +90.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €512,739 | €471,153 | -€41,585 | -8.1% |
| Amounts payable after more than one year | 17 | €229,667 | €165,998 | -€63,669 | -27.7% |
| Financial debts | 170/4 | €51,191 | €39,911 | -€11,280 | -22.0% |
| Other amounts payable | 178/9 | €178,476 | €126,087 | -€52,389 | -29.4% |
| Amounts payable within one year | 42/48 | €249,001 | €245,356 | -€3,645 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €22,138 | €11,280 | -€10,858 | -49.0% |
| Financial debts | 43 | €25,000 | €0 | -€25,000 | -100% |
| Credit institutions | 430/8 | €25,000 | €0 | -€25,000 | -100% |
| Trade debts | 44 | €124,751 | €77,608 | -€47,143 | -37.8% |
| Suppliers | 440/4 | €124,751 | €77,608 | -€47,143 | -37.8% |
| Taxes, remuneration and social security | 45 | €42,112 | €56,468 | +€14,356 | +34.1% |
| Taxes | 450/3 | €209 | €5,213 | +€5,004 | +2,389% |
| Remuneration and social security | 454/9 | €41,903 | €51,255 | +€9,352 | +22.3% |
| Other amounts payable | 47/48 | €35,000 | €100,000 | +€65,000 | +186% |
| Accrued charges and deferred income | 492/3 | €34,071 | €59,799 | +€25,728 | +75.5% |
| Non-recurring operating income | 76A | €3,270 | €28,481 | +€25,211 | +771% |
| Remuneration, social security and pensions | 62 | €415,225 | €425,599 | +€10,374 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,452 | €55,512 | +€9,060 | +19.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€595 | -€595 | |
| Other operating charges | 640/8 | €9,751 | €8,978 | -€773 | -7.9% |
| Gross operating margin | 9900 | €636,332 | €747,865 | +€111,533 | +17.5% |
| Operating profit (loss) | 9901 | €164,904 | €258,371 | +€93,467 | +56.7% |
| Financial income | 75/76B | €4,343 | €4,677 | +€334 | +7.7% |
| Recurring financial income | 75 | €4,343 | €4,677 | +€334 | +7.7% |
| Financial charges | 65/66B | €9,019 | €9,173 | +€154 | +1.7% |
| Recurring financial charges | 65 | €9,019 | €9,173 | +€154 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €160,228 | €253,875 | +€93,647 | +58.4% |
| Income taxes | 67/77 | €35,209 | €40,213 | +€5,004 | +14.2% |
| Profit (loss) for the period | 9904 | €125,018 | €213,661 | +€88,643 | +70.9% |
| Profit (loss) for the period to be appropriated | 9905 | €125,018 | €213,661 | +€88,643 | +70.9% |
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.