Erik Leung: 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.
Erik Leung
Largest movements
- Receivables within one year +€51,758
up €51,758 (+98.0%), from €52,842 to €104,600
of which Other amounts receivable: +€35,030
- Cash +€10,205
up €10,205 (+49.5%), from €20,605 to €30,810
mainly Net result for the year (+€52,537) and Trade debts (+€8,972)
- Tangible fixed assets -€4,446
down €4,446 (-12.5%), from €35,529 to €31,082
of which Other tangible fixed assets: -€3,534
- Deferred charges and accrued income +€4,423
up €4,423 (+45.7%), from €9,672 to €14,095
- Reserves +€52,537
up €52,537 (+29.9%), from €175,746 to €228,283
- Trade debts +€8,972
up €8,972 (+162%), from €5,542 to €14,514
- Tax, wage and social debts +€5,198
up €5,198 (+39.5%), from €13,172 to €18,370
- Debts after one year -€4,631
down €4,631 (-20.3%), from €22,779 to €18,148
- Financial income -€9,802
down €9,802 (-69.4%), from €14,127 to €4,325
- Gross operating margin +€4,738
up €4,738 (+6.9%), from €68,566 to €73,304
- Depreciation +€1,607
up €1,607 (+41.1%), from €3,912 to €5,519
- Taxes -€1,012
down €1,012 (-6.3%), from €16,106 to €15,094
- Financial charges -€934
down €934 (-20.7%), from €4,511 to €3,577
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 | €229,026 | €291,332 | +€62,306 | +27.2% |
| Fixed assets | 21/28 | €43,672 | €38,153 | -€5,519 | -12.6% |
| Intangible fixed assets | 21 | €4,643 | €3,570 | -€1,073 | -23.1% |
| Tangible fixed assets | 22/27 | €35,529 | €31,082 | -€4,446 | -12.5% |
| Furniture and vehicles | 24 | €2,600 | €1,687 | -€913 | -35.1% |
| Other tangible fixed assets | 26 | €32,928 | €29,395 | -€3,534 | -10.7% |
| Financial fixed assets | 28 | €3,500 | €3,500 | = | 0.0% |
| Current assets | 29/58 | €185,354 | €253,180 | +€67,825 | +36.6% |
| Amounts receivable after more than one year | 29 | €35,000 | €35,000 | = | 0.0% |
| Other amounts receivable | 291 | €35,000 | €35,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €52,842 | €104,600 | +€51,758 | +98.0% |
| Trade receivables | 40 | €23,618 | €40,347 | +€16,729 | +70.8% |
| Other amounts receivable | 41 | €29,223 | €64,253 | +€35,030 | +120% |
| Current investments | 50/53 | €67,237 | €68,675 | +€1,438 | +2.1% |
| Cash at bank and in hand | 54/58 | €20,605 | €30,810 | +€10,205 | +49.5% |
| Deferred charges and accrued income | 490/1 | €9,672 | €14,095 | +€4,423 | +45.7% |
| Total equity and liabilities | 10/49 | €229,026 | €291,332 | +€62,306 | +27.2% |
| Equity | 10/15 | €179,746 | €232,283 | +€52,537 | +29.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €175,746 | €228,283 | +€52,537 | +29.9% |
| Distributable reserves | 133 | €175,746 | €228,283 | +€52,537 | +29.9% |
| Amounts payable | 17/49 | €49,280 | €59,049 | +€9,769 | +19.8% |
| Amounts payable after more than one year | 17 | €22,779 | €18,148 | -€4,631 | -20.3% |
| Financial debts | 170/4 | €22,779 | €18,148 | -€4,631 | -20.3% |
| Amounts payable within one year | 42/48 | €26,501 | €40,900 | +€14,400 | +54.3% |
| Current portion of amounts payable after more than one year | 42 | €4,406 | €4,631 | +€225 | +5.1% |
| Financial debts | 43 | €3,381 | €3,386 | +€5 | +0.1% |
| Credit institutions | 430/8 | €3,381 | €3,386 | +€5 | +0.1% |
| Trade debts | 44 | €5,542 | €14,514 | +€8,972 | +162% |
| Suppliers | 440/4 | €5,542 | €14,514 | +€8,972 | +162% |
| Taxes, remuneration and social security | 45 | €13,172 | €18,370 | +€5,198 | +39.5% |
| Taxes | 450/3 | €13,172 | €18,370 | +€5,198 | +39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,912 | €5,519 | +€1,607 | +41.1% |
| Other operating charges | 640/8 | €576 | €902 | +€327 | +56.8% |
| Gross operating margin | 9900 | €68,566 | €73,304 | +€4,738 | +6.9% |
| Operating profit (loss) | 9901 | €64,079 | €66,883 | +€2,804 | +4.4% |
| Financial income | 75/76B | €14,127 | €4,325 | -€9,802 | -69.4% |
| Recurring financial income | 75 | €14,127 | €4,325 | -€9,802 | -69.4% |
| Financial charges | 65/66B | €4,511 | €3,577 | -€934 | -20.7% |
| Recurring financial charges | 65 | €4,511 | €3,577 | -€934 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €73,695 | €67,631 | -€6,064 | -8.2% |
| Income taxes | 67/77 | €16,106 | €15,094 | -€1,012 | -6.3% |
| Profit (loss) for the period | 9904 | €57,590 | €52,537 | -€5,052 | -8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €57,590 | €52,537 | -€5,052 | -8.8% |
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 28 October 2026 via checked.be.