GUNTHER EEMAN: 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.
GUNTHER EEMAN
Largest movements
- Stocks and contracts +€302,140
up €302,140 (+69.6%), from €434,135 to €736,275
- Receivables after one year -€47,828
down €47,828 (-61.5%), from €77,781 to €29,953
- Cash -€40,594
down €40,594 (-22.7%), from €179,130 to €138,535
mainly Stocks and contracts (-€302,140) and Contributions, distributions and other (-€75,197)
- Trade debts +€277,152
up €277,152 (+119.7%), from €231,619 to €508,772
- Debts after one year -€49,694
down €49,694 (-16.9%), from €293,595 to €243,901
- Advances received +€32,398
up €32,398 (+185.1%), from €17,500 to €49,898
- Tax, wage and social debts -€25,050
down €25,050 (-34.6%), from €72,421 to €47,370
of which Taxes: -€24,796
- Financial charges +€7,312
up €7,312 (+22.6%), from €32,407 to €39,719
- Taxes -€6,656
down €6,656 (-19.3%), from €34,526 to €27,870
- Staff costs +€5,055
up €5,055 (+48.4%), from €10,451 to €15,506
- Financial income +€4,743
up €4,743 (+4396.3%), from €108 to €4,851
- Depreciation +€4,391
up €4,391 (+16.1%), from €27,354 to €31,745
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 | €1,572,133 | €1,805,870 | +€233,737 | +14.9% |
| Fixed assets | 21/28 | €768,471 | €786,108 | +€17,636 | +2.3% |
| Tangible fixed assets | 22/27 | €768,471 | €786,108 | +€17,636 | +2.3% |
| Land and buildings | 22 | €762,750 | €746,143 | -€16,607 | -2.2% |
| Plant, machinery and equipment | 23 | €2,129 | €4,669 | +€2,539 | +119.2% |
| Furniture and vehicles | 24 | €3,591 | €35,296 | +€31,705 | +882.8% |
| Current assets | 29/58 | €803,661 | €1,019,762 | +€216,101 | +26.9% |
| Amounts receivable after more than one year | 29 | €77,781 | €29,953 | -€47,828 | -61.5% |
| Other amounts receivable | 291 | €77,781 | €29,953 | -€47,828 | -61.5% |
| Stocks and contracts in progress | 3 | €434,135 | €736,275 | +€302,140 | +69.6% |
| Stocks | 30/36 | €434,135 | €736,275 | +€302,140 | +69.6% |
| Amounts receivable within one year | 40/41 | €107,317 | €109,541 | +€2,224 | +2.1% |
| Trade receivables | 40 | €96,577 | €89,801 | -€6,776 | -7.0% |
| Other amounts receivable | 41 | €10,740 | €19,740 | +€9,000 | +83.8% |
| Cash at bank and in hand | 54/58 | €179,130 | €138,535 | -€40,594 | -22.7% |
| Deferred charges and accrued income | 490/1 | €5,298 | €5,458 | +€159 | +3.0% |
| Total equity and liabilities | 10/49 | €1,572,133 | €1,805,870 | +€233,737 | +14.9% |
| Equity | 10/15 | €545,130 | €538,635 | -€6,495 | -1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €526,530 | €520,035 | -€6,495 | -1.2% |
| Distributable reserves | 133 | €526,530 | €520,035 | -€6,495 | -1.2% |
| Amounts payable | 17/49 | €1,027,002 | €1,267,235 | +€240,233 | +23.4% |
| Amounts payable after more than one year | 17 | €293,595 | €243,901 | -€49,694 | -16.9% |
| Financial debts | 170/4 | €293,595 | €243,901 | -€49,694 | -16.9% |
| Amounts payable within one year | 42/48 | €733,408 | €1,023,334 | +€289,926 | +39.5% |
| Current portion of amounts payable after more than one year | 42 | €48,914 | €49,694 | +€779 | +1.6% |
| Financial debts | 43 | €362,953 | €367,601 | +€4,647 | +1.3% |
| Credit institutions | 430/8 | €362,953 | €367,601 | +€4,647 | +1.3% |
| Trade debts | 44 | €231,619 | €508,772 | +€277,152 | +119.7% |
| Suppliers | 440/4 | €231,619 | €508,772 | +€277,152 | +119.7% |
| Advances received on contracts in progress | 46 | €17,500 | €49,898 | +€32,398 | +185.1% |
| Taxes, remuneration and social security | 45 | €72,421 | €47,370 | -€25,050 | -34.6% |
| Taxes | 450/3 | €71,318 | €46,523 | -€24,796 | -34.8% |
| Remuneration and social security | 454/9 | €1,102 | €848 | -€255 | -23.1% |
| Remuneration, social security and pensions | 62 | €10,451 | €15,506 | +€5,055 | +48.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,354 | €31,745 | +€4,391 | +16.1% |
| Other operating charges | 640/8 | €13,222 | €11,638 | -€1,584 | -12.0% |
| Gross operating margin | 9900 | €193,516 | €190,328 | -€3,188 | -1.6% |
| Operating profit (loss) | 9901 | €142,489 | €131,440 | -€11,049 | -7.8% |
| Financial income | 75/76B | €108 | €4,851 | +€4,743 | +4396.3% |
| Recurring financial income | 75 | €108 | €4,851 | +€4,743 | +4396.3% |
| Financial charges | 65/66B | €32,407 | €39,719 | +€7,312 | +22.6% |
| Recurring financial charges | 65 | €32,407 | €39,719 | +€7,312 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | €110,190 | €96,572 | -€13,618 | -12.4% |
| Income taxes | 67/77 | €34,526 | €27,870 | -€6,656 | -19.3% |
| Profit (loss) for the period | 9904 | €75,664 | €68,702 | -€6,962 | -9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €75,664 | €68,702 | -€6,962 | -9.2% |
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 5 October 2026 via checked.be.