Joeri Eylenbosch: 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.
Joeri Eylenbosch
Largest movements
- Cash +€29,647
up €29,647 (+95.8%), from €30,960 to €60,607
mainly Depreciation (+€20,511) and Net result for the year (+€16,375)
- Tangible fixed assets -€10,988
down €10,988 (-11.8%), from €92,974 to €81,986
of which Plant, machinery and equipment: -€12,053
- Receivables within one year +€10,482
up €10,482 (+27.8%), from €37,726 to €48,208
of which Trade receivables: +€17,570
- Reserves +€16,375
up €16,375 (+34.1%), from €47,963 to €64,337
of which Distributable reserves: +€16,375
- Trade debts +€12,135
up €12,135 (+91.1%), from €13,318 to €25,453
- Current portion of long-term debt +€6,894
up €6,894 (+113%), from €6,102 to €12,996
- Other debts -€5,301
down €5,301 (-21.3%), from €24,914 to €19,613
- Debts after one year -€4,887
down €4,887 (-22.6%), from €21,581 to €16,695
- Gross operating margin +€18,848
up €18,848 (+40.3%), from €46,755 to €65,603
- Staff costs +€17,186
new in 2025: €17,186
- Depreciation +€6,211
up €6,211 (+43.4%), from €14,300 to €20,511
- Taxes -€944
down €944 (-11.6%), from €8,137 to €7,193
- Other operating charges -€662
down €662 (-19.7%), from €3,363 to €2,701
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 | €163,675 | €192,919 | +€29,243 | +17.9% |
| Fixed assets | 21/28 | €92,974 | €81,986 | -€10,988 | -11.8% |
| Tangible fixed assets | 22/27 | €92,974 | €81,986 | -€10,988 | -11.8% |
| Land and buildings | 22 | €49,831 | €45,426 | -€4,405 | -8.8% |
| Plant, machinery and equipment | 23 | €37,702 | €25,649 | -€12,053 | -32.0% |
| Furniture and vehicles | 24 | €5,442 | €10,912 | +€5,470 | +101% |
| Current assets | 29/58 | €70,701 | €110,933 | +€40,232 | +56.9% |
| Stocks and contracts in progress | 3 | €350 | €350 | = | 0.0% |
| Stocks | 30/36 | €350 | €350 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €37,726 | €48,208 | +€10,482 | +27.8% |
| Trade receivables | 40 | €24,737 | €42,307 | +€17,570 | +71.0% |
| Other amounts receivable | 41 | €12,990 | €5,901 | -€7,089 | -54.6% |
| Cash at bank and in hand | 54/58 | €30,960 | €60,607 | +€29,647 | +95.8% |
| Deferred charges and accrued income | 490/1 | €1,664 | €1,767 | +€103 | +6.2% |
| Total equity and liabilities | 10/49 | €163,675 | €192,919 | +€29,243 | +17.9% |
| Equity | 10/15 | €95,802 | €112,176 | +€16,375 | +17.1% |
| Contributions | 10/11 | €9,320 | €9,320 | = | 0.0% |
| Reserves | 13 | €47,963 | €64,337 | +€16,375 | +34.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €46,103 | €62,477 | +€16,375 | +35.5% |
| Profit (loss) carried forward | 14 | €38,519 | €38,519 | = | 0.0% |
| Amounts payable | 17/49 | €67,874 | €80,742 | +€12,869 | +19.0% |
| Amounts payable after more than one year | 17 | €21,581 | €16,695 | -€4,887 | -22.6% |
| Financial debts | 170/4 | €21,581 | €16,695 | -€4,887 | -22.6% |
| Amounts payable within one year | 42/48 | €46,292 | €64,048 | +€17,755 | +38.4% |
| Current portion of amounts payable after more than one year | 42 | €6,102 | €12,996 | +€6,894 | +113% |
| Financial debts | 43 | €860 | - | -€860 | |
| Other loans | 439 | €860 | - | -€860 | |
| Trade debts | 44 | €13,318 | €25,453 | +€12,135 | +91.1% |
| Suppliers | 440/4 | €13,318 | €25,453 | +€12,135 | +91.1% |
| Advances received on contracts in progress | 46 | - | €3,492 | +€3,492 | |
| Taxes, remuneration and social security | 45 | €1,099 | €2,495 | +€1,396 | +127% |
| Taxes | 450/3 | €1,099 | €1,220 | +€121 | +11.0% |
| Remuneration and social security | 454/9 | - | €1,275 | +€1,275 | |
| Other amounts payable | 47/48 | €24,914 | €19,613 | -€5,301 | -21.3% |
| Non-recurring operating income | 76A | €1,250 | €1,550 | +€300 | +24.0% |
| Remuneration, social security and pensions | 62 | - | €17,186 | +€17,186 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,300 | €20,511 | +€6,211 | +43.4% |
| Other operating charges | 640/8 | €3,363 | €2,701 | -€662 | -19.7% |
| Gross operating margin | 9900 | €46,755 | €65,603 | +€18,848 | +40.3% |
| Operating profit (loss) | 9901 | €29,093 | €25,205 | -€3,887 | -13.4% |
| Financial income | 75/76B | €202 | €538 | +€336 | +167% |
| Recurring financial income | 75 | €202 | €538 | +€336 | +167% |
| Financial charges | 65/66B | €1,767 | €2,176 | +€408 | +23.1% |
| Recurring financial charges | 65 | €1,767 | €2,176 | +€408 | +23.1% |
| Profit (loss) for the period before taxes | 9903 | €27,527 | €23,568 | -€3,959 | -14.4% |
| Income taxes | 67/77 | €8,137 | €7,193 | -€944 | -11.6% |
| Profit (loss) for the period | 9904 | €19,390 | €16,375 | -€3,015 | -15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,390 | €16,375 | -€3,015 | -15.6% |
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.