Kris Eeckhout: 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.
Kris Eeckhout
Largest movements
- Current investments +€45,073
up €45,073 (+19.9%), from €226,914 to €271,987
- Cash -€21,035
down €21,035 (-16.0%), from €131,871 to €110,836
mainly Contributions, distributions and other (-€54,698) and Current investments (-€45,073)
- Receivables after one year -€12,104
down €12,104 (-29.0%), from €41,721 to €29,617
- Reserves +€25,346
up €25,346 (+6.8%), from €374,868 to €400,214
- Tax, wage and social debts -€15,757
down €15,757 (-49.6%), from €31,783 to €16,026
- Gross operating margin -€9,471
down €9,471 (-7.6%), from €124,444 to €114,973
- Taxes -€2,948
down €2,948 (-7.9%), from €37,416 to €34,468
- Financial income -€1,444
down €1,444 (-24.9%), from €5,801 to €4,357
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 | €432,029 | €440,533 | +€8,504 | +2.0% |
| Fixed assets | 21/28 | €15,168 | €11,828 | -€3,340 | -22.0% |
| Tangible fixed assets | 22/27 | €14,918 | €11,578 | -€3,340 | -22.4% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €11,087 | €8,149 | -€2,938 | -26.5% |
| Other tangible fixed assets | 26 | €3,831 | €3,429 | -€402 | -10.5% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €416,861 | €428,705 | +€11,844 | +2.8% |
| Amounts receivable after more than one year | 29 | €41,721 | €29,617 | -€12,104 | -29.0% |
| Other amounts receivable | 291 | €41,721 | €29,617 | -€12,104 | -29.0% |
| Amounts receivable within one year | 40/41 | €12,062 | €11,865 | -€197 | -1.6% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €12,062 | €11,865 | -€197 | -1.6% |
| Current investments | 50/53 | €226,914 | €271,987 | +€45,073 | +19.9% |
| Cash at bank and in hand | 54/58 | €131,871 | €110,836 | -€21,035 | -16.0% |
| Deferred charges and accrued income | 490/1 | €4,293 | €4,400 | +€107 | +2.5% |
| Total equity and liabilities | 10/49 | €432,029 | €440,533 | +€8,504 | +2.0% |
| Equity | 10/15 | €393,468 | €418,814 | +€25,346 | +6.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €374,868 | €400,214 | +€25,346 | +6.8% |
| Distributable reserves | 133 | €374,868 | €400,214 | +€25,346 | +6.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €38,561 | €21,719 | -€16,843 | -43.7% |
| Amounts payable within one year | 42/48 | €38,331 | €21,719 | -€16,612 | -43.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €5,610 | €5,692 | +€82 | +1.5% |
| Suppliers | 440/4 | €5,610 | €5,692 | +€82 | +1.5% |
| Taxes, remuneration and social security | 45 | €31,783 | €16,026 | -€15,757 | -49.6% |
| Taxes | 450/3 | €31,783 | €16,026 | -€15,757 | -49.6% |
| Other amounts payable | 47/48 | €938 | €0 | -€938 | -100% |
| Accrued charges and deferred income | 492/3 | €230 | €0 | -€230 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,305 | €3,340 | +€1,035 | +44.9% |
| Other operating charges | 640/8 | €1,135 | €1,170 | +€35 | +3.1% |
| Gross operating margin | 9900 | €124,444 | €114,973 | -€9,471 | -7.6% |
| Operating profit (loss) | 9901 | €121,005 | €110,463 | -€10,542 | -8.7% |
| Financial income | 75/76B | €5,801 | €4,357 | -€1,444 | -24.9% |
| Recurring financial income | 75 | €5,801 | €4,357 | -€1,444 | -24.9% |
| Financial charges | 65/66B | €633 | €308 | -€324 | -51.3% |
| Recurring financial charges | 65 | €633 | €308 | -€324 | -51.3% |
| Profit (loss) for the period before taxes | 9903 | €126,174 | €114,512 | -€11,662 | -9.2% |
| Income taxes | 67/77 | €37,416 | €34,468 | -€2,948 | -7.9% |
| Profit (loss) for the period | 9904 | €88,758 | €80,044 | -€8,714 | -9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €88,758 | €80,044 | -€8,714 | -9.8% |
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 27 October 2026 via checked.be.