S. ECKERT: 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.
S. ECKERT
Largest movements
- Cash +€889,703
up €889,703 (+86913.0%), from €1,024 to €890,726
mainly Net result for the year (+€943,148) and Provisions (+€359,483)
- Tangible fixed assets -€316,990
down €316,990 (-54.1%), from €586,376 to €269,386
of which Land and buildings: -€571,838
- Stocks and contracts +€124,710
up €124,710 (+87.7%), from €142,125 to €266,835
of which Contracts in progress: +€84,243
- Receivables within one year -€88,855
down €88,855 (-44.6%), from €199,387 to €110,532
of which Trade receivables: -€123,118
- Intangible fixed assets +€19,145
new in 2025: €19,145
- Reserves +€1.4m
up €1.4m (+782.0%), from €183,873 to €1.6m
of which Tax-exempt reserves: +€1.4m
- Profit (loss) carried forward -€494,784
new in 2025: -€494,784
- Provisions +€359,483
new in 2025: €359,483
- Short-term financial debts -€300,000
down €300,000 (-100.0%), from €300,000 to €0
- Debts after one year -€196,318
down €196,318 (-100.0%), from €196,318 to €0
- Gross operating margin +€1.4m
up €1.4m (+635.0%), from €221,457 to €1.6m
- Other operating charges +€191,593
up €191,593 (+1184.5%), from €16,175 to €207,768
- Staff costs -€46,813
down €46,813 (-43.0%), from €108,750 to €61,937
- Depreciation -€44,618
down €44,618 (-78.6%), from €56,736 to €12,118
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 | €933,073 | €1,580,544 | +€647,472 | +69.4% |
| Fixed assets | 21/28 | €586,650 | €304,098 | -€282,552 | -48.2% |
| Intangible fixed assets | 21 | - | €19,145 | +€19,145 | |
| Tangible fixed assets | 22/27 | €586,376 | €269,386 | -€316,990 | -54.1% |
| Land and buildings | 22 | €584,192 | €12,353 | -€571,838 | -97.9% |
| Plant, machinery and equipment | 23 | €2,184 | €51,086 | +€48,902 | +2238.8% |
| Furniture and vehicles | 24 | - | €205,947 | +€205,947 | |
| Financial fixed assets | 28 | €274 | €15,567 | +€15,293 | +5586.8% |
| Current assets | 29/58 | €346,423 | €1,276,447 | +€930,024 | +268.5% |
| Stocks and contracts in progress | 3 | €142,125 | €266,835 | +€124,710 | +87.7% |
| Stocks | 30/36 | €76,368 | €116,835 | +€40,467 | +53.0% |
| Contracts in progress | 37 | €65,757 | €150,000 | +€84,243 | +128.1% |
| Amounts receivable within one year | 40/41 | €199,387 | €110,532 | -€88,855 | -44.6% |
| Trade receivables | 40 | €199,387 | €76,269 | -€123,118 | -61.7% |
| Other amounts receivable | 41 | - | €34,263 | +€34,263 | |
| Cash at bank and in hand | 54/58 | €1,024 | €890,726 | +€889,703 | +86913.0% |
| Deferred charges and accrued income | 490/1 | €3,888 | €8,353 | +€4,466 | +114.9% |
| Total equity and liabilities | 10/49 | €933,073 | €1,580,544 | +€647,472 | +69.4% |
| Equity | 10/15 | €202,465 | €1,145,613 | +€943,148 | +465.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €183,873 | €1,621,805 | +€1.4m | +782.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €1,437,932 | +€1.4m | |
| Distributable reserves | 133 | €182,014 | €182,014 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€494,784 | -€494,784 | |
| Provisions and deferred taxes | 16 | - | €359,483 | +€359,483 | |
| Deferred taxes | 168 | - | €359,483 | +€359,483 | |
| Amounts payable | 17/49 | €730,608 | €75,448 | -€655,159 | -89.7% |
| Amounts payable after more than one year | 17 | €196,318 | €0 | -€196,318 | -100.0% |
| Financial debts | 170/4 | €196,318 | €0 | -€196,318 | -100.0% |
| Amounts payable within one year | 42/48 | €534,290 | €75,448 | -€458,842 | -85.9% |
| Current portion of amounts payable after more than one year | 42 | €58,822 | €0 | -€58,822 | -100.0% |
| Financial debts | 43 | €300,000 | €0 | -€300,000 | -100.0% |
| Credit institutions | 430/8 | €300,000 | €0 | -€300,000 | -100.0% |
| Trade debts | 44 | €90,301 | €33,083 | -€57,218 | -63.4% |
| Suppliers | 440/4 | €90,301 | €33,083 | -€57,218 | -63.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €20,822 | €9,121 | -€11,701 | -56.2% |
| Taxes | 450/3 | €4,719 | €1,960 | -€2,759 | -58.5% |
| Remuneration and social security | 454/9 | €16,103 | €7,161 | -€8,942 | -55.5% |
| Other amounts payable | 47/48 | €64,345 | €33,245 | -€31,101 | -48.3% |
| Non-recurring operating income | 76A | - | €1,810,841 | +€1.8m | |
| Remuneration, social security and pensions | 62 | €108,750 | €61,937 | -€46,813 | -43.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,736 | €12,118 | -€44,618 | -78.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€2,768 | -€2,768 | |
| Other operating charges | 640/8 | €16,175 | €207,768 | +€191,593 | +1184.5% |
| Gross operating margin | 9900 | €221,457 | €1,627,726 | +€1.4m | +635.0% |
| Operating profit (loss) | 9901 | €39,796 | €1,348,670 | +€1.3m | +3289.0% |
| Financial income | 75/76B | €71 | €0 | -€71 | -100.0% |
| Recurring financial income | 75 | €71 | €0 | -€71 | -100.0% |
| Financial charges | 65/66B | €35,731 | €45,998 | +€10,267 | +28.7% |
| Recurring financial charges | 65 | €35,731 | €45,998 | +€10,267 | +28.7% |
| Profit (loss) for the period before taxes | 9903 | €4,135 | €1,302,672 | +€1.3m | +31400.3% |
| Transfer from deferred taxes | 780 | - | €2,685 | +€2,685 | |
| Transfer to deferred taxes | 680 | - | €362,168 | +€362,168 | |
| Income taxes | 67/77 | -€242 | €41 | +€283 | |
| Profit (loss) for the period | 9904 | €4,378 | €943,148 | +€938,770 | +21444.2% |
| Transfer from tax-exempt reserves | 789 | - | €10,740 | +€10,740 | |
| Transfer to tax-exempt reserves | 689 | - | €1,448,673 | +€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €4,378 | -€494,784 | -€499,162 |
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 9 October 2026 via checked.be.