Serge VAN EEGHEM: 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.
Serge VAN EEGHEM
Largest movements
- Current investments -€67,866
down €67,866 (-12.8%), from €528,249 to €460,383
- Cash +€67,122
up €67,122 (+160%), from €41,833 to €108,955
mainly Net result for the year (+€75,939) and Current investments (+€67,866)
- Receivables within one year -€15,138
down €15,138 (-28.5%), from €53,169 to €38,031
of which Trade receivables: -€15,138
- Reserves -€12,996
down €12,996 (-2.1%), from €625,177 to €612,181
of which Distributable reserves: -€12,996
- Financial income +€19,385
up €19,385 (+3,124%), from €621 to €20,005
- Write-downs -€18,952
down €18,952, from €975 to -€17,977
- Depreciation -€15,147
down €15,147 (-60.1%), from €25,210 to €10,063
- Gross operating margin -€14,839
down €14,839 (-9.1%), from €162,182 to €147,343
- Taxes +€5,843
up €5,843 (+21.5%), from €27,228 to €33,071
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 | €657,282 | €648,755 | -€8,527 | -1.3% |
| Fixed assets | 21/28 | €30,903 | €37,114 | +€6,210 | +20.1% |
| Tangible fixed assets | 22/27 | €30,903 | €37,114 | +€6,210 | +20.1% |
| Plant, machinery and equipment | 23 | €664 | €0 | -€664 | -100% |
| Furniture and vehicles | 24 | €19,395 | €26,270 | +€6,875 | +35.4% |
| Other tangible fixed assets | 26 | €10,844 | €10,844 | = | 0.0% |
| Current assets | 29/58 | €626,379 | €611,641 | -€14,738 | -2.4% |
| Amounts receivable within one year | 40/41 | €53,169 | €38,031 | -€15,138 | -28.5% |
| Trade receivables | 40 | €53,169 | €38,031 | -€15,138 | -28.5% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €528,249 | €460,383 | -€67,866 | -12.8% |
| Cash at bank and in hand | 54/58 | €41,833 | €108,955 | +€67,122 | +160% |
| Deferred charges and accrued income | 490/1 | €3,128 | €4,272 | +€1,144 | +36.6% |
| Total equity and liabilities | 10/49 | €657,282 | €648,755 | -€8,527 | -1.3% |
| Equity | 10/15 | €629,153 | €616,157 | -€12,996 | -2.1% |
| Contributions | 10/11 | €3,701 | €3,701 | = | 0.0% |
| Reserves | 13 | €625,177 | €612,181 | -€12,996 | -2.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €322 | €322 | = | 0.0% |
| Distributable reserves | 133 | €624,855 | €611,859 | -€12,996 | -2.1% |
| Profit (loss) carried forward | 14 | €276 | €276 | = | 0.0% |
| Amounts payable | 17/49 | €28,129 | €32,598 | +€4,469 | +15.9% |
| Amounts payable within one year | 42/48 | €26,063 | €30,531 | +€4,468 | +17.1% |
| Trade debts | 44 | €507 | €1,152 | +€645 | +127% |
| Suppliers | 440/4 | €507 | €1,152 | +€645 | +127% |
| Taxes, remuneration and social security | 45 | €21,397 | €24,856 | +€3,458 | +16.2% |
| Taxes | 450/3 | €15,616 | €18,964 | +€3,349 | +21.4% |
| Remuneration and social security | 454/9 | €5,782 | €5,891 | +€110 | +1.9% |
| Other amounts payable | 47/48 | €4,159 | €4,523 | +€364 | +8.8% |
| Accrued charges and deferred income | 492/3 | €2,066 | €2,067 | +€1 | +0.1% |
| Remuneration, social security and pensions | 62 | €49,036 | €48,745 | -€290 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,210 | €10,063 | -€15,147 | -60.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €975 | -€17,977 | -€18,952 | |
| Other operating charges | 640/8 | €10,414 | €10,733 | +€319 | +3.1% |
| Gross operating margin | 9900 | €162,182 | €147,343 | -€14,839 | -9.1% |
| Operating profit (loss) | 9901 | €76,548 | €95,778 | +€19,230 | +25.1% |
| Financial income | 75/76B | €621 | €20,005 | +€19,385 | +3,124% |
| Recurring financial income | 75 | €621 | €20,005 | +€19,385 | +3,124% |
| Financial charges | 65/66B | €2,443 | €6,772 | +€4,329 | +177% |
| Recurring financial charges | 65 | €2,443 | €6,772 | +€4,329 | +177% |
| Profit (loss) for the period before taxes | 9903 | €74,725 | €109,011 | +€34,285 | +45.9% |
| Income taxes | 67/77 | €27,228 | €33,071 | +€5,843 | +21.5% |
| Profit (loss) for the period | 9904 | €47,497 | €75,939 | +€28,443 | +59.9% |
| Profit (loss) for the period to be appropriated | 9905 | €47,497 | €75,939 | +€28,443 | +59.9% |
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 13 October 2026 via checked.be.