Stefan Eyckmans: 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.
Stefan Eyckmans
Largest movements
- Current investments +€37,307
up €37,307 (+97.9%), from €38,121 to €75,429
- Cash -€28,583
down €28,583 (-66.3%), from €43,080 to €14,496
mainly Debts after one year (-€38,869) and Current investments (-€37,307)
- Receivables after one year -€21,752
no longer reported in 2025 (was €21,752)
- Tangible fixed assets -€17,825
down €17,825 (-3.3%), from €535,932 to €518,106
of which Furniture and vehicles: -€8,988
- Receivables within one year +€14,609
up €14,609 (+131%), from €11,146 to €25,755
of which Trade receivables: +€17,369
- Reserves +€40,371
up €40,371 (+21.8%), from €185,028 to €225,399
of which Distributable reserves: +€41,159
- Debts after one year -€38,869
down €38,869 (-10.3%), from €378,104 to €339,234
- Other debts -€26,345
down €26,345 (-91.8%), from €28,705 to €2,360
- Gross operating margin +€25,005
up €25,005 (+24.7%), from €101,104 to €126,109
- Depreciation -€24,436
down €24,436 (-53.6%), from €45,600 to €21,165
- Taxes +€14,235
up €14,235 (+118%), from €12,105 to €26,340
- Financial charges -€2,327
down €2,327 (-18.6%), from €12,505 to €10,178
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 | €652,027 | €634,733 | -€17,294 | -2.7% |
| Fixed assets | 21/28 | €535,932 | €518,106 | -€17,825 | -3.3% |
| Tangible fixed assets | 22/27 | €535,932 | €518,106 | -€17,825 | -3.3% |
| Land and buildings | 22 | €515,333 | €507,136 | -€8,197 | -1.6% |
| Plant, machinery and equipment | 23 | €1,170 | €530 | -€640 | -54.7% |
| Furniture and vehicles | 24 | €19,429 | €10,441 | -€8,988 | -46.3% |
| Current assets | 29/58 | €116,096 | €116,627 | +€532 | +0.5% |
| Amounts receivable after more than one year | 29 | €21,752 | - | -€21,752 | |
| Other amounts receivable | 291 | €21,752 | - | -€21,752 | |
| Amounts receivable within one year | 40/41 | €11,146 | €25,755 | +€14,609 | +131% |
| Trade receivables | 40 | €2,567 | €19,935 | +€17,369 | +677% |
| Other amounts receivable | 41 | €8,579 | €5,820 | -€2,759 | -32.2% |
| Current investments | 50/53 | €38,121 | €75,429 | +€37,307 | +97.9% |
| Cash at bank and in hand | 54/58 | €43,080 | €14,496 | -€28,583 | -66.3% |
| Deferred charges and accrued income | 490/1 | €1,996 | €947 | -€1,049 | -52.6% |
| Total equity and liabilities | 10/49 | €652,027 | €634,733 | -€17,294 | -2.7% |
| Equity | 10/15 | €185,318 | €225,689 | +€40,371 | +21.8% |
| Contributions | 10/11 | €290 | €290 | = | 0.0% |
| Reserves | 13 | €185,028 | €225,399 | +€40,371 | +21.8% |
| Tax-exempt reserves | 132 | €23,296 | €22,508 | -€788 | -3.4% |
| Distributable reserves | 133 | €161,732 | €202,891 | +€41,159 | +25.4% |
| Provisions and deferred taxes | 16 | €5,824 | €5,627 | -€197 | -3.4% |
| Deferred taxes | 168 | €5,824 | €5,627 | -€197 | -3.4% |
| Amounts payable | 17/49 | €460,885 | €403,417 | -€57,468 | -12.5% |
| Amounts payable after more than one year | 17 | €378,104 | €339,234 | -€38,869 | -10.3% |
| Financial debts | 170/4 | €378,104 | €339,234 | -€38,869 | -10.3% |
| Amounts payable within one year | 42/48 | €82,781 | €63,773 | -€19,009 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €38,124 | €38,869 | +€745 | +2.0% |
| Trade debts | 44 | €2,810 | €4,391 | +€1,581 | +56.3% |
| Suppliers | 440/4 | €2,810 | €4,391 | +€1,581 | +56.3% |
| Taxes, remuneration and social security | 45 | €13,142 | €18,152 | +€5,010 | +38.1% |
| Taxes | 450/3 | €13,142 | €18,152 | +€5,010 | +38.1% |
| Other amounts payable | 47/48 | €28,705 | €2,360 | -€26,345 | -91.8% |
| Accrued charges and deferred income | 492/3 | - | €410 | +€410 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,600 | €21,165 | -€24,436 | -53.6% |
| Other operating charges | 640/8 | €4,378 | €3,624 | -€754 | -17.2% |
| Non-recurring operating charges | 66A | €314 | - | -€314 | |
| Gross operating margin | 9900 | €101,104 | €126,109 | +€25,005 | +24.7% |
| Operating profit (loss) | 9901 | €50,812 | €101,321 | +€50,509 | +99.4% |
| Financial income | 75/76B | €939 | €901 | -€37 | -4.0% |
| Recurring financial income | 75 | €939 | €901 | -€37 | -4.0% |
| Financial charges | 65/66B | €12,505 | €10,178 | -€2,327 | -18.6% |
| Recurring financial charges | 65 | €12,505 | €10,178 | -€2,327 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €39,245 | €92,045 | +€52,799 | +135% |
| Transfer from deferred taxes | 780 | €197 | €197 | = | 0.0% |
| Income taxes | 67/77 | €12,105 | €26,340 | +€14,235 | +118% |
| Profit (loss) for the period | 9904 | €27,338 | €65,902 | +€38,564 | +141% |
| Transfer from tax-exempt reserves | 789 | €788 | €788 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,126 | €66,690 | +€38,564 | +137% |
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 24 October 2026 via checked.be.