STEPHANIE EECKHOUT: what changed
STEPHANIE EECKHOUT
Largest movements
- Intangible fixed assets -€54,000
down €54,000 (-49.5%), from €109,184 to €55,184
- Receivables within one year -€50,259
down €50,259 (-99.5%), from €50,516 to €258
of which Trade receivables: -€41,498
- Cash -€35,706
down €35,706 (-36.6%), from €97,534 to €61,828
mainly Contributions, distributions and other (-€209,061) and Other debts (-€97,540)
- Tangible fixed assets -€26,364
down €26,364 (-18.1%), from €145,285 to €118,922
- Other debts -€97,540
down €97,540 (-33.5%), from €291,227 to €193,687
- Trade debts -€50,146
down €50,146 (-92.5%), from €54,235 to €4,089
- Reserves -€27,431
down €27,431 (-100%), from €27,431 to €0
- Tax, wage and social debts +€10,118
up €10,118 (+94.3%), from €10,733 to €20,851
of which Taxes: +€9,250
- Staff costs -€25,420
down €25,420 (-31.2%), from €81,471 to €56,051
- Gross operating margin -€16,232
down €16,232 (-4.0%), from €405,363 to €389,131
- Taxes +€4,861
up €4,861 (+8.6%), from €56,233 to €61,094
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €402,580 | €237,581 | -€164,999 | -41.0% |
| Fixed assets | 21/28 | €254,469 | €174,105 | -€80,364 | -31.6% |
| Intangible fixed assets | 21 | €109,184 | €55,184 | -€54,000 | -49.5% |
| Tangible fixed assets | 22/27 | €145,285 | €118,922 | -€26,364 | -18.1% |
| Plant, machinery and equipment | 23 | €54,079 | €43,290 | -€10,788 | -19.9% |
| Furniture and vehicles | 24 | €69,141 | €56,221 | -€12,920 | -18.7% |
| Other tangible fixed assets | 26 | €22,065 | €19,410 | -€2,655 | -12.0% |
| Current assets | 29/58 | €148,111 | €63,476 | -€84,635 | -57.1% |
| Amounts receivable within one year | 40/41 | €50,516 | €258 | -€50,259 | -99.5% |
| Trade receivables | 40 | €41,749 | €251 | -€41,498 | -99.4% |
| Other amounts receivable | 41 | €8,767 | €7 | -€8,760 | -99.9% |
| Cash at bank and in hand | 54/58 | €97,534 | €61,828 | -€35,706 | -36.6% |
| Deferred charges and accrued income | 490/1 | €61 | €1,390 | +€1,330 | +2,193% |
| Total equity and liabilities | 10/49 | €402,580 | €237,581 | -€164,999 | -41.0% |
| Equity | 10/15 | €45,981 | €18,550 | -€27,431 | -59.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €27,431 | €0 | -€27,431 | -100% |
| Distributable reserves | 133 | €27,431 | €0 | -€27,431 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €356,599 | €219,031 | -€137,567 | -38.6% |
| Amounts payable after more than one year | 17 | €404 | €404 | = | 0.0% |
| Other amounts payable | 178/9 | €404 | €404 | = | 0.0% |
| Amounts payable within one year | 42/48 | €356,195 | €218,627 | -€137,567 | -38.6% |
| Trade debts | 44 | €54,235 | €4,089 | -€50,146 | -92.5% |
| Suppliers | 440/4 | €54,235 | €4,089 | -€50,146 | -92.5% |
| Taxes, remuneration and social security | 45 | €10,733 | €20,851 | +€10,118 | +94.3% |
| Taxes | 450/3 | €1,135 | €10,385 | +€9,250 | +815% |
| Remuneration and social security | 454/9 | €9,598 | €10,466 | +€868 | +9.0% |
| Other amounts payable | 47/48 | €291,227 | €193,687 | -€97,540 | -33.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €81,471 | €56,051 | -€25,420 | -31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,901 | €88,550 | +€649 | +0.7% |
| Other operating charges | 640/8 | €2,125 | €1,450 | -€674 | -31.7% |
| Gross operating margin | 9900 | €405,363 | €389,131 | -€16,232 | -4.0% |
| Operating profit (loss) | 9901 | €233,866 | €243,079 | +€9,213 | +3.9% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €202 | €355 | +€154 | +76.3% |
| Recurring financial charges | 65 | €202 | €355 | +€154 | +76.3% |
| Profit (loss) for the period before taxes | 9903 | €233,665 | €242,724 | +€9,059 | +3.9% |
| Income taxes | 67/77 | €56,233 | €61,094 | +€4,861 | +8.6% |
| Profit (loss) for the period | 9904 | €177,431 | €181,630 | +€4,198 | +2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €177,431 | €181,630 | +€4,198 | +2.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.