Steven 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.
Steven Eeckhout
Largest movements
- Receivables within one year +€11,623
up €11,623 (+25.4%), from €45,721 to €57,344
of which Other amounts receivable: +€9,242
- Cash -€2,965
down €2,965 (-7.4%), from €39,870 to €36,905
mainly Trade debts (-€15,983) and Receivables within one year (-€11,623)
- Tangible fixed assets -€2,897
no longer reported in 2025 (was €2,897)
of which Furniture and vehicles: -€2,150
- Stocks and contracts +€2,500
up €2,500 (+50.0%), from €5,000 to €7,500
- Reserves +€18,892
up €18,892 (+30.8%), from €61,325 to €80,217
- Trade debts -€15,983
down €15,983 (-82.6%), from €19,347 to €3,364
- Tax, wage and social debts +€6,598
up €6,598 (+96.7%), from €6,820 to €13,418
of which Taxes: +€8,598
- Accrued charges and deferred income -€1,550
down €1,550 (-47.0%), from €3,300 to €1,750
- Gross operating margin +€5,100
up €5,100 (+18.2%), from €28,045 to €33,145
- Depreciation -€2,942
down €2,942 (-50.4%), from €5,839 to €2,897
- Other operating charges +€2,922
new in 2025: €2,922
- Taxes +€1,850
up €1,850 (+39.1%), from €4,728 to €6,577
- Financial charges +€894
up €894 (+27.0%), from €3,312 to €4,206
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 | €93,792 | €101,749 | +€7,958 | +8.5% |
| Fixed assets | 21/28 | €2,897 | - | -€2,897 | |
| Tangible fixed assets | 22/27 | €2,897 | - | -€2,897 | |
| Plant, machinery and equipment | 23 | €748 | - | -€748 | |
| Furniture and vehicles | 24 | €2,150 | - | -€2,150 | |
| Current assets | 29/58 | €90,894 | €101,749 | +€10,855 | +11.9% |
| Stocks and contracts in progress | 3 | €5,000 | €7,500 | +€2,500 | +50.0% |
| Contracts in progress | 37 | €5,000 | €7,500 | +€2,500 | +50.0% |
| Amounts receivable within one year | 40/41 | €45,721 | €57,344 | +€11,623 | +25.4% |
| Trade receivables | 40 | €8,323 | €10,703 | +€2,381 | +28.6% |
| Other amounts receivable | 41 | €37,398 | €46,641 | +€9,242 | +24.7% |
| Cash at bank and in hand | 54/58 | €39,870 | €36,905 | -€2,965 | -7.4% |
| Deferred charges and accrued income | 490/1 | €304 | - | -€304 | |
| Total equity and liabilities | 10/49 | €93,792 | €101,749 | +€7,958 | +8.5% |
| Equity | 10/15 | €64,325 | €83,217 | +€18,892 | +29.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €61,325 | €80,217 | +€18,892 | +30.8% |
| Distributable reserves | 133 | €61,325 | €80,217 | +€18,892 | +30.8% |
| Amounts payable | 17/49 | €29,467 | €18,532 | -€10,935 | -37.1% |
| Amounts payable within one year | 42/48 | €26,167 | €16,782 | -€9,385 | -35.9% |
| Trade debts | 44 | €19,347 | €3,364 | -€15,983 | -82.6% |
| Suppliers | 440/4 | €19,347 | €3,364 | -€15,983 | -82.6% |
| Taxes, remuneration and social security | 45 | €6,820 | €13,418 | +€6,598 | +96.7% |
| Taxes | 450/3 | €4,820 | €13,418 | +€8,598 | +178% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Accrued charges and deferred income | 492/3 | €3,300 | €1,750 | -€1,550 | -47.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,839 | €2,897 | -€2,942 | -50.4% |
| Other operating charges | 640/8 | - | €2,922 | +€2,922 | |
| Gross operating margin | 9900 | €28,045 | €33,145 | +€5,100 | +18.2% |
| Operating profit (loss) | 9901 | €22,205 | €27,325 | +€5,120 | +23.1% |
| Financial income | 75/76B | €2,425 | €2,350 | -€75 | -3.1% |
| Recurring financial income | 75 | €2,425 | €2,350 | -€75 | -3.1% |
| Financial charges | 65/66B | €3,312 | €4,206 | +€894 | +27.0% |
| Recurring financial charges | 65 | €3,312 | €4,206 | +€894 | +27.0% |
| Profit (loss) for the period before taxes | 9903 | €21,319 | €25,470 | +€4,151 | +19.5% |
| Income taxes | 67/77 | €4,728 | €6,577 | +€1,850 | +39.1% |
| Profit (loss) for the period | 9904 | €16,591 | €18,892 | +€2,301 | +13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,591 | €18,892 | +€2,301 | +13.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.