THIERRY ERNST: 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.
THIERRY ERNST
Largest movements
- Cash -€113,209
down €113,209 (-60.8%), from €186,333 to €73,124
mainly Contributions, distributions and other (-€220,300) and Receivables within one year (-€45,029)
- Receivables within one year +€45,029
up €45,029 (+70.0%), from €64,357 to €109,386
of which Other amounts receivable: +€36,962
- Tangible fixed assets -€12,726
down €12,726 (-29.6%), from €43,014 to €30,288
of which Furniture and vehicles: -€12,041
- Current investments -€5,424
down €5,424 (-20.0%), from €27,164 to €21,740
- Reserves -€146,300
down €146,300 (-69.1%), from €211,600 to €65,300
- Other debts +€59,145
up €59,145 (+34.1%), from €173,500 to €232,645
- Financial income -€27,974
down €27,974 (-30.4%), from €91,913 to €63,939
- Gross operating margin -€4,855
down €4,855 (-8.5%), from €57,168 to €52,313
- Staff costs -€2,853
down €2,853 (-14.8%), from €19,309 to €16,456
- Taxes +€1,501
up €1,501 (+32.3%), from €4,642 to €6,143
- Financial charges -€812
down €812 (-18.0%), from €4,504 to €3,692
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 | €415,255 | €328,926 | -€86,329 | -20.8% |
| Fixed assets | 21/28 | €136,271 | €123,545 | -€12,726 | -9.3% |
| Tangible fixed assets | 22/27 | €43,014 | €30,288 | -€12,726 | -29.6% |
| Furniture and vehicles | 24 | €37,541 | €25,500 | -€12,041 | -32.1% |
| Other tangible fixed assets | 26 | €5,473 | €4,788 | -€685 | -12.5% |
| Financial fixed assets | 28 | €93,257 | €93,257 | = | 0.0% |
| Current assets | 29/58 | €278,984 | €205,381 | -€73,603 | -26.4% |
| Amounts receivable within one year | 40/41 | €64,357 | €109,386 | +€45,029 | +70.0% |
| Trade receivables | 40 | - | €8,067 | +€8,067 | |
| Other amounts receivable | 41 | €64,357 | €101,320 | +€36,962 | +57.4% |
| Current investments | 50/53 | €27,164 | €21,740 | -€5,424 | -20.0% |
| Cash at bank and in hand | 54/58 | €186,333 | €73,124 | -€113,209 | -60.8% |
| Deferred charges and accrued income | 490/1 | €1,130 | €1,131 | +€1 | +0.1% |
| Total equity and liabilities | 10/49 | €415,255 | €328,926 | -€86,329 | -20.8% |
| Equity | 10/15 | €231,018 | €84,078 | -€146,940 | -63.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €211,600 | €65,300 | -€146,300 | -69.1% |
| Distributable reserves | 133 | €211,600 | €65,300 | -€146,300 | -69.1% |
| Profit (loss) carried forward | 14 | €818 | €178 | -€640 | -78.3% |
| Amounts payable | 17/49 | €184,237 | €244,849 | +€60,612 | +32.9% |
| Amounts payable within one year | 42/48 | €184,237 | €244,849 | +€60,612 | +32.9% |
| Trade debts | 44 | €2,382 | €2,696 | +€314 | +13.2% |
| Suppliers | 440/4 | €2,382 | €2,696 | +€314 | +13.2% |
| Taxes, remuneration and social security | 45 | €8,355 | €9,507 | +€1,152 | +13.8% |
| Taxes | 450/3 | €3,880 | €6,637 | +€2,758 | +71.1% |
| Remuneration and social security | 454/9 | €4,475 | €2,870 | -€1,605 | -35.9% |
| Other amounts payable | 47/48 | €173,500 | €232,645 | +€59,145 | +34.1% |
| Remuneration, social security and pensions | 62 | €19,309 | €16,456 | -€2,853 | -14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,726 | €12,726 | = | 0.0% |
| Other operating charges | 640/8 | €3,814 | €3,876 | +€62 | +1.6% |
| Gross operating margin | 9900 | €57,168 | €52,313 | -€4,855 | -8.5% |
| Operating profit (loss) | 9901 | €21,319 | €19,255 | -€2,064 | -9.7% |
| Financial income | 75/76B | €91,913 | €63,939 | -€27,974 | -30.4% |
| Recurring financial income | 75 | €91,913 | €63,939 | -€27,974 | -30.4% |
| Financial charges | 65/66B | €4,504 | €3,692 | -€812 | -18.0% |
| Recurring financial charges | 65 | €4,504 | €3,692 | -€812 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €108,729 | €79,503 | -€29,226 | -26.9% |
| Income taxes | 67/77 | €4,642 | €6,143 | +€1,501 | +32.3% |
| Profit (loss) for the period | 9904 | €104,086 | €73,360 | -€30,727 | -29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €104,086 | €73,360 | -€30,727 | -29.5% |
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 20 October 2026 via checked.be.