VAN ECCELPOEL: 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.
VAN ECCELPOEL
Largest movements
- Receivables within one year +€36,988
up €36,988 (+65.2%), from €56,720 to €93,708
- Stocks and contracts -€30,447
down €30,447 (-37.7%), from €80,804 to €50,357
of which Contracts in progress: -€18,552
- Deferred charges and accrued income -€17,166
down €17,166 (-80.8%), from €21,235 to €4,069
- Tangible fixed assets -€16,685
down €16,685 (-36.2%), from €46,121 to €29,436
of which Other tangible fixed assets: -€9,933
- Profit (loss) carried forward +€35,328
no longer reported in 2025 (was -€35,328)
- Trade debts -€33,786
down €33,786 (-70.0%), from €48,269 to €14,483
- Reserves -€14,574
down €14,574 (-78.6%), from €18,539 to €3,966
- Debts after one year -€7,573
down €7,573 (-52.9%), from €14,313 to €6,740
- Current portion of long-term debt -€6,924
down €6,924 (-25.2%), from €27,496 to €20,573
- Gross operating margin +€11,120
up €11,120 (+10.8%), from €103,365 to €114,485
- Depreciation +€7,544
up €7,544 (+74.8%), from €10,092 to €17,635
- Financial charges -€5,549
down €5,549 (-39.3%), from €14,128 to €8,579
- Other operating charges -€2,953
down €2,953 (-61.7%), from €4,782 to €1,829
- Staff costs -€1,888
down €1,888 (-2.8%), from €67,471 to €65,583
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 | €204,880 | €177,570 | -€27,310 | -13.3% |
| Fixed assets | 21/28 | €46,121 | €29,436 | -€16,685 | -36.2% |
| Tangible fixed assets | 22/27 | €46,121 | €29,436 | -€16,685 | -36.2% |
| Plant, machinery and equipment | 23 | €4,644 | €4,020 | -€624 | -13.4% |
| Furniture and vehicles | 24 | €16,730 | €10,560 | -€6,170 | -36.9% |
| Leasing and similar rights | 25 | €4,881 | €4,923 | +€42 | +0.9% |
| Other tangible fixed assets | 26 | €19,866 | €9,933 | -€9,933 | -50.0% |
| Current assets | 29/58 | €158,759 | €148,134 | -€10,625 | -6.7% |
| Stocks and contracts in progress | 3 | €80,804 | €50,357 | -€30,447 | -37.7% |
| Stocks | 30/36 | €53,969 | €42,074 | -€11,895 | -22.0% |
| Contracts in progress | 37 | €26,835 | €8,283 | -€18,552 | -69.1% |
| Amounts receivable within one year | 40/41 | €56,720 | €93,708 | +€36,988 | +65.2% |
| Trade receivables | 40 | €56,720 | €93,708 | +€36,988 | +65.2% |
| Cash at bank and in hand | 54/58 | €0 | €0 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €21,235 | €4,069 | -€17,166 | -80.8% |
| Total equity and liabilities | 10/49 | €204,880 | €177,570 | -€27,310 | -13.3% |
| Equity | 10/15 | €1,811 | €22,566 | +€20,755 | +1,146% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €18,539 | €3,966 | -€14,574 | -78.6% |
| Distributable reserves | 133 | €18,539 | €3,966 | -€14,574 | -78.6% |
| Profit (loss) carried forward | 14 | -€35,328 | - | +€35,328 | |
| Amounts payable | 17/49 | €203,069 | €155,004 | -€48,065 | -23.7% |
| Amounts payable after more than one year | 17 | €14,313 | €6,740 | -€7,573 | -52.9% |
| Financial debts | 170/4 | €14,313 | €6,740 | -€7,573 | -52.9% |
| Amounts payable within one year | 42/48 | €188,756 | €148,264 | -€40,492 | -21.5% |
| Current portion of amounts payable after more than one year | 42 | €27,496 | €20,573 | -€6,924 | -25.2% |
| Financial debts | 43 | €54,617 | €48,747 | -€5,871 | -10.7% |
| Credit institutions | 430/8 | €54,617 | €48,747 | -€5,871 | -10.7% |
| Trade debts | 44 | €48,269 | €14,483 | -€33,786 | -70.0% |
| Suppliers | 440/4 | €48,269 | €14,483 | -€33,786 | -70.0% |
| Taxes, remuneration and social security | 45 | €28,252 | €29,890 | +€1,638 | +5.8% |
| Taxes | 450/3 | €20,897 | €22,847 | +€1,950 | +9.3% |
| Remuneration and social security | 454/9 | €7,355 | €7,043 | -€312 | -4.2% |
| Other amounts payable | 47/48 | €30,121 | €34,572 | +€4,451 | +14.8% |
| Non-recurring operating income | 76A | €5,750 | - | -€5,750 | |
| Remuneration, social security and pensions | 62 | €67,471 | €65,583 | -€1,888 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,092 | €17,635 | +€7,544 | +74.8% |
| Other operating charges | 640/8 | €4,782 | €1,829 | -€2,953 | -61.7% |
| Gross operating margin | 9900 | €103,365 | €114,485 | +€11,120 | +10.8% |
| Operating profit (loss) | 9901 | €21,020 | €29,437 | +€8,417 | +40.0% |
| Financial income | 75/76B | - | €590 | +€590 | |
| Recurring financial income | 75 | - | €590 | +€590 | |
| Financial charges | 65/66B | €14,128 | €8,579 | -€5,549 | -39.3% |
| Recurring financial charges | 65 | €14,128 | €8,579 | -€5,549 | -39.3% |
| Profit (loss) for the period before taxes | 9903 | €6,892 | €21,448 | +€14,556 | +211% |
| Income taxes | 67/77 | - | €694 | +€694 | |
| Profit (loss) for the period | 9904 | €6,892 | €20,755 | +€13,863 | +201% |
| Profit (loss) for the period to be appropriated | 9905 | €6,892 | €20,755 | +€13,863 | +201% |
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 18 October 2026 via checked.be.