Erwin Dirckx: 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.
Erwin Dirckx
Largest movements
- Current investments +€55,508
up €55,508 (+9.5%), from €583,200 to €638,708
- Tangible fixed assets -€18,465
down €18,465 (-20.8%), from €88,753 to €70,289
of which Leasing and similar rights: -€15,069
- Receivables within one year -€12,219
down €12,219 (-71.1%), from €17,180 to €4,960
of which Trade receivables: -€14,233
- Cash +€11,813
up €11,813 (+42.3%), from €27,958 to €39,771
mainly Net result for the year (+€64,144) and Depreciation (+€18,465)
- Reserves +€64,144
up €64,144 (+13.7%), from €467,246 to €531,389
of which Distributable reserves: +€64,144
- Debts after one year -€13,909
down €13,909 (-59.4%), from €23,418 to €9,509
- Other debts -€11,604
down €11,604 (-18.5%), from €62,844 to €51,241
- Financial income -€146,250
down €146,250 (-84.1%), from €173,858 to €27,608
- Gross operating margin +€95,084
up €95,084, from -€22,934 to €72,149
- Other operating charges -€51,398
down €51,398 (-98.4%), from €52,215 to €817
- Financial charges -€5,984
down €5,984 (-38.1%), from €15,727 to €9,743
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 | €717,654 | €754,176 | +€36,522 | +5.1% |
| Fixed assets | 21/28 | €88,753 | €70,289 | -€18,465 | -20.8% |
| Tangible fixed assets | 22/27 | €88,753 | €70,289 | -€18,465 | -20.8% |
| Land and buildings | 22 | €2,504 | €2,365 | -€139 | -5.6% |
| Furniture and vehicles | 24 | €5,352 | €3,025 | -€2,327 | -43.5% |
| Leasing and similar rights | 25 | €75,345 | €60,276 | -€15,069 | -20.0% |
| Other tangible fixed assets | 26 | €5,552 | €4,623 | -€929 | -16.7% |
| Current assets | 29/58 | €628,901 | €683,888 | +€54,987 | +8.7% |
| Amounts receivable within one year | 40/41 | €17,180 | €4,960 | -€12,219 | -71.1% |
| Trade receivables | 40 | €14,368 | €135 | -€14,233 | -99.1% |
| Other amounts receivable | 41 | €2,811 | €4,825 | +€2,014 | +71.6% |
| Current investments | 50/53 | €583,200 | €638,708 | +€55,508 | +9.5% |
| Cash at bank and in hand | 54/58 | €27,958 | €39,771 | +€11,813 | +42.3% |
| Deferred charges and accrued income | 490/1 | €564 | €449 | -€115 | -20.3% |
| Total equity and liabilities | 10/49 | €717,654 | €754,176 | +€36,522 | +5.1% |
| Equity | 10/15 | €601,962 | €666,105 | +€64,144 | +10.7% |
| Contributions | 10/11 | €13,000 | €13,000 | = | 0.0% |
| Reserves | 13 | €467,246 | €531,389 | +€64,144 | +13.7% |
| Tax-exempt reserves | 132 | €27,500 | €27,500 | = | 0.0% |
| Distributable reserves | 133 | €439,746 | €503,889 | +€64,144 | +14.6% |
| Profit (loss) carried forward | 14 | €121,716 | €121,716 | = | 0.0% |
| Amounts payable | 17/49 | €115,693 | €88,071 | -€27,622 | -23.9% |
| Amounts payable after more than one year | 17 | €23,418 | €9,509 | -€13,909 | -59.4% |
| Financial debts | 170/4 | €23,418 | €9,509 | -€13,909 | -59.4% |
| Amounts payable within one year | 42/48 | €92,275 | €78,562 | -€13,713 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €13,161 | €13,909 | +€748 | +5.7% |
| Trade debts | 44 | €778 | €0 | -€778 | -100% |
| Suppliers | 440/4 | €778 | €0 | -€778 | -100% |
| Taxes, remuneration and social security | 45 | €15,491 | €13,413 | -€2,079 | -13.4% |
| Taxes | 450/3 | €15,491 | €13,413 | -€2,079 | -13.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €62,844 | €51,241 | -€11,604 | -18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,791 | €18,465 | -€327 | -1.7% |
| Other operating charges | 640/8 | €52,215 | €817 | -€51,398 | -98.4% |
| Gross operating margin | 9900 | -€22,934 | €72,149 | +€95,084 | |
| Operating profit (loss) | 9901 | -€93,940 | €52,868 | +€146,808 | |
| Financial income | 75/76B | €173,858 | €27,608 | -€146,250 | -84.1% |
| Recurring financial income | 75 | €173,858 | €27,608 | -€146,250 | -84.1% |
| Financial charges | 65/66B | €15,727 | €9,743 | -€5,984 | -38.1% |
| Recurring financial charges | 65 | €15,727 | €9,743 | -€5,984 | -38.1% |
| Profit (loss) for the period before taxes | 9903 | €64,190 | €70,733 | +€6,543 | +10.2% |
| Income taxes | 67/77 | €6,007 | €6,589 | +€582 | +9.7% |
| Profit (loss) for the period | 9904 | €58,183 | €64,144 | +€5,961 | +10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €58,183 | €64,144 | +€5,961 | +10.2% |
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 25 October 2026 via checked.be.