Dokter Ellen Faes: 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.
Dokter Ellen Faes
Largest movements
- Cash -€176,148
down €176,148 (-74.9%), from €235,271 to €59,123
mainly Current investments (-€146,881) and Tax, wage and social debts (-€37,556)
- Current investments +€146,881
new in 2025: €146,881
- Receivables within one year +€22,409
new in 2025: €22,409
- Tangible fixed assets +€5,498
new in 2025: €5,498
- Reserves +€40,454
up €40,454 (+21.1%), from €191,369 to €231,823
- Tax, wage and social debts -€37,556
down €37,556 (-98.1%), from €38,276 to €720
- Other debts -€3,663
no longer reported in 2025 (was €3,663)
- Gross operating margin -€195,612
down €195,612 (-77.9%), from €251,031 to €55,419
- Taxes -€47,768
down €47,768 (-82.0%), from €58,276 to €10,508
- Financial charges +€3,689
up €3,689 (+634%), from €582 to €4,271
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 | €235,271 | €234,261 | -€1,009 | -0.4% |
| Fixed assets | 21/28 | - | €5,498 | +€5,498 | |
| Tangible fixed assets | 22/27 | - | €5,498 | +€5,498 | |
| Furniture and vehicles | 24 | - | €5,498 | +€5,498 | |
| Current assets | 29/58 | €235,271 | €228,764 | -€6,507 | -2.8% |
| Amounts receivable within one year | 40/41 | - | €22,409 | +€22,409 | |
| Other amounts receivable | 41 | - | €22,409 | +€22,409 | |
| Current investments | 50/53 | - | €146,881 | +€146,881 | |
| Cash at bank and in hand | 54/58 | €235,271 | €59,123 | -€176,148 | -74.9% |
| Deferred charges and accrued income | 490/1 | - | €351 | +€351 | |
| Total equity and liabilities | 10/49 | €235,271 | €234,261 | -€1,009 | -0.4% |
| Equity | 10/15 | €192,369 | €232,823 | +€40,454 | +21.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €191,369 | €231,823 | +€40,454 | +21.1% |
| Distributable reserves | 133 | €191,369 | €231,823 | +€40,454 | +21.1% |
| Amounts payable | 17/49 | €42,901 | €1,438 | -€41,464 | -96.6% |
| Amounts payable within one year | 42/48 | €42,755 | €1,438 | -€41,317 | -96.6% |
| Trade debts | 44 | €815 | €717 | -€98 | -12.0% |
| Suppliers | 440/4 | €815 | €717 | -€98 | -12.0% |
| Taxes, remuneration and social security | 45 | €38,276 | €720 | -€37,556 | -98.1% |
| Taxes | 450/3 | €38,276 | €720 | -€37,556 | -98.1% |
| Other amounts payable | 47/48 | €3,663 | - | -€3,663 | |
| Accrued charges and deferred income | 492/3 | €147 | - | -€147 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,351 | +€1,351 | |
| Other operating charges | 640/8 | €804 | €640 | -€164 | -20.4% |
| Gross operating margin | 9900 | €251,031 | €55,419 | -€195,612 | -77.9% |
| Operating profit (loss) | 9901 | €250,227 | €53,428 | -€196,799 | -78.6% |
| Financial income | 75/76B | - | €1,805 | +€1,805 | |
| Recurring financial income | 75 | - | €1,805 | +€1,805 | |
| Financial charges | 65/66B | €582 | €4,271 | +€3,689 | +634% |
| Recurring financial charges | 65 | €582 | €4,271 | +€3,689 | +634% |
| Profit (loss) for the period before taxes | 9903 | €249,645 | €50,963 | -€198,683 | -79.6% |
| Income taxes | 67/77 | €58,276 | €10,508 | -€47,768 | -82.0% |
| Profit (loss) for the period | 9904 | €191,369 | €40,454 | -€150,915 | -78.9% |
| Profit (loss) for the period to be appropriated | 9905 | €191,369 | €40,454 | -€150,915 | -78.9% |
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 26 October 2026 via checked.be.