DR. ELFI TOURNAYE: 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.
DR. ELFI TOURNAYE
Largest movements
- Tangible fixed assets +€13,321
up €13,321 (+151%), from €8,825 to €22,146
- Cash +€12,177
up €12,177 (+87.1%), from €13,975 to €26,153
mainly Debts after one year (+€19,841) and Net result for the year (+€8,055)
- Deferred charges and accrued income +€2,118
up €2,118 (+75.4%), from €2,808 to €4,926
- Debts after one year +€19,841
new in 2025: €19,841
- Other debts -€9,754
down €9,754 (-43.7%), from €22,309 to €12,555
- Reserves +€8,055
up €8,055 (+92.1%), from €8,750 to €16,805
- Current portion of long-term debt +€5,014
new in 2025: €5,014
- Tax, wage and social debts +€3,400
up €3,400 (+124%), from €2,750 to €6,150
- Gross operating margin +€3,532
up €3,532 (+22.2%), from €15,889 to €19,421
- Financial charges +€1,855
up €1,855 (+2,524%), from €74 to €1,928
- Depreciation +€455
up €455 (+8.6%), from €5,279 to €5,734
- Taxes +€340
up €340 (+12.9%), from €2,638 to €2,978
- Other operating charges +€233
up €233 (+47.3%), from €493 to €727
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 | €34,270 | €61,886 | +€27,616 | +80.6% |
| Fixed assets | 21/28 | €8,825 | €22,146 | +€13,321 | +151% |
| Tangible fixed assets | 22/27 | €8,825 | €22,146 | +€13,321 | +151% |
| Furniture and vehicles | 24 | €8,825 | €22,146 | +€13,321 | +151% |
| Current assets | 29/58 | €25,446 | €39,741 | +€14,295 | +56.2% |
| Amounts receivable within one year | 40/41 | €8,662 | €8,662 | = | 0.0% |
| Other amounts receivable | 41 | €8,662 | €8,662 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €13,975 | €26,153 | +€12,177 | +87.1% |
| Deferred charges and accrued income | 490/1 | €2,808 | €4,926 | +€2,118 | +75.4% |
| Total equity and liabilities | 10/49 | €34,270 | €61,886 | +€27,616 | +80.6% |
| Equity | 10/15 | €8,850 | €16,905 | +€8,055 | +91.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €8,750 | €16,805 | +€8,055 | +92.1% |
| Distributable reserves | 133 | €8,750 | €16,805 | +€8,055 | +92.1% |
| Amounts payable | 17/49 | €25,420 | €44,981 | +€19,561 | +77.0% |
| Amounts payable after more than one year | 17 | - | €19,841 | +€19,841 | |
| Financial debts | 170/4 | - | €19,841 | +€19,841 | |
| Amounts payable within one year | 42/48 | €25,420 | €24,154 | -€1,266 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | - | €5,014 | +€5,014 | |
| Trade debts | 44 | €361 | €435 | +€74 | +20.4% |
| Suppliers | 440/4 | €361 | €435 | +€74 | +20.4% |
| Taxes, remuneration and social security | 45 | €2,750 | €6,150 | +€3,400 | +124% |
| Taxes | 450/3 | €2,750 | €6,150 | +€3,400 | +124% |
| Other amounts payable | 47/48 | €22,309 | €12,555 | -€9,754 | -43.7% |
| Accrued charges and deferred income | 492/3 | - | €986 | +€986 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,279 | €5,734 | +€455 | +8.6% |
| Other operating charges | 640/8 | €493 | €727 | +€233 | +47.3% |
| Gross operating margin | 9900 | €15,889 | €19,421 | +€3,532 | +22.2% |
| Operating profit (loss) | 9901 | €10,117 | €12,961 | +€2,844 | +28.1% |
| Financial charges | 65/66B | €74 | €1,928 | +€1,855 | +2,524% |
| Recurring financial charges | 65 | €74 | €1,928 | +€1,855 | +2,524% |
| Profit (loss) for the period before taxes | 9903 | €10,043 | €11,032 | +€989 | +9.9% |
| Income taxes | 67/77 | €2,638 | €2,978 | +€340 | +12.9% |
| Profit (loss) for the period | 9904 | €7,405 | €8,055 | +€650 | +8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €7,405 | €8,055 | +€650 | +8.8% |
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.