Dr. Elfriede Vangheluwe: 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. Elfriede Vangheluwe
Largest movements
- Cash +€76,541
up €76,541 (+53.5%), from €143,033 to €219,574
mainly Net result for the year (+€44,470) and Receivables within one year (+€44,067)
- Receivables within one year -€44,067
no longer reported in 2025 (was €44,067)
- Deferred charges and accrued income +€33,706
up €33,706 (+266%), from €12,670 to €46,376
- Reserves +€43,637
up €43,637 (+32.7%), from €133,518 to €177,154
- Other debts +€38,154
up €38,154 (+870%), from €4,388 to €42,542
- Tax, wage and social debts -€29,999
down €29,999 (-56.8%), from €52,810 to €22,811
of which Taxes: -€30,084
- Accrued charges and deferred income +€25,121
new in 2025: €25,121
- Trade debts -€8,252
down €8,252 (-97.7%), from €8,446 to €194
- Gross operating margin +€34,541
up €34,541 (+61.9%), from €55,799 to €90,340
- Taxes +€5,890
up €5,890 (+89.2%), from €6,606 to €12,496
- Staff costs +€1,794
up €1,794 (+6.3%), from €28,551 to €30,346
- Financial income -€1,518
down €1,518 (-66.7%), from €2,276 to €757
- Financial charges +€1,317
up €1,317 (+143%), from €920 to €2,237
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 | €202,161 | €270,823 | +€68,662 | +34.0% |
| Fixed assets | 21/28 | €2,391 | €4,873 | +€2,482 | +104% |
| Tangible fixed assets | 22/27 | €1,271 | €3,753 | +€2,482 | +195% |
| Plant, machinery and equipment | 23 | €1,271 | €1,945 | +€674 | +53.0% |
| Furniture and vehicles | 24 | - | €1,808 | +€1,808 | |
| Financial fixed assets | 28 | €1,120 | €1,120 | = | 0.0% |
| Current assets | 29/58 | €199,770 | €265,950 | +€66,180 | +33.1% |
| Amounts receivable within one year | 40/41 | €44,067 | - | -€44,067 | |
| Other amounts receivable | 41 | €44,067 | - | -€44,067 | |
| Cash at bank and in hand | 54/58 | €143,033 | €219,574 | +€76,541 | +53.5% |
| Deferred charges and accrued income | 490/1 | €12,670 | €46,376 | +€33,706 | +266% |
| Total equity and liabilities | 10/49 | €202,161 | €270,823 | +€68,662 | +34.0% |
| Equity | 10/15 | €136,518 | €180,154 | +€43,637 | +32.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €133,518 | €177,154 | +€43,637 | +32.7% |
| Distributable reserves | 133 | €133,518 | €177,154 | +€43,637 | +32.7% |
| Amounts payable | 17/49 | €65,643 | €90,669 | +€25,025 | +38.1% |
| Amounts payable within one year | 42/48 | €65,643 | €65,548 | -€96 | -0.1% |
| Trade debts | 44 | €8,446 | €194 | -€8,252 | -97.7% |
| Suppliers | 440/4 | €8,446 | €194 | -€8,252 | -97.7% |
| Taxes, remuneration and social security | 45 | €52,810 | €22,811 | -€29,999 | -56.8% |
| Taxes | 450/3 | €45,318 | €15,233 | -€30,084 | -66.4% |
| Remuneration and social security | 454/9 | €7,492 | €7,578 | +€86 | +1.1% |
| Other amounts payable | 47/48 | €4,388 | €42,542 | +€38,154 | +870% |
| Accrued charges and deferred income | 492/3 | - | €25,121 | +€25,121 | |
| Remuneration, social security and pensions | 62 | €28,551 | €30,346 | +€1,794 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128 | €831 | +€703 | +550% |
| Other operating charges | 640/8 | - | €718 | +€718 | |
| Gross operating margin | 9900 | €55,799 | €90,340 | +€34,541 | +61.9% |
| Operating profit (loss) | 9901 | €27,120 | €58,445 | +€31,326 | +116% |
| Financial income | 75/76B | €2,276 | €757 | -€1,518 | -66.7% |
| Recurring financial income | 75 | €2,276 | €757 | -€1,518 | -66.7% |
| Financial charges | 65/66B | €920 | €2,237 | +€1,317 | +143% |
| Recurring financial charges | 65 | €920 | €2,237 | +€1,317 | +143% |
| Profit (loss) for the period before taxes | 9903 | €28,475 | €56,966 | +€28,491 | +100% |
| Income taxes | 67/77 | €6,606 | €12,496 | +€5,890 | +89.2% |
| Profit (loss) for the period | 9904 | €21,869 | €44,470 | +€22,601 | +103% |
| Profit (loss) for the period to be appropriated | 9905 | €21,869 | €44,470 | +€22,601 | +103% |
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 23 October 2026 via checked.be.