Dr. Elien Vanhulle: what changed
Dr. Elien Vanhulle
Largest movements
- Receivables within one year +€6,600
new in 2025: €6,600
- Deferred charges and accrued income +€2,815
up €2,815 (+143%), from €1,972 to €4,788
- Cash -€1,347
down €1,347 (-1.9%), from €71,492 to €70,145
mainly Contributions, distributions and other (-€67,661) and Receivables within one year (-€6,600)
- Reserves +€7,597
up €7,597 (+11.2%), from €67,661 to €75,258
- Tax, wage and social debts +€2,591
up €2,591 (+205%), from €1,261 to €3,852
- Other debts -€2,208
down €2,208 (-45.9%), from €4,809 to €2,601
- Gross operating margin +€10,179
up €10,179 (+10.7%), from €95,029 to €105,208
- Taxes +€2,437
up €2,437 (+10.2%), from €23,961 to €26,398
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €80,360 | €88,815 | +€8,456 | +10.5% |
| Fixed assets | 21/28 | €6,895 | €7,282 | +€387 | +5.6% |
| Tangible fixed assets | 22/27 | €6,895 | €7,282 | +€387 | +5.6% |
| Plant, machinery and equipment | 23 | €3,523 | €2,116 | -€1,407 | -39.9% |
| Furniture and vehicles | 24 | €3,373 | €2,553 | -€819 | -24.3% |
| Other tangible fixed assets | 26 | - | €2,613 | +€2,613 | |
| Current assets | 29/58 | €73,464 | €81,533 | +€8,069 | +11.0% |
| Amounts receivable within one year | 40/41 | - | €6,600 | +€6,600 | |
| Trade receivables | 40 | - | €6,600 | +€6,600 | |
| Cash at bank and in hand | 54/58 | €71,492 | €70,145 | -€1,347 | -1.9% |
| Deferred charges and accrued income | 490/1 | €1,972 | €4,788 | +€2,815 | +143% |
| Total equity and liabilities | 10/49 | €80,360 | €88,815 | +€8,456 | +10.5% |
| Equity | 10/15 | €72,661 | €80,258 | +€7,597 | +10.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €67,661 | €75,258 | +€7,597 | +11.2% |
| Distributable reserves | 133 | €67,661 | €75,258 | +€7,597 | +11.2% |
| Amounts payable | 17/49 | €7,699 | €8,557 | +€858 | +11.1% |
| Amounts payable within one year | 42/48 | €6,217 | €6,473 | +€256 | +4.1% |
| Trade debts | 44 | €147 | €19 | -€127 | -86.7% |
| Suppliers | 440/4 | €147 | €19 | -€127 | -86.7% |
| Taxes, remuneration and social security | 45 | €1,261 | €3,852 | +€2,591 | +205% |
| Taxes | 450/3 | €1,261 | €3,852 | +€2,591 | +205% |
| Other amounts payable | 47/48 | €4,809 | €2,601 | -€2,208 | -45.9% |
| Accrued charges and deferred income | 492/3 | €1,482 | €2,085 | +€602 | +40.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,876 | €2,340 | -€536 | -18.6% |
| Other operating charges | 640/8 | €378 | €398 | +€19 | +5.1% |
| Gross operating margin | 9900 | €95,029 | €105,208 | +€10,179 | +10.7% |
| Operating profit (loss) | 9901 | €91,775 | €102,470 | +€10,695 | +11.7% |
| Financial charges | 65/66B | €153 | €815 | +€661 | +432% |
| Recurring financial charges | 65 | €153 | €815 | +€661 | +432% |
| Profit (loss) for the period before taxes | 9903 | €91,621 | €101,655 | +€10,034 | +11.0% |
| Income taxes | 67/77 | €23,961 | €26,398 | +€2,437 | +10.2% |
| Profit (loss) for the period | 9904 | €67,661 | €75,258 | +€7,597 | +11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €67,661 | €75,258 | +€7,597 | +11.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.