DR. ELISE DE SOUTER: 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. ELISE DE SOUTER
Largest movements
- Current investments +€65,662
up €65,662 (+42.1%), from €156,000 to €221,662
- Cash -€65,232
down €65,232 (-34.2%), from €190,787 to €125,555
mainly Contributions, distributions and other (-€500,000) and Current investments (-€65,662)
- Intangible fixed assets +€23,645
up €23,645 (+48.9%), from €48,352 to €71,997
- Deferred charges and accrued income +€19,336
up €19,336 (+686%), from €2,820 to €22,155
- Tangible fixed assets -€5,827
down €5,827 (-25.1%), from €23,183 to €17,357
of which Other tangible fixed assets: -€3,057
- Other debts +€439,556
up €439,556 (+2,275%), from €19,320 to €458,875
- Reserves -€416,025
down €416,025 (-99.8%), from €416,732 to €707
- Tax, wage and social debts +€14,881
up €14,881 (+687%), from €2,167 to €17,048
of which Taxes: +€14,881
- Trade debts -€4,973
down €4,973 (-73.3%), from €6,785 to €1,812
- Gross operating margin -€72,109
down €72,109 (-37.2%), from €194,055 to €121,946
- Taxes -€17,172
down €17,172 (-41.4%), from €41,512 to €24,340
- Depreciation +€7,478
up €7,478 (+121%), from €6,197 to €13,676
- Staff costs -€7,083
down €7,083 (-82.3%), from €8,607 to €1,523
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 | €451,900 | €483,800 | +€31,899 | +7.1% |
| Fixed assets | 21/28 | €71,536 | €89,354 | +€17,818 | +24.9% |
| Intangible fixed assets | 21 | €48,352 | €71,997 | +€23,645 | +48.9% |
| Tangible fixed assets | 22/27 | €23,183 | €17,357 | -€5,827 | -25.1% |
| Furniture and vehicles | 24 | €8,577 | €5,807 | -€2,770 | -32.3% |
| Other tangible fixed assets | 26 | €14,607 | €11,550 | -€3,057 | -20.9% |
| Current assets | 29/58 | €380,365 | €394,446 | +€14,081 | +3.7% |
| Amounts receivable within one year | 40/41 | €30,758 | €25,074 | -€5,684 | -18.5% |
| Trade receivables | 40 | €4,943 | €4,616 | -€327 | -6.6% |
| Other amounts receivable | 41 | €25,815 | €20,458 | -€5,358 | -20.8% |
| Current investments | 50/53 | €156,000 | €221,662 | +€65,662 | +42.1% |
| Cash at bank and in hand | 54/58 | €190,787 | €125,555 | -€65,232 | -34.2% |
| Deferred charges and accrued income | 490/1 | €2,820 | €22,155 | +€19,336 | +686% |
| Total equity and liabilities | 10/49 | €451,900 | €483,800 | +€31,899 | +7.1% |
| Equity | 10/15 | €421,732 | €5,707 | -€416,025 | -98.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €416,732 | €707 | -€416,025 | -99.8% |
| Distributable reserves | 133 | €416,732 | €707 | -€416,025 | -99.8% |
| Amounts payable | 17/49 | €30,168 | €478,093 | +€447,925 | +1,485% |
| Amounts payable within one year | 42/48 | €28,272 | €477,735 | +€449,463 | +1,590% |
| Trade debts | 44 | €6,785 | €1,812 | -€4,973 | -73.3% |
| Suppliers | 440/4 | €6,785 | €1,812 | -€4,973 | -73.3% |
| Taxes, remuneration and social security | 45 | €2,167 | €17,048 | +€14,881 | +687% |
| Taxes | 450/3 | €167 | €15,048 | +€14,881 | +8,932% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €19,320 | €458,875 | +€439,556 | +2,275% |
| Accrued charges and deferred income | 492/3 | €1,897 | €358 | -€1,539 | -81.1% |
| Remuneration, social security and pensions | 62 | €8,607 | €1,523 | -€7,083 | -82.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,197 | €13,676 | +€7,478 | +121% |
| Other operating charges | 640/8 | €722 | €1,456 | +€734 | +102% |
| Gross operating margin | 9900 | €194,055 | €121,946 | -€72,109 | -37.2% |
| Operating profit (loss) | 9901 | €178,529 | €105,291 | -€73,238 | -41.0% |
| Financial income | 75/76B | €4,445 | €3,673 | -€772 | -17.4% |
| Recurring financial income | 75 | €4,445 | €3,673 | -€772 | -17.4% |
| Financial charges | 65/66B | €40 | €649 | +€608 | +1,502% |
| Recurring financial charges | 65 | €40 | €649 | +€608 | +1,502% |
| Profit (loss) for the period before taxes | 9903 | €182,933 | €108,315 | -€74,618 | -40.8% |
| Income taxes | 67/77 | €41,512 | €24,340 | -€17,172 | -41.4% |
| Profit (loss) for the period | 9904 | €141,421 | €83,975 | -€57,446 | -40.6% |
| Profit (loss) for the period to be appropriated | 9905 | €141,421 | €83,975 | -€57,446 | -40.6% |
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 24 October 2026 via checked.be.