Dr. Elke Stevens: 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. Elke Stevens
Largest movements
- Receivables after one year -€50,000
no longer reported in 2025 (was €50,000)
- Cash +€26,787
up €26,787 (+90.8%), from €29,501 to €56,289
mainly Net result for the year (+€88,071) and Receivables after one year (+€50,000)
- Tangible fixed assets -€8,780
down €8,780 (-29.9%), from €29,369 to €20,589
of which Furniture and vehicles: -€8,001
- Current investments +€5,000
up €5,000 (+7.1%), from €70,000 to €75,000
- Tax, wage and social debts -€16,640
down €16,640 (-63.3%), from €26,298 to €9,658
of which Taxes: -€16,576
- Reserves -€11,929
down €11,929 (-6.8%), from €174,564 to €162,634
- Gross operating margin +€18,783
up €18,783 (+16.0%), from €117,025 to €135,808
- Taxes +€4,877
up €4,877 (+18.8%), from €25,939 to €30,816
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 | €208,551 | €182,807 | -€25,744 | -12.3% |
| Fixed assets | 21/28 | €29,369 | €20,589 | -€8,780 | -29.9% |
| Tangible fixed assets | 22/27 | €29,369 | €20,589 | -€8,780 | -29.9% |
| Plant, machinery and equipment | 23 | €3,450 | €2,671 | -€779 | -22.6% |
| Furniture and vehicles | 24 | €25,919 | €17,918 | -€8,001 | -30.9% |
| Current assets | 29/58 | €179,182 | €162,218 | -€16,964 | -9.5% |
| Amounts receivable after more than one year | 29 | €50,000 | - | -€50,000 | |
| Trade receivables | 290 | €50,000 | - | -€50,000 | |
| Amounts receivable within one year | 40/41 | €27,808 | €28,747 | +€939 | +3.4% |
| Trade receivables | 40 | €5,257 | - | -€5,257 | |
| Other amounts receivable | 41 | €22,551 | €28,747 | +€6,196 | +27.5% |
| Current investments | 50/53 | €70,000 | €75,000 | +€5,000 | +7.1% |
| Cash at bank and in hand | 54/58 | €29,501 | €56,289 | +€26,787 | +90.8% |
| Deferred charges and accrued income | 490/1 | €1,873 | €2,182 | +€309 | +16.5% |
| Total equity and liabilities | 10/49 | €208,551 | €182,807 | -€25,744 | -12.3% |
| Equity | 10/15 | €182,064 | €170,134 | -€11,929 | -6.6% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €174,564 | €162,634 | -€11,929 | -6.8% |
| Distributable reserves | 133 | €174,564 | €162,634 | -€11,929 | -6.8% |
| Amounts payable | 17/49 | €26,488 | €12,673 | -€13,815 | -52.2% |
| Amounts payable within one year | 42/48 | €26,488 | €12,673 | -€13,815 | -52.2% |
| Trade debts | 44 | €29 | €1,663 | +€1,634 | +5,602% |
| Suppliers | 440/4 | €29 | €1,663 | +€1,634 | +5,602% |
| Taxes, remuneration and social security | 45 | €26,298 | €9,658 | -€16,640 | -63.3% |
| Taxes | 450/3 | €25,285 | €8,709 | -€16,576 | -65.6% |
| Remuneration and social security | 454/9 | €1,013 | €949 | -€64 | -6.3% |
| Other amounts payable | 47/48 | €160 | €1,351 | +€1,191 | +743% |
| Remuneration, social security and pensions | 62 | €8,504 | €7,762 | -€742 | -8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,062 | €8,780 | -€282 | -3.1% |
| Other operating charges | 640/8 | €2,073 | €1,968 | -€106 | -5.1% |
| Gross operating margin | 9900 | €117,025 | €135,808 | +€18,783 | +16.0% |
| Operating profit (loss) | 9901 | €97,386 | €117,298 | +€19,912 | +20.4% |
| Financial income | 75/76B | €2,827 | €1,834 | -€993 | -35.1% |
| Recurring financial income | 75 | €2,827 | €1,834 | -€993 | -35.1% |
| Financial charges | 65/66B | €208 | €246 | +€38 | +18.2% |
| Recurring financial charges | 65 | €208 | €246 | +€38 | +18.2% |
| Profit (loss) for the period before taxes | 9903 | €100,005 | €118,886 | +€18,881 | +18.9% |
| Income taxes | 67/77 | €25,939 | €30,816 | +€4,877 | +18.8% |
| Profit (loss) for the period | 9904 | €74,067 | €88,071 | +€14,004 | +18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €74,067 | €88,071 | +€14,004 | +18.9% |
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 27 October 2026 via checked.be.