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
- Current investments +€170,509
up €170,509 (+118%), from €145,113 to €315,622
- Cash -€89,689
down €89,689 (-71.2%), from €125,998 to €36,309
mainly Current investments (-€170,509) and Contributions, distributions and other (-€70,754)
- Receivables after one year -€18,000
down €18,000 (-12.4%), from €145,000 to €127,000
- Deferred charges and accrued income -€11,214
down €11,214 (-12.1%), from €92,807 to €81,592
- Reserves +€45,016
up €45,016 (+10.7%), from €421,108 to €466,123
- Tax, wage and social debts -€6,716
down €6,716 (-13.3%), from €50,546 to €43,830
of which Taxes: -€8,785
- Accrued charges and deferred income +€6,048
up €6,048 (+17.7%), from €34,205 to €40,253
- Gross operating margin -€26,331
down €26,331 (-13.2%), from €199,323 to €172,992
- Taxes -€6,195
down €6,195 (-9.9%), from €62,824 to €56,629
- Depreciation -€2,306
down €2,306 (-25.0%), from €9,231 to €6,925
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 | €537,723 | €584,608 | +€46,885 | +8.7% |
| Fixed assets | 21/28 | €28,806 | €24,085 | -€4,721 | -16.4% |
| Tangible fixed assets | 22/27 | €28,806 | €24,085 | -€4,721 | -16.4% |
| Plant, machinery and equipment | 23 | - | €748 | +€748 | |
| Furniture and vehicles | 24 | €2,540 | €1,931 | -€608 | -24.0% |
| Other tangible fixed assets | 26 | €26,266 | €21,406 | -€4,860 | -18.5% |
| Current assets | 29/58 | €508,917 | €560,524 | +€51,606 | +10.1% |
| Amounts receivable after more than one year | 29 | €145,000 | €127,000 | -€18,000 | -12.4% |
| Other amounts receivable | 291 | €145,000 | €127,000 | -€18,000 | -12.4% |
| Current investments | 50/53 | €145,113 | €315,622 | +€170,509 | +118% |
| Cash at bank and in hand | 54/58 | €125,998 | €36,309 | -€89,689 | -71.2% |
| Deferred charges and accrued income | 490/1 | €92,807 | €81,592 | -€11,214 | -12.1% |
| Total equity and liabilities | 10/49 | €537,723 | €584,608 | +€46,885 | +8.7% |
| Equity | 10/15 | €433,508 | €478,523 | +€45,016 | +10.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €421,108 | €466,123 | +€45,016 | +10.7% |
| Distributable reserves | 133 | €421,108 | €466,123 | +€45,016 | +10.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €104,215 | €106,085 | +€1,870 | +1.8% |
| Amounts payable within one year | 42/48 | €70,011 | €65,832 | -€4,179 | -6.0% |
| Trade debts | 44 | €1,112 | €2,520 | +€1,408 | +127% |
| Suppliers | 440/4 | €1,112 | €2,520 | +€1,408 | +127% |
| Taxes, remuneration and social security | 45 | €50,546 | €43,830 | -€6,716 | -13.3% |
| Taxes | 450/3 | €50,546 | €41,761 | -€8,785 | -17.4% |
| Remuneration and social security | 454/9 | - | €2,069 | +€2,069 | |
| Other amounts payable | 47/48 | €18,353 | €19,482 | +€1,129 | +6.2% |
| Accrued charges and deferred income | 492/3 | €34,205 | €40,253 | +€6,048 | +17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,231 | €6,925 | -€2,306 | -25.0% |
| Other operating charges | 640/8 | €1,466 | €1,772 | +€306 | +20.9% |
| Gross operating margin | 9900 | €199,323 | €172,992 | -€26,331 | -13.2% |
| Operating profit (loss) | 9901 | €188,626 | €164,295 | -€24,330 | -12.9% |
| Financial income | 75/76B | €9,751 | €8,950 | -€800 | -8.2% |
| Recurring financial income | 75 | €9,751 | €8,950 | -€800 | -8.2% |
| Financial charges | 65/66B | €367 | €847 | +€480 | +131% |
| Recurring financial charges | 65 | €367 | €847 | +€480 | +131% |
| Profit (loss) for the period before taxes | 9903 | €198,010 | €172,399 | -€25,611 | -12.9% |
| Income taxes | 67/77 | €62,824 | €56,629 | -€6,195 | -9.9% |
| Profit (loss) for the period | 9904 | €135,186 | €115,770 | -€19,416 | -14.4% |
| Profit (loss) for the period to be appropriated | 9905 | €135,186 | €115,770 | -€19,416 | -14.4% |
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 1 November 2026 via checked.be.