Dr. Ellen Collier: what changed
Two fiscal 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. Ellen Collier
Largest movements
- Receivables within one year +€289,182
up €289,182 (+6270.7%), from €4,612 to €293,794
of which Trade receivables: +€203,658
- Deferred charges and accrued income -€249,018
down €249,018 (-93.9%), from €265,143 to €16,126
- Cash +€153,164
up €153,164 (+126.5%), from €121,053 to €274,217
mainly Net result for the year (+€465,152) and Other debts (+€425,310)
- Intangible fixed assets +€12,183
new in 2025: €12,183
- Other debts +€425,310
new in 2025: €425,310
- Profit (loss) carried forward -€234,848
down €234,848 (-69.7%), from €337,127 to €102,279
- Tax, wage and social debts +€22,081
up €22,081 (+41.5%), from €53,239 to €75,320
of which Taxes: +€21,921
- Gross operating margin +€85,666
up €85,666 (+15.7%), from €545,832 to €631,498
- Taxes +€13,241
up €13,241 (+9.7%), from €137,079 to €150,320
- Depreciation +€10,684
up €10,684 (+339.1%), from €3,150 to €13,835
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.
Cash bridge derived
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 | €424,792 | €633,416 | +€208,624 | +49.1% |
| Fixed assets | 21/28 | €33,984 | €49,279 | +€15,295 | +45.0% |
| Intangible fixed assets | 21 | - | €12,183 | +€12,183 | |
| Tangible fixed assets | 22/27 | €33,984 | €37,096 | +€3,112 | +9.2% |
| Plant, machinery and equipment | 23 | €27,310 | €20,008 | -€7,302 | -26.7% |
| Furniture and vehicles | 24 | €6,674 | €17,088 | +€10,414 | +156.0% |
| Current assets | 29/58 | €390,808 | €584,137 | +€193,329 | +49.5% |
| Amounts receivable within one year | 40/41 | €4,612 | €293,794 | +€289,182 | +6270.7% |
| Trade receivables | 40 | - | €203,658 | +€203,658 | |
| Other amounts receivable | 41 | €4,612 | €90,136 | +€85,524 | +1854.5% |
| Cash at bank and in hand | 54/58 | €121,053 | €274,217 | +€153,164 | +126.5% |
| Deferred charges and accrued income | 490/1 | €265,143 | €16,126 | -€249,018 | -93.9% |
| Total equity and liabilities | 10/49 | €424,792 | €633,416 | +€208,624 | +49.1% |
| Equity | 10/15 | €340,127 | €105,279 | -€234,848 | -69.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €337,127 | €102,279 | -€234,848 | -69.7% |
| Amounts payable | 17/49 | €84,665 | €528,137 | +€443,472 | +523.8% |
| Amounts payable after more than one year | 17 | €3,081 | - | -€3,081 | |
| Financial debts | 170/4 | €3,081 | - | -€3,081 | |
| Amounts payable within one year | 42/48 | €81,584 | €527,569 | +€445,985 | +546.7% |
| Current portion of amounts payable after more than one year | 42 | €6,107 | €3,081 | -€3,026 | -49.6% |
| Financial debts | 43 | €4,333 | €7,463 | +€3,130 | +72.2% |
| Other loans | 439 | €4,333 | €7,463 | +€3,130 | +72.2% |
| Trade debts | 44 | €17,905 | €16,395 | -€1,510 | -8.4% |
| Suppliers | 440/4 | €17,905 | €16,395 | -€1,510 | -8.4% |
| Taxes, remuneration and social security | 45 | €53,239 | €75,320 | +€22,081 | +41.5% |
| Taxes | 450/3 | €53,079 | €75,000 | +€21,921 | +41.3% |
| Remuneration and social security | 454/9 | €160 | €320 | +€160 | +100.0% |
| Other amounts payable | 47/48 | - | €425,310 | +€425,310 | |
| Accrued charges and deferred income | 492/3 | - | €568 | +€568 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,150 | €13,835 | +€10,684 | +339.1% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €545,832 | €631,498 | +€85,666 | +15.7% |
| Operating profit (loss) | 9901 | €542,176 | €617,144 | +€74,968 | +13.8% |
| Financial income | 75/76B | €240 | €0 | -€240 | -100.0% |
| Recurring financial income | 75 | €240 | €0 | -€240 | -100.0% |
| Financial charges | 65/66B | €1,508 | €1,672 | +€164 | +10.9% |
| Recurring financial charges | 65 | €1,508 | €1,672 | +€164 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | €540,908 | €615,472 | +€74,564 | +13.8% |
| Income taxes | 67/77 | €137,079 | €150,320 | +€13,241 | +9.7% |
| Profit (loss) for the period | 9904 | €403,829 | €465,152 | +€61,323 | +15.2% |
| Profit (loss) for the period to be appropriated | 9905 | €403,829 | €465,152 | +€61,323 | +15.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.