Dr. Ellen De Ceunynck: 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. Ellen De Ceunynck
Largest movements
- Cash +€44,221
up €44,221 (+40.2%), from €109,964 to €154,185
mainly Net result for the year (+€66,849) and Tax, wage and social debts (+€3,730)
- Receivables after one year +€22,073
up €22,073 (+292%), from €7,554 to €29,627
- Tangible fixed assets +€3,197
up €3,197 (+283%), from €1,129 to €4,326
of which Furniture and vehicles: +€2,381
- Reserves +€66,849
up €66,849 (+75.0%), from €89,180 to €156,029
- Tax, wage and social debts +€3,730
up €3,730 (+21.1%), from €17,718 to €21,447
of which Taxes: +€6,612
- Staff costs -€7,969
down €7,969 (-16.6%), from €48,087 to €40,118
- Depreciation -€4,695
down €4,695 (-69.4%), from €6,766 to €2,071
- Taxes +€2,896
up €2,896 (+11.7%), from €24,802 to €27,697
- Gross operating margin -€2,885
down €2,885 (-2.1%), from €139,048 to €136,162
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 | €120,581 | €191,705 | +€71,123 | +59.0% |
| Fixed assets | 21/28 | €1,129 | €4,326 | +€3,197 | +283% |
| Tangible fixed assets | 22/27 | €1,129 | €4,326 | +€3,197 | +283% |
| Plant, machinery and equipment | 23 | €0 | €816 | +€816 | |
| Furniture and vehicles | 24 | €1,129 | €3,510 | +€2,381 | +211% |
| Current assets | 29/58 | €119,452 | €187,378 | +€67,926 | +56.9% |
| Amounts receivable after more than one year | 29 | €7,554 | €29,627 | +€22,073 | +292% |
| Other amounts receivable | 291 | €7,554 | €29,627 | +€22,073 | +292% |
| Amounts receivable within one year | 40/41 | - | €351 | +€351 | |
| Trade receivables | 40 | - | €351 | +€351 | |
| Cash at bank and in hand | 54/58 | €109,964 | €154,185 | +€44,221 | +40.2% |
| Deferred charges and accrued income | 490/1 | €1,934 | €3,216 | +€1,282 | +66.3% |
| Total equity and liabilities | 10/49 | €120,581 | €191,705 | +€71,123 | +59.0% |
| Equity | 10/15 | €101,580 | €168,429 | +€66,849 | +65.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €89,180 | €156,029 | +€66,849 | +75.0% |
| Distributable reserves | 133 | €89,180 | €156,029 | +€66,849 | +75.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €19,001 | €23,275 | +€4,274 | +22.5% |
| Amounts payable within one year | 42/48 | €19,001 | €23,275 | +€4,274 | +22.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,284 | €1,828 | +€544 | +42.4% |
| Suppliers | 440/4 | €1,284 | €1,828 | +€544 | +42.4% |
| Taxes, remuneration and social security | 45 | €17,718 | €21,447 | +€3,730 | +21.1% |
| Taxes | 450/3 | €11,505 | €18,117 | +€6,612 | +57.5% |
| Remuneration and social security | 454/9 | €6,212 | €3,330 | -€2,882 | -46.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €48,087 | €40,118 | -€7,969 | -16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,766 | €2,071 | -€4,695 | -69.4% |
| Other operating charges | 640/8 | €467 | €532 | +€65 | +14.0% |
| Gross operating margin | 9900 | €139,048 | €136,162 | -€2,885 | -2.1% |
| Operating profit (loss) | 9901 | €83,728 | €93,441 | +€9,714 | +11.6% |
| Financial income | 75/76B | - | €1,189 | +€1,189 | |
| Recurring financial income | 75 | - | €1,189 | +€1,189 | |
| Financial charges | 65/66B | €132 | €84 | -€48 | -36.1% |
| Recurring financial charges | 65 | €132 | €84 | -€48 | -36.1% |
| Profit (loss) for the period before taxes | 9903 | €83,596 | €94,546 | +€10,950 | +13.1% |
| Income taxes | 67/77 | €24,802 | €27,697 | +€2,896 | +11.7% |
| Profit (loss) for the period | 9904 | €58,794 | €66,849 | +€8,055 | +13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €58,794 | €66,849 | +€8,055 | +13.7% |
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 30 October 2026 via checked.be.