DR. ELLEN HAELDERMANS: 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 HAELDERMANS
Largest movements
- Current investments +€39,025
up €39,025 (+22.9%), from €170,383 to €209,407
- Cash +€14,608
up €14,608 (+21.0%), from €69,404 to €84,012
mainly Net result for the year (+€72,558) and Tax, wage and social debts (+€14,315)
- Reserves +€72,558
up €72,558 (+26.7%), from €271,592 to €344,150
- Debts after one year -€25,536
down €25,536 (-10.0%), from €254,121 to €228,586
- Tax, wage and social debts +€14,315
up €14,315 (+108%), from €13,243 to €27,558
of which Taxes: +€14,315
- Other debts -€7,779
down €7,779 (-25.4%), from €30,635 to €22,856
- Financial income -€13,121
down €13,121 (-59.7%), from €21,992 to €8,871
- Taxes +€4,422
up €4,422 (+16.1%), from €27,393 to €31,815
- Other operating charges -€2,971
down €2,971 (-55.0%), from €5,399 to €2,428
- Gross operating margin +€1,568
up €1,568 (+1.5%), from €104,827 to €106,395
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 | €614,727 | €667,149 | +€52,422 | +8.5% |
| Fixed assets | 21/28 | €340,880 | €339,179 | -€1,701 | -0.5% |
| Tangible fixed assets | 22/27 | €340,880 | €339,179 | -€1,701 | -0.5% |
| Land and buildings | 22 | €292,230 | €292,230 | = | 0.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €48,650 | €46,949 | -€1,701 | -3.5% |
| Current assets | 29/58 | €273,847 | €327,970 | +€54,123 | +19.8% |
| Current investments | 50/53 | €170,383 | €209,407 | +€39,025 | +22.9% |
| Cash at bank and in hand | 54/58 | €69,404 | €84,012 | +€14,608 | +21.0% |
| Deferred charges and accrued income | 490/1 | €34,060 | €34,550 | +€490 | +1.4% |
| Total equity and liabilities | 10/49 | €614,727 | €667,149 | +€52,422 | +8.5% |
| Equity | 10/15 | €283,992 | €356,550 | +€72,558 | +25.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €271,592 | €344,150 | +€72,558 | +26.7% |
| Distributable reserves | 133 | €271,592 | €344,150 | +€72,558 | +26.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €330,735 | €310,599 | -€20,136 | -6.1% |
| Amounts payable after more than one year | 17 | €254,121 | €228,586 | -€25,536 | -10.0% |
| Financial debts | 170/4 | €254,121 | €228,586 | -€25,536 | -10.0% |
| Amounts payable within one year | 42/48 | €76,613 | €82,013 | +€5,400 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €25,151 | €25,536 | +€385 | +1.5% |
| Financial debts | 43 | €5,937 | €5,913 | -€25 | -0.4% |
| Credit institutions | 430/8 | €5,937 | €5,913 | -€25 | -0.4% |
| Trade debts | 44 | €1,647 | €150 | -€1,496 | -90.9% |
| Suppliers | 440/4 | €1,647 | €150 | -€1,496 | -90.9% |
| Taxes, remuneration and social security | 45 | €13,243 | €27,558 | +€14,315 | +108% |
| Taxes | 450/3 | €10,643 | €24,958 | +€14,315 | +135% |
| Remuneration and social security | 454/9 | €2,600 | €2,600 | = | 0.0% |
| Other amounts payable | 47/48 | €30,635 | €22,856 | -€7,779 | -25.4% |
| Non-recurring operating income | 76A | €2,569 | €877 | -€1,692 | -65.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €800 | €1,701 | +€901 | +113% |
| Other operating charges | 640/8 | €5,399 | €2,428 | -€2,971 | -55.0% |
| Gross operating margin | 9900 | €104,827 | €106,395 | +€1,568 | +1.5% |
| Operating profit (loss) | 9901 | €98,629 | €102,267 | +€3,638 | +3.7% |
| Financial income | 75/76B | €21,992 | €8,871 | -€13,121 | -59.7% |
| Recurring financial income | 75 | €21,992 | €8,871 | -€13,121 | -59.7% |
| Financial charges | 65/66B | €7,719 | €6,764 | -€954 | -12.4% |
| Recurring financial charges | 65 | €7,719 | €6,764 | -€954 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €112,902 | €104,374 | -€8,529 | -7.6% |
| Income taxes | 67/77 | €27,393 | €31,815 | +€4,422 | +16.1% |
| Profit (loss) for the period | 9904 | €85,509 | €72,558 | -€12,951 | -15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €85,509 | €72,558 | -€12,951 | -15.1% |
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 26 October 2026 via checked.be.