Dr. Ellen Joos: 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 Joos
Largest movements
- Cash +€156,543
up €156,543 (+284.9%), from €54,956 to €211,499
mainly Current investments (+€120,000) and Net result for the year (+€93,793)
- Current investments -€120,000
down €120,000 (-100.0%), from €120,000 to €0
- Tangible fixed assets -€12,487
down €12,487 (-16.8%), from €74,313 to €61,826
of which Furniture and vehicles: -€14,956
- Deferred charges and accrued income +€11,561
up €11,561 (+256.3%), from €4,511 to €16,072
- Receivables within one year +€3,913
up €3,913, from €0 to €3,913
- Reserves +€93,793
up €93,793 (+51.9%), from €180,848 to €274,641
- Other debts -€17,084
down €17,084 (-92.4%), from €18,483 to €1,399
- Debts after one year -€11,916
down €11,916 (-100.0%), from €11,916 to €0
- Current portion of long-term debt -€11,368
down €11,368 (-48.8%), from €23,284 to €11,916
- Tax, wage and social debts -€11,246
down €11,246 (-100.0%), from €11,246 to €0
- Gross operating margin -€20,443
down €20,443 (-12.5%), from €164,183 to €143,740
- Taxes -€4,919
down €4,919 (-15.9%), from €31,006 to €26,087
- Depreciation +€2,971
up €2,971 (+13.4%), from €22,189 to €25,160
- Financial income +€1,796
up €1,796 (+370.8%), from €484 to €2,281
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 | €255,281 | €294,810 | +€39,530 | +15.5% |
| Fixed assets | 21/28 | €75,813 | €63,326 | -€12,487 | -16.5% |
| Tangible fixed assets | 22/27 | €74,313 | €61,826 | -€12,487 | -16.8% |
| Plant, machinery and equipment | 23 | €23,645 | €26,115 | +€2,469 | +10.4% |
| Furniture and vehicles | 24 | €50,668 | €35,712 | -€14,956 | -29.5% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €179,467 | €231,484 | +€52,017 | +29.0% |
| Amounts receivable within one year | 40/41 | €0 | €3,913 | +€3,913 | |
| Other amounts receivable | 41 | €0 | €3,913 | +€3,913 | |
| Current investments | 50/53 | €120,000 | €0 | -€120,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €54,956 | €211,499 | +€156,543 | +284.9% |
| Deferred charges and accrued income | 490/1 | €4,511 | €16,072 | +€11,561 | +256.3% |
| Total equity and liabilities | 10/49 | €255,281 | €294,810 | +€39,530 | +15.5% |
| Equity | 10/15 | €184,348 | €278,141 | +€93,793 | +50.9% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €180,848 | €274,641 | +€93,793 | +51.9% |
| Distributable reserves | 133 | €180,848 | €274,641 | +€93,793 | +51.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €70,932 | €16,669 | -€54,263 | -76.5% |
| Amounts payable after more than one year | 17 | €11,916 | €0 | -€11,916 | -100.0% |
| Financial debts | 170/4 | €11,916 | €0 | -€11,916 | -100.0% |
| Amounts payable within one year | 42/48 | €56,598 | €14,833 | -€41,765 | -73.8% |
| Current portion of amounts payable after more than one year | 42 | €23,284 | €11,916 | -€11,368 | -48.8% |
| Trade debts | 44 | €3,585 | €1,519 | -€2,067 | -57.6% |
| Suppliers | 440/4 | €3,585 | €1,519 | -€2,067 | -57.6% |
| Taxes, remuneration and social security | 45 | €11,246 | €0 | -€11,246 | -100.0% |
| Taxes | 450/3 | €11,246 | €0 | -€11,246 | -100.0% |
| Other amounts payable | 47/48 | €18,483 | €1,399 | -€17,084 | -92.4% |
| Accrued charges and deferred income | 492/3 | €2,418 | €1,836 | -€582 | -24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,189 | €25,160 | +€2,971 | +13.4% |
| Other operating charges | 640/8 | €141 | €144 | +€4 | +2.6% |
| Non-recurring operating charges | 66A | €2,451 | €0 | -€2,451 | -100.0% |
| Gross operating margin | 9900 | €164,183 | €143,740 | -€20,443 | -12.5% |
| Operating profit (loss) | 9901 | €139,402 | €118,436 | -€20,966 | -15.0% |
| Financial income | 75/76B | €484 | €2,281 | +€1,796 | +370.8% |
| Recurring financial income | 75 | €484 | €2,281 | +€1,796 | +370.8% |
| Financial charges | 65/66B | €1,560 | €837 | -€723 | -46.4% |
| Recurring financial charges | 65 | €1,560 | €837 | -€723 | -46.4% |
| Profit (loss) for the period before taxes | 9903 | €138,326 | €119,880 | -€18,446 | -13.3% |
| Income taxes | 67/77 | €31,006 | €26,087 | -€4,919 | -15.9% |
| Profit (loss) for the period | 9904 | €107,320 | €93,793 | -€13,527 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €107,320 | €93,793 | -€13,527 | -12.6% |
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 8 October 2026 via checked.be.