Dr. Ellen Van Belle: 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 Van Belle
Largest movements
- Intangible fixed assets -€21,100
down €21,100 (-12.5%), from €168,800 to €147,700
- Cash +€4,287
up €4,287 (+38.3%), from €11,198 to €15,485
mainly Net result for the year (+€42,089) and Depreciation (+€21,642)
- Receivables within one year +€2,671
new in 2025: €2,671
- Profit (loss) carried forward +€42,089
up €42,089 (+156%), from €27,008 to €69,097
- Debts after one year -€33,013
down €33,013 (-45.1%), from €73,201 to €40,188
- Other debts -€28,194
down €28,194 (-90.0%), from €31,337 to €3,143
- Tax, wage and social debts +€2,676
up €2,676 (+24.0%), from €11,152 to €13,828
of which Taxes: +€3,772
- Gross operating margin +€33,054
up €33,054 (+69.7%), from €47,442 to €80,497
- Taxes +€7,756
up €7,756 (+185%), from €4,190 to €11,945
- Financial charges -€1,546
down €1,546 (-27.9%), from €5,536 to €3,990
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 | €183,423 | €167,831 | -€15,593 | -8.5% |
| Fixed assets | 21/28 | €169,585 | €147,943 | -€21,642 | -12.8% |
| Intangible fixed assets | 21 | €168,800 | €147,700 | -€21,100 | -12.5% |
| Tangible fixed assets | 22/27 | €785 | €243 | -€542 | -69.0% |
| Plant, machinery and equipment | 23 | €785 | €243 | -€542 | -69.0% |
| Current assets | 29/58 | €13,838 | €19,887 | +€6,049 | +43.7% |
| Amounts receivable within one year | 40/41 | - | €2,671 | +€2,671 | |
| Other amounts receivable | 41 | - | €2,671 | +€2,671 | |
| Cash at bank and in hand | 54/58 | €11,198 | €15,485 | +€4,287 | +38.3% |
| Deferred charges and accrued income | 490/1 | €2,640 | €1,732 | -€908 | -34.4% |
| Total equity and liabilities | 10/49 | €183,423 | €167,831 | -€15,593 | -8.5% |
| Equity | 10/15 | €32,008 | €74,097 | +€42,089 | +131% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,008 | €69,097 | +€42,089 | +156% |
| Amounts payable | 17/49 | €151,415 | €93,734 | -€57,682 | -38.1% |
| Amounts payable after more than one year | 17 | €73,201 | €40,188 | -€33,013 | -45.1% |
| Financial debts | 170/4 | €73,201 | €40,188 | -€33,013 | -45.1% |
| Amounts payable within one year | 42/48 | €77,850 | €53,289 | -€24,562 | -31.5% |
| Current portion of amounts payable after more than one year | 42 | €34,332 | €35,706 | +€1,374 | +4.0% |
| Financial debts | 43 | - | €40 | +€40 | |
| Credit institutions | 430/8 | - | €40 | +€40 | |
| Trade debts | 44 | €1,029 | €571 | -€458 | -44.5% |
| Suppliers | 440/4 | €1,029 | €571 | -€458 | -44.5% |
| Taxes, remuneration and social security | 45 | €11,152 | €13,828 | +€2,676 | +24.0% |
| Taxes | 450/3 | €8,156 | €11,928 | +€3,772 | +46.2% |
| Remuneration and social security | 454/9 | €2,996 | €1,900 | -€1,096 | -36.6% |
| Other amounts payable | 47/48 | €31,337 | €3,143 | -€28,194 | -90.0% |
| Accrued charges and deferred income | 492/3 | €364 | €257 | -€107 | -29.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,642 | €21,642 | = | 0.0% |
| Other operating charges | 640/8 | €800 | €831 | +€30 | +3.8% |
| Gross operating margin | 9900 | €47,442 | €80,497 | +€33,054 | +69.7% |
| Operating profit (loss) | 9901 | €25,000 | €58,024 | +€33,024 | +132% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €5,536 | €3,990 | -€1,546 | -27.9% |
| Recurring financial charges | 65 | €5,536 | €3,990 | -€1,546 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | €19,464 | €54,034 | +€34,570 | +178% |
| Income taxes | 67/77 | €4,190 | €11,945 | +€7,756 | +185% |
| Profit (loss) for the period | 9904 | €15,275 | €42,089 | +€26,814 | +176% |
| Profit (loss) for the period to be appropriated | 9905 | €15,275 | €42,089 | +€26,814 | +176% |
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 25 October 2026 via checked.be.