Dr. Ellen Vanhie: 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 Vanhie
Largest movements
- Tangible fixed assets +€238,379
up €238,379 (+4,542%), from €5,248 to €243,627
of which Land and buildings: +€239,740
- Cash +€57,302
up €57,302 (+194%), from €29,522 to €86,824
mainly Debts after one year (+€214,568) and Net result for the year (+€44,365)
- Receivables within one year +€15,451
up €15,451 (+2,575%), from €600 to €16,051
- Debts after one year +€214,568
new in 2025: €214,568
- Reserves +€44,365
up €44,365 (+188%), from €23,602 to €67,968
- Other debts +€32,940
up €32,940 (+337%), from €9,780 to €42,720
- Tax, wage and social debts +€10,165
up €10,165 (+963%), from €1,056 to €11,221
- Trade debts +€4,371
up €4,371 (+1,112%), from €393 to €4,765
- Gross operating margin +€36,385
up €36,385 (+118%), from €30,754 to €67,139
- Depreciation +€7,346
up €7,346 (+691%), from €1,063 to €8,409
- Taxes +€5,165
up €5,165 (+85.3%), from €6,056 to €11,221
- Financial charges +€2,565
up €2,565 (+7,601%), from €34 to €2,599
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 | €35,831 | €347,775 | +€311,944 | +871% |
| Fixed assets | 21/28 | €5,248 | €243,627 | +€238,379 | +4,542% |
| Tangible fixed assets | 22/27 | €5,248 | €243,627 | +€238,379 | +4,542% |
| Land and buildings | 22 | - | €239,740 | +€239,740 | |
| Plant, machinery and equipment | 23 | €936 | €575 | -€361 | -38.6% |
| Furniture and vehicles | 24 | €4,312 | €3,312 | -€1,000 | -23.2% |
| Current assets | 29/58 | €30,583 | €104,148 | +€73,565 | +241% |
| Amounts receivable within one year | 40/41 | €600 | €16,051 | +€15,451 | +2,575% |
| Trade receivables | 40 | €600 | €16,051 | +€15,451 | +2,575% |
| Cash at bank and in hand | 54/58 | €29,522 | €86,824 | +€57,302 | +194% |
| Deferred charges and accrued income | 490/1 | €461 | €1,273 | +€812 | +176% |
| Total equity and liabilities | 10/49 | €35,831 | €347,775 | +€311,944 | +871% |
| Equity | 10/15 | €24,602 | €68,968 | +€44,365 | +180% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €23,602 | €67,968 | +€44,365 | +188% |
| Distributable reserves | 133 | €23,602 | €67,968 | +€44,365 | +188% |
| Amounts payable | 17/49 | €11,229 | €278,807 | +€267,578 | +2,383% |
| Amounts payable after more than one year | 17 | - | €214,568 | +€214,568 | |
| Financial debts | 170/4 | - | €214,568 | +€214,568 | |
| Amounts payable within one year | 42/48 | €11,229 | €62,536 | +€51,308 | +457% |
| Current portion of amounts payable after more than one year | 42 | - | €3,832 | +€3,832 | |
| Trade debts | 44 | €393 | €4,765 | +€4,371 | +1,112% |
| Suppliers | 440/4 | €393 | €4,765 | +€4,371 | +1,112% |
| Taxes, remuneration and social security | 45 | €1,056 | €11,221 | +€10,165 | +963% |
| Taxes | 450/3 | €1,056 | €11,221 | +€10,165 | +963% |
| Other amounts payable | 47/48 | €9,780 | €42,720 | +€32,940 | +337% |
| Accrued charges and deferred income | 492/3 | - | €1,702 | +€1,702 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,063 | €8,409 | +€7,346 | +691% |
| Other operating charges | 640/8 | - | €545 | +€545 | |
| Gross operating margin | 9900 | €30,754 | €67,139 | +€36,385 | +118% |
| Operating profit (loss) | 9901 | €29,692 | €58,185 | +€28,493 | +96.0% |
| Financial charges | 65/66B | €34 | €2,599 | +€2,565 | +7,601% |
| Recurring financial charges | 65 | €34 | €2,599 | +€2,565 | +7,601% |
| Profit (loss) for the period before taxes | 9903 | €29,658 | €55,586 | +€25,928 | +87.4% |
| Income taxes | 67/77 | €6,056 | €11,221 | +€5,165 | +85.3% |
| Profit (loss) for the period | 9904 | €23,602 | €44,365 | +€20,763 | +88.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,602 | €44,365 | +€20,763 | +88.0% |
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 24 October 2026 via checked.be.