DR. ELS BLYWEERT: 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. ELS BLYWEERT
Largest movements
- Cash -€33,095
down €33,095 (-53.7%), from €61,685 to €28,591
mainly Other debts (-€33,886) and Debts after one year (-€33,417)
- Tangible fixed assets -€10,417
down €10,417 (-4.1%), from €252,086 to €241,669
of which Land and buildings: -€12,600
- Receivables within one year +€10,264
up €10,264 (+76.9%), from €13,345 to €23,609
of which Trade receivables: +€7,162
- Reserves +€40,538
up €40,538 (+28.1%), from €144,089 to €184,627
- Other debts -€33,886
down €33,886 (-58.4%), from €58,053 to €24,167
- Debts after one year -€33,417
down €33,417 (-46.7%), from €71,552 to €38,135
- Tax, wage and social debts -€5,365
down €5,365 (-92.6%), from €5,793 to €428
- Gross operating margin -€7,577
down €7,577 (-7.9%), from €95,522 to €87,944
- Taxes -€2,156
down €2,156 (-10.0%), from €21,657 to €19,501
- Depreciation +€1,287
up €1,287 (+7.3%), from €17,548 to €18,835
- Financial charges -€1,216
down €1,216 (-29.4%), from €4,136 to €2,919
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 | €333,774 | €299,608 | -€34,166 | -10.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €252,586 | €243,269 | -€9,317 | -3.7% |
| Tangible fixed assets | 22/27 | €252,086 | €241,669 | -€10,417 | -4.1% |
| Land and buildings | 22 | €216,200 | €203,600 | -€12,600 | -5.8% |
| Plant, machinery and equipment | 23 | €35,886 | €38,069 | +€2,183 | +6.1% |
| Financial fixed assets | 28 | €500 | €1,600 | +€1,100 | +220% |
| Current assets | 29/58 | €81,188 | €56,339 | -€24,849 | -30.6% |
| Amounts receivable within one year | 40/41 | €13,345 | €23,609 | +€10,264 | +76.9% |
| Trade receivables | 40 | €13,345 | €20,507 | +€7,162 | +53.7% |
| Other amounts receivable | 41 | - | €3,102 | +€3,102 | |
| Cash at bank and in hand | 54/58 | €61,685 | €28,591 | -€33,095 | -53.7% |
| Deferred charges and accrued income | 490/1 | €6,158 | €4,140 | -€2,018 | -32.8% |
| Total equity and liabilities | 10/49 | €333,774 | €299,608 | -€34,166 | -10.2% |
| Equity | 10/15 | €162,689 | €203,227 | +€40,538 | +24.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €144,089 | €184,627 | +€40,538 | +28.1% |
| Distributable reserves | 133 | €144,089 | €184,627 | +€40,538 | +28.1% |
| Amounts payable | 17/49 | €171,085 | €96,382 | -€74,704 | -43.7% |
| Amounts payable after more than one year | 17 | €71,552 | €38,135 | -€33,417 | -46.7% |
| Financial debts | 170/4 | €71,552 | €38,135 | -€33,417 | -46.7% |
| Amounts payable within one year | 42/48 | €99,533 | €58,246 | -€41,287 | -41.5% |
| Current portion of amounts payable after more than one year | 42 | €33,814 | €33,318 | -€496 | -1.5% |
| Trade debts | 44 | €1,874 | €333 | -€1,541 | -82.2% |
| Suppliers | 440/4 | €1,874 | €333 | -€1,541 | -82.2% |
| Taxes, remuneration and social security | 45 | €5,793 | €428 | -€5,365 | -92.6% |
| Taxes | 450/3 | €5,793 | €428 | -€5,365 | -92.6% |
| Other amounts payable | 47/48 | €58,053 | €24,167 | -€33,886 | -58.4% |
| Non-recurring operating income | 76A | €7,717 | - | -€7,717 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,548 | €18,835 | +€1,287 | +7.3% |
| Other operating charges | 640/8 | €6,675 | €6,397 | -€278 | -4.2% |
| Gross operating margin | 9900 | €95,522 | €87,944 | -€7,577 | -7.9% |
| Operating profit (loss) | 9901 | €71,299 | €62,712 | -€8,586 | -12.0% |
| Financial income | 75/76B | €223 | €246 | +€23 | +10.4% |
| Recurring financial income | 75 | €223 | €246 | +€23 | +10.4% |
| Financial charges | 65/66B | €4,136 | €2,919 | -€1,216 | -29.4% |
| Recurring financial charges | 65 | €4,136 | €2,919 | -€1,216 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | €67,386 | €60,039 | -€7,347 | -10.9% |
| Income taxes | 67/77 | €21,657 | €19,501 | -€2,156 | -10.0% |
| Profit (loss) for the period | 9904 | €45,729 | €40,538 | -€5,191 | -11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €45,729 | €40,538 | -€5,191 | -11.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.