Dr. Els Leys: 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 Leys
Largest movements
- Cash -€51,788
down €51,788 (-20.8%), from €249,311 to €197,524
mainly Other debts (-€76,096) and Investment in fixed assets (net) (-€16,472)
- Tangible fixed assets +€12,796
up €12,796 (+290%), from €4,406 to €17,202
of which Furniture and vehicles: +€12,216
- Deferred charges and accrued income -€3,207
down €3,207 (-11.3%), from €28,382 to €25,175
- Other debts -€76,096
down €76,096 (-95.8%), from €79,447 to €3,351
- Reserves +€46,860
up €46,860 (+28.4%), from €165,197 to €212,057
- Tax, wage and social debts -€15,378
down €15,378 (-57.0%), from €26,964 to €11,585
of which Taxes: -€15,950
- Gross operating margin -€21,110
down €21,110 (-22.5%), from €93,825 to €72,714
- Taxes -€6,496
down €6,496 (-25.1%), from €25,865 to €19,369
- Depreciation +€3,114
up €3,114 (+554%), from €562 to €3,676
- Other operating charges -€2,500
down €2,500 (-84.3%), from €2,965 to €465
- Financial charges +€952
up €952 (+39.6%), from €2,407 to €3,360
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 | €282,099 | €239,900 | -€42,199 | -15.0% |
| Fixed assets | 21/28 | €4,406 | €17,202 | +€12,796 | +290% |
| Tangible fixed assets | 22/27 | €4,406 | €17,202 | +€12,796 | +290% |
| Plant, machinery and equipment | 23 | €2,999 | €3,579 | +€579 | +19.3% |
| Furniture and vehicles | 24 | €1,407 | €13,623 | +€12,216 | +869% |
| Current assets | 29/58 | €277,693 | €222,699 | -€54,995 | -19.8% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €249,311 | €197,524 | -€51,788 | -20.8% |
| Deferred charges and accrued income | 490/1 | €28,382 | €25,175 | -€3,207 | -11.3% |
| Total equity and liabilities | 10/49 | €282,099 | €239,900 | -€42,199 | -15.0% |
| Equity | 10/15 | €170,197 | €217,057 | +€46,860 | +27.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €165,197 | €212,057 | +€46,860 | +28.4% |
| Distributable reserves | 133 | €165,197 | €212,057 | +€46,860 | +28.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €111,902 | €22,843 | -€89,059 | -79.6% |
| Amounts payable within one year | 42/48 | €111,902 | €22,843 | -€89,059 | -79.6% |
| Trade debts | 44 | €5,492 | €7,907 | +€2,415 | +44.0% |
| Suppliers | 440/4 | €5,492 | €7,907 | +€2,415 | +44.0% |
| Taxes, remuneration and social security | 45 | €26,964 | €11,585 | -€15,378 | -57.0% |
| Taxes | 450/3 | €23,292 | €7,342 | -€15,950 | -68.5% |
| Remuneration and social security | 454/9 | €3,672 | €4,243 | +€572 | +15.6% |
| Other amounts payable | 47/48 | €79,447 | €3,351 | -€76,096 | -95.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €562 | €3,676 | +€3,114 | +554% |
| Other operating charges | 640/8 | €2,965 | €465 | -€2,500 | -84.3% |
| Gross operating margin | 9900 | €93,825 | €72,714 | -€21,110 | -22.5% |
| Operating profit (loss) | 9901 | €90,297 | €68,573 | -€21,725 | -24.1% |
| Financial income | 75/76B | €1,176 | €1,017 | -€159 | -13.5% |
| Recurring financial income | 75 | €1,176 | €1,017 | -€159 | -13.5% |
| Financial charges | 65/66B | €2,407 | €3,360 | +€952 | +39.6% |
| Recurring financial charges | 65 | €2,407 | €3,360 | +€952 | +39.6% |
| Profit (loss) for the period before taxes | 9903 | €89,066 | €66,230 | -€22,837 | -25.6% |
| Income taxes | 67/77 | €25,865 | €19,369 | -€6,496 | -25.1% |
| Profit (loss) for the period | 9904 | €63,201 | €46,860 | -€16,341 | -25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €63,201 | €46,860 | -€16,341 | -25.9% |
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 28 October 2026 via checked.be.