Dr. ELS MOENS: 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 MOENS
Largest movements
- Current investments +€247,321
new in 2025: €247,321
- Cash -€205,896
down €205,896 (-43.5%), from €473,676 to €267,781
mainly Contributions, distributions and other (-€265,504) and Current investments (-€247,321)
- Tangible fixed assets -€21,132
down €21,132 (-37.0%), from €57,040 to €35,908
- Deferred charges and accrued income -€18,990
down €18,990 (-35.5%), from €53,449 to €34,459
- Reserves -€134,186
down €134,186 (-22.1%), from €606,436 to €472,250
- Other debts +€130,436
up €130,436 (+52.3%), from €249,198 to €379,634
- Gross operating margin -€96,580
down €96,580 (-32.9%), from €293,938 to €197,358
- Taxes -€25,421
down €25,421 (-38.7%), from €65,660 to €40,239
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 | €906,307 | €907,634 | +€1,327 | +0.1% |
| Fixed assets | 21/28 | €57,040 | €35,908 | -€21,132 | -37.0% |
| Tangible fixed assets | 22/27 | €57,040 | €35,908 | -€21,132 | -37.0% |
| Furniture and vehicles | 24 | €57,040 | €35,908 | -€21,132 | -37.0% |
| Current assets | 29/58 | €849,267 | €871,725 | +€22,458 | +2.6% |
| Amounts receivable after more than one year | 29 | €294,223 | €294,223 | = | 0.0% |
| Other amounts receivable | 291 | €294,223 | €294,223 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €27,918 | €27,941 | +€22 | +0.1% |
| Trade receivables | 40 | - | €401 | +€401 | |
| Other amounts receivable | 41 | €27,918 | €27,540 | -€379 | -1.4% |
| Current investments | 50/53 | - | €247,321 | +€247,321 | |
| Cash at bank and in hand | 54/58 | €473,676 | €267,781 | -€205,896 | -43.5% |
| Deferred charges and accrued income | 490/1 | €53,449 | €34,459 | -€18,990 | -35.5% |
| Total equity and liabilities | 10/49 | €906,307 | €907,634 | +€1,327 | +0.1% |
| Equity | 10/15 | €618,836 | €490,850 | -€127,986 | -20.7% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €606,436 | €472,250 | -€134,186 | -22.1% |
| Distributable reserves | 133 | €606,436 | €472,250 | -€134,186 | -22.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €287,470 | €416,784 | +€129,313 | +45.0% |
| Amounts payable within one year | 42/48 | €287,470 | €416,784 | +€129,313 | +45.0% |
| Financial debts | 43 | €0 | €365 | +€365 | |
| Other loans | 439 | €0 | €365 | +€365 | |
| Trade debts | 44 | €5,801 | €496 | -€5,304 | -91.4% |
| Suppliers | 440/4 | €5,801 | €496 | -€5,304 | -91.4% |
| Taxes, remuneration and social security | 45 | €32,472 | €36,288 | +€3,816 | +11.8% |
| Taxes | 450/3 | €29,144 | €36,288 | +€7,144 | +24.5% |
| Remuneration and social security | 454/9 | €3,328 | €0 | -€3,328 | -100% |
| Other amounts payable | 47/48 | €249,198 | €379,634 | +€130,436 | +52.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,020 | €21,132 | +€112 | +0.5% |
| Other operating charges | 640/8 | €2,144 | €1,208 | -€936 | -43.6% |
| Gross operating margin | 9900 | €293,938 | €197,358 | -€96,580 | -32.9% |
| Operating profit (loss) | 9901 | €270,774 | €175,019 | -€95,756 | -35.4% |
| Financial income | 75/76B | €2,942 | €2,942 | +€0 | 0.0% |
| Recurring financial income | 75 | €2,942 | €2,942 | +€0 | 0.0% |
| Financial charges | 65/66B | -€362 | €204 | +€565 | |
| Recurring financial charges | 65 | -€362 | €204 | +€565 | |
| Profit (loss) for the period before taxes | 9903 | €274,078 | €177,757 | -€96,321 | -35.1% |
| Income taxes | 67/77 | €65,660 | €40,239 | -€25,421 | -38.7% |
| Profit (loss) for the period | 9904 | €208,418 | €137,518 | -€70,900 | -34.0% |
| Profit (loss) for the period to be appropriated | 9905 | €208,418 | €137,518 | -€70,900 | -34.0% |
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 22 October 2026 via checked.be.