Dr. Els Plees: 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 Plees
Largest movements
- Receivables within one year -€32,365
down €32,365 (-74.0%), from €43,749 to €11,385
of which Other amounts receivable: -€34,139
- Cash +€24,424
up €24,424 (+66.1%), from €36,943 to €61,368
mainly Net result for the year (+€58,064) and Receivables within one year (+€32,365)
- Current investments -€6,500
no longer reported in 2025 (was €6,500)
- Reserves -€29,356
down €29,356 (-93.8%), from €31,297 to €1,941
- Other debts +€27,900
up €27,900 (+46.9%), from €59,520 to €87,420
- Debts after one year -€15,754
down €15,754 (-15.6%), from €101,161 to €85,407
- Gross operating margin +€11,711
up €11,711 (+18.8%), from €62,199 to €73,911
- Financial income +€6,553
up €6,553 (+464%), from €1,414 to €7,967
- Financial charges +€2,657
up €2,657 (+549%), from €484 to €3,141
- Taxes +€2,483
up €2,483 (+15.3%), from €16,207 to €18,690
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 | €226,997 | €211,463 | -€15,534 | -6.8% |
| Fixed assets | 21/28 | €139,804 | €138,711 | -€1,093 | -0.8% |
| Tangible fixed assets | 22/27 | €3,304 | €2,211 | -€1,093 | -33.1% |
| Plant, machinery and equipment | 23 | €795 | €545 | -€250 | -31.4% |
| Furniture and vehicles | 24 | €2,509 | €1,666 | -€843 | -33.6% |
| Financial fixed assets | 28 | €136,500 | €136,500 | = | 0.0% |
| Current assets | 29/58 | €87,192 | €72,752 | -€14,440 | -16.6% |
| Amounts receivable within one year | 40/41 | €43,749 | €11,385 | -€32,365 | -74.0% |
| Trade receivables | 40 | €1,826 | €3,601 | +€1,775 | +97.2% |
| Other amounts receivable | 41 | €41,923 | €7,784 | -€34,139 | -81.4% |
| Current investments | 50/53 | €6,500 | - | -€6,500 | |
| Cash at bank and in hand | 54/58 | €36,943 | €61,368 | +€24,424 | +66.1% |
| Total equity and liabilities | 10/49 | €226,997 | €211,463 | -€15,534 | -6.8% |
| Equity | 10/15 | €49,897 | €20,541 | -€29,356 | -58.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €31,297 | €1,941 | -€29,356 | -93.8% |
| Distributable reserves | 133 | €31,297 | €1,941 | -€29,356 | -93.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €177,100 | €190,922 | +€13,822 | +7.8% |
| Amounts payable after more than one year | 17 | €101,161 | €85,407 | -€15,754 | -15.6% |
| Financial debts | 170/4 | €101,161 | €85,407 | -€15,754 | -15.6% |
| Amounts payable within one year | 42/48 | €75,938 | €105,515 | +€29,577 | +38.9% |
| Current portion of amounts payable after more than one year | 42 | €15,339 | €15,754 | +€416 | +2.7% |
| Trade debts | 44 | €997 | €1,867 | +€871 | +87.4% |
| Suppliers | 440/4 | €997 | €1,867 | +€871 | +87.4% |
| Taxes, remuneration and social security | 45 | €83 | €473 | +€390 | +470% |
| Taxes | 450/3 | €83 | €473 | +€390 | +470% |
| Other amounts payable | 47/48 | €59,520 | €87,420 | +€27,900 | +46.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,093 | €1,093 | = | 0.0% |
| Other operating charges | 640/8 | €864 | €889 | +€25 | +2.9% |
| Gross operating margin | 9900 | €62,199 | €73,911 | +€11,711 | +18.8% |
| Operating profit (loss) | 9901 | €60,241 | €71,928 | +€11,687 | +19.4% |
| Financial income | 75/76B | €1,414 | €7,967 | +€6,553 | +464% |
| Recurring financial income | 75 | €1,414 | €7,967 | +€6,553 | +464% |
| Financial charges | 65/66B | €484 | €3,141 | +€2,657 | +549% |
| Recurring financial charges | 65 | €484 | €3,141 | +€2,657 | +549% |
| Profit (loss) for the period before taxes | 9903 | €61,171 | €76,754 | +€15,583 | +25.5% |
| Income taxes | 67/77 | €16,207 | €18,690 | +€2,483 | +15.3% |
| Profit (loss) for the period | 9904 | €44,964 | €58,064 | +€13,100 | +29.1% |
| Profit (loss) for the period to be appropriated | 9905 | €44,964 | €58,064 | +€13,100 | +29.1% |
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.