Dr. Ghoos Elien: 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. Ghoos Elien
Largest movements
- Cash +€18,774
up €18,774 (+23.6%), from €79,637 to €98,411
mainly Net result for the year (+€98,986) and Other debts (+€20,762)
- Tangible fixed assets -€10,599
down €10,599 (-20.0%), from €52,922 to €42,322
of which Land and buildings: -€6,805
- Receivables after one year -€6,500
no longer reported in 2025 (was €6,500)
- Other debts +€20,762
up €20,762 (+34.6%), from €60,004 to €80,766
- Reserves -€13,395
down €13,395 (-21.5%), from €62,381 to €48,986
- Tax, wage and social debts -€4,143
down €4,143 (-23.8%), from €17,400 to €13,257
of which Taxes: -€4,457
- Gross operating margin +€57,472
up €57,472 (+67.6%), from €85,044 to €142,516
- Taxes +€15,039
up €15,039 (+97.0%), from €15,504 to €30,543
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 | €162,562 | €164,416 | +€1,854 | +1.1% |
| Fixed assets | 21/28 | €52,922 | €42,322 | -€10,599 | -20.0% |
| Tangible fixed assets | 22/27 | €52,922 | €42,322 | -€10,599 | -20.0% |
| Land and buildings | 22 | €43,262 | €36,457 | -€6,805 | -15.7% |
| Plant, machinery and equipment | 23 | €1,045 | €518 | -€527 | -50.4% |
| Furniture and vehicles | 24 | €8,615 | €5,347 | -€3,268 | -37.9% |
| Current assets | 29/58 | €109,640 | €122,093 | +€12,454 | +11.4% |
| Amounts receivable after more than one year | 29 | €6,500 | - | -€6,500 | |
| Other amounts receivable | 291 | €6,500 | - | -€6,500 | |
| Amounts receivable within one year | 40/41 | €20,363 | €19,004 | -€1,359 | -6.7% |
| Trade receivables | 40 | - | €3,138 | +€3,138 | |
| Other amounts receivable | 41 | €20,363 | €15,866 | -€4,496 | -22.1% |
| Cash at bank and in hand | 54/58 | €79,637 | €98,411 | +€18,774 | +23.6% |
| Deferred charges and accrued income | 490/1 | €3,140 | €4,679 | +€1,538 | +49.0% |
| Total equity and liabilities | 10/49 | €162,562 | €164,416 | +€1,854 | +1.1% |
| Equity | 10/15 | €80,981 | €67,586 | -€13,395 | -16.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €62,381 | €48,986 | -€13,395 | -21.5% |
| Distributable reserves | 133 | €62,381 | €48,986 | -€13,395 | -21.5% |
| Amounts payable | 17/49 | €81,581 | €96,829 | +€15,249 | +18.7% |
| Amounts payable within one year | 42/48 | €81,581 | €96,829 | +€15,249 | +18.7% |
| Trade debts | 44 | €4,177 | €2,806 | -€1,371 | -32.8% |
| Suppliers | 440/4 | €4,177 | €2,806 | -€1,371 | -32.8% |
| Taxes, remuneration and social security | 45 | €17,400 | €13,257 | -€4,143 | -23.8% |
| Taxes | 450/3 | €15,000 | €10,543 | -€4,457 | -29.7% |
| Remuneration and social security | 454/9 | €2,400 | €2,714 | +€314 | +13.1% |
| Other amounts payable | 47/48 | €60,004 | €80,766 | +€20,762 | +34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,314 | €10,599 | +€1,286 | +13.8% |
| Other operating charges | 640/8 | €1,403 | €872 | -€531 | -37.8% |
| Gross operating margin | 9900 | €85,044 | €142,516 | +€57,472 | +67.6% |
| Operating profit (loss) | 9901 | €74,327 | €131,045 | +€56,717 | +76.3% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €1,836 | €1,519 | -€316 | -17.2% |
| Recurring financial charges | 65 | €1,836 | €1,519 | -€316 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | €72,492 | €129,529 | +€57,038 | +78.7% |
| Income taxes | 67/77 | €15,504 | €30,543 | +€15,039 | +97.0% |
| Profit (loss) for the period | 9904 | €56,988 | €98,986 | +€41,998 | +73.7% |
| Profit (loss) for the period to be appropriated | 9905 | €56,988 | €98,986 | +€41,998 | +73.7% |
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 25 October 2026 via checked.be.