Dr I. ELEGEERT: 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 I. ELEGEERT
Largest movements
- Current investments +€266,035
up €266,035 (+32.4%), from €820,307 to €1.1m
- Cash +€96,280
up €96,280 (+73.0%), from €131,879 to €228,159
mainly Net result for the year (+€237,719) and Deferred charges and accrued income (+€41,442)
- Deferred charges and accrued income -€41,442
down €41,442 (-16.2%), from €255,140 to €213,698
- Tangible fixed assets -€30,821
down €30,821 (-50.0%), from €61,670 to €30,849
- Reserves +€237,719
up €237,719 (+22.3%), from €1.1m to €1.3m
of which Distributable reserves: +€195,619
- Accrued charges and deferred income +€22,324
up €22,324 (+30.9%), from €72,359 to €94,682
- Tax, wage and social debts +€19,986
up €19,986 (+67.2%), from €29,730 to €49,715
- Gross operating margin -€14,574
down €14,574 (-3.9%), from €377,322 to €362,748
- Financial income -€11,415
down €11,415 (-42.1%), from €27,095 to €15,680
- Taxes -€5,896
down €5,896 (-5.4%), from €109,769 to €103,873
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.
Cash bridge derived
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 | €1,298,695 | €1,588,248 | +€289,553 | +22.3% |
| Fixed assets | 21/28 | €61,870 | €31,049 | -€30,821 | -49.8% |
| Tangible fixed assets | 22/27 | €61,670 | €30,849 | -€30,821 | -50.0% |
| Land and buildings | 22 | €14,921 | - | -€14,921 | |
| Plant, machinery and equipment | 23 | €4,456 | €2,809 | -€1,646 | -37.0% |
| Furniture and vehicles | 24 | €42,293 | €28,040 | -€14,253 | -33.7% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €1,236,825 | €1,557,199 | +€320,374 | +25.9% |
| Amounts receivable within one year | 40/41 | €29,500 | €29,000 | -€500 | -1.7% |
| Trade receivables | 40 | €500 | - | -€500 | |
| Other amounts receivable | 41 | €29,000 | €29,000 | = | 0.0% |
| Current investments | 50/53 | €820,307 | €1,086,342 | +€266,035 | +32.4% |
| Cash at bank and in hand | 54/58 | €131,879 | €228,159 | +€96,280 | +73.0% |
| Deferred charges and accrued income | 490/1 | €255,140 | €213,698 | -€41,442 | -16.2% |
| Total equity and liabilities | 10/49 | €1,298,695 | €1,588,248 | +€289,553 | +22.3% |
| Equity | 10/15 | €1,142,844 | €1,380,563 | +€237,719 | +20.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,063,778 | €1,301,496 | +€237,719 | +22.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €85,700 | €127,800 | +€42,100 | +49.1% |
| Distributable reserves | 133 | €976,218 | €1,171,836 | +€195,619 | +20.0% |
| Profit (loss) carried forward | 14 | €66,667 | €66,667 | = | 0.0% |
| Amounts payable | 17/49 | €155,851 | €207,685 | +€51,834 | +33.3% |
| Amounts payable within one year | 42/48 | €83,492 | €113,003 | +€29,510 | +35.3% |
| Trade debts | 44 | €4,314 | €4,038 | -€276 | -6.4% |
| Suppliers | 440/4 | €4,314 | €4,038 | -€276 | -6.4% |
| Taxes, remuneration and social security | 45 | €29,730 | €49,715 | +€19,986 | +67.2% |
| Taxes | 450/3 | €29,730 | €49,715 | +€19,986 | +67.2% |
| Other amounts payable | 47/48 | €49,449 | €59,250 | +€9,801 | +19.8% |
| Accrued charges and deferred income | 492/3 | €72,359 | €94,682 | +€22,324 | +30.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,563 | €30,821 | -€743 | -2.4% |
| Other operating charges | 640/8 | €3,331 | €2,973 | -€358 | -10.8% |
| Gross operating margin | 9900 | €377,322 | €362,748 | -€14,574 | -3.9% |
| Operating profit (loss) | 9901 | €342,428 | €328,955 | -€13,473 | -3.9% |
| Financial income | 75/76B | €27,095 | €15,680 | -€11,415 | -42.1% |
| Recurring financial income | 75 | €27,095 | €15,680 | -€11,415 | -42.1% |
| Financial charges | 65/66B | €2,710 | €3,043 | +€333 | +12.3% |
| Recurring financial charges | 65 | €2,710 | €3,043 | +€333 | +12.3% |
| Profit (loss) for the period before taxes | 9903 | €366,812 | €341,591 | -€25,221 | -6.9% |
| Income taxes | 67/77 | €109,769 | €103,873 | -€5,896 | -5.4% |
| Profit (loss) for the period | 9904 | €257,043 | €237,719 | -€19,324 | -7.5% |
| Transfer to tax-exempt reserves | 689 | €42,100 | €42,100 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €214,943 | €195,619 | -€19,324 | -9.0% |
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 9 October 2026 via checked.be.