Dr. Iris Elens: 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. Iris Elens
Largest movements
- Cash +€342,062
up €342,062 (+257%), from €133,353 to €475,414
mainly Debts after one year (+€921,578) and Net result for the year (+€250,436)
- Tangible fixed assets +€198,304
up €198,304 (+24.9%), from €795,111 to €993,415
of which Other tangible fixed assets: +€242,031
- Receivables within one year -€63,129
down €63,129 (-31.6%), from €199,882 to €136,753
of which Trade receivables: -€93,331
- Debts after one year +€921,578
new in 2025: €921,578
- Reserves -€191,733
no longer reported in 2025 (was €191,733)
of which Tax-exempt reserves: -€126,300
- Other debts -€180,448
down €180,448 (-24.1%), from €750,255 to €569,807
- Trade debts -€147,040
down €147,040 (-72.0%), from €204,244 to €57,204
- Current portion of long-term debt +€78,422
new in 2025: €78,422
- Gross operating margin -€67,546
down €67,546 (-14.4%), from €468,144 to €400,599
- Taxes -€29,671
down €29,671 (-29.5%), from €100,536 to €70,865
- Financial charges +€21,391
up €21,391 (+492%), from €4,352 to €25,743
- Depreciation +€11,094
up €11,094 (+26.5%), from €41,909 to €53,003
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 | €1,177,991 | €1,660,156 | +€482,166 | +40.9% |
| Fixed assets | 21/28 | €795,111 | €993,415 | +€198,304 | +24.9% |
| Tangible fixed assets | 22/27 | €795,111 | €993,415 | +€198,304 | +24.9% |
| Land and buildings | 22 | €779,201 | €737,439 | -€41,762 | -5.4% |
| Plant, machinery and equipment | 23 | €3,542 | €2,504 | -€1,038 | -29.3% |
| Furniture and vehicles | 24 | €1,546 | €619 | -€927 | -60.0% |
| Other tangible fixed assets | 26 | €10,822 | €252,853 | +€242,031 | +2,237% |
| Current assets | 29/58 | €382,880 | €666,742 | +€283,862 | +74.1% |
| Amounts receivable within one year | 40/41 | €199,882 | €136,753 | -€63,129 | -31.6% |
| Trade receivables | 40 | €199,882 | €106,551 | -€93,331 | -46.7% |
| Other amounts receivable | 41 | - | €30,202 | +€30,202 | |
| Current investments | 50/53 | €48,000 | €48,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €133,353 | €475,414 | +€342,062 | +257% |
| Deferred charges and accrued income | 490/1 | €1,645 | €6,574 | +€4,929 | +300% |
| Total equity and liabilities | 10/49 | €1,177,991 | €1,660,156 | +€482,166 | +40.9% |
| Equity | 10/15 | €196,733 | €5,000 | -€191,733 | -97.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €191,733 | - | -€191,733 | |
| Tax-exempt reserves | 132 | €126,300 | - | -€126,300 | |
| Distributable reserves | 133 | €65,433 | - | -€65,433 | |
| Amounts payable | 17/49 | €981,258 | €1,655,156 | +€673,898 | +68.7% |
| Amounts payable after more than one year | 17 | - | €921,578 | +€921,578 | |
| Financial debts | 170/4 | - | €921,578 | +€921,578 | |
| Amounts payable within one year | 42/48 | €977,518 | €728,550 | -€248,968 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | - | €78,422 | +€78,422 | |
| Trade debts | 44 | €204,244 | €57,204 | -€147,040 | -72.0% |
| Suppliers | 440/4 | €204,244 | €57,204 | -€147,040 | -72.0% |
| Taxes, remuneration and social security | 45 | €23,019 | €23,117 | +€98 | +0.4% |
| Taxes | 450/3 | €23,019 | €23,117 | +€98 | +0.4% |
| Other amounts payable | 47/48 | €750,255 | €569,807 | -€180,448 | -24.1% |
| Accrued charges and deferred income | 492/3 | €3,740 | €5,028 | +€1,288 | +34.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,909 | €53,003 | +€11,094 | +26.5% |
| Other operating charges | 640/8 | €6,478 | €4,107 | -€2,371 | -36.6% |
| Gross operating margin | 9900 | €468,144 | €400,599 | -€67,546 | -14.4% |
| Operating profit (loss) | 9901 | €419,757 | €343,489 | -€76,269 | -18.2% |
| Financial income | 75/76B | €563 | €3,556 | +€2,993 | +531% |
| Recurring financial income | 75 | €563 | €3,556 | +€2,993 | +531% |
| Financial charges | 65/66B | €4,352 | €25,743 | +€21,391 | +492% |
| Recurring financial charges | 65 | €4,352 | €25,743 | +€21,391 | +492% |
| Profit (loss) for the period before taxes | 9903 | €415,968 | €321,301 | -€94,667 | -22.8% |
| Income taxes | 67/77 | €100,536 | €70,865 | -€29,671 | -29.5% |
| Profit (loss) for the period | 9904 | €315,433 | €250,436 | -€64,997 | -20.6% |
| Transfer from tax-exempt reserves | 789 | - | €126,300 | +€126,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €315,433 | €376,736 | +€61,303 | +19.4% |
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 19 October 2026 via checked.be.