DR. M. ELEN: 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. M. ELEN
Largest movements
- Tangible fixed assets -€27,060
down €27,060 (-5.0%), from €536,496 to €509,436
of which Plant, machinery and equipment: -€13,731
- Receivables after one year -€13,810
down €13,810 (-15.7%), from €87,827 to €74,017
- Reserves +€45,190
up €45,190 (+6.3%), from €714,617 to €759,806
- Debts after one year -€36,402
down €36,402 (-8.4%), from €434,780 to €398,377
- Current portion of long-term debt -€18,932
down €18,932 (-34.2%), from €55,335 to €36,402
- Financial income +€149,699
up €149,699 (+648%), from €23,086 to €172,785
- Gross operating margin -€72,665
down €72,665 (-38.7%), from €187,567 to €114,903
- Financial charges +€61,549
up €61,549 (+203%), from €30,246 to €91,795
- Taxes -€7,569
down €7,569 (-15.8%), from €47,776 to €40,207
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 | €1,240,380 | €1,210,861 | -€29,518 | -2.4% |
| Fixed assets | 21/28 | €536,496 | €509,436 | -€27,060 | -5.0% |
| Tangible fixed assets | 22/27 | €536,496 | €509,436 | -€27,060 | -5.0% |
| Land and buildings | 22 | €506,006 | €492,677 | -€13,329 | -2.6% |
| Plant, machinery and equipment | 23 | €30,491 | €16,760 | -€13,731 | -45.0% |
| Other tangible fixed assets | 26 | €0 | €0 | -€0 | -100% |
| Current assets | 29/58 | €703,883 | €701,425 | -€2,458 | -0.3% |
| Amounts receivable after more than one year | 29 | €87,827 | €74,017 | -€13,810 | -15.7% |
| Other amounts receivable | 291 | €87,827 | €74,017 | -€13,810 | -15.7% |
| Amounts receivable within one year | 40/41 | €185,670 | €187,254 | +€1,584 | +0.9% |
| Trade receivables | 40 | €113,636 | €1,046 | -€112,590 | -99.1% |
| Other amounts receivable | 41 | €72,034 | €186,208 | +€114,174 | +158% |
| Current investments | 50/53 | €332,900 | €340,590 | +€7,690 | +2.3% |
| Cash at bank and in hand | 54/58 | €97,486 | €99,341 | +€1,855 | +1.9% |
| Deferred charges and accrued income | 490/1 | €0 | €222 | +€222 | |
| Total equity and liabilities | 10/49 | €1,240,380 | €1,210,861 | -€29,518 | -2.4% |
| Equity | 10/15 | €727,017 | €772,206 | +€45,190 | +6.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €714,617 | €759,806 | +€45,190 | +6.3% |
| Distributable reserves | 133 | €714,617 | €759,806 | +€45,190 | +6.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €513,363 | €438,655 | -€74,708 | -14.6% |
| Amounts payable after more than one year | 17 | €434,780 | €398,377 | -€36,402 | -8.4% |
| Financial debts | 170/4 | €434,780 | €398,377 | -€36,402 | -8.4% |
| Amounts payable within one year | 42/48 | €78,583 | €40,277 | -€38,306 | -48.7% |
| Current portion of amounts payable after more than one year | 42 | €55,335 | €36,402 | -€18,932 | -34.2% |
| Trade debts | 44 | €12,274 | €1,795 | -€10,479 | -85.4% |
| Suppliers | 440/4 | €12,274 | €1,795 | -€10,479 | -85.4% |
| Other amounts payable | 47/48 | €10,975 | €2,080 | -€8,895 | -81.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,060 | €27,060 | = | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €2,849 | €1,729 | -€1,120 | -39.3% |
| Non-recurring operating charges | 66A | - | €3,100 | +€3,100 | |
| Gross operating margin | 9900 | €187,567 | €114,903 | -€72,665 | -38.7% |
| Operating profit (loss) | 9901 | €157,659 | €83,014 | -€74,644 | -47.3% |
| Financial income | 75/76B | €23,086 | €172,785 | +€149,699 | +648% |
| Recurring financial income | 75 | €23,086 | €172,785 | +€149,699 | +648% |
| Financial charges | 65/66B | €30,246 | €91,795 | +€61,549 | +203% |
| Recurring financial charges | 65 | €30,246 | €91,795 | +€61,549 | +203% |
| Profit (loss) for the period before taxes | 9903 | €150,498 | €164,004 | +€13,506 | +9.0% |
| Income taxes | 67/77 | €47,776 | €40,207 | -€7,569 | -15.8% |
| Profit (loss) for the period | 9904 | €102,722 | €123,797 | +€21,075 | +20.5% |
| Profit (loss) for the period to be appropriated | 9905 | €102,722 | €123,797 | +€21,075 | +20.5% |
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 28 October 2026 via checked.be.