EEL: 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.
EEL
Largest movements
- Cash +€168,184
up €168,184 (+39.2%), from €429,285 to €597,469
mainly Net result for the year (+€159,989) and Depreciation (+€45,867)
- Tangible fixed assets -€43,719
down €43,719 (-34.9%), from €125,394 to €81,675
of which Furniture and vehicles: -€22,334
- Receivables within one year -€42,722
down €42,722 (-24.4%), from €174,781 to €132,059
of which Trade receivables: -€47,346
- Reserves +€111,113
up €111,113 (+21.2%), from €523,777 to €634,890
of which Distributable reserves: +€111,113
- Trade debts -€16,539
down €16,539 (-65.0%), from €25,438 to €8,900
- Gross operating margin -€78,173
down €78,173 (-13.3%), from €588,684 to €510,511
- Taxes -€32,421
down €32,421 (-32.2%), from €100,665 to €68,244
- Staff costs +€17,354
up €17,354 (+8.0%), from €216,177 to €233,531
- Depreciation -€5,948
down €5,948 (-11.5%), from €51,815 to €45,867
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 | €730,910 | €815,848 | +€84,938 | +11.6% |
| Fixed assets | 21/28 | €125,514 | €81,795 | -€43,719 | -34.8% |
| Tangible fixed assets | 22/27 | €125,394 | €81,675 | -€43,719 | -34.9% |
| Plant, machinery and equipment | 23 | €23,394 | €9,034 | -€14,361 | -61.4% |
| Furniture and vehicles | 24 | €62,081 | €39,747 | -€22,334 | -36.0% |
| Other tangible fixed assets | 26 | €39,919 | €32,894 | -€7,024 | -17.6% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €605,395 | €734,053 | +€128,658 | +21.3% |
| Amounts receivable within one year | 40/41 | €174,781 | €132,059 | -€42,722 | -24.4% |
| Trade receivables | 40 | €172,650 | €125,304 | -€47,346 | -27.4% |
| Other amounts receivable | 41 | €2,132 | €6,756 | +€4,624 | +217% |
| Cash at bank and in hand | 54/58 | €429,285 | €597,469 | +€168,184 | +39.2% |
| Deferred charges and accrued income | 490/1 | €1,329 | €4,524 | +€3,195 | +241% |
| Total equity and liabilities | 10/49 | €730,910 | €815,848 | +€84,938 | +11.6% |
| Equity | 10/15 | €529,977 | €641,090 | +€111,113 | +21.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €523,777 | €634,890 | +€111,113 | +21.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €521,917 | €633,030 | +€111,113 | +21.3% |
| Amounts payable | 17/49 | €200,933 | €174,758 | -€26,175 | -13.0% |
| Amounts payable after more than one year | 17 | €4,984 | - | -€4,984 | |
| Financial debts | 170/4 | €4,984 | - | -€4,984 | |
| Amounts payable within one year | 42/48 | €195,949 | €174,758 | -€21,190 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €10,800 | €4,984 | -€5,816 | -53.9% |
| Trade debts | 44 | €25,438 | €8,900 | -€16,539 | -65.0% |
| Suppliers | 440/4 | €25,438 | €8,900 | -€16,539 | -65.0% |
| Taxes, remuneration and social security | 45 | €113,848 | €113,195 | -€653 | -0.6% |
| Taxes | 450/3 | €85,665 | €83,056 | -€2,609 | -3.0% |
| Remuneration and social security | 454/9 | €28,183 | €30,139 | +€1,956 | +6.9% |
| Other amounts payable | 47/48 | €45,862 | €47,680 | +€1,818 | +4.0% |
| Remuneration, social security and pensions | 62 | €216,177 | €233,531 | +€17,354 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,815 | €45,867 | -€5,948 | -11.5% |
| Other operating charges | 640/8 | €2,255 | €1,894 | -€361 | -16.0% |
| Gross operating margin | 9900 | €588,684 | €510,511 | -€78,173 | -13.3% |
| Operating profit (loss) | 9901 | €318,437 | €229,219 | -€89,218 | -28.0% |
| Financial income | 75/76B | €5 | - | -€5 | |
| Recurring financial income | 75 | €5 | - | -€5 | |
| Financial charges | 65/66B | €945 | €985 | +€40 | +4.2% |
| Recurring financial charges | 65 | €945 | €985 | +€40 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | €317,496 | €228,234 | -€89,263 | -28.1% |
| Income taxes | 67/77 | €100,665 | €68,244 | -€32,421 | -32.2% |
| Profit (loss) for the period | 9904 | €216,832 | €159,989 | -€56,842 | -26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €216,832 | €159,989 | -€56,842 | -26.2% |
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 14 October 2026 via checked.be.