EL - ER - ES: 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.
EL - ER - ES
Largest movements
- Cash +€10,481
up €10,481 (+57.0%), from €18,382 to €28,862
mainly Net result for the year (+€13,957) and Depreciation (+€7,745)
- Tangible fixed assets -€7,745
down €7,745 (-35.9%), from €21,576 to €13,832
of which Furniture and vehicles: -€5,500
- Stocks and contracts +€4,487
up €4,487 (+23.7%), from €18,903 to €23,390
- Reserves +€13,957
up €13,957 (+75.7%), from €18,446 to €32,404
- Other debts -€2,498
down €2,498 (-56.8%), from €4,395 to €1,898
- Debts after one year -€1,937
no longer reported in 2025 (was €1,937)
- Current portion of long-term debt -€1,883
down €1,883 (-49.3%), from €3,820 to €1,937
- Tax, wage and social debts -€1,605
down €1,605 (-25.5%), from €6,293 to €4,689
- Gross operating margin +€12,618
up €12,618 (+58.6%), from €21,541 to €34,159
- Taxes +€4,579
up €4,579 (+121%), from €3,770 to €8,349
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 | €67,123 | €74,399 | +€7,276 | +10.8% |
| Fixed assets | 21/28 | €21,576 | €13,832 | -€7,745 | -35.9% |
| Tangible fixed assets | 22/27 | €21,576 | €13,832 | -€7,745 | -35.9% |
| Land and buildings | 22 | €8,285 | €6,040 | -€2,245 | -27.1% |
| Furniture and vehicles | 24 | €13,292 | €7,792 | -€5,500 | -41.4% |
| Current assets | 29/58 | €45,547 | €60,568 | +€15,021 | +33.0% |
| Stocks and contracts in progress | 3 | €18,903 | €23,390 | +€4,487 | +23.7% |
| Stocks | 30/36 | €18,903 | €23,390 | +€4,487 | +23.7% |
| Amounts receivable within one year | 40/41 | €8,017 | €8,062 | +€45 | +0.6% |
| Trade receivables | 40 | €7,284 | €8,062 | +€779 | +10.7% |
| Other amounts receivable | 41 | €734 | - | -€734 | |
| Cash at bank and in hand | 54/58 | €18,382 | €28,862 | +€10,481 | +57.0% |
| Deferred charges and accrued income | 490/1 | €245 | €253 | +€8 | +3.5% |
| Total equity and liabilities | 10/49 | €67,123 | €74,399 | +€7,276 | +10.8% |
| Equity | 10/15 | €49,433 | €63,391 | +€13,957 | +28.2% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €18,446 | €32,404 | +€13,957 | +75.7% |
| Distributable reserves | 133 | €18,446 | €32,404 | +€13,957 | +75.7% |
| Amounts payable | 17/49 | €17,690 | €11,009 | -€6,681 | -37.8% |
| Amounts payable after more than one year | 17 | €1,937 | - | -€1,937 | |
| Financial debts | 170/4 | €1,937 | - | -€1,937 | |
| Amounts payable within one year | 42/48 | €15,753 | €11,009 | -€4,744 | -30.1% |
| Current portion of amounts payable after more than one year | 42 | €3,820 | €1,937 | -€1,883 | -49.3% |
| Trade debts | 44 | €1,244 | €2,486 | +€1,242 | +99.8% |
| Suppliers | 440/4 | €1,244 | €2,486 | +€1,242 | +99.8% |
| Taxes, remuneration and social security | 45 | €6,293 | €4,689 | -€1,605 | -25.5% |
| Taxes | 450/3 | €6,293 | €4,689 | -€1,605 | -25.5% |
| Other amounts payable | 47/48 | €4,395 | €1,898 | -€2,498 | -56.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,745 | €7,745 | = | 0.0% |
| Other operating charges | 640/8 | €2,721 | €2,696 | -€25 | -0.9% |
| Gross operating margin | 9900 | €21,541 | €34,159 | +€12,618 | +58.6% |
| Operating profit (loss) | 9901 | €11,075 | €23,719 | +€12,643 | +114% |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Financial charges | 65/66B | €1,181 | €1,421 | +€239 | +20.3% |
| Recurring financial charges | 65 | €1,181 | €1,421 | +€239 | +20.3% |
| Profit (loss) for the period before taxes | 9903 | €9,894 | €22,306 | +€12,412 | +125% |
| Income taxes | 67/77 | €3,770 | €8,349 | +€4,579 | +121% |
| Profit (loss) for the period | 9904 | €6,124 | €13,957 | +€7,834 | +128% |
| Profit (loss) for the period to be appropriated | 9905 | €6,124 | €13,957 | +€7,834 | +128% |
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.