ELEGANT MODE: 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.
ELEGANT MODE
Largest movements
- Cash +€146,779
up €146,779 (+291%), from €50,447 to €197,226
mainly Current investments (+€50,000) and Depreciation (+€35,159)
- Current investments -€50,000
down €50,000 (-14.3%), from €350,000 to €300,000
- Stocks and contracts -€33,034
down €33,034 (-11.4%), from €288,507 to €255,474
- Tangible fixed assets -€31,994
down €31,994 (-28.1%), from €113,823 to €81,830
of which Other tangible fixed assets: -€17,000
- Reserves +€22,941
up €22,941 (+15.6%), from €146,933 to €169,875
- Tax, wage and social debts +€15,029
up €15,029 (+25.2%), from €59,656 to €74,684
of which Remuneration and social security: +€10,747
- Gross operating margin -€47,079
down €47,079 (-20.2%), from €233,303 to €186,224
- Depreciation -€21,398
down €21,398 (-37.8%), from €56,557 to €35,159
- Write-downs -€14,843
down €14,843 (-47.8%), from €31,040 to €16,196
- Staff costs +€6,645
up €6,645 (+8.4%), from €79,277 to €85,922
- Taxes +€3,410
up €3,410 (+69.5%), from €4,906 to €8,316
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 | €816,558 | €851,170 | +€34,612 | +4.2% |
| Fixed assets | 21/28 | €113,823 | €81,830 | -€31,994 | -28.1% |
| Tangible fixed assets | 22/27 | €113,823 | €81,830 | -€31,994 | -28.1% |
| Furniture and vehicles | 24 | €45,354 | €30,360 | -€14,993 | -33.1% |
| Other tangible fixed assets | 26 | €68,470 | €51,469 | -€17,000 | -24.8% |
| Current assets | 29/58 | €702,735 | €769,340 | +€66,605 | +9.5% |
| Amounts receivable after more than one year | 29 | €223 | €223 | = | 0.0% |
| Other amounts receivable | 291 | €223 | €223 | = | 0.0% |
| Stocks and contracts in progress | 3 | €288,507 | €255,474 | -€33,034 | -11.4% |
| Stocks | 30/36 | €288,507 | €255,474 | -€33,034 | -11.4% |
| Amounts receivable within one year | 40/41 | €6,498 | €12,832 | +€6,333 | +97.5% |
| Trade receivables | 40 | €2,204 | €10,690 | +€8,486 | +385% |
| Other amounts receivable | 41 | €4,295 | €2,142 | -€2,153 | -50.1% |
| Current investments | 50/53 | €350,000 | €300,000 | -€50,000 | -14.3% |
| Cash at bank and in hand | 54/58 | €50,447 | €197,226 | +€146,779 | +291% |
| Deferred charges and accrued income | 490/1 | €7,059 | €3,586 | -€3,473 | -49.2% |
| Total equity and liabilities | 10/49 | €816,558 | €851,170 | +€34,612 | +4.2% |
| Equity | 10/15 | €443,818 | €466,760 | +€22,941 | +5.2% |
| Contributions | 10/11 | €280,000 | €280,000 | = | 0.0% |
| Reserves | 13 | €146,933 | €169,875 | +€22,941 | +15.6% |
| Distributable reserves | 133 | €146,933 | €169,875 | +€22,941 | +15.6% |
| Profit (loss) carried forward | 14 | €16,885 | €16,885 | = | 0.0% |
| Amounts payable | 17/49 | €372,740 | €384,410 | +€11,670 | +3.1% |
| Amounts payable after more than one year | 17 | €273,478 | €273,478 | = | 0.0% |
| Financial debts | 170/4 | €273,478 | €273,478 | = | 0.0% |
| Amounts payable within one year | 42/48 | €81,713 | €93,384 | +€11,670 | +14.3% |
| Trade debts | 44 | €13,683 | €12,018 | -€1,665 | -12.2% |
| Suppliers | 440/4 | €13,683 | €12,018 | -€1,665 | -12.2% |
| Taxes, remuneration and social security | 45 | €59,656 | €74,684 | +€15,029 | +25.2% |
| Taxes | 450/3 | €49,661 | €53,944 | +€4,282 | +8.6% |
| Remuneration and social security | 454/9 | €9,994 | €20,741 | +€10,747 | +108% |
| Other amounts payable | 47/48 | €8,374 | €6,681 | -€1,693 | -20.2% |
| Accrued charges and deferred income | 492/3 | €17,548 | €17,548 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €79,277 | €85,922 | +€6,645 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,557 | €35,159 | -€21,398 | -37.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €31,040 | €16,196 | -€14,843 | -47.8% |
| Other operating charges | 640/8 | €1,239 | €1,550 | +€310 | +25.0% |
| Gross operating margin | 9900 | €233,303 | €186,224 | -€47,079 | -20.2% |
| Operating profit (loss) | 9901 | €65,191 | €47,397 | -€17,794 | -27.3% |
| Financial income | 75/76B | €4,163 | €3,544 | -€619 | -14.9% |
| Recurring financial income | 75 | €4,163 | €3,544 | -€619 | -14.9% |
| Financial charges | 65/66B | €19,364 | €19,684 | +€320 | +1.7% |
| Recurring financial charges | 65 | €19,364 | €19,684 | +€320 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €49,990 | €31,257 | -€18,733 | -37.5% |
| Income taxes | 67/77 | €4,906 | €8,316 | +€3,410 | +69.5% |
| Profit (loss) for the period | 9904 | €45,084 | €22,941 | -€22,143 | -49.1% |
| Profit (loss) for the period to be appropriated | 9905 | €45,084 | €22,941 | -€22,143 | -49.1% |
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 23 October 2026 via checked.be.