ELI: what changed
Two fiscal 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.
ELI
Largest movements
- Cash +€75,536
up €75,536 (+37.2%), from €203,141 to €278,677
mainly Net result for the year (+€95,029) and Depreciation (+€93,117)
- Tangible fixed assets -€65,377
down €65,377 (-11.5%), from €566,212 to €500,835
of which Land and buildings: -€35,402
- Receivables after one year -€26,110
no longer reported in 2025 (was €26,110)
- Intangible fixed assets -€15,667
down €15,667 (-52.2%), from €30,028 to €14,361
- Receivables within one year +€14,578
up €14,578 (+16.3%), from €89,181 to €103,759
of which Trade receivables: +€15,358
- Debts after one year -€39,839
down €39,839 (-13.6%), from €293,597 to €253,758
- Tax, wage and social debts +€31,835
up €31,835 (+114.5%), from €27,813 to €59,648
of which Taxes: +€24,121
- Current portion of long-term debt -€12,847
down €12,847 (-24.4%), from €52,686 to €39,839
- Gross operating margin -€40,747
down €40,747 (-12.4%), from €327,821 to €287,074
- Staff costs -€12,832
down €12,832 (-20.4%), from €62,899 to €50,067
- Taxes +€3,631
up €3,631 (+8.8%), from €41,041 to €44,672
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.
Cash bridge derived
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 | €927,899 | €914,550 | -€13,349 | -1.4% |
| Fixed assets | 21/28 | €596,240 | €515,196 | -€81,044 | -13.6% |
| Intangible fixed assets | 21 | €30,028 | €14,361 | -€15,667 | -52.2% |
| Tangible fixed assets | 22/27 | €566,212 | €500,835 | -€65,377 | -11.5% |
| Land and buildings | 22 | €438,523 | €403,121 | -€35,402 | -8.1% |
| Plant, machinery and equipment | 23 | €42,290 | €25,433 | -€16,857 | -39.9% |
| Furniture and vehicles | 24 | €84,199 | €71,082 | -€13,118 | -15.6% |
| Other tangible fixed assets | 26 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €331,659 | €399,354 | +€67,695 | +20.4% |
| Amounts receivable after more than one year | 29 | €26,110 | - | -€26,110 | |
| Other amounts receivable | 291 | €26,110 | - | -€26,110 | |
| Amounts receivable within one year | 40/41 | €89,181 | €103,759 | +€14,578 | +16.3% |
| Trade receivables | 40 | €6,757 | €22,115 | +€15,358 | +227.3% |
| Other amounts receivable | 41 | €82,423 | €81,644 | -€779 | -0.9% |
| Current investments | 50/53 | €8,333 | €8,333 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €203,141 | €278,677 | +€75,536 | +37.2% |
| Deferred charges and accrued income | 490/1 | €4,894 | €8,585 | +€3,691 | +75.4% |
| Total equity and liabilities | 10/49 | €927,899 | €914,550 | -€13,349 | -1.4% |
| Equity | 10/15 | €544,475 | €551,096 | +€6,621 | +1.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €538,275 | €544,896 | +€6,621 | +1.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,683 | €32,714 | -€4,969 | -13.2% |
| Distributable reserves | 133 | €498,732 | €510,322 | +€11,590 | +2.3% |
| Provisions and deferred taxes | 16 | €6,311 | €4,655 | -€1,656 | -26.2% |
| Deferred taxes | 168 | €6,311 | €4,655 | -€1,656 | -26.2% |
| Amounts payable | 17/49 | €377,113 | €358,800 | -€18,314 | -4.9% |
| Amounts payable after more than one year | 17 | €293,597 | €253,758 | -€39,839 | -13.6% |
| Financial debts | 170/4 | €293,597 | €253,758 | -€39,839 | -13.6% |
| Amounts payable within one year | 42/48 | €80,499 | €102,363 | +€21,864 | +27.2% |
| Current portion of amounts payable after more than one year | 42 | €52,686 | €39,839 | -€12,847 | -24.4% |
| Taxes, remuneration and social security | 45 | €27,813 | €59,648 | +€31,835 | +114.5% |
| Taxes | 450/3 | €27,813 | €51,935 | +€24,121 | +86.7% |
| Remuneration and social security | 454/9 | - | €7,713 | +€7,713 | |
| Other amounts payable | 47/48 | - | €2,876 | +€2,876 | |
| Accrued charges and deferred income | 492/3 | €3,017 | €2,678 | -€339 | -11.2% |
| Non-recurring operating income | 76A | €26,500 | - | -€26,500 | |
| Remuneration, social security and pensions | 62 | €62,899 | €50,067 | -€12,832 | -20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,757 | €93,117 | +€1,360 | +1.5% |
| Other operating charges | 640/8 | €5,094 | €3,353 | -€1,740 | -34.2% |
| Non-recurring operating charges | 66A | €124 | - | -€124 | |
| Gross operating margin | 9900 | €327,821 | €287,074 | -€40,747 | -12.4% |
| Operating profit (loss) | 9901 | €167,948 | €140,537 | -€27,411 | -16.3% |
| Financial income | 75/76B | €1,401 | €3,875 | +€2,474 | +176.5% |
| Recurring financial income | 75 | €1,401 | €3,875 | +€2,474 | +176.5% |
| Financial charges | 65/66B | €7,618 | €6,366 | -€1,252 | -16.4% |
| Recurring financial charges | 65 | €7,618 | €6,366 | -€1,252 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €161,731 | €138,045 | -€23,685 | -14.6% |
| Transfer from deferred taxes | 780 | €314 | €1,656 | +€1,342 | +427.2% |
| Transfer to deferred taxes | 680 | €6,625 | - | -€6,625 | |
| Income taxes | 67/77 | €41,041 | €44,672 | +€3,631 | +8.8% |
| Profit (loss) for the period | 9904 | €114,378 | €95,029 | -€19,350 | -16.9% |
| Transfer from tax-exempt reserves | 789 | €942 | €4,969 | +€4,026 | +427.2% |
| Transfer to tax-exempt reserves | 689 | €19,875 | - | -€19,875 | |
| Profit (loss) for the period to be appropriated | 9905 | €95,446 | €99,998 | +€4,552 | +4.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.