ELI WINDEY: 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.
ELI WINDEY
Largest movements
- Cash +€24,798
up €24,798 (+26.7%), from €93,026 to €117,823
mainly Net result for the year (+€37,443) and Trade debts (+€20,063)
- Current investments +€17,275
up €17,275 (+5.8%), from €298,289 to €315,564
- Deferred charges and accrued income +€16,955
up €16,955 (+255%), from €6,643 to €23,599
- Reserves +€37,443
up €37,443 (+10.3%), from €364,693 to €402,137
- Trade debts +€20,063
up €20,063 (+1,081%), from €1,856 to €21,919
- Gross operating margin -€12,874
down €12,874 (-17.9%), from €72,062 to €59,188
- Taxes -€5,017
down €5,017 (-21.6%), from €23,178 to €18,161
- Financial income -€1,519
down €1,519 (-39.0%), from €3,890 to €2,372
- Depreciation +€778
up €778 (+31.9%), from €2,441 to €3,219
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 | €413,847 | €472,963 | +€59,116 | +14.3% |
| Fixed assets | 21/28 | €14,968 | €15,057 | +€88 | +0.6% |
| Tangible fixed assets | 22/27 | €14,968 | €15,057 | +€88 | +0.6% |
| Plant, machinery and equipment | 23 | €643 | €1,742 | +€1,098 | +171% |
| Furniture and vehicles | 24 | €1,802 | €2,039 | +€237 | +13.1% |
| Other tangible fixed assets | 26 | €12,523 | €11,276 | -€1,247 | -10.0% |
| Current assets | 29/58 | €398,878 | €457,906 | +€59,028 | +14.8% |
| Amounts receivable within one year | 40/41 | €920 | €920 | = | 0.0% |
| Trade receivables | 40 | €920 | €920 | = | 0.0% |
| Current investments | 50/53 | €298,289 | €315,564 | +€17,275 | +5.8% |
| Cash at bank and in hand | 54/58 | €93,026 | €117,823 | +€24,798 | +26.7% |
| Deferred charges and accrued income | 490/1 | €6,643 | €23,599 | +€16,955 | +255% |
| Total equity and liabilities | 10/49 | €413,847 | €472,963 | +€59,116 | +14.3% |
| Equity | 10/15 | €377,093 | €414,537 | +€37,443 | +9.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €364,693 | €402,137 | +€37,443 | +10.3% |
| Distributable reserves | 133 | €364,693 | €402,137 | +€37,443 | +10.3% |
| Amounts payable | 17/49 | €36,753 | €58,426 | +€21,673 | +59.0% |
| Amounts payable within one year | 42/48 | €35,754 | €58,372 | +€22,619 | +63.3% |
| Trade debts | 44 | €1,856 | €21,919 | +€20,063 | +1,081% |
| Suppliers | 440/4 | €1,856 | €21,919 | +€20,063 | +1,081% |
| Taxes, remuneration and social security | 45 | €12,584 | €10,746 | -€1,838 | -14.6% |
| Taxes | 450/3 | €12,584 | €10,746 | -€1,838 | -14.6% |
| Other amounts payable | 47/48 | €21,313 | €25,707 | +€4,394 | +20.6% |
| Accrued charges and deferred income | 492/3 | €999 | €54 | -€946 | -94.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,441 | €3,219 | +€778 | +31.9% |
| Other operating charges | 640/8 | €528 | €544 | +€16 | +3.0% |
| Gross operating margin | 9900 | €72,062 | €59,188 | -€12,874 | -17.9% |
| Operating profit (loss) | 9901 | €69,093 | €55,424 | -€13,668 | -19.8% |
| Financial income | 75/76B | €3,890 | €2,372 | -€1,519 | -39.0% |
| Recurring financial income | 75 | €3,890 | €2,372 | -€1,519 | -39.0% |
| Financial charges | 65/66B | €2,077 | €2,192 | +€115 | +5.5% |
| Recurring financial charges | 65 | €2,077 | €2,192 | +€115 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | €70,906 | €55,604 | -€15,302 | -21.6% |
| Income taxes | 67/77 | €23,178 | €18,161 | -€5,017 | -21.6% |
| Profit (loss) for the period | 9904 | €47,728 | €37,443 | -€10,285 | -21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €47,728 | €37,443 | -€10,285 | -21.5% |
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 15 October 2026 via checked.be.