Elien Van Braekel: 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.
Elien Van Braekel
Largest movements
- Cash -€7,168
down €7,168 (-5.2%), from €138,902 to €131,735
mainly Contributions, distributions and other (-€27,764) and Tax, wage and social debts (-€6,554)
- Receivables within one year +€5,711
up €5,711 (+35.6%), from €16,064 to €21,774
of which Trade receivables: +€5,040
- Tax, wage and social debts -€6,554
down €6,554 (-75.8%), from €8,650 to €2,096
of which Taxes: -€4,304
- Reserves +€5,497
up €5,497 (+19.8%), from €27,764 to €33,261
- Gross operating margin +€5,481
up €5,481 (+13.9%), from €39,376 to €44,858
- Taxes -€936
down €936 (-9.1%), from €10,265 to €9,329
- Depreciation +€871
up €871 (+126%), from €688 to €1,559
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 | €162,566 | €159,550 | -€3,016 | -1.9% |
| Fixed assets | 21/28 | €7,600 | €6,041 | -€1,559 | -20.5% |
| Intangible fixed assets | 21 | €14 | €0 | -€14 | -100% |
| Tangible fixed assets | 22/27 | €7,586 | €6,041 | -€1,545 | -20.4% |
| Furniture and vehicles | 24 | €5,891 | €4,638 | -€1,254 | -21.3% |
| Other tangible fixed assets | 26 | €1,695 | €1,403 | -€292 | -17.2% |
| Current assets | 29/58 | €154,966 | €153,509 | -€1,457 | -0.9% |
| Amounts receivable within one year | 40/41 | €16,064 | €21,774 | +€5,711 | +35.6% |
| Trade receivables | 40 | €13,064 | €18,104 | +€5,040 | +38.6% |
| Other amounts receivable | 41 | €3,000 | €3,671 | +€671 | +22.4% |
| Cash at bank and in hand | 54/58 | €138,902 | €131,735 | -€7,168 | -5.2% |
| Total equity and liabilities | 10/49 | €162,566 | €159,550 | -€3,016 | -1.9% |
| Equity | 10/15 | €27,864 | €33,361 | +€5,497 | +19.7% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €27,764 | €33,261 | +€5,497 | +19.8% |
| Distributable reserves | 133 | €27,764 | €33,261 | +€5,497 | +19.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €134,702 | €126,189 | -€8,513 | -6.3% |
| Amounts payable within one year | 42/48 | €134,702 | €126,189 | -€8,513 | -6.3% |
| Trade debts | 44 | €630 | €145 | -€485 | -76.9% |
| Suppliers | 440/4 | €630 | €145 | -€485 | -76.9% |
| Taxes, remuneration and social security | 45 | €8,650 | €2,096 | -€6,554 | -75.8% |
| Taxes | 450/3 | €6,400 | €2,096 | -€4,304 | -67.3% |
| Remuneration and social security | 454/9 | €2,250 | €0 | -€2,250 | -100% |
| Other amounts payable | 47/48 | €125,422 | €123,948 | -€1,474 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €688 | €1,559 | +€871 | +126% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €39,376 | €44,858 | +€5,481 | +13.9% |
| Operating profit (loss) | 9901 | €38,183 | €42,779 | +€4,596 | +12.0% |
| Financial charges | 65/66B | €154 | €189 | +€35 | +22.6% |
| Recurring financial charges | 65 | €154 | €189 | +€35 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | €38,029 | €42,590 | +€4,561 | +12.0% |
| Income taxes | 67/77 | €10,265 | €9,329 | -€936 | -9.1% |
| Profit (loss) for the period | 9904 | €27,764 | €33,261 | +€5,497 | +19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €27,764 | €33,261 | +€5,497 | +19.8% |
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 31 October 2026 via checked.be.