Eline Verelst: 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.
Eline Verelst
Largest movements
- Cash -€67,437
down €67,437 (-97.6%), from €69,064 to €1,627
mainly Contributions, distributions and other (-€69,057) and Investment in fixed assets (net) (-€41,525)
- Tangible fixed assets +€29,638
up €29,638 (+136%), from €21,776 to €51,414
of which Plant, machinery and equipment: +€29,755
- Receivables within one year +€14,980
up €14,980 (+163%), from €9,183 to €24,163
of which Trade receivables: +€9,761
- Financial fixed assets +€1,500
new in 2025: €1,500
- Reserves -€59,273
down €59,273 (-85.8%), from €69,057 to €9,783
- Other debts +€37,477
up €37,477 (+208%), from €18,000 to €55,477
- Trade debts +€1,363
up €1,363 (+45.6%), from €2,991 to €4,355
- Tax, wage and social debts -€1,282
down €1,282 (-11.8%), from €10,836 to €9,554
of which Taxes: -€1,282
- Gross operating margin -€31,788
down €31,788 (-55.4%), from €57,330 to €25,541
- Taxes -€8,773
down €8,773 (-76.8%), from €11,428 to €2,655
- Depreciation +€8,305
up €8,305 (+399%), from €2,083 to €10,388
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 | €102,884 | €81,169 | -€21,715 | -21.1% |
| Fixed assets | 21/28 | €21,776 | €52,914 | +€31,138 | +143% |
| Tangible fixed assets | 22/27 | €21,776 | €51,414 | +€29,638 | +136% |
| Plant, machinery and equipment | 23 | €1,754 | €31,509 | +€29,755 | +1,697% |
| Furniture and vehicles | 24 | €20,023 | €19,905 | -€118 | -0.6% |
| Financial fixed assets | 28 | - | €1,500 | +€1,500 | |
| Current assets | 29/58 | €81,107 | €28,255 | -€52,852 | -65.2% |
| Amounts receivable within one year | 40/41 | €9,183 | €24,163 | +€14,980 | +163% |
| Trade receivables | 40 | €7,557 | €17,318 | +€9,761 | +129% |
| Other amounts receivable | 41 | €1,626 | €6,845 | +€5,218 | +321% |
| Cash at bank and in hand | 54/58 | €69,064 | €1,627 | -€67,437 | -97.6% |
| Deferred charges and accrued income | 490/1 | €2,861 | €2,465 | -€395 | -13.8% |
| Total equity and liabilities | 10/49 | €102,884 | €81,169 | -€21,715 | -21.1% |
| Equity | 10/15 | €71,057 | €11,783 | -€59,273 | -83.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €69,057 | €9,783 | -€59,273 | -85.8% |
| Distributable reserves | 133 | €69,057 | €9,783 | -€59,273 | -85.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €31,827 | €69,386 | +€37,559 | +118% |
| Amounts payable within one year | 42/48 | €31,827 | €69,386 | +€37,559 | +118% |
| Trade debts | 44 | €2,991 | €4,355 | +€1,363 | +45.6% |
| Suppliers | 440/4 | €2,991 | €4,355 | +€1,363 | +45.6% |
| Taxes, remuneration and social security | 45 | €10,836 | €9,554 | -€1,282 | -11.8% |
| Taxes | 450/3 | €10,836 | €9,554 | -€1,282 | -11.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €18,000 | €55,477 | +€37,477 | +208% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,083 | €10,388 | +€8,305 | +399% |
| Other operating charges | 640/8 | €1,034 | €1,191 | +€156 | +15.1% |
| Gross operating margin | 9900 | €57,330 | €25,541 | -€31,788 | -55.4% |
| Operating profit (loss) | 9901 | €54,213 | €13,963 | -€40,250 | -74.2% |
| Financial income | 75/76B | €109 | €99 | -€10 | -9.3% |
| Recurring financial income | 75 | €109 | €99 | -€10 | -9.3% |
| Financial charges | 65/66B | €1,896 | €1,623 | -€273 | -14.4% |
| Recurring financial charges | 65 | €1,896 | €1,623 | -€273 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €52,425 | €12,439 | -€39,987 | -76.3% |
| Income taxes | 67/77 | €11,428 | €2,655 | -€8,773 | -76.8% |
| Profit (loss) for the period | 9904 | €40,997 | €9,783 | -€31,214 | -76.1% |
| Profit (loss) for the period to be appropriated | 9905 | €40,997 | €9,783 | -€31,214 | -76.1% |
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 25 October 2026 via checked.be.