ELISABETH DEHARENG: 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.
ELISABETH DEHARENG
Largest movements
- Current investments +€599,259
up €599,259 (+65.0%), from €922,466 to €1.5m
- Cash -€224,344
down €224,344 (-40.5%), from €553,558 to €329,215
mainly Current investments (-€599,259) and Debts after one year (-€24,478)
- Receivables within one year -€40,440
down €40,440 (-53.4%), from €75,747 to €35,307
- Tangible fixed assets -€25,227
down €25,227 (-23.8%), from €105,945 to €80,717
of which Land and buildings: -€21,609
- Reserves +€340,084
up €340,084 (+20.3%), from €1.7m to €2.0m
of which Distributable reserves: +€171,684
- Debts after one year -€24,478
down €24,478 (-23.9%), from €102,353 to €77,875
- Gross operating margin -€102,930
down €102,930 (-15.0%), from €686,751 to €583,820
- Taxes -€53,575
down €53,575 (-29.5%), from €181,361 to €127,786
- Financial charges +€31,861
up €31,861 (+32.0%), from €99,532 to €131,393
- Financial income +€9,203
up €9,203 (+24.7%), from €37,227 to €46,430
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 | €1,949,012 | €2,263,794 | +€314,782 | +16.2% |
| Fixed assets | 21/28 | €395,275 | €370,048 | -€25,227 | -6.4% |
| Tangible fixed assets | 22/27 | €105,945 | €80,717 | -€25,227 | -23.8% |
| Land and buildings | 22 | €86,982 | €65,373 | -€21,609 | -24.8% |
| Furniture and vehicles | 24 | €16,772 | €14,491 | -€2,281 | -13.6% |
| Other tangible fixed assets | 26 | €2,191 | €854 | -€1,337 | -61.0% |
| Financial fixed assets | 28 | €289,330 | €289,330 | = | 0.0% |
| Current assets | 29/58 | €1,553,737 | €1,893,746 | +€340,010 | +21.9% |
| Amounts receivable within one year | 40/41 | €75,747 | €35,307 | -€40,440 | -53.4% |
| Other amounts receivable | 41 | €75,747 | €35,307 | -€40,440 | -53.4% |
| Current investments | 50/53 | €922,466 | €1,521,725 | +€599,259 | +65.0% |
| Cash at bank and in hand | 54/58 | €553,558 | €329,215 | -€224,344 | -40.5% |
| Deferred charges and accrued income | 490/1 | €1,965 | €7,500 | +€5,535 | +282% |
| Total equity and liabilities | 10/49 | €1,949,012 | €2,263,794 | +€314,782 | +16.2% |
| Equity | 10/15 | €1,693,123 | €2,033,207 | +€340,084 | +20.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,674,523 | €2,014,607 | +€340,084 | +20.3% |
| 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 | €210,500 | €378,900 | +€168,400 | +80.0% |
| Distributable reserves | 133 | €1,462,163 | €1,633,847 | +€171,684 | +11.7% |
| Amounts payable | 17/49 | €255,889 | €230,587 | -€25,302 | -9.9% |
| Amounts payable after more than one year | 17 | €102,353 | €77,875 | -€24,478 | -23.9% |
| Financial debts | 170/4 | €102,353 | €77,875 | -€24,478 | -23.9% |
| Amounts payable within one year | 42/48 | €153,536 | €152,712 | -€824 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €24,106 | €24,478 | +€372 | +1.5% |
| Trade debts | 44 | €194 | €1,100 | +€906 | +467% |
| Suppliers | 440/4 | €194 | €1,100 | +€906 | +467% |
| Taxes, remuneration and social security | 45 | €107,782 | €103,187 | -€4,594 | -4.3% |
| Taxes | 450/3 | €107,782 | €103,187 | -€4,594 | -4.3% |
| Other amounts payable | 47/48 | €21,454 | €23,947 | +€2,493 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,692 | €26,713 | +€2,021 | +8.2% |
| Other operating charges | 640/8 | €4,144 | €4,274 | +€130 | +3.1% |
| Gross operating margin | 9900 | €686,751 | €583,820 | -€102,930 | -15.0% |
| Operating profit (loss) | 9901 | €657,915 | €552,833 | -€105,082 | -16.0% |
| Financial income | 75/76B | €37,227 | €46,430 | +€9,203 | +24.7% |
| Recurring financial income | 75 | €37,227 | €46,430 | +€9,203 | +24.7% |
| Financial charges | 65/66B | €99,532 | €131,393 | +€31,861 | +32.0% |
| Recurring financial charges | 65 | €99,532 | €131,393 | +€31,861 | +32.0% |
| Profit (loss) for the period before taxes | 9903 | €595,609 | €467,871 | -€127,739 | -21.4% |
| Income taxes | 67/77 | €181,361 | €127,786 | -€53,575 | -29.5% |
| Profit (loss) for the period | 9904 | €414,248 | €340,084 | -€74,164 | -17.9% |
| Transfer to tax-exempt reserves | 689 | €41,785 | €168,400 | +€126,615 | +303% |
| Profit (loss) for the period to be appropriated | 9905 | €372,463 | €171,684 | -€200,778 | -53.9% |
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 20 October 2026 via checked.be.