ELISABETH HOFFMANN: 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 HOFFMANN
Largest movements
- Tangible fixed assets -€20,868
down €20,868 (-12.6%), from €165,947 to €145,079
of which Land and buildings: -€20,868
- Cash +€17,888
up €17,888 (+12.7%), from €140,711 to €158,599
mainly Net result for the year (+€38,844) and Other debts (+€23,749)
- Receivables within one year +€7,359
up €7,359, from €0 to €7,359
of which Other amounts receivable: +€4,268
- Reserves -€26,156
down €26,156 (-10.7%), from €244,099 to €217,943
of which Distributable reserves: -€26,156
- Other debts +€23,749
up €23,749 (+62.5%), from €38,001 to €61,750
- Tax, wage and social debts +€5,134
up €5,134 (+49.1%), from €10,462 to €15,597
- Gross operating margin -€6,338
down €6,338 (-6.2%), from €103,006 to €96,668
- Other operating charges -€4,490
down €4,490 (-18.1%), from €24,781 to €20,291
- Depreciation -€1,388
down €1,388 (-6.2%), from €22,255 to €20,868
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 | €419,007 | €424,960 | +€5,953 | +1.4% |
| Fixed assets | 21/28 | €165,947 | €145,079 | -€20,868 | -12.6% |
| Tangible fixed assets | 22/27 | €165,947 | €145,079 | -€20,868 | -12.6% |
| Land and buildings | 22 | €163,094 | €142,226 | -€20,868 | -12.8% |
| Other tangible fixed assets | 26 | €2,853 | €2,853 | = | 0.0% |
| Current assets | 29/58 | €253,060 | €279,880 | +€26,821 | +10.6% |
| Amounts receivable within one year | 40/41 | €0 | €7,359 | +€7,359 | |
| Trade receivables | 40 | - | €3,092 | +€3,092 | |
| Other amounts receivable | 41 | €0 | €4,268 | +€4,268 | |
| Current investments | 50/53 | €112,349 | €113,922 | +€1,573 | +1.4% |
| Cash at bank and in hand | 54/58 | €140,711 | €158,599 | +€17,888 | +12.7% |
| Total equity and liabilities | 10/49 | €419,007 | €424,960 | +€5,953 | +1.4% |
| Equity | 10/15 | €368,294 | €342,138 | -€26,156 | -7.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €244,099 | €217,943 | -€26,156 | -10.7% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €225,349 | €199,193 | -€26,156 | -11.6% |
| Profit (loss) carried forward | 14 | €105,595 | €105,595 | = | 0.0% |
| Amounts payable | 17/49 | €50,713 | €82,822 | +€32,109 | +63.3% |
| Amounts payable within one year | 42/48 | €48,574 | €80,620 | +€32,046 | +66.0% |
| Trade debts | 44 | €111 | €3,273 | +€3,163 | +2,857% |
| Suppliers | 440/4 | €111 | €3,273 | +€3,163 | +2,857% |
| Taxes, remuneration and social security | 45 | €10,462 | €15,597 | +€5,134 | +49.1% |
| Taxes | 450/3 | €10,462 | €15,597 | +€5,134 | +49.1% |
| Other amounts payable | 47/48 | €38,001 | €61,750 | +€23,749 | +62.5% |
| Accrued charges and deferred income | 492/3 | €2,138 | €2,202 | +€64 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,255 | €20,868 | -€1,388 | -6.2% |
| Other operating charges | 640/8 | €24,781 | €20,291 | -€4,490 | -18.1% |
| Gross operating margin | 9900 | €103,006 | €96,668 | -€6,338 | -6.2% |
| Operating profit (loss) | 9901 | €55,970 | €55,509 | -€461 | -0.8% |
| Financial income | 75/76B | €1,859 | €1,573 | -€286 | -15.4% |
| Recurring financial income | 75 | €1,859 | €1,573 | -€286 | -15.4% |
| Financial charges | 65/66B | €88 | €111 | +€23 | +26.2% |
| Recurring financial charges | 65 | €88 | €111 | +€23 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | €57,741 | €56,971 | -€770 | -1.3% |
| Income taxes | 67/77 | €18,462 | €18,127 | -€335 | -1.8% |
| Profit (loss) for the period | 9904 | €39,279 | €38,844 | -€435 | -1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €39,279 | €38,844 | -€435 | -1.1% |
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 24 October 2026 via checked.be.