ELISABETH WIELINGER: 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 WIELINGER
Largest movements
- Cash +€81,520
up €81,520 (+105%), from €77,491 to €159,010
mainly Net result for the year (+€80,457) and Tax, wage and social debts (+€26,523)
- Receivables after one year +€25,000
new in 2025: €25,000
- Reserves +€78,791
up €78,791 (+179%), from €43,941 to €122,732
- Tax, wage and social debts +€26,523
up €26,523 (+111%), from €24,002 to €50,524
- Trade debts +€16,295
up €16,295 (+1,249%), from €1,305 to €17,600
- Other debts -€12,420
down €12,420 (-76.4%), from €16,250 to €3,831
- Accrued charges and deferred income -€2,899
down €2,899 (-100%), from €2,899 to €0
- Gross operating margin +€49,282
up €49,282 (+84.5%), from €58,327 to €107,609
- Taxes +€11,496
up €11,496 (+101%), from €11,402 to €22,898
- Depreciation +€2,551
up €2,551 (+194%), from €1,315 to €3,866
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 | €93,396 | €199,687 | +€106,291 | +114% |
| Fixed assets | 21/28 | €15,905 | €15,662 | -€243 | -1.5% |
| Intangible fixed assets | 21 | €15,905 | €15,662 | -€243 | -1.5% |
| Current assets | 29/58 | €77,491 | €184,025 | +€106,534 | +137% |
| Amounts receivable after more than one year | 29 | - | €25,000 | +€25,000 | |
| Other amounts receivable | 291 | - | €25,000 | +€25,000 | |
| Cash at bank and in hand | 54/58 | €77,491 | €159,010 | +€81,520 | +105% |
| Deferred charges and accrued income | 490/1 | - | €14 | +€14 | |
| Total equity and liabilities | 10/49 | €93,396 | €199,687 | +€106,291 | +114% |
| Equity | 10/15 | €48,941 | €127,732 | +€78,791 | +161% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €43,941 | €122,732 | +€78,791 | +179% |
| Distributable reserves | 133 | €43,941 | €122,732 | +€78,791 | +179% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €44,455 | €71,955 | +€27,500 | +61.9% |
| Amounts payable within one year | 42/48 | €41,557 | €71,955 | +€30,398 | +73.1% |
| Trade debts | 44 | €1,305 | €17,600 | +€16,295 | +1,249% |
| Suppliers | 440/4 | €1,305 | €17,600 | +€16,295 | +1,249% |
| Taxes, remuneration and social security | 45 | €24,002 | €50,524 | +€26,523 | +111% |
| Taxes | 450/3 | €24,002 | €50,524 | +€26,523 | +111% |
| Other amounts payable | 47/48 | €16,250 | €3,831 | -€12,420 | -76.4% |
| Accrued charges and deferred income | 492/3 | €2,899 | €0 | -€2,899 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,315 | €3,866 | +€2,551 | +194% |
| Other operating charges | 640/8 | - | €106 | +€106 | |
| Gross operating margin | 9900 | €58,327 | €107,609 | +€49,282 | +84.5% |
| Operating profit (loss) | 9901 | €57,012 | €103,637 | +€46,625 | +81.8% |
| Financial charges | 65/66B | €4 | €282 | +€278 | +7,423% |
| Recurring financial charges | 65 | €4 | €282 | +€278 | +7,423% |
| Profit (loss) for the period before taxes | 9903 | €57,008 | €103,355 | +€46,347 | +81.3% |
| Income taxes | 67/77 | €11,402 | €22,898 | +€11,496 | +101% |
| Profit (loss) for the period | 9904 | €45,607 | €80,457 | +€34,851 | +76.4% |
| Profit (loss) for the period to be appropriated | 9905 | €45,607 | €80,457 | +€34,851 | +76.4% |
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.