Elise Maes: 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.
Elise Maes
Largest movements
- Tangible fixed assets -€9,380
down €9,380 (-33.6%), from €27,909 to €18,529
- Cash -€7,170
down €7,170 (-76.1%), from €9,416 to €2,246
mainly Net result for the year (-€15,636) and Debts after one year (-€10,606)
- Receivables within one year +€1,802
up €1,802 (+55.6%), from €3,239 to €5,041
of which Other amounts receivable: +€2,532
- Deferred charges and accrued income +€1,612
up €1,612 (+76.9%), from €2,095 to €3,707
- Reserves -€15,636
down €15,636 (-40.6%), from €38,553 to €22,917
- Other debts +€10,912
up €10,912 (+320%), from €3,412 to €14,324
- Debts after one year -€10,606
no longer reported in 2025 (was €10,606)
- Current portion of long-term debt +€3,124
up €3,124 (+30.7%), from €10,191 to €13,315
- Gross operating margin -€26,443
down €26,443, from €22,435 to -€4,008
- Taxes -€3,532
down €3,532 (-96.4%), from €3,664 to €132
- Financial charges -€533
down €533 (-32.1%), from €1,658 to €1,125
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 | €66,659 | €53,523 | -€13,136 | -19.7% |
| Fixed assets | 21/28 | €27,909 | €18,529 | -€9,380 | -33.6% |
| Tangible fixed assets | 22/27 | €27,909 | €18,529 | -€9,380 | -33.6% |
| Furniture and vehicles | 24 | €27,909 | €18,529 | -€9,380 | -33.6% |
| Current assets | 29/58 | €38,750 | €34,994 | -€3,756 | -9.7% |
| Amounts receivable within one year | 40/41 | €3,239 | €5,041 | +€1,802 | +55.6% |
| Trade receivables | 40 | €1,903 | €1,173 | -€730 | -38.4% |
| Other amounts receivable | 41 | €1,336 | €3,868 | +€2,532 | +190% |
| Current investments | 50/53 | €24,000 | €24,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €9,416 | €2,246 | -€7,170 | -76.1% |
| Deferred charges and accrued income | 490/1 | €2,095 | €3,707 | +€1,612 | +76.9% |
| Total equity and liabilities | 10/49 | €66,659 | €53,523 | -€13,136 | -19.7% |
| Equity | 10/15 | €41,053 | €25,417 | -€15,636 | -38.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €38,553 | €22,917 | -€15,636 | -40.6% |
| Distributable reserves | 133 | €38,553 | €22,917 | -€15,636 | -40.6% |
| Amounts payable | 17/49 | €25,606 | €28,106 | +€2,500 | +9.8% |
| Amounts payable after more than one year | 17 | €10,606 | - | -€10,606 | |
| Other amounts payable | 178/9 | €10,606 | - | -€10,606 | |
| Amounts payable within one year | 42/48 | €14,540 | €28,106 | +€13,566 | +93.3% |
| Current portion of amounts payable after more than one year | 42 | €10,191 | €13,315 | +€3,124 | +30.7% |
| Trade debts | 44 | €323 | €190 | -€133 | -41.2% |
| Suppliers | 440/4 | €323 | €190 | -€133 | -41.2% |
| Taxes, remuneration and social security | 45 | €614 | €277 | -€337 | -54.9% |
| Taxes | 450/3 | €614 | €277 | -€337 | -54.9% |
| Other amounts payable | 47/48 | €3,412 | €14,324 | +€10,912 | +320% |
| Accrued charges and deferred income | 492/3 | €460 | - | -€460 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,380 | €9,380 | = | 0.0% |
| Other operating charges | 640/8 | €1,061 | €996 | -€65 | -6.1% |
| Gross operating margin | 9900 | €22,435 | -€4,008 | -€26,443 | |
| Operating profit (loss) | 9901 | €11,994 | -€14,384 | -€26,378 | |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €1,658 | €1,125 | -€533 | -32.1% |
| Recurring financial charges | 65 | €1,658 | €1,125 | -€533 | -32.1% |
| Profit (loss) for the period before taxes | 9903 | €10,336 | -€15,504 | -€25,840 | |
| Income taxes | 67/77 | €3,664 | €132 | -€3,532 | -96.4% |
| Profit (loss) for the period | 9904 | €6,672 | -€15,636 | -€22,308 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,672 | -€15,636 | -€22,308 |
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 26 October 2026 via checked.be.