Elise Nelissen: 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 Nelissen
Largest movements
- Cash +€17,805
up €17,805 (+99.9%), from €17,820 to €35,624
mainly Net result for the year (+€19,128) and Other debts (+€5,519)
- Receivables within one year +€2,003
up €2,003 (+40.6%), from €4,935 to €6,937
of which Trade receivables: +€5,170
- Reserves +€19,100
up €19,100 (+141%), from €13,500 to €32,600
- Other debts +€5,519
up €5,519 (+333%), from €1,657 to €7,175
- Tax, wage and social debts -€5,186
down €5,186 (-63.7%), from €8,138 to €2,952
of which Remuneration and social security: -€4,800
- Gross operating margin +€5,662
up €5,662 (+28.3%), from €20,015 to €25,678
- Depreciation +€689
up €689 (+161%), from €428 to €1,117
- Other operating charges -€372
down €372 (-48.2%), from €772 to €400
- Taxes -€267
down €267 (-5.3%), from €5,085 to €4,818
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 | €24,713 | €44,434 | +€19,721 | +79.8% |
| Fixed assets | 21/28 | €1,959 | €1,872 | -€87 | -4.4% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €1,958 | €1,871 | -€87 | -4.4% |
| Furniture and vehicles | 24 | €1,958 | €1,871 | -€87 | -4.4% |
| Current assets | 29/58 | €22,754 | €42,562 | +€19,807 | +87.0% |
| Amounts receivable within one year | 40/41 | €4,935 | €6,937 | +€2,003 | +40.6% |
| Trade receivables | 40 | €670 | €5,840 | +€5,170 | +772% |
| Other amounts receivable | 41 | €4,265 | €1,097 | -€3,168 | -74.3% |
| Cash at bank and in hand | 54/58 | €17,820 | €35,624 | +€17,805 | +99.9% |
| Total equity and liabilities | 10/49 | €24,713 | €44,434 | +€19,721 | +79.8% |
| Equity | 10/15 | €14,536 | €33,664 | +€19,128 | +132% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €13,500 | €32,600 | +€19,100 | +141% |
| Distributable reserves | 133 | €13,500 | €32,600 | +€19,100 | +141% |
| Profit (loss) carried forward | 14 | €36 | €64 | +€28 | +79.7% |
| Amounts payable | 17/49 | €10,178 | €10,770 | +€592 | +5.8% |
| Amounts payable within one year | 42/48 | €10,178 | €10,770 | +€592 | +5.8% |
| Trade debts | 44 | €384 | €643 | +€259 | +67.6% |
| Suppliers | 440/4 | €384 | €643 | +€259 | +67.6% |
| Taxes, remuneration and social security | 45 | €8,138 | €2,952 | -€5,186 | -63.7% |
| Taxes | 450/3 | €3,338 | €2,952 | -€386 | -11.6% |
| Remuneration and social security | 454/9 | €4,800 | - | -€4,800 | |
| Other amounts payable | 47/48 | €1,657 | €7,175 | +€5,519 | +333% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €428 | €1,117 | +€689 | +161% |
| Other operating charges | 640/8 | €772 | €400 | -€372 | -48.2% |
| Gross operating margin | 9900 | €20,015 | €25,678 | +€5,662 | +28.3% |
| Operating profit (loss) | 9901 | €18,816 | €24,161 | +€5,345 | +28.4% |
| Financial charges | 65/66B | €195 | €215 | +€20 | +10.3% |
| Recurring financial charges | 65 | €195 | €215 | +€20 | +10.3% |
| Profit (loss) for the period before taxes | 9903 | €18,621 | €23,946 | +€5,325 | +28.6% |
| Income taxes | 67/77 | €5,085 | €4,818 | -€267 | -5.3% |
| Profit (loss) for the period | 9904 | €13,536 | €19,128 | +€5,593 | +41.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,536 | €19,128 | +€5,593 | +41.3% |
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 28 October 2026 via checked.be.