Elizabeth Riguelle: 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.
Elizabeth Riguelle
Largest movements
- Tangible fixed assets +€242,190
up €242,190 (+98.5%), from €245,955 to €488,144
of which Land and buildings: +€220,113
- Cash -€56,163
down €56,163 (-62.2%), from €90,365 to €34,202
mainly Investment in fixed assets (net) (-€283,589) and Receivables within one year (-€8,422)
- Receivables within one year +€8,422
up €8,422 (+84.8%), from €9,932 to €18,353
of which Other amounts receivable: +€7,662
- Debts after one year +€152,149
up €152,149 (+80.6%), from €188,803 to €340,952
- Profit (loss) carried forward +€30,843
up €30,843 (+64.6%), from €47,719 to €78,563
- Current portion of long-term debt +€11,944
up €11,944 (+182.0%), from €6,564 to €18,507
- Trade debts +€5,800
up €5,800 (+1129.1%), from €514 to €6,314
- Gross operating margin +€26,515
up €26,515 (+49.3%), from €53,826 to €80,341
- Depreciation +€5,429
up €5,429 (+15.1%), from €35,970 to €41,399
- Financial charges +€1,521
up €1,521 (+130.3%), from €1,167 to €2,688
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.
Cash bridge derived
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 | €348,745 | €545,494 | +€196,749 | +56.4% |
| Fixed assets | 21/28 | €245,955 | €488,144 | +€242,190 | +98.5% |
| Tangible fixed assets | 22/27 | €245,955 | €488,144 | +€242,190 | +98.5% |
| Land and buildings | 22 | €203,528 | €423,641 | +€220,113 | +108.1% |
| Furniture and vehicles | 24 | €42,427 | €64,504 | +€22,077 | +52.0% |
| Current assets | 29/58 | €102,790 | €57,349 | -€45,441 | -44.2% |
| Amounts receivable within one year | 40/41 | €9,932 | €18,353 | +€8,422 | +84.8% |
| Trade receivables | 40 | €2,297 | €3,057 | +€760 | +33.1% |
| Other amounts receivable | 41 | €7,635 | €15,296 | +€7,662 | +100.4% |
| Cash at bank and in hand | 54/58 | €90,365 | €34,202 | -€56,163 | -62.2% |
| Deferred charges and accrued income | 490/1 | €2,493 | €4,794 | +€2,301 | +92.3% |
| Total equity and liabilities | 10/49 | €348,745 | €545,494 | +€196,749 | +56.4% |
| Equity | 10/15 | €97,719 | €128,563 | +€30,843 | +31.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,719 | €78,563 | +€30,843 | +64.6% |
| Amounts payable | 17/49 | €251,025 | €416,931 | +€165,906 | +66.1% |
| Amounts payable after more than one year | 17 | €188,803 | €340,952 | +€152,149 | +80.6% |
| Financial debts | 170/4 | €188,803 | €340,952 | +€152,149 | +80.6% |
| Amounts payable within one year | 42/48 | €62,222 | €75,979 | +€13,757 | +22.1% |
| Current portion of amounts payable after more than one year | 42 | €6,564 | €18,507 | +€11,944 | +182.0% |
| Trade debts | 44 | €514 | €6,314 | +€5,800 | +1129.1% |
| Suppliers | 440/4 | €514 | €6,314 | +€5,800 | +1129.1% |
| Taxes, remuneration and social security | 45 | €1,626 | €1,166 | -€461 | -28.3% |
| Taxes | 450/3 | €1,148 | €1,166 | +€18 | +1.6% |
| Remuneration and social security | 454/9 | €479 | €0 | -€479 | -100.0% |
| Other amounts payable | 47/48 | €53,519 | €49,992 | -€3,527 | -6.6% |
| Non-recurring operating income | 76A | - | €8,880 | +€8,880 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,970 | €41,399 | +€5,429 | +15.1% |
| Other operating charges | 640/8 | €1,545 | €1,360 | -€185 | -12.0% |
| Non-recurring operating charges | 66A | - | €2,715 | +€2,715 | |
| Gross operating margin | 9900 | €53,826 | €80,341 | +€26,515 | +49.3% |
| Operating profit (loss) | 9901 | €16,311 | €34,867 | +€18,556 | +113.8% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €1,167 | €2,688 | +€1,521 | +130.3% |
| Recurring financial charges | 65 | €1,167 | €2,688 | +€1,521 | +130.3% |
| Profit (loss) for the period before taxes | 9903 | €15,144 | €32,182 | +€17,038 | +112.5% |
| Income taxes | 67/77 | €865 | €1,338 | +€473 | +54.6% |
| Profit (loss) for the period | 9904 | €14,278 | €30,843 | +€16,565 | +116.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,278 | €30,843 | +€16,565 | +116.0% |
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 12 October 2026 via checked.be.