Elke Ducheyne: 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.
Elke Ducheyne
Largest movements
- Cash +€243,594
up €243,594 (+115%), from €211,431 to €455,025
mainly Net result for the year (+€227,131) and Depreciation (+€51,394)
- Tangible fixed assets -€41,044
down €41,044 (-8.0%), from €513,993 to €472,949
of which Land and buildings: -€34,069
- Reserves +€177,131
up €177,131 (+30.0%), from €589,645 to €766,776
of which Distributable reserves: +€177,131
- Other debts +€32,839
up €32,839 (+31.3%), from €104,913 to €137,752
- Tax, wage and social debts +€21,693
up €21,693 (+53.0%), from €40,943 to €62,636
of which Taxes: +€16,696
- Debts after one year -€14,940
down €14,940 (-18.6%), from €80,434 to €65,493
- Gross operating margin +€7,966
up €7,966 (+1.7%), from €458,859 to €466,825
- Financial income -€4,691
down €4,691 (-72.0%), from €6,511 to €1,820
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 | €1,118,566 | €1,325,942 | +€207,376 | +18.5% |
| Fixed assets | 21/28 | €513,993 | €472,949 | -€41,044 | -8.0% |
| Tangible fixed assets | 22/27 | €513,993 | €472,949 | -€41,044 | -8.0% |
| Land and buildings | 22 | €480,715 | €446,646 | -€34,069 | -7.1% |
| Plant, machinery and equipment | 23 | €15,267 | €14,127 | -€1,140 | -7.5% |
| Furniture and vehicles | 24 | €18,011 | €12,176 | -€5,836 | -32.4% |
| Current assets | 29/58 | €604,573 | €852,993 | +€248,420 | +41.1% |
| Amounts receivable within one year | 40/41 | - | €2,438 | +€2,438 | |
| Trade receivables | 40 | - | €2,438 | +€2,438 | |
| Current investments | 50/53 | €393,143 | €395,531 | +€2,388 | +0.6% |
| Cash at bank and in hand | 54/58 | €211,431 | €455,025 | +€243,594 | +115% |
| Total equity and liabilities | 10/49 | €1,118,566 | €1,325,942 | +€207,376 | +18.5% |
| Equity | 10/15 | €855,377 | €1,032,508 | +€177,131 | +20.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €589,645 | €766,776 | +€177,131 | +30.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €587,785 | €764,916 | +€177,131 | +30.1% |
| Profit (loss) carried forward | 14 | €247,132 | €247,132 | = | 0.0% |
| Amounts payable | 17/49 | €263,189 | €293,434 | +€30,246 | +11.5% |
| Amounts payable after more than one year | 17 | €80,434 | €65,493 | -€14,940 | -18.6% |
| Financial debts | 170/4 | €80,434 | €65,493 | -€14,940 | -18.6% |
| Amounts payable within one year | 42/48 | €178,755 | €223,941 | +€45,186 | +25.3% |
| Current portion of amounts payable after more than one year | 42 | €14,278 | €14,940 | +€662 | +4.6% |
| Trade debts | 44 | €18,621 | €8,613 | -€10,008 | -53.7% |
| Suppliers | 440/4 | €18,621 | €8,613 | -€10,008 | -53.7% |
| Taxes, remuneration and social security | 45 | €40,943 | €62,636 | +€21,693 | +53.0% |
| Taxes | 450/3 | €33,384 | €50,080 | +€16,696 | +50.0% |
| Remuneration and social security | 454/9 | €7,559 | €12,556 | +€4,996 | +66.1% |
| Other amounts payable | 47/48 | €104,913 | €137,752 | +€32,839 | +31.3% |
| Accrued charges and deferred income | 492/3 | €4,000 | €4,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €65,333 | €65,016 | -€317 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,530 | €51,394 | -€136 | -0.3% |
| Other operating charges | 640/8 | €3,900 | €4,824 | +€925 | +23.7% |
| Gross operating margin | 9900 | €458,859 | €466,825 | +€7,966 | +1.7% |
| Operating profit (loss) | 9901 | €338,095 | €345,590 | +€7,495 | +2.2% |
| Financial income | 75/76B | €6,511 | €1,820 | -€4,691 | -72.0% |
| Recurring financial income | 75 | €6,511 | €1,820 | -€4,691 | -72.0% |
| Financial charges | 65/66B | €10,728 | €12,176 | +€1,448 | +13.5% |
| Recurring financial charges | 65 | €10,728 | €12,176 | +€1,448 | +13.5% |
| Profit (loss) for the period before taxes | 9903 | €333,879 | €335,234 | +€1,356 | +0.4% |
| Income taxes | 67/77 | €103,929 | €108,104 | +€4,174 | +4.0% |
| Profit (loss) for the period | 9904 | €229,949 | €227,131 | -€2,819 | -1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €229,949 | €227,131 | -€2,819 | -1.2% |
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.