ELLEN CONINX: what changed
Two fiscal 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.
ELLEN CONINX
Largest movements
- Cash -€121,994
down €121,994 (-63.4%), from €192,361 to €70,367
mainly Contributions, distributions and other (-€117,830) and Current investments (-€40,000)
- Current investments +€40,000
new in 2025: €40,000
- Tangible fixed assets +€21,026
up €21,026 (+94.0%), from €22,363 to €43,389
of which Other tangible fixed assets: +€16,719
- Receivables within one year +€5,892
up €5,892 (+4.0%), from €148,925 to €154,817
of which Trade receivables: +€12,787
- Reserves -€72,298
down €72,298 (-22.8%), from €317,286 to €244,988
- Trade debts +€14,665
up €14,665 (+135.5%), from €10,821 to €25,487
- Gross operating margin +€41,009
up €41,009 (+64.2%), from €63,910 to €104,918
- Taxes +€8,749
up €8,749 (+105.9%), from €8,263 to €17,012
- Write-downs +€6,618
new in 2025: €6,618
- Financial income +€3,330
up €3,330 (+337.6%), from €986 to €4,316
- Depreciation +€1,875
up €1,875 (+26.4%), from €7,097 to €8,972
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 | €373,370 | €315,033 | -€58,337 | -15.6% |
| Fixed assets | 21/28 | €23,863 | €44,889 | +€21,026 | +88.1% |
| Tangible fixed assets | 22/27 | €22,363 | €43,389 | +€21,026 | +94.0% |
| Furniture and vehicles | 24 | €2,493 | €6,800 | +€4,307 | +172.7% |
| Other tangible fixed assets | 26 | €19,870 | €36,589 | +€16,719 | +84.1% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €349,507 | €270,145 | -€79,362 | -22.7% |
| Amounts receivable within one year | 40/41 | €148,925 | €154,817 | +€5,892 | +4.0% |
| Trade receivables | 40 | €126,045 | €138,832 | +€12,787 | +10.1% |
| Other amounts receivable | 41 | €22,881 | €15,985 | -€6,895 | -30.1% |
| Current investments | 50/53 | - | €40,000 | +€40,000 | |
| Cash at bank and in hand | 54/58 | €192,361 | €70,367 | -€121,994 | -63.4% |
| Deferred charges and accrued income | 490/1 | €8,221 | €4,960 | -€3,260 | -39.7% |
| Total equity and liabilities | 10/49 | €373,370 | €315,033 | -€58,337 | -15.6% |
| Equity | 10/15 | €329,686 | €257,388 | -€72,298 | -21.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €317,286 | €244,988 | -€72,298 | -22.8% |
| Distributable reserves | 133 | €317,286 | €244,988 | -€72,298 | -22.8% |
| Amounts payable | 17/49 | €43,684 | €57,645 | +€13,962 | +32.0% |
| Amounts payable within one year | 42/48 | €42,484 | €56,445 | +€13,962 | +32.9% |
| Trade debts | 44 | €10,821 | €25,487 | +€14,665 | +135.5% |
| Suppliers | 440/4 | €10,821 | €25,487 | +€14,665 | +135.5% |
| Taxes, remuneration and social security | 45 | €26,463 | €25,656 | -€807 | -3.0% |
| Taxes | 450/3 | €18,489 | €15,444 | -€3,045 | -16.5% |
| Remuneration and social security | 454/9 | €7,974 | €10,212 | +€2,238 | +28.1% |
| Other amounts payable | 47/48 | €5,200 | €5,303 | +€103 | +2.0% |
| Accrued charges and deferred income | 492/3 | €1,200 | €1,200 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €28,303 | €29,131 | +€828 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,097 | €8,972 | +€1,875 | +26.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,618 | +€6,618 | |
| Other operating charges | 640/8 | €754 | €1,345 | +€591 | +78.3% |
| Gross operating margin | 9900 | €63,910 | €104,918 | +€41,009 | +64.2% |
| Operating profit (loss) | 9901 | €27,755 | €58,852 | +€31,097 | +112.0% |
| Financial income | 75/76B | €986 | €4,316 | +€3,330 | +337.6% |
| Recurring financial income | 75 | €986 | €4,316 | +€3,330 | +337.6% |
| Financial charges | 65/66B | €418 | €624 | +€206 | +49.2% |
| Recurring financial charges | 65 | €418 | €624 | +€206 | +49.2% |
| Profit (loss) for the period before taxes | 9903 | €28,323 | €62,543 | +€34,221 | +120.8% |
| Income taxes | 67/77 | €8,263 | €17,012 | +€8,749 | +105.9% |
| Profit (loss) for the period | 9904 | €20,060 | €45,532 | +€25,472 | +127.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,060 | €45,532 | +€25,472 | +127.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.