Ellen Cortvriend: 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 Cortvriend
Largest movements
- Cash +€260,603
up €260,603 (+113.3%), from €230,040 to €490,644
mainly Net result for the year (+€193,389) and Tax, wage and social debts (+€96,637)
- Reserves +€193,389
up €193,389 (+113.2%), from €170,855 to €364,244
- Tax, wage and social debts +€96,637
up €96,637 (+125.9%), from €76,781 to €173,417
of which Taxes: +€75,961
- Debts after one year -€46,000
down €46,000 (-31.5%), from €146,000 to €100,000
- Current portion of long-term debt +€16,000
up €16,000 (+84.2%), from €19,000 to €35,000
- Gross operating margin +€82,577
up €82,577 (+47.9%), from €172,547 to €255,124
- Taxes +€21,298
up €21,298 (+55.4%), from €38,469 to €59,767
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 | €423,261 | €682,573 | +€259,312 | +61.3% |
| Fixed assets | 21/28 | €1,565 | €1,162 | -€403 | -25.7% |
| Tangible fixed assets | 22/27 | €1,565 | €1,162 | -€403 | -25.7% |
| Furniture and vehicles | 24 | €1,565 | €1,162 | -€403 | -25.7% |
| Current assets | 29/58 | €421,696 | €681,410 | +€259,714 | +61.6% |
| Amounts receivable after more than one year | 29 | €190,000 | €190,000 | = | 0.0% |
| Other amounts receivable | 291 | €190,000 | €190,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €77 | €0 | -€77 | -100.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €77 | €0 | -€77 | -100.0% |
| Cash at bank and in hand | 54/58 | €230,040 | €490,644 | +€260,603 | +113.3% |
| Deferred charges and accrued income | 490/1 | €1,579 | €767 | -€812 | -51.4% |
| Total equity and liabilities | 10/49 | €423,261 | €682,573 | +€259,312 | +61.3% |
| Equity | 10/15 | €175,855 | €369,244 | +€193,389 | +110.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €170,855 | €364,244 | +€193,389 | +113.2% |
| Distributable reserves | 133 | €170,855 | €364,244 | +€193,389 | +113.2% |
| Amounts payable | 17/49 | €247,406 | €313,329 | +€65,923 | +26.6% |
| Amounts payable after more than one year | 17 | €146,000 | €100,000 | -€46,000 | -31.5% |
| Financial debts | 170/4 | €146,000 | €100,000 | -€46,000 | -31.5% |
| Amounts payable within one year | 42/48 | €101,406 | €213,329 | +€111,923 | +110.4% |
| Current portion of amounts payable after more than one year | 42 | €19,000 | €35,000 | +€16,000 | +84.2% |
| Financial debts | 43 | €172 | €0 | -€172 | -100.0% |
| Credit institutions | 430/8 | €172 | €0 | -€172 | -100.0% |
| Trade debts | 44 | €1,591 | €485 | -€1,107 | -69.5% |
| Suppliers | 440/4 | €1,591 | €485 | -€1,107 | -69.5% |
| Taxes, remuneration and social security | 45 | €76,781 | €173,417 | +€96,637 | +125.9% |
| Taxes | 450/3 | €76,781 | €152,742 | +€75,961 | +98.9% |
| Remuneration and social security | 454/9 | €0 | €20,676 | +€20,676 | |
| Other amounts payable | 47/48 | €3,861 | €4,426 | +€565 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €403 | €403 | = | 0.0% |
| Other operating charges | 640/8 | €384 | €144 | -€240 | -62.5% |
| Gross operating margin | 9900 | €172,547 | €255,124 | +€82,577 | +47.9% |
| Operating profit (loss) | 9901 | €171,760 | €254,577 | +€82,817 | +48.2% |
| Financial income | 75/76B | €6,650 | €6,650 | +€0 | 0.0% |
| Recurring financial income | 75 | €6,650 | €6,650 | +€0 | 0.0% |
| Financial charges | 65/66B | €10,202 | €8,071 | -€2,131 | -20.9% |
| Recurring financial charges | 65 | €10,202 | €8,071 | -€2,131 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €168,208 | €253,156 | +€84,949 | +50.5% |
| Income taxes | 67/77 | €38,469 | €59,767 | +€21,298 | +55.4% |
| Profit (loss) for the period | 9904 | €129,739 | €193,389 | +€63,650 | +49.1% |
| Profit (loss) for the period to be appropriated | 9905 | €129,739 | €193,389 | +€63,650 | +49.1% |
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 3 October 2026 via checked.be.