ELLEN DE VULDERE: 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.
ELLEN DE VULDERE
Largest movements
- Receivables within one year -€106,321
down €106,321 (-83.3%), from €127,658 to €21,336
of which Other amounts receivable: -€98,073
- Tangible fixed assets +€66,233
up €66,233 (+452%), from €14,650 to €80,884
of which Furniture and vehicles: +€67,285
- Cash +€31,751
up €31,751 (+5,460%), from €582 to €32,332
mainly Receivables within one year (+€106,321) and Depreciation (+€9,774)
- Tax, wage and social debts -€3,467
down €3,467 (-98.0%), from €3,540 to €73
- Reserves -€2,880
down €2,880 (-2.7%), from €106,378 to €103,498
- Trade debts -€2,474
down €2,474 (-57.0%), from €4,340 to €1,866
- Gross operating margin +€1,891
up €1,891 (+26.7%), from €7,081 to €8,973
- Depreciation +€1,767
up €1,767 (+22.1%), from €8,007 to €9,774
- Financial income +€1,310
new in 2025: €1,310
- Other operating charges +€869
up €869 (+79.2%), from €1,097 to €1,966
- Financial charges +€140
up €140 (+12.5%), from €1,118 to €1,258
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 | €160,021 | €152,126 | -€7,895 | -4.9% |
| Fixed assets | 21/28 | €14,650 | €80,884 | +€66,233 | +452% |
| Tangible fixed assets | 22/27 | €14,650 | €80,884 | +€66,233 | +452% |
| Plant, machinery and equipment | 23 | €2,102 | €1,051 | -€1,051 | -50.0% |
| Furniture and vehicles | 24 | €12,548 | €79,833 | +€67,285 | +536% |
| Current assets | 29/58 | €145,371 | €71,242 | -€74,129 | -51.0% |
| Amounts receivable within one year | 40/41 | €127,658 | €21,336 | -€106,321 | -83.3% |
| Trade receivables | 40 | €16,970 | €8,722 | -€8,248 | -48.6% |
| Other amounts receivable | 41 | €110,688 | €12,615 | -€98,073 | -88.6% |
| Current investments | 50/53 | €17,000 | €17,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €582 | €32,332 | +€31,751 | +5,460% |
| Deferred charges and accrued income | 490/1 | €132 | €573 | +€442 | +336% |
| Total equity and liabilities | 10/49 | €160,021 | €152,126 | -€7,895 | -4.9% |
| Equity | 10/15 | €106,478 | €103,598 | -€2,880 | -2.7% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €106,378 | €103,498 | -€2,880 | -2.7% |
| Distributable reserves | 133 | €106,378 | €103,498 | -€2,880 | -2.7% |
| Amounts payable | 17/49 | €53,543 | €48,528 | -€5,015 | -9.4% |
| Amounts payable within one year | 42/48 | €53,543 | €48,528 | -€5,015 | -9.4% |
| Trade debts | 44 | €4,340 | €1,866 | -€2,474 | -57.0% |
| Suppliers | 440/4 | €4,340 | €1,866 | -€2,474 | -57.0% |
| Taxes, remuneration and social security | 45 | €3,540 | €73 | -€3,467 | -98.0% |
| Taxes | 450/3 | €3,540 | €73 | -€3,467 | -98.0% |
| Other amounts payable | 47/48 | €45,663 | €46,590 | +€927 | +2.0% |
| Non-recurring operating income | 76A | - | €15,502 | +€15,502 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,007 | €9,774 | +€1,767 | +22.1% |
| Other operating charges | 640/8 | €1,097 | €1,966 | +€869 | +79.2% |
| Gross operating margin | 9900 | €7,081 | €8,973 | +€1,891 | +26.7% |
| Operating profit (loss) | 9901 | -€2,023 | -€2,768 | -€745 | -36.8% |
| Financial income | 75/76B | - | €1,310 | +€1,310 | |
| Recurring financial income | 75 | - | €1,310 | +€1,310 | |
| Financial charges | 65/66B | €1,118 | €1,258 | +€140 | +12.5% |
| Recurring financial charges | 65 | €1,118 | €1,258 | +€140 | +12.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,141 | -€2,716 | +€425 | +13.5% |
| Income taxes | 67/77 | €207 | €165 | -€42 | -20.3% |
| Profit (loss) for the period | 9904 | -€3,347 | -€2,880 | +€467 | +14.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,347 | -€2,880 | +€467 | +14.0% |
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 20 October 2026 via checked.be.