ELLEN DELEU: 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 DELEU
Largest movements
- Cash +€32,407
up €32,407 (+26.9%), from €120,263 to €152,670
mainly Net result for the year (+€35,590) and Depreciation (+€12,421)
- Tangible fixed assets -€12,421
down €12,421 (-3.8%), from €326,717 to €314,296
of which Land and buildings: -€11,325
- Reserves +€34,731
up €34,731 (+12.5%), from €277,729 to €312,460
- Debts after one year -€21,104
down €21,104 (-10.6%), from €199,294 to €178,190
- Other debts +€5,661
up €5,661 (+97.1%), from €5,832 to €11,493
- Trade debts -€5,504
down €5,504 (-71.8%), from €7,662 to €2,158
- Gross operating margin +€20,877
up €20,877 (+40.4%), from €51,676 to €72,553
- Taxes +€6,992
up €6,992 (+98.2%), from €7,117 to €14,109
- Financial income +€4,234
up €4,234 (+726.6%), from €583 to €4,817
- Other operating charges +€2,929
up €2,929 (+121.8%), from €2,404 to €5,333
- Financial charges +€2,130
up €2,130 (+27.4%), from €7,785 to €9,916
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 | €529,531 | €544,600 | +€15,069 | +2.8% |
| Fixed assets | 21/28 | €326,717 | €314,296 | -€12,421 | -3.8% |
| Tangible fixed assets | 22/27 | €326,717 | €314,296 | -€12,421 | -3.8% |
| Land and buildings | 22 | €323,795 | €312,470 | -€11,325 | -3.5% |
| Plant, machinery and equipment | 23 | €576 | €0 | -€576 | -100.0% |
| Furniture and vehicles | 24 | €2,346 | €1,826 | -€520 | -22.2% |
| Current assets | 29/58 | €202,814 | €230,304 | +€27,490 | +13.6% |
| Amounts receivable within one year | 40/41 | €1,480 | €300 | -€1,180 | -79.7% |
| Trade receivables | 40 | €300 | €300 | = | 0.0% |
| Other amounts receivable | 41 | €1,180 | - | -€1,180 | |
| Current investments | 50/53 | €75,000 | €75,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €120,263 | €152,670 | +€32,407 | +26.9% |
| Deferred charges and accrued income | 490/1 | €6,070 | €2,334 | -€3,737 | -61.6% |
| Total equity and liabilities | 10/49 | €529,531 | €544,600 | +€15,069 | +2.8% |
| Equity | 10/15 | €296,329 | €331,060 | +€34,731 | +11.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €277,729 | €312,460 | +€34,731 | +12.5% |
| Distributable reserves | 133 | €277,729 | €312,460 | +€34,731 | +12.5% |
| Amounts payable | 17/49 | €233,202 | €213,540 | -€19,662 | -8.4% |
| Amounts payable after more than one year | 17 | €199,294 | €178,190 | -€21,104 | -10.6% |
| Financial debts | 170/4 | €199,294 | €178,190 | -€21,104 | -10.6% |
| Amounts payable within one year | 42/48 | €33,908 | €35,350 | +€1,442 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €20,414 | €21,104 | +€690 | +3.4% |
| Trade debts | 44 | €7,662 | €2,158 | -€5,504 | -71.8% |
| Suppliers | 440/4 | €7,662 | €2,158 | -€5,504 | -71.8% |
| Taxes, remuneration and social security | 45 | - | €595 | +€595 | |
| Taxes | 450/3 | - | €595 | +€595 | |
| Other amounts payable | 47/48 | €5,832 | €11,493 | +€5,661 | +97.1% |
| Non-recurring operating income | 76A | - | €10,795 | +€10,795 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,406 | €12,421 | +€15 | +0.1% |
| Other operating charges | 640/8 | €2,404 | €5,333 | +€2,929 | +121.8% |
| Gross operating margin | 9900 | €51,676 | €72,553 | +€20,877 | +40.4% |
| Operating profit (loss) | 9901 | €36,865 | €54,798 | +€17,933 | +48.6% |
| Financial income | 75/76B | €583 | €4,817 | +€4,234 | +726.6% |
| Recurring financial income | 75 | €583 | €4,817 | +€4,234 | +726.6% |
| Financial charges | 65/66B | €7,785 | €9,916 | +€2,130 | +27.4% |
| Recurring financial charges | 65 | €7,785 | €9,916 | +€2,130 | +27.4% |
| Profit (loss) for the period before taxes | 9903 | €29,663 | €49,700 | +€20,037 | +67.5% |
| Income taxes | 67/77 | €7,117 | €14,109 | +€6,992 | +98.2% |
| Profit (loss) for the period | 9904 | €22,545 | €35,590 | +€13,045 | +57.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,545 | €35,590 | +€13,045 | +57.9% |
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 4 October 2026 via checked.be.