Ellen Delmotte: 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 Delmotte
Largest movements
- Current investments +€35,868
new in 2025: €35,868
- Cash -€13,333
down €13,333 (-23.5%), from €56,664 to €43,331
mainly Current investments (-€35,868) and Other debts (-€9,433)
- Deferred charges and accrued income +€6,314
up €6,314 (+102%), from €6,165 to €12,479
- Reserves +€40,010
up €40,010 (+100%), from €39,886 to €79,896
- Other debts -€9,433
down €9,433 (-98.2%), from €9,605 to €173
- Trade debts -€1,888
down €1,888 (-75.2%), from €2,509 to €622
- Tax, wage and social debts -€1,486
down €1,486 (-11.0%), from €13,457 to €11,971
of which Remuneration and social security: -€2,847
- Accrued charges and deferred income +€1,208
up €1,208 (+240%), from €504 to €1,712
- Gross operating margin +€2,079
up €2,079 (+4.0%), from €51,751 to €53,830
- Financial charges +€1,569
up €1,569 (+3,714%), from €42 to €1,612
- Taxes +€882
up €882 (+8.3%), from €10,610 to €11,492
- Financial income +€668
new in 2025: €668
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 | €66,961 | €95,373 | +€28,412 | +42.4% |
| Fixed assets | 21/28 | €4,132 | €3,696 | -€436 | -10.6% |
| Tangible fixed assets | 22/27 | €4,132 | €3,696 | -€436 | -10.6% |
| Plant, machinery and equipment | 23 | €4,132 | €3,696 | -€436 | -10.6% |
| Current assets | 29/58 | €62,829 | €91,677 | +€28,848 | +45.9% |
| Current investments | 50/53 | - | €35,868 | +€35,868 | |
| Cash at bank and in hand | 54/58 | €56,664 | €43,331 | -€13,333 | -23.5% |
| Deferred charges and accrued income | 490/1 | €6,165 | €12,479 | +€6,314 | +102% |
| Total equity and liabilities | 10/49 | €66,961 | €95,373 | +€28,412 | +42.4% |
| Equity | 10/15 | €40,886 | €80,896 | +€40,010 | +97.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €39,886 | €79,896 | +€40,010 | +100% |
| Distributable reserves | 133 | €39,886 | €79,896 | +€40,010 | +100% |
| Amounts payable | 17/49 | €26,076 | €14,477 | -€11,599 | -44.5% |
| Amounts payable within one year | 42/48 | €25,572 | €12,765 | -€12,807 | -50.1% |
| Trade debts | 44 | €2,509 | €622 | -€1,888 | -75.2% |
| Suppliers | 440/4 | €2,509 | €622 | -€1,888 | -75.2% |
| Taxes, remuneration and social security | 45 | €13,457 | €11,971 | -€1,486 | -11.0% |
| Taxes | 450/3 | €10,610 | €11,971 | +€1,361 | +12.8% |
| Remuneration and social security | 454/9 | €2,847 | - | -€2,847 | |
| Other amounts payable | 47/48 | €9,605 | €173 | -€9,433 | -98.2% |
| Accrued charges and deferred income | 492/3 | €504 | €1,712 | +€1,208 | +240% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,048 | €1,145 | +€97 | +9.3% |
| Other operating charges | 640/8 | €165 | €239 | +€74 | +44.5% |
| Gross operating margin | 9900 | €51,751 | €53,830 | +€2,079 | +4.0% |
| Operating profit (loss) | 9901 | €50,538 | €52,446 | +€1,908 | +3.8% |
| Financial income | 75/76B | - | €668 | +€668 | |
| Recurring financial income | 75 | - | €668 | +€668 | |
| Financial charges | 65/66B | €42 | €1,612 | +€1,569 | +3,714% |
| Recurring financial charges | 65 | €42 | €1,612 | +€1,569 | +3,714% |
| Profit (loss) for the period before taxes | 9903 | €50,496 | €51,502 | +€1,006 | +2.0% |
| Income taxes | 67/77 | €10,610 | €11,492 | +€882 | +8.3% |
| Profit (loss) for the period | 9904 | €39,886 | €40,010 | +€125 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €39,886 | €40,010 | +€125 | +0.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.