ELLEN DEWULF: 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 DEWULF
Largest movements
- Cash +€223,817
up €223,817 (+52.3%), from €427,766 to €651,582
mainly Net result for the year (+€148,680) and Depreciation (+€53,327)
- Receivables within one year -€45,648
down €45,648 (-39.4%), from €115,778 to €70,130
of which Other amounts receivable: -€44,867
- Tangible fixed assets -€43,853
down €43,853 (-9.8%), from €446,175 to €402,322
of which Land and buildings: -€61,843
- Reserves +€148,680
up €148,680 (+18.2%), from €815,862 to €964,542
of which Non-distributable reserves: +€148,680
- Debts after one year -€21,013
down €21,013 (-59.7%), from €35,175 to €14,162
- Gross operating margin -€10,221
down €10,221 (-3.3%), from €310,013 to €299,792
- Financial charges -€6,972
down €6,972 (-69.7%), from €9,997 to €3,025
- Depreciation -€6,714
down €6,714 (-11.2%), from €60,042 to €53,327
- Financial income +€4,251
up €4,251 (+183.9%), from €2,312 to €6,563
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 | €999,338 | €1,134,853 | +€135,515 | +13.6% |
| Fixed assets | 21/28 | €446,341 | €402,488 | -€43,853 | -9.8% |
| Tangible fixed assets | 22/27 | €446,175 | €402,322 | -€43,853 | -9.8% |
| Land and buildings | 22 | €369,644 | €307,801 | -€61,843 | -16.7% |
| Plant, machinery and equipment | 23 | €8,971 | €11,650 | +€2,679 | +29.9% |
| Furniture and vehicles | 24 | €57,360 | €36,518 | -€20,842 | -36.3% |
| Other tangible fixed assets | 26 | €10,200 | €46,353 | +€36,153 | +354.4% |
| Financial fixed assets | 28 | €166 | €166 | = | 0.0% |
| Current assets | 29/58 | €552,997 | €732,365 | +€179,368 | +32.4% |
| Amounts receivable within one year | 40/41 | €115,778 | €70,130 | -€45,648 | -39.4% |
| Trade receivables | 40 | €1,257 | €476 | -€781 | -62.1% |
| Other amounts receivable | 41 | €114,521 | €69,654 | -€44,867 | -39.2% |
| Cash at bank and in hand | 54/58 | €427,766 | €651,582 | +€223,817 | +52.3% |
| Deferred charges and accrued income | 490/1 | €9,453 | €10,652 | +€1,199 | +12.7% |
| Total equity and liabilities | 10/49 | €999,338 | €1,134,853 | +€135,515 | +13.6% |
| Equity | 10/15 | €865,862 | €1,014,542 | +€148,680 | +17.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €815,862 | €964,542 | +€148,680 | +18.2% |
| Non-distributable reserves | 130/1 | €748,898 | €897,578 | +€148,680 | +19.9% |
| Other | 1319 | €748,898 | €897,578 | +€148,680 | +19.9% |
| Tax-exempt reserves | 132 | €368 | €368 | = | 0.0% |
| Distributable reserves | 133 | €66,596 | €66,596 | = | 0.0% |
| Provisions and deferred taxes | 16 | €28,016 | €28,016 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €28,016 | €28,016 | = | 0.0% |
| Pensions and similar obligations | 160 | €28,016 | €28,016 | = | 0.0% |
| Amounts payable | 17/49 | €105,460 | €92,295 | -€13,165 | -12.5% |
| Amounts payable after more than one year | 17 | €35,175 | €14,162 | -€21,013 | -59.7% |
| Financial debts | 170/4 | €35,175 | €14,162 | -€21,013 | -59.7% |
| Amounts payable within one year | 42/48 | €62,958 | €75,168 | +€12,210 | +19.4% |
| Current portion of amounts payable after more than one year | 42 | €24,097 | €21,013 | -€3,084 | -12.8% |
| Trade debts | 44 | €13,183 | €24,104 | +€10,921 | +82.8% |
| Suppliers | 440/4 | €13,183 | €24,104 | +€10,921 | +82.8% |
| Taxes, remuneration and social security | 45 | €11,212 | €20,915 | +€9,703 | +86.5% |
| Taxes | 450/3 | €5,528 | €15,096 | +€9,568 | +173.1% |
| Remuneration and social security | 454/9 | €5,683 | €5,818 | +€135 | +2.4% |
| Other amounts payable | 47/48 | €14,466 | €9,136 | -€5,330 | -36.8% |
| Accrued charges and deferred income | 492/3 | €7,327 | €2,966 | -€4,362 | -59.5% |
| Remuneration, social security and pensions | 62 | €24,388 | €26,695 | +€2,308 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,042 | €53,327 | -€6,714 | -11.2% |
| Other operating charges | 640/8 | €5,546 | €3,448 | -€2,099 | -37.8% |
| Non-recurring operating charges | 66A | €368 | €6,195 | +€5,827 | +1582.4% |
| Gross operating margin | 9900 | €310,013 | €299,792 | -€10,221 | -3.3% |
| Operating profit (loss) | 9901 | €219,669 | €210,127 | -€9,543 | -4.3% |
| Financial income | 75/76B | €2,312 | €6,563 | +€4,251 | +183.9% |
| Recurring financial income | 75 | €2,312 | €6,563 | +€4,251 | +183.9% |
| Financial charges | 65/66B | €9,997 | €3,025 | -€6,972 | -69.7% |
| Recurring financial charges | 65 | €9,997 | €3,025 | -€6,972 | -69.7% |
| Profit (loss) for the period before taxes | 9903 | €211,984 | €213,664 | +€1,680 | +0.8% |
| Income taxes | 67/77 | €64,448 | €64,984 | +€536 | +0.8% |
| Profit (loss) for the period | 9904 | €147,535 | €148,680 | +€1,145 | +0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €147,535 | €148,680 | +€1,145 | +0.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.