Ellen Flies: 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 Flies
Largest movements
- Cash +€175,004
up €175,004 (+61.5%), from €284,353 to €459,356
mainly Other debts (+€172,892) and Net result for the year (+€171,037)
- Current investments -€100,000
down €100,000 (-18.8%), from €531,400 to €431,400
- Receivables within one year -€24,505
down €24,505 (-65.7%), from €37,287 to €12,782
of which Trade receivables: -€19,749
- Tangible fixed assets -€17,628
down €17,628 (-30.9%), from €57,094 to €39,467
of which Furniture and vehicles: -€14,583
- Other debts +€172,892
new in 2025: €172,892
- Reserves -€138,273
down €138,273 (-16.0%), from €865,445 to €727,172
- Gross operating margin +€18,934
up €18,934 (+8.7%), from €218,235 to €237,169
- Taxes -€8,647
down €8,647 (-13.8%), from €62,504 to €53,857
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 | €910,318 | €943,197 | +€32,879 | +3.6% |
| Fixed assets | 21/28 | €57,094 | €39,467 | -€17,628 | -30.9% |
| Tangible fixed assets | 22/27 | €57,094 | €39,467 | -€17,628 | -30.9% |
| Furniture and vehicles | 24 | €44,902 | €30,320 | -€14,583 | -32.5% |
| Other tangible fixed assets | 26 | €12,192 | €9,147 | -€3,045 | -25.0% |
| Current assets | 29/58 | €853,223 | €903,730 | +€50,507 | +5.9% |
| Amounts receivable within one year | 40/41 | €37,287 | €12,782 | -€24,505 | -65.7% |
| Trade receivables | 40 | €19,749 | - | -€19,749 | |
| Other amounts receivable | 41 | €17,538 | €12,782 | -€4,756 | -27.1% |
| Current investments | 50/53 | €531,400 | €431,400 | -€100,000 | -18.8% |
| Cash at bank and in hand | 54/58 | €284,353 | €459,356 | +€175,004 | +61.5% |
| Deferred charges and accrued income | 490/1 | €184 | €193 | +€9 | +4.7% |
| Total equity and liabilities | 10/49 | €910,318 | €943,197 | +€32,879 | +3.6% |
| Equity | 10/15 | €883,995 | €745,722 | -€138,273 | -15.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €865,445 | €727,172 | -€138,273 | -16.0% |
| Distributable reserves | 133 | €865,445 | €727,172 | -€138,273 | -16.0% |
| Amounts payable | 17/49 | €26,322 | €197,475 | +€171,152 | +650.2% |
| Amounts payable within one year | 42/48 | €26,322 | €197,475 | +€171,152 | +650.2% |
| Trade debts | 44 | €4,363 | €243 | -€4,120 | -94.4% |
| Suppliers | 440/4 | €4,363 | €243 | -€4,120 | -94.4% |
| Taxes, remuneration and social security | 45 | €21,959 | €24,340 | +€2,381 | +10.8% |
| Taxes | 450/3 | €21,959 | €24,340 | +€2,381 | +10.8% |
| Other amounts payable | 47/48 | - | €172,892 | +€172,892 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,676 | €17,628 | -€48 | -0.3% |
| Other operating charges | 640/8 | €588 | €931 | +€343 | +58.3% |
| Gross operating margin | 9900 | €218,235 | €237,169 | +€18,934 | +8.7% |
| Operating profit (loss) | 9901 | €199,971 | €218,611 | +€18,640 | +9.3% |
| Financial income | 75/76B | €6,561 | €6,390 | -€171 | -2.6% |
| Recurring financial income | 75 | €6,561 | €6,390 | -€171 | -2.6% |
| Financial charges | 65/66B | €101 | €108 | +€7 | +6.8% |
| Recurring financial charges | 65 | €101 | €108 | +€7 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €206,431 | €224,894 | +€18,462 | +8.9% |
| Income taxes | 67/77 | €62,504 | €53,857 | -€8,647 | -13.8% |
| Profit (loss) for the period | 9904 | €143,927 | €171,037 | +€27,110 | +18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €143,927 | €171,037 | +€27,110 | +18.8% |
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 8 October 2026 via checked.be.