Ellen Glazemakers: 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 Glazemakers
Largest movements
- Current investments -€163,986
down €163,986 (-100.0%), from €164,000 to €14
- Cash -€38,269
down €38,269 (-59.1%), from €64,725 to €26,456
mainly Contributions, distributions and other (-€284,000) and Tax, wage and social debts (-€21,410)
- Receivables within one year +€18,137
up €18,137 (+1,142%), from €1,588 to €19,724
of which Trade receivables: +€18,882
- Profit (loss) carried forward -€186,962
down €186,962 (-99.8%), from €187,396 to €434
- Other debts +€35,363
new in 2025: €35,363
- Tax, wage and social debts -€21,410
down €21,410 (-62.8%), from €34,091 to €12,681
of which Taxes: -€21,435
- Accrued charges and deferred income -€7,826
no longer reported in 2025 (was €7,826)
- Gross operating margin +€21,732
up €21,732 (+21.0%), from €103,534 to €125,266
- Taxes +€4,157
up €4,157 (+18.6%), from €22,383 to €26,540
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 | €245,150 | €63,479 | -€181,672 | -74.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €14,585 | €17,032 | +€2,447 | +16.8% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €14,551 | €16,998 | +€2,447 | +16.8% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €185 | €262 | +€77 | +41.7% |
| Furniture and vehicles | 24 | €13,005 | €16,035 | +€3,031 | +23.3% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €1,362 | €701 | -€661 | -48.5% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €34 | €34 | = | 0.0% |
| Current assets | 29/58 | €230,565 | €46,447 | -€184,118 | -79.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €1,588 | €19,724 | +€18,137 | +1,142% |
| Trade receivables | 40 | €0 | €18,882 | +€18,882 | |
| Other amounts receivable | 41 | €1,588 | €843 | -€745 | -46.9% |
| Current investments | 50/53 | €164,000 | €14 | -€163,986 | -100.0% |
| Cash at bank and in hand | 54/58 | €64,725 | €26,456 | -€38,269 | -59.1% |
| Deferred charges and accrued income | 490/1 | €252 | €252 | = | 0.0% |
| Total equity and liabilities | 10/49 | €245,150 | €63,479 | -€181,672 | -74.1% |
| Equity | 10/15 | €202,396 | €15,434 | -€186,962 | -92.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €187,396 | €434 | -€186,962 | -99.8% |
| Amounts payable | 17/49 | €42,754 | €48,044 | +€5,290 | +12.4% |
| Amounts payable within one year | 42/48 | €34,929 | €48,044 | +€13,116 | +37.6% |
| Trade debts | 44 | €838 | - | -€838 | |
| Suppliers | 440/4 | €838 | - | -€838 | |
| Taxes, remuneration and social security | 45 | €34,091 | €12,681 | -€21,410 | -62.8% |
| Taxes | 450/3 | €31,405 | €9,969 | -€21,435 | -68.3% |
| Remuneration and social security | 454/9 | €2,686 | €2,711 | +€25 | +0.9% |
| Other amounts payable | 47/48 | - | €35,363 | +€35,363 | |
| Accrued charges and deferred income | 492/3 | €7,826 | - | -€7,826 | |
| Remuneration, social security and pensions | 62 | €778 | - | -€778 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,659 | €2,497 | +€839 | +50.6% |
| Other operating charges | 640/8 | €380 | €144 | -€236 | -62.0% |
| Gross operating margin | 9900 | €103,534 | €125,266 | +€21,732 | +21.0% |
| Operating profit (loss) | 9901 | €100,717 | €122,625 | +€21,907 | +21.8% |
| Financial income | 75/76B | €723 | €1,063 | +€340 | +46.9% |
| Recurring financial income | 75 | €723 | €1,058 | +€335 | +46.2% |
| Non-recurring financial income | 76B | - | €5 | +€5 | |
| Financial charges | 65/66B | €102 | €109 | +€8 | +7.4% |
| Recurring financial charges | 65 | €102 | €109 | +€8 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €101,339 | €123,578 | +€22,239 | +21.9% |
| Income taxes | 67/77 | €22,383 | €26,540 | +€4,157 | +18.6% |
| Profit (loss) for the period | 9904 | €78,956 | €97,038 | +€18,082 | +22.9% |
| Profit (loss) for the period to be appropriated | 9905 | €78,956 | €97,038 | +€18,082 | +22.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.