ELLEN MAES BV: 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 MAES BV
Largest movements
- Cash +€12,566
up €12,566 (+18.7%), from €67,101 to €79,667
mainly Net result for the year (+€102,284) and Depreciation (+€2,866)
- Current investments +€5,891
up €5,891 (+73.6%), from €8,004 to €13,895
- Receivables within one year +€1,375
up €1,375 (+11.3%), from €12,151 to €13,526
of which Trade receivables: +€782
- Reserves +€24,625
up €24,625 (+31.7%), from €77,659 to €102,284
- Trade debts -€1,679
down €1,679 (-34.8%), from €4,824 to €3,145
- Current portion of long-term debt -€1,571
down €1,571 (-100%), from €1,571 to €0
- Tax, wage and social debts -€1,299
down €1,299 (-65.2%), from €1,993 to €694
- Other debts +€1,296
up €1,296 (+64.0%), from €2,023 to €3,319
- Gross operating margin +€34,065
up €34,065 (+33.8%), from €100,843 to €134,907
- Taxes +€7,759
up €7,759 (+38.2%), from €20,334 to €28,093
- Financial income -€1,612
down €1,612 (-72.3%), from €2,231 to €619
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 | €93,071 | €114,659 | +€21,588 | +23.2% |
| Fixed assets | 21/28 | €5,194 | €5,965 | +€771 | +14.8% |
| Tangible fixed assets | 22/27 | €5,194 | €5,965 | +€771 | +14.8% |
| Plant, machinery and equipment | 23 | €1,970 | €4,611 | +€2,641 | +134% |
| Furniture and vehicles | 24 | €3,224 | €1,353 | -€1,871 | -58.0% |
| Current assets | 29/58 | €87,877 | €108,694 | +€20,817 | +23.7% |
| Amounts receivable within one year | 40/41 | €12,151 | €13,526 | +€1,375 | +11.3% |
| Trade receivables | 40 | €12,151 | €12,933 | +€782 | +6.4% |
| Other amounts receivable | 41 | - | €593 | +€593 | |
| Current investments | 50/53 | €8,004 | €13,895 | +€5,891 | +73.6% |
| Cash at bank and in hand | 54/58 | €67,101 | €79,667 | +€12,566 | +18.7% |
| Deferred charges and accrued income | 490/1 | €621 | €1,606 | +€985 | +159% |
| Total equity and liabilities | 10/49 | €93,071 | €114,659 | +€21,588 | +23.2% |
| Equity | 10/15 | €82,659 | €107,284 | +€24,625 | +29.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €77,659 | €102,284 | +€24,625 | +31.7% |
| Distributable reserves | 133 | €77,659 | €102,284 | +€24,625 | +31.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €10,412 | €7,375 | -€3,037 | -29.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €10,412 | €7,158 | -€3,254 | -31.3% |
| Current portion of amounts payable after more than one year | 42 | €1,571 | €0 | -€1,571 | -100% |
| Trade debts | 44 | €4,824 | €3,145 | -€1,679 | -34.8% |
| Suppliers | 440/4 | €4,824 | €3,145 | -€1,679 | -34.8% |
| Taxes, remuneration and social security | 45 | €1,993 | €694 | -€1,299 | -65.2% |
| Taxes | 450/3 | €1,993 | €694 | -€1,299 | -65.2% |
| Other amounts payable | 47/48 | €2,023 | €3,319 | +€1,296 | +64.0% |
| Accrued charges and deferred income | 492/3 | €0 | €217 | +€217 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,567 | €2,866 | +€299 | +11.6% |
| Other operating charges | 640/8 | €569 | €585 | +€16 | +2.9% |
| Gross operating margin | 9900 | €100,843 | €134,907 | +€34,065 | +33.8% |
| Operating profit (loss) | 9901 | €97,707 | €131,456 | +€33,749 | +34.5% |
| Financial income | 75/76B | €2,231 | €619 | -€1,612 | -72.3% |
| Recurring financial income | 75 | €2,231 | €619 | -€1,612 | -72.3% |
| Financial charges | 65/66B | €1,945 | €1,698 | -€247 | -12.7% |
| Recurring financial charges | 65 | €1,945 | €1,698 | -€247 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €97,992 | €130,377 | +€32,384 | +33.0% |
| Income taxes | 67/77 | €20,334 | €28,093 | +€7,759 | +38.2% |
| Profit (loss) for the period | 9904 | €77,659 | €102,284 | +€24,625 | +31.7% |
| Profit (loss) for the period to be appropriated | 9905 | €77,659 | €102,284 | +€24,625 | +31.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.