Ellen Melis: 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 Melis
Largest movements
- Current investments -€26,422
down €26,422 (-75.3%), from €35,089 to €8,667
- Receivables within one year -€10,219
down €10,219 (-27.5%), from €37,136 to €26,917
of which Trade receivables: -€13,125
- Cash -€6,929
down €6,929 (-33.7%), from €20,543 to €13,614
mainly Contributions, distributions and other (-€44,000) and Trade debts (-€3,204)
- Tangible fixed assets -€3,505
down €3,505 (-13.9%), from €25,270 to €21,765
of which Other tangible fixed assets: -€2,480
- Reserves -€41,008
down €41,008 (-46.0%), from €89,120 to €48,112
- Trade debts -€3,204
down €3,204 (-72.2%), from €4,436 to €1,231
- Tax, wage and social debts -€2,112
down €2,112 (-30.8%), from €6,866 to €4,754
- Gross operating margin -€46,030
down €46,030, from €44,174 to -€1,856
- Taxes -€12,037
down €12,037 (-92.0%), from €13,077 to €1,040
- Financial income +€11,727
up €11,727 (+4,939%), from €237 to €11,964
- Other operating charges -€746
down €746 (-65.1%), from €1,145 to €400
- Depreciation +€662
up €662 (+13.6%), from €4,885 to €5,547
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 | €119,714 | €72,697 | -€47,017 | -39.3% |
| Fixed assets | 21/28 | €25,270 | €21,765 | -€3,505 | -13.9% |
| Tangible fixed assets | 22/27 | €25,270 | €21,765 | -€3,505 | -13.9% |
| Furniture and vehicles | 24 | €10,193 | €9,168 | -€1,025 | -10.1% |
| Other tangible fixed assets | 26 | €15,077 | €12,597 | -€2,480 | -16.4% |
| Current assets | 29/58 | €94,444 | €50,932 | -€43,512 | -46.1% |
| Amounts receivable within one year | 40/41 | €37,136 | €26,917 | -€10,219 | -27.5% |
| Trade receivables | 40 | €28,095 | €14,969 | -€13,125 | -46.7% |
| Other amounts receivable | 41 | €9,042 | €11,948 | +€2,906 | +32.1% |
| Current investments | 50/53 | €35,089 | €8,667 | -€26,422 | -75.3% |
| Cash at bank and in hand | 54/58 | €20,543 | €13,614 | -€6,929 | -33.7% |
| Deferred charges and accrued income | 490/1 | €1,675 | €1,734 | +€59 | +3.5% |
| Total equity and liabilities | 10/49 | €119,714 | €72,697 | -€47,017 | -39.3% |
| Equity | 10/15 | €107,720 | €66,712 | -€41,008 | -38.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €89,120 | €48,112 | -€41,008 | -46.0% |
| Distributable reserves | 133 | €89,120 | €48,112 | -€41,008 | -46.0% |
| Amounts payable | 17/49 | €11,994 | €5,985 | -€6,009 | -50.1% |
| Amounts payable within one year | 42/48 | €11,302 | €5,985 | -€5,317 | -47.0% |
| Trade debts | 44 | €4,436 | €1,231 | -€3,204 | -72.2% |
| Suppliers | 440/4 | €4,436 | €1,231 | -€3,204 | -72.2% |
| Taxes, remuneration and social security | 45 | €6,866 | €4,754 | -€2,112 | -30.8% |
| Taxes | 450/3 | €6,866 | €4,754 | -€2,112 | -30.8% |
| Accrued charges and deferred income | 492/3 | €693 | - | -€693 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,885 | €5,547 | +€662 | +13.6% |
| Other operating charges | 640/8 | €1,145 | €400 | -€746 | -65.1% |
| Gross operating margin | 9900 | €44,174 | -€1,856 | -€46,030 | |
| Operating profit (loss) | 9901 | €38,144 | -€7,803 | -€45,947 | |
| Financial income | 75/76B | €237 | €11,964 | +€11,727 | +4,939% |
| Recurring financial income | 75 | €237 | €11,964 | +€11,727 | +4,939% |
| Financial charges | 65/66B | €171 | €129 | -€41 | -24.2% |
| Recurring financial charges | 65 | €171 | €129 | -€41 | -24.2% |
| Profit (loss) for the period before taxes | 9903 | €38,211 | €4,032 | -€34,178 | -89.4% |
| Income taxes | 67/77 | €13,077 | €1,040 | -€12,037 | -92.0% |
| Profit (loss) for the period | 9904 | €25,134 | €2,992 | -€22,142 | -88.1% |
| Profit (loss) for the period to be appropriated | 9905 | €25,134 | €2,992 | -€22,142 | -88.1% |
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 22 October 2026 via checked.be.