Ellen Peeters: 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 Peeters
Largest movements
- Cash -€23,056
down €23,056 (-41.0%), from €56,181 to €33,125
mainly Contributions, distributions and other (-€53,305) and Net result for the year (-€26,241)
- Receivables within one year -€6,235
down €6,235 (-37.9%), from €16,466 to €10,230
of which Trade receivables: -€7,847
- Tangible fixed assets -€2,851
down €2,851 (-26.3%), from €10,830 to €7,979
of which Plant, machinery and equipment: -€1,427
- Reserves -€79,546
down €79,546 (-85.0%), from €93,530 to €13,984
- Other debts +€53,084
up €53,084 (+8910.5%), from €596 to €53,679
- Tax, wage and social debts -€4,568
down €4,568 (-43.6%), from €10,465 to €5,897
- Current portion of long-term debt -€1,387
no longer reported in 2025 (was €1,387)
- Gross operating margin -€71,505
down €71,505, from €48,694 to -€22,811
- Taxes -€9,650
no longer reported in 2025 (was €9,650)
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 | €108,020 | €76,008 | -€32,012 | -29.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €10,830 | €7,979 | -€2,851 | -26.3% |
| Tangible fixed assets | 22/27 | €10,830 | €7,979 | -€2,851 | -26.3% |
| Land and buildings | 22 | €4,867 | €4,204 | -€663 | -13.6% |
| Plant, machinery and equipment | 23 | €4,017 | €2,590 | -€1,427 | -35.5% |
| Furniture and vehicles | 24 | €1,946 | €1,185 | -€762 | -39.1% |
| Current assets | 29/58 | €97,190 | €68,029 | -€29,161 | -30.0% |
| Amounts receivable after more than one year | 29 | €23,305 | €23,305 | = | 0.0% |
| Other amounts receivable | 291 | €23,305 | €23,305 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €16,466 | €10,230 | -€6,235 | -37.9% |
| Trade receivables | 40 | €16,382 | €8,535 | -€7,847 | -47.9% |
| Other amounts receivable | 41 | €83 | €1,695 | +€1,612 | +1936.1% |
| Cash at bank and in hand | 54/58 | €56,181 | €33,125 | -€23,056 | -41.0% |
| Deferred charges and accrued income | 490/1 | €1,238 | €1,369 | +€131 | +10.6% |
| Total equity and liabilities | 10/49 | €108,020 | €76,008 | -€32,012 | -29.6% |
| Equity | 10/15 | €95,530 | €15,984 | -€79,546 | -83.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €93,530 | €13,984 | -€79,546 | -85.0% |
| Distributable reserves | 133 | €93,530 | €13,984 | -€79,546 | -85.0% |
| Amounts payable | 17/49 | €12,490 | €60,024 | +€47,534 | +380.6% |
| Amounts payable within one year | 42/48 | €12,490 | €60,024 | +€47,534 | +380.6% |
| Current portion of amounts payable after more than one year | 42 | €1,387 | - | -€1,387 | |
| Trade debts | 44 | €43 | €447 | +€405 | +950.5% |
| Suppliers | 440/4 | €43 | €447 | +€405 | +950.5% |
| Taxes, remuneration and social security | 45 | €10,465 | €5,897 | -€4,568 | -43.6% |
| Taxes | 450/3 | €10,465 | €5,897 | -€4,568 | -43.6% |
| Other amounts payable | 47/48 | €596 | €53,679 | +€53,084 | +8910.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,039 | €2,851 | -€188 | -6.2% |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Gross operating margin | 9900 | €48,694 | -€22,811 | -€71,505 | |
| Operating profit (loss) | 9901 | €45,206 | -€26,124 | -€71,330 | |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €213 | €117 | -€96 | -45.2% |
| Recurring financial charges | 65 | €213 | €117 | -€96 | -45.2% |
| Profit (loss) for the period before taxes | 9903 | €44,994 | -€26,241 | -€71,235 | |
| Income taxes | 67/77 | €9,650 | - | -€9,650 | |
| Profit (loss) for the period | 9904 | €35,344 | -€26,241 | -€61,585 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,344 | -€26,241 | -€61,585 |
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 11 October 2026 via checked.be.