ELLEN ROELS: 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 ROELS
Largest movements
- Cash -€36,764
down €36,764 (-52.5%), from €70,092 to €33,329
mainly Contributions, distributions and other (-€50,000) and Investment in fixed assets (net) (-€3,272)
- Tangible fixed assets -€3,088
down €3,088 (-16.2%), from €19,005 to €15,918
of which Furniture and vehicles: -€4,057
- Receivables within one year +€2,074
up €2,074 (+13.1%), from €15,816 to €17,890
of which Other amounts receivable: +€2,125
- Reserves -€35,548
down €35,548 (-45.8%), from €77,682 to €42,133
- Trade debts -€1,660
down €1,660 (-71.0%), from €2,337 to €677
- Gross operating margin +€14,930
up €14,930 (+137%), from €10,921 to €25,851
- Taxes +€3,864
up €3,864 (+3,031%), from €127 to €3,992
- Depreciation +€591
up €591 (+10.2%), from €5,769 to €6,360
- Other operating charges -€533
down €533 (-34.7%), from €1,535 to €1,002
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 | €104,914 | €67,136 | -€37,778 | -36.0% |
| Fixed assets | 21/28 | €19,005 | €15,918 | -€3,088 | -16.2% |
| Tangible fixed assets | 22/27 | €19,005 | €15,918 | -€3,088 | -16.2% |
| Land and buildings | 22 | €2,770 | €3,739 | +€969 | +35.0% |
| Furniture and vehicles | 24 | €16,236 | €12,178 | -€4,057 | -25.0% |
| Current assets | 29/58 | €85,908 | €51,219 | -€34,690 | -40.4% |
| Amounts receivable within one year | 40/41 | €15,816 | €17,890 | +€2,074 | +13.1% |
| Trade receivables | 40 | €15,816 | €15,764 | -€51 | -0.3% |
| Other amounts receivable | 41 | - | €2,125 | +€2,125 | |
| Cash at bank and in hand | 54/58 | €70,092 | €33,329 | -€36,764 | -52.5% |
| Total equity and liabilities | 10/49 | €104,914 | €67,136 | -€37,778 | -36.0% |
| Equity | 10/15 | €96,282 | €60,733 | -€35,548 | -36.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €77,682 | €42,133 | -€35,548 | -45.8% |
| Distributable reserves | 133 | €77,682 | €42,133 | -€35,548 | -45.8% |
| Amounts payable | 17/49 | €8,632 | €6,403 | -€2,229 | -25.8% |
| Amounts payable within one year | 42/48 | €8,632 | €6,403 | -€2,229 | -25.8% |
| Trade debts | 44 | €2,337 | €677 | -€1,660 | -71.0% |
| Suppliers | 440/4 | €2,337 | €677 | -€1,660 | -71.0% |
| Taxes, remuneration and social security | 45 | €6,081 | €5,725 | -€355 | -5.8% |
| Taxes | 450/3 | €3,971 | €3,535 | -€435 | -11.0% |
| Remuneration and social security | 454/9 | €2,110 | €2,190 | +€80 | +3.8% |
| Other amounts payable | 47/48 | €214 | - | -€214 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,769 | €6,360 | +€591 | +10.2% |
| Other operating charges | 640/8 | €1,535 | €1,002 | -€533 | -34.7% |
| Gross operating margin | 9900 | €10,921 | €25,851 | +€14,930 | +137% |
| Operating profit (loss) | 9901 | €3,617 | €18,489 | +€14,872 | +411% |
| Financial income | 75/76B | €4 | €78 | +€75 | +2,002% |
| Recurring financial income | 75 | €4 | €78 | +€75 | +2,002% |
| Financial charges | 65/66B | €69 | €124 | +€55 | +79.1% |
| Recurring financial charges | 65 | €69 | €124 | +€55 | +79.1% |
| Profit (loss) for the period before taxes | 9903 | €3,551 | €18,443 | +€14,892 | +419% |
| Income taxes | 67/77 | €127 | €3,992 | +€3,864 | +3,031% |
| Profit (loss) for the period | 9904 | €3,424 | €14,452 | +€11,028 | +322% |
| Profit (loss) for the period to be appropriated | 9905 | €3,424 | €14,452 | +€11,028 | +322% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.