Ellen Soenen: what changed
Two fiscal 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 Soenen
Largest movements
- Cash -€66,318
down €66,318 (-64.7%), from €102,469 to €36,152
mainly Contributions, distributions and other (-€89,000) and Receivables within one year (-€15,842)
- Receivables within one year +€15,842
up €15,842 (+236.0%), from €6,712 to €22,554
of which Trade receivables: +€10,138
- Tangible fixed assets -€2,930
down €2,930 (-16.5%), from €17,730 to €14,800
of which Furniture and vehicles: -€2,471
- Profit (loss) carried forward -€38,242
down €38,242 (-42.9%), from €89,061 to €50,819
- Other debts -€8,385
down €8,385 (-92.8%), from €9,033 to €648
- Trade debts -€5,142
down €5,142 (-69.0%), from €7,451 to €2,310
- Tax, wage and social debts -€1,558
down €1,558 (-9.5%), from €16,459 to €14,901
- Gross operating margin +€24,539
up €24,539 (+54.5%), from €45,037 to €69,576
- Taxes +€4,361
up €4,361 (+46.2%), from €9,434 to €13,795
- Depreciation +€1,605
up €1,605 (+65.9%), from €2,436 to €4,041
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 | €127,005 | €73,677 | -€53,327 | -42.0% |
| Fixed assets | 21/28 | €17,730 | €14,800 | -€2,930 | -16.5% |
| Tangible fixed assets | 22/27 | €17,730 | €14,800 | -€2,930 | -16.5% |
| Land and buildings | 22 | €4,379 | €3,919 | -€460 | -10.5% |
| Furniture and vehicles | 24 | €13,351 | €10,881 | -€2,471 | -18.5% |
| Current assets | 29/58 | €109,274 | €58,877 | -€50,397 | -46.1% |
| Amounts receivable within one year | 40/41 | €6,712 | €22,554 | +€15,842 | +236.0% |
| Trade receivables | 40 | €6,712 | €16,849 | +€10,138 | +151.0% |
| Other amounts receivable | 41 | €1 | €5,705 | +€5,704 | +905422.2% |
| Cash at bank and in hand | 54/58 | €102,469 | €36,152 | -€66,318 | -64.7% |
| Deferred charges and accrued income | 490/1 | €93 | €172 | +€79 | +85.2% |
| Total equity and liabilities | 10/49 | €127,005 | €73,677 | -€53,327 | -42.0% |
| Equity | 10/15 | €94,061 | €55,819 | -€38,242 | -40.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,061 | €50,819 | -€38,242 | -42.9% |
| Amounts payable | 17/49 | €32,943 | €17,859 | -€15,085 | -45.8% |
| Amounts payable within one year | 42/48 | €32,943 | €17,859 | -€15,085 | -45.8% |
| Trade debts | 44 | €7,451 | €2,310 | -€5,142 | -69.0% |
| Suppliers | 440/4 | €7,451 | €2,310 | -€5,142 | -69.0% |
| Taxes, remuneration and social security | 45 | €16,459 | €14,901 | -€1,558 | -9.5% |
| Taxes | 450/3 | €16,459 | €14,901 | -€1,558 | -9.5% |
| Other amounts payable | 47/48 | €9,033 | €648 | -€8,385 | -92.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,436 | €4,041 | +€1,605 | +65.9% |
| Other operating charges | 640/8 | €537 | €462 | -€75 | -14.0% |
| Gross operating margin | 9900 | €45,037 | €69,576 | +€24,539 | +54.5% |
| Operating profit (loss) | 9901 | €42,064 | €65,073 | +€23,009 | +54.7% |
| Financial income | 75/76B | €97 | €0 | -€97 | -100.0% |
| Recurring financial income | 75 | €97 | €0 | -€97 | -100.0% |
| Financial charges | 65/66B | €172 | €520 | +€348 | +202.7% |
| Recurring financial charges | 65 | €172 | €520 | +€348 | +202.7% |
| Profit (loss) for the period before taxes | 9903 | €41,990 | €64,553 | +€22,563 | +53.7% |
| Income taxes | 67/77 | €9,434 | €13,795 | +€4,361 | +46.2% |
| Profit (loss) for the period | 9904 | €32,555 | €50,758 | +€18,202 | +55.9% |
| Profit (loss) for the period to be appropriated | 9905 | €32,555 | €50,758 | +€18,202 | +55.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.