Ellen Thys: 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 Thys
Largest movements
- Tangible fixed assets +€126,844
up €126,844 (+1381.0%), from €9,185 to €136,029
of which Leasing and similar rights: +€81,763
- Cash -€57,571
down €57,571 (-16.4%), from €350,108 to €292,537
mainly Contributions, distributions and other (-€782,790) and Investment in fixed assets (net) (-€135,323)
- Deferred charges and accrued income +€34,374
up €34,374 (+20.7%), from €166,082 to €200,455
- Stocks and contracts +€9,417
up €9,417 (+231.7%), from €4,064 to €13,481
- Receivables within one year +€7,439
up €7,439 (+90.0%), from €8,264 to €15,704
of which Other amounts receivable: +€8,263
- Other debts +€415,278
up €415,278 (+28720.9%), from €1,446 to €416,724
- Profit (loss) carried forward -€367,201
no longer reported in 2025 (was €367,201)
- Debts after one year +€65,453
new in 2025: €65,453
- Current portion of long-term debt +€15,894
new in 2025: €15,894
- Tax, wage and social debts -€9,273
no longer reported in 2025 (was €9,273)
- Gross operating margin +€69,067
up €69,067 (+14.1%), from €488,161 to €557,228
- Taxes +€14,012
up €14,012 (+11.9%), from €118,184 to €132,196
- Depreciation +€6,845
up €6,845 (+419.1%), from €1,633 to €8,479
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 | €540,304 | €663,040 | +€122,736 | +22.7% |
| Fixed assets | 21/28 | €9,285 | €136,129 | +€126,844 | +1366.1% |
| Tangible fixed assets | 22/27 | €9,185 | €136,029 | +€126,844 | +1381.0% |
| Plant, machinery and equipment | 23 | - | €3,285 | +€3,285 | |
| Furniture and vehicles | 24 | €9,185 | €15,453 | +€6,268 | +68.2% |
| Leasing and similar rights | 25 | - | €81,763 | +€81,763 | |
| Other tangible fixed assets | 26 | - | €35,528 | +€35,528 | |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €531,019 | €526,910 | -€4,109 | -0.8% |
| Stocks and contracts in progress | 3 | €4,064 | €13,481 | +€9,417 | +231.7% |
| Stocks | 30/36 | €4,064 | €13,481 | +€9,417 | +231.7% |
| Amounts receivable within one year | 40/41 | €8,264 | €15,704 | +€7,439 | +90.0% |
| Trade receivables | 40 | €1,936 | €1,112 | -€824 | -42.6% |
| Other amounts receivable | 41 | €6,328 | €14,592 | +€8,263 | +130.6% |
| Current investments | 50/53 | €2,500 | €4,733 | +€2,233 | +89.3% |
| Cash at bank and in hand | 54/58 | €350,108 | €292,537 | -€57,571 | -16.4% |
| Deferred charges and accrued income | 490/1 | €166,082 | €200,455 | +€34,374 | +20.7% |
| Total equity and liabilities | 10/49 | €540,304 | €663,040 | +€122,736 | +22.7% |
| Equity | 10/15 | €528,578 | €161,377 | -€367,201 | -69.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €156,377 | €156,377 | = | 0.0% |
| Distributable reserves | 133 | €156,377 | €156,377 | = | 0.0% |
| Profit (loss) carried forward | 14 | €367,201 | - | -€367,201 | |
| Amounts payable | 17/49 | €11,726 | €501,663 | +€489,937 | +4178.2% |
| Amounts payable after more than one year | 17 | - | €65,453 | +€65,453 | |
| Financial debts | 170/4 | - | €65,453 | +€65,453 | |
| Amounts payable within one year | 42/48 | €11,726 | €436,210 | +€424,483 | +3620.0% |
| Current portion of amounts payable after more than one year | 42 | - | €15,894 | +€15,894 | |
| Trade debts | 44 | €1,008 | €3,591 | +€2,584 | +256.4% |
| Suppliers | 440/4 | €1,008 | €3,591 | +€2,584 | +256.4% |
| Taxes, remuneration and social security | 45 | €9,273 | - | -€9,273 | |
| Taxes | 450/3 | €9,273 | - | -€9,273 | |
| Other amounts payable | 47/48 | €1,446 | €416,724 | +€415,278 | +28720.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,633 | €8,479 | +€6,845 | +419.1% |
| Other operating charges | 640/8 | €898 | €673 | -€225 | -25.1% |
| Gross operating margin | 9900 | €488,161 | €557,228 | +€69,067 | +14.1% |
| Operating profit (loss) | 9901 | €485,630 | €548,076 | +€62,447 | +12.9% |
| Financial income | 75/76B | €39 | €571 | +€532 | +1366.6% |
| Recurring financial income | 75 | €39 | €571 | +€532 | +1366.6% |
| Financial charges | 65/66B | €284 | €862 | +€578 | +203.8% |
| Recurring financial charges | 65 | €284 | €862 | +€578 | +203.8% |
| Profit (loss) for the period before taxes | 9903 | €485,385 | €547,785 | +€62,401 | +12.9% |
| Income taxes | 67/77 | €118,184 | €132,196 | +€14,012 | +11.9% |
| Profit (loss) for the period | 9904 | €367,201 | €415,589 | +€48,388 | +13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €367,201 | €415,589 | +€48,388 | +13.2% |
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 6 October 2026 via checked.be.