ELLEN VERAGHTERT: 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 VERAGHTERT
Largest movements
- Tangible fixed assets -€44,769
down €44,769 (-10.0%), from €447,756 to €402,987
of which Land and buildings: -€25,977
- Intangible fixed assets -€26,550
down €26,550 (-34.3%), from €77,438 to €50,888
- Current investments -€24,716
down €24,716 (-20.4%), from €121,093 to €96,377
- Debts after one year -€72,425
down €72,425 (-20.9%), from €346,080 to €273,654
- Reserves -€43,176
down €43,176 (-6.1%), from €711,723 to €668,547
- Tax, wage and social debts +€12,644
up €12,644 (+60.2%), from €20,990 to €33,634
of which Remuneration and social security: +€6,532
- Gross operating margin +€37,452
up €37,452 (+8.9%), from €422,031 to €459,484
- Staff costs +€26,496
up €26,496 (+13.0%), from €204,407 to €230,904
- Taxes +€6,903
up €6,903 (+15.5%), from €44,395 to €51,298
- Depreciation -€6,119
down €6,119 (-7.8%), from €78,914 to €72,795
- Financial charges -€5,671
down €5,671 (-30.3%), from €18,732 to €13,061
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 | €1,194,634 | €1,097,015 | -€97,619 | -8.2% |
| Fixed assets | 21/28 | €525,193 | €463,875 | -€61,319 | -11.7% |
| Intangible fixed assets | 21 | €77,438 | €50,888 | -€26,550 | -34.3% |
| Tangible fixed assets | 22/27 | €447,756 | €402,987 | -€44,769 | -10.0% |
| Land and buildings | 22 | €390,488 | €364,511 | -€25,977 | -6.7% |
| Plant, machinery and equipment | 23 | €23,893 | €18,655 | -€5,238 | -21.9% |
| Furniture and vehicles | 24 | €33,375 | €19,821 | -€13,554 | -40.6% |
| Financial fixed assets | 28 | - | €10,000 | +€10,000 | |
| Current assets | 29/58 | €669,441 | €633,140 | -€36,301 | -5.4% |
| Amounts receivable after more than one year | 29 | €318,920 | €318,920 | = | 0.0% |
| Other amounts receivable | 291 | €318,920 | €318,920 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €87,711 | €80,246 | -€7,465 | -8.5% |
| Trade receivables | 40 | €40,139 | €46,713 | +€6,574 | +16.4% |
| Other amounts receivable | 41 | €47,571 | €33,533 | -€14,038 | -29.5% |
| Current investments | 50/53 | €121,093 | €96,377 | -€24,716 | -20.4% |
| Cash at bank and in hand | 54/58 | €139,080 | €132,179 | -€6,901 | -5.0% |
| Deferred charges and accrued income | 490/1 | €2,638 | €5,418 | +€2,781 | +105% |
| Total equity and liabilities | 10/49 | €1,194,634 | €1,097,015 | -€97,619 | -8.2% |
| Equity | 10/15 | €730,323 | €687,147 | -€43,176 | -5.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €711,723 | €668,547 | -€43,176 | -6.1% |
| Distributable reserves | 133 | €711,723 | €668,547 | -€43,176 | -6.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €464,312 | €409,868 | -€54,443 | -11.7% |
| Amounts payable after more than one year | 17 | €346,080 | €273,654 | -€72,425 | -20.9% |
| Financial debts | 170/4 | €346,080 | €273,654 | -€72,425 | -20.9% |
| Amounts payable within one year | 42/48 | €118,232 | €136,214 | +€17,982 | +15.2% |
| Current portion of amounts payable after more than one year | 42 | €77,225 | €79,211 | +€1,986 | +2.6% |
| Trade debts | 44 | €20,017 | €23,369 | +€3,352 | +16.7% |
| Suppliers | 440/4 | €20,017 | €23,369 | +€3,352 | +16.7% |
| Taxes, remuneration and social security | 45 | €20,990 | €33,634 | +€12,644 | +60.2% |
| Taxes | 450/3 | €1,387 | €7,499 | +€6,112 | +441% |
| Remuneration and social security | 454/9 | €19,603 | €26,135 | +€6,532 | +33.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €204,407 | €230,904 | +€26,496 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,914 | €72,795 | -€6,119 | -7.8% |
| Other operating charges | 640/8 | €3,749 | €2,723 | -€1,026 | -27.4% |
| Non-recurring operating charges | 66A | - | €350 | +€350 | |
| Gross operating margin | 9900 | €422,031 | €459,484 | +€37,452 | +8.9% |
| Operating profit (loss) | 9901 | €134,961 | €152,712 | +€17,751 | +13.2% |
| Financial income | 75/76B | €13,970 | €18,447 | +€4,477 | +32.0% |
| Recurring financial income | 75 | €13,397 | €18,447 | +€5,050 | +37.7% |
| Non-recurring financial income | 76B | €573 | €0 | -€573 | -100% |
| Financial charges | 65/66B | €18,732 | €13,061 | -€5,671 | -30.3% |
| Recurring financial charges | 65 | €18,732 | €13,061 | -€5,671 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €130,199 | €158,098 | +€27,899 | +21.4% |
| Income taxes | 67/77 | €44,395 | €51,298 | +€6,903 | +15.5% |
| Profit (loss) for the period | 9904 | €85,804 | €106,801 | +€20,996 | +24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €85,804 | €106,801 | +€20,996 | +24.5% |
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 19 October 2026 via checked.be.