Ellipsis: 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.
Ellipsis
Largest movements
- Current investments +€120,000
up €120,000, from €0 to €120,000
- Cash -€90,971
down €90,971 (-58.2%), from €156,176 to €65,205
mainly Current investments (-€120,000) and Investment in fixed assets (net) (-€46,958)
- Tangible fixed assets +€28,882
up €28,882 (+12.4%), from €233,787 to €262,669
of which Furniture and vehicles: +€35,547
- Receivables within one year -€7,307
down €7,307 (-48.6%), from €15,038 to €7,730
of which Trade receivables: -€3,880
- Debts after one year +€18,687
new in 2025: €18,687
- Short-term financial debts +€12,372
up €12,372 (+9611.2%), from €129 to €12,500
- Current portion of long-term debt +€9,724
new in 2025: €9,724
- Reserves +€8,145
up €8,145 (+3.4%), from €238,102 to €246,248
- Other debts +€5,953
up €5,953 (+10.0%), from €59,282 to €65,235
- Gross operating margin +€19,151
up €19,151 (+38.7%), from €49,528 to €68,679
- Taxes +€5,316
up €5,316 (+47.0%), from €11,308 to €16,625
- Financial income -€3,879
down €3,879 (-45.3%), from €8,556 to €4,677
- Depreciation +€1,467
up €1,467 (+8.8%), from €16,609 to €18,076
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 | €407,648 | €458,262 | +€50,613 | +12.4% |
| Fixed assets | 21/28 | €233,787 | €262,669 | +€28,882 | +12.4% |
| Tangible fixed assets | 22/27 | €233,787 | €262,669 | +€28,882 | +12.4% |
| Land and buildings | 22 | €219,428 | €213,772 | -€5,656 | -2.6% |
| Plant, machinery and equipment | 23 | €2,386 | €1,607 | -€778 | -32.6% |
| Furniture and vehicles | 24 | €8,151 | €43,698 | +€35,547 | +436.1% |
| Other tangible fixed assets | 26 | €3,823 | €3,592 | -€231 | -6.0% |
| Current assets | 29/58 | €173,861 | €195,593 | +€21,732 | +12.5% |
| Amounts receivable within one year | 40/41 | €15,038 | €7,730 | -€7,307 | -48.6% |
| Trade receivables | 40 | €11,230 | €7,351 | -€3,880 | -34.5% |
| Other amounts receivable | 41 | €3,807 | €380 | -€3,428 | -90.0% |
| Current investments | 50/53 | €0 | €120,000 | +€120,000 | |
| Cash at bank and in hand | 54/58 | €156,176 | €65,205 | -€90,971 | -58.2% |
| Deferred charges and accrued income | 490/1 | €2,647 | €2,657 | +€10 | +0.4% |
| Total equity and liabilities | 10/49 | €407,648 | €458,262 | +€50,613 | +12.4% |
| Equity | 10/15 | €338,102 | €346,248 | +€8,145 | +2.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €238,102 | €246,248 | +€8,145 | +3.4% |
| Distributable reserves | 133 | €238,102 | €246,248 | +€8,145 | +3.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €69,546 | €112,014 | +€42,468 | +61.1% |
| Amounts payable after more than one year | 17 | - | €18,687 | +€18,687 | |
| Financial debts | 170/4 | - | €18,687 | +€18,687 | |
| Amounts payable within one year | 42/48 | €66,063 | €89,229 | +€23,167 | +35.1% |
| Current portion of amounts payable after more than one year | 42 | - | €9,724 | +€9,724 | |
| Financial debts | 43 | €129 | €12,500 | +€12,372 | +9611.2% |
| Credit institutions | 430/8 | €129 | €12,500 | +€12,372 | +9611.2% |
| Trade debts | 44 | €852 | €668 | -€185 | -21.7% |
| Suppliers | 440/4 | €852 | €668 | -€185 | -21.7% |
| Taxes, remuneration and social security | 45 | €5,799 | €1,102 | -€4,697 | -81.0% |
| Taxes | 450/3 | €5,799 | €1,102 | -€4,697 | -81.0% |
| Other amounts payable | 47/48 | €59,282 | €65,235 | +€5,953 | +10.0% |
| Accrued charges and deferred income | 492/3 | €3,483 | €4,098 | +€615 | +17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,609 | €18,076 | +€1,467 | +8.8% |
| Other operating charges | 640/8 | €1,805 | €1,705 | -€100 | -5.6% |
| Gross operating margin | 9900 | €49,528 | €68,679 | +€19,151 | +38.7% |
| Operating profit (loss) | 9901 | €31,114 | €48,899 | +€17,785 | +57.2% |
| Financial income | 75/76B | €8,556 | €4,677 | -€3,879 | -45.3% |
| Recurring financial income | 75 | €8,556 | €4,677 | -€3,879 | -45.3% |
| Financial charges | 65/66B | €4,707 | €4,967 | +€260 | +5.5% |
| Recurring financial charges | 65 | €4,707 | €4,967 | +€260 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | €34,963 | €48,608 | +€13,645 | +39.0% |
| Income taxes | 67/77 | €11,308 | €16,625 | +€5,316 | +47.0% |
| Profit (loss) for the period | 9904 | €23,655 | €31,984 | +€8,329 | +35.2% |
| Profit (loss) for the period to be appropriated | 9905 | €23,655 | €31,984 | +€8,329 | +35.2% |
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 5 October 2026 via checked.be.