Ellis West: 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.
Ellis West
Largest movements
- Receivables within one year +€15,981
up €15,981 (+180%), from €8,890 to €24,871
of which Trade receivables: +€16,426
- Cash -€7,124
down €7,124 (-42.3%), from €16,842 to €9,718
mainly Receivables within one year (-€15,981) and Tax, wage and social debts (-€2,253)
- Financial fixed assets -€540
down €540 (-100%), from €540 to €0
- Tangible fixed assets -€500
down €500 (-74.0%), from €675 to €175
- Reserves +€7,035
up €7,035 (+65.9%), from €10,667 to €17,702
- Trade debts +€2,505
up €2,505 (+114%), from €2,205 to €4,710
- Tax, wage and social debts -€2,253
down €2,253 (-33.2%), from €6,785 to €4,532
- Other debts -€1,911
down €1,911 (-100%), from €1,911 to €0
- Accrued charges and deferred income +€1,620
new in 2025: €1,620
- Gross operating margin +€14,687
up €14,687 (+979%), from €1,501 to €16,188
- Taxes +€3,697
up €3,697 (+443%), from €835 to €4,532
- Financial charges +€1,390
up €1,390 (+1,925%), from €72 to €1,462
- Other operating charges +€651
up €651 (+54.9%), from €1,187 to €1,839
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 | €26,947 | €34,764 | +€7,817 | +29.0% |
| Fixed assets | 21/28 | €1,215 | €175 | -€1,040 | -85.6% |
| Tangible fixed assets | 22/27 | €675 | €175 | -€500 | -74.0% |
| Plant, machinery and equipment | 23 | €675 | €175 | -€500 | -74.0% |
| Financial fixed assets | 28 | €540 | €0 | -€540 | -100% |
| Current assets | 29/58 | €25,732 | €34,589 | +€8,857 | +34.4% |
| Amounts receivable within one year | 40/41 | €8,890 | €24,871 | +€15,981 | +180% |
| Trade receivables | 40 | €4,133 | €20,558 | +€16,426 | +397% |
| Other amounts receivable | 41 | €4,757 | €4,312 | -€445 | -9.3% |
| Cash at bank and in hand | 54/58 | €16,842 | €9,718 | -€7,124 | -42.3% |
| Total equity and liabilities | 10/49 | €26,947 | €34,764 | +€7,817 | +29.0% |
| Equity | 10/15 | €16,046 | €23,902 | +€7,856 | +49.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €10,667 | €17,702 | +€7,035 | +65.9% |
| Distributable reserves | 133 | €10,667 | €17,702 | +€7,035 | +65.9% |
| Profit (loss) carried forward | 14 | -€821 | €0 | +€821 | |
| Amounts payable | 17/49 | €10,901 | €10,862 | -€39 | -0.4% |
| Amounts payable within one year | 42/48 | €10,901 | €9,242 | -€1,659 | -15.2% |
| Trade debts | 44 | €2,205 | €4,710 | +€2,505 | +114% |
| Suppliers | 440/4 | €2,205 | €4,710 | +€2,505 | +114% |
| Taxes, remuneration and social security | 45 | €6,785 | €4,532 | -€2,253 | -33.2% |
| Taxes | 450/3 | €6,785 | €4,532 | -€2,253 | -33.2% |
| Other amounts payable | 47/48 | €1,911 | €0 | -€1,911 | -100% |
| Accrued charges and deferred income | 492/3 | - | €1,620 | +€1,620 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €500 | €500 | = | 0.0% |
| Other operating charges | 640/8 | €1,187 | €1,839 | +€651 | +54.9% |
| Gross operating margin | 9900 | €1,501 | €16,188 | +€14,687 | +979% |
| Operating profit (loss) | 9901 | -€186 | €13,850 | +€14,036 | |
| Financial charges | 65/66B | €72 | €1,462 | +€1,390 | +1,925% |
| Recurring financial charges | 65 | €72 | €1,462 | +€1,390 | +1,925% |
| Profit (loss) for the period before taxes | 9903 | -€259 | €12,388 | +€12,646 | |
| Income taxes | 67/77 | €835 | €4,532 | +€3,697 | +443% |
| Profit (loss) for the period | 9904 | -€1,093 | €7,856 | +€8,949 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,093 | €7,856 | +€8,949 |
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 29 October 2026 via checked.be.