ELLY VERVLOET: 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.
ELLY VERVLOET
Largest movements
- Current investments +€28,927
up €28,927 (+22.5%), from €128,648 to €157,575
- Tangible fixed assets -€11,795
down €11,795 (-42.0%), from €28,099 to €16,304
of which Land and buildings: -€7,831
- Deferred charges and accrued income -€4,899
down €4,899 (-49.4%), from €9,925 to €5,026
- Cash +€4,797
up €4,797 (+77.3%), from €6,209 to €11,007
mainly Net result for the year (+€30,233) and Depreciation (+€11,795)
- Reserves +€9,836
up €9,836 (+7.9%), from €124,877 to €134,713
- Tax, wage and social debts +€7,445
up €7,445 (+337%), from €2,211 to €9,656
- Gross operating margin +€15,351
up €15,351 (+37.4%), from €40,991 to €56,342
- Taxes +€6,566
up €6,566 (+78.4%), from €8,378 to €14,945
- Financial income -€1,583
down €1,583 (-57.6%), from €2,750 to €1,166
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 | €197,739 | €215,306 | +€17,567 | +8.9% |
| Fixed assets | 21/28 | €28,099 | €16,304 | -€11,795 | -42.0% |
| Tangible fixed assets | 22/27 | €28,099 | €16,304 | -€11,795 | -42.0% |
| Land and buildings | 22 | €20,998 | €13,167 | -€7,831 | -37.3% |
| Plant, machinery and equipment | 23 | €3,787 | €2,327 | -€1,459 | -38.5% |
| Furniture and vehicles | 24 | €3,315 | €810 | -€2,504 | -75.6% |
| Current assets | 29/58 | €169,640 | €199,002 | +€29,362 | +17.3% |
| Amounts receivable within one year | 40/41 | €24,857 | €25,395 | +€537 | +2.2% |
| Other amounts receivable | 41 | €24,857 | €25,395 | +€537 | +2.2% |
| Current investments | 50/53 | €128,648 | €157,575 | +€28,927 | +22.5% |
| Cash at bank and in hand | 54/58 | €6,209 | €11,007 | +€4,797 | +77.3% |
| Deferred charges and accrued income | 490/1 | €9,925 | €5,026 | -€4,899 | -49.4% |
| Total equity and liabilities | 10/49 | €197,739 | €215,306 | +€17,567 | +8.9% |
| Equity | 10/15 | €194,455 | €204,291 | +€9,836 | +5.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €124,877 | €134,713 | +€9,836 | +7.9% |
| Distributable reserves | 133 | €124,877 | €134,713 | +€9,836 | +7.9% |
| Profit (loss) carried forward | 14 | €63,378 | €63,378 | = | 0.0% |
| Amounts payable | 17/49 | €3,284 | €11,015 | +€7,731 | +235% |
| Amounts payable within one year | 42/48 | €3,284 | €11,015 | +€7,731 | +235% |
| Trade debts | 44 | €1,073 | €1,359 | +€286 | +26.7% |
| Suppliers | 440/4 | €1,073 | €1,359 | +€286 | +26.7% |
| Taxes, remuneration and social security | 45 | €2,211 | €9,656 | +€7,445 | +337% |
| Taxes | 450/3 | €2,211 | €9,656 | +€7,445 | +337% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,153 | €11,795 | -€358 | -2.9% |
| Other operating charges | 640/8 | €943 | €470 | -€473 | -50.2% |
| Gross operating margin | 9900 | €40,991 | €56,342 | +€15,351 | +37.4% |
| Operating profit (loss) | 9901 | €27,895 | €44,077 | +€16,182 | +58.0% |
| Financial income | 75/76B | €2,750 | €1,166 | -€1,583 | -57.6% |
| Recurring financial income | 75 | €2,750 | €1,166 | -€1,583 | -57.6% |
| Financial charges | 65/66B | €152 | €65 | -€87 | -57.1% |
| Recurring financial charges | 65 | €152 | €65 | -€87 | -57.1% |
| Profit (loss) for the period before taxes | 9903 | €30,493 | €45,178 | +€14,685 | +48.2% |
| Income taxes | 67/77 | €8,378 | €14,945 | +€6,566 | +78.4% |
| Profit (loss) for the period | 9904 | €22,114 | €30,233 | +€8,119 | +36.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,114 | €30,233 | +€8,119 | +36.7% |
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 25 October 2026 via checked.be.