Els Baelus: 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.
Els Baelus
Largest movements
- Cash -€23,167
down €23,167 (-26.1%), from €88,927 to €65,760
mainly Contributions, distributions and other (-€60,000) and Receivables within one year (-€13,967)
- Receivables within one year +€13,967
up €13,967 (+83.7%), from €16,696 to €30,663
of which Trade receivables: +€10,715
- Tangible fixed assets +€5,317
up €5,317 (+122%), from €4,345 to €9,662
of which Furniture and vehicles: +€3,219
- Profit (loss) carried forward -€60,826
down €60,826 (-76.3%), from €79,755 to €18,929
- Other debts +€56,282
up €56,282 (+307%), from €18,348 to €74,630
- Gross operating margin -€11,468
down €11,468 (-68.0%), from €16,875 to €5,407
- Taxes -€3,542
down €3,542 (-66.5%), from €5,328 to €1,785
- Depreciation +€2,038
up €2,038 (+111%), from €1,837 to €3,874
- Financial income -€847
down €847 (-50.9%), from €1,664 to €817
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 | €110,069 | €106,254 | -€3,814 | -3.5% |
| Fixed assets | 21/28 | €4,445 | €9,762 | +€5,317 | +120% |
| Tangible fixed assets | 22/27 | €4,345 | €9,662 | +€5,317 | +122% |
| Plant, machinery and equipment | 23 | - | €3,090 | +€3,090 | |
| Furniture and vehicles | 24 | €2,321 | €5,540 | +€3,219 | +139% |
| Other tangible fixed assets | 26 | €2,024 | €1,032 | -€992 | -49.0% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €105,624 | €96,492 | -€9,132 | -8.6% |
| Amounts receivable within one year | 40/41 | €16,696 | €30,663 | +€13,967 | +83.7% |
| Trade receivables | 40 | €14,155 | €24,870 | +€10,715 | +75.7% |
| Other amounts receivable | 41 | €2,542 | €5,794 | +€3,252 | +128% |
| Cash at bank and in hand | 54/58 | €88,927 | €65,760 | -€23,167 | -26.1% |
| Deferred charges and accrued income | 490/1 | - | €69 | +€69 | |
| Total equity and liabilities | 10/49 | €110,069 | €106,254 | -€3,814 | -3.5% |
| Equity | 10/15 | €89,305 | €28,479 | -€60,826 | -68.1% |
| Contributions | 10/11 | €9,500 | €9,500 | = | 0.0% |
| Reserves | 13 | €50 | €50 | = | 0.0% |
| Non-distributable reserves | 130/1 | €50 | €50 | = | 0.0% |
| Reserves not available under the articles | 1311 | €50 | €50 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,755 | €18,929 | -€60,826 | -76.3% |
| Amounts payable | 17/49 | €20,764 | €77,775 | +€57,011 | +275% |
| Amounts payable within one year | 42/48 | €20,764 | €77,775 | +€57,011 | +275% |
| Trade debts | 44 | €2,363 | €3,145 | +€782 | +33.1% |
| Suppliers | 440/4 | €2,363 | €3,145 | +€782 | +33.1% |
| Taxes, remuneration and social security | 45 | €53 | - | -€53 | |
| Taxes | 450/3 | €53 | - | -€53 | |
| Other amounts payable | 47/48 | €18,348 | €74,630 | +€56,282 | +307% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,837 | €3,874 | +€2,038 | +111% |
| Other operating charges | 640/8 | €1,056 | €1,089 | +€33 | +3.1% |
| Gross operating margin | 9900 | €16,875 | €5,407 | -€11,468 | -68.0% |
| Operating profit (loss) | 9901 | €13,982 | €443 | -€13,539 | -96.8% |
| Financial income | 75/76B | €1,664 | €817 | -€847 | -50.9% |
| Recurring financial income | 75 | €1,664 | €817 | -€847 | -50.9% |
| Financial charges | 65/66B | €453 | €300 | -€153 | -33.7% |
| Recurring financial charges | 65 | €453 | €300 | -€153 | -33.7% |
| Profit (loss) for the period before taxes | 9903 | €15,193 | €960 | -€14,233 | -93.7% |
| Income taxes | 67/77 | €5,328 | €1,785 | -€3,542 | -66.5% |
| Profit (loss) for the period | 9904 | €9,865 | -€826 | -€10,691 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,865 | -€826 | -€10,691 |
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 22 October 2026 via checked.be.