Els D'hauwer: what changed
Els D'hauwer
Largest movements
- Receivables after one year +€200,000
up €200,000 (+65.4%), from €306,000 to €506,000
- Tangible fixed assets +€93,564
up €93,564 (+28.0%), from €333,592 to €427,155
of which Land and buildings: +€84,472
- Receivables within one year +€56,157
up €56,157 (+29.6%), from €189,503 to €245,660
of which Trade receivables: +€29,886
- Cash -€47,691
down €47,691 (-19.1%), from €249,674 to €201,983
mainly Receivables after one year (-€200,000) and Investment in fixed assets (net) (-€113,533)
- Reserves +€158,422
up €158,422 (+53.0%), from €298,948 to €457,370
- Debts after one year +€83,156
up €83,156 (+51.8%), from €160,557 to €243,713
- Short-term financial debts +€36,350
up €36,350 (+12.6%), from €289,033 to €325,383
- Current portion of long-term debt +€22,800
up €22,800 (+14.6%), from €156,660 to €179,460
- Trade debts +€14,353
up €14,353 (+231%), from €6,214 to €20,567
- Gross operating margin +€59,763
up €59,763 (+28.6%), from €209,023 to €268,786
- Taxes +€15,882
up €15,882 (+28.4%), from €55,904 to €71,786
- Depreciation +€10,223
up €10,223 (+105%), from €9,746 to €19,970
- Financial charges +€2,915
up €2,915 (+11.0%), from €26,618 to €29,534
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,089,753 | €1,394,024 | +€304,271 | +27.9% |
| Fixed assets | 21/28 | €333,592 | €427,155 | +€93,564 | +28.0% |
| Tangible fixed assets | 22/27 | €333,592 | €427,155 | +€93,564 | +28.0% |
| Land and buildings | 22 | €304,703 | €389,174 | +€84,472 | +27.7% |
| Plant, machinery and equipment | 23 | €587 | €110 | -€476 | -81.2% |
| Furniture and vehicles | 24 | €28,303 | €37,871 | +€9,568 | +33.8% |
| Current assets | 29/58 | €756,161 | €966,868 | +€210,707 | +27.9% |
| Amounts receivable after more than one year | 29 | €306,000 | €506,000 | +€200,000 | +65.4% |
| Other amounts receivable | 291 | €306,000 | €506,000 | +€200,000 | +65.4% |
| Amounts receivable within one year | 40/41 | €189,503 | €245,660 | +€56,157 | +29.6% |
| Trade receivables | 40 | €189,203 | €219,089 | +€29,886 | +15.8% |
| Other amounts receivable | 41 | €300 | €26,571 | +€26,271 | +8,757% |
| Cash at bank and in hand | 54/58 | €249,674 | €201,983 | -€47,691 | -19.1% |
| Deferred charges and accrued income | 490/1 | €10,984 | €13,225 | +€2,241 | +20.4% |
| Total equity and liabilities | 10/49 | €1,089,753 | €1,394,024 | +€304,271 | +27.9% |
| Equity | 10/15 | €313,948 | €472,370 | +€158,422 | +50.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €298,948 | €457,370 | +€158,422 | +53.0% |
| Distributable reserves | 133 | €298,948 | €457,370 | +€158,422 | +53.0% |
| Amounts payable | 17/49 | €775,805 | €921,654 | +€145,849 | +18.8% |
| Amounts payable after more than one year | 17 | €160,557 | €243,713 | +€83,156 | +51.8% |
| Financial debts | 170/4 | €160,557 | €243,713 | +€83,156 | +51.8% |
| Amounts payable within one year | 42/48 | €600,068 | €661,510 | +€61,442 | +10.2% |
| Current portion of amounts payable after more than one year | 42 | €156,660 | €179,460 | +€22,800 | +14.6% |
| Financial debts | 43 | €289,033 | €325,383 | +€36,350 | +12.6% |
| Other loans | 439 | €289,033 | €325,383 | +€36,350 | +12.6% |
| Trade debts | 44 | €6,214 | €20,567 | +€14,353 | +231% |
| Suppliers | 440/4 | €6,214 | €20,567 | +€14,353 | +231% |
| Taxes, remuneration and social security | 45 | €143,081 | €136,099 | -€6,982 | -4.9% |
| Taxes | 450/3 | €143,021 | €136,099 | -€6,922 | -4.8% |
| Remuneration and social security | 454/9 | €60 | - | -€60 | |
| Other amounts payable | 47/48 | €5,079 | - | -€5,079 | |
| Accrued charges and deferred income | 492/3 | €15,180 | €16,431 | +€1,251 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,746 | €19,970 | +€10,223 | +105% |
| Other operating charges | 640/8 | €1,535 | €1,148 | -€387 | -25.2% |
| Gross operating margin | 9900 | €209,023 | €268,786 | +€59,763 | +28.6% |
| Operating profit (loss) | 9901 | €197,742 | €247,669 | +€49,927 | +25.2% |
| Financial income | 75/76B | €9,550 | €12,072 | +€2,522 | +26.4% |
| Recurring financial income | 75 | €9,550 | €12,072 | +€2,522 | +26.4% |
| Financial charges | 65/66B | €26,618 | €29,534 | +€2,915 | +11.0% |
| Recurring financial charges | 65 | €26,618 | €29,534 | +€2,915 | +11.0% |
| Profit (loss) for the period before taxes | 9903 | €180,675 | €230,208 | +€49,533 | +27.4% |
| Income taxes | 67/77 | €55,904 | €71,786 | +€15,882 | +28.4% |
| Profit (loss) for the period | 9904 | €124,771 | €158,422 | +€33,651 | +27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €124,771 | €158,422 | +€33,651 | +27.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.