Els Schepens: 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 Schepens
Largest movements
- Tangible fixed assets +€201,348
up €201,348 (+149.7%), from €134,459 to €335,807
of which Land and buildings: +€200,972
- Cash -€46,970
down €46,970 (-79.5%), from €59,074 to €12,104
mainly Investment in fixed assets (net) (-€232,545) and Current investments (-€40,146)
- Current investments +€40,146
new in 2025: €40,146
- Receivables within one year -€16,496
down €16,496 (-55.0%), from €30,009 to €13,513
- Debts after one year +€126,996
up €126,996 (+1270.0%), from €10,000 to €136,996
- Reserves +€54,206
up €54,206 (+37.5%), from €144,526 to €198,732
of which Distributable reserves: +€56,061
- Other debts -€18,627
down €18,627 (-97.9%), from €19,033 to €406
- Tax, wage and social debts +€13,055
up €13,055 (+123.2%), from €10,593 to €23,648
- Gross operating margin +€41,497
up €41,497 (+60.5%), from €68,625 to €110,122
- Depreciation +€21,398
up €21,398 (+218.4%), from €9,799 to €31,197
- Taxes +€4,192
up €4,192 (+28.8%), from €14,580 to €18,772
- Other operating charges +€1,168
up €1,168 (+49.6%), from €2,356 to €3,524
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 | €223,542 | €401,570 | +€178,028 | +79.6% |
| Fixed assets | 21/28 | €134,459 | €335,807 | +€201,348 | +149.7% |
| Tangible fixed assets | 22/27 | €134,459 | €335,807 | +€201,348 | +149.7% |
| Land and buildings | 22 | €131,176 | €332,148 | +€200,972 | +153.2% |
| Plant, machinery and equipment | 23 | - | €1,078 | +€1,078 | |
| Furniture and vehicles | 24 | €3,283 | €2,581 | -€702 | -21.4% |
| Current assets | 29/58 | €89,083 | €65,763 | -€23,320 | -26.2% |
| Amounts receivable within one year | 40/41 | €30,009 | €13,513 | -€16,496 | -55.0% |
| Trade receivables | 40 | €30,009 | €13,513 | -€16,496 | -55.0% |
| Current investments | 50/53 | - | €40,146 | +€40,146 | |
| Cash at bank and in hand | 54/58 | €59,074 | €12,104 | -€46,970 | -79.5% |
| Total equity and liabilities | 10/49 | €223,542 | €401,570 | +€178,028 | +79.6% |
| Equity | 10/15 | €163,076 | €217,282 | +€54,206 | +33.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €144,526 | €198,732 | +€54,206 | +37.5% |
| Non-distributable reserves | 130/1 | €1,855 | - | -€1,855 | |
| Reserves not available under the articles | 1311 | €1,855 | - | -€1,855 | |
| Distributable reserves | 133 | €142,671 | €198,732 | +€56,061 | +39.3% |
| Amounts payable | 17/49 | €60,466 | €184,288 | +€123,822 | +204.8% |
| Amounts payable after more than one year | 17 | €10,000 | €136,996 | +€126,996 | +1270.0% |
| Financial debts | 170/4 | €10,000 | €136,996 | +€126,996 | +1270.0% |
| Amounts payable within one year | 42/48 | €49,716 | €47,292 | -€2,424 | -4.9% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €23,004 | +€3,004 | +15.0% |
| Trade debts | 44 | €90 | €234 | +€144 | +160.0% |
| Suppliers | 440/4 | €90 | €234 | +€144 | +160.0% |
| Taxes, remuneration and social security | 45 | €10,593 | €23,648 | +€13,055 | +123.2% |
| Taxes | 450/3 | €10,593 | €23,648 | +€13,055 | +123.2% |
| Other amounts payable | 47/48 | €19,033 | €406 | -€18,627 | -97.9% |
| Accrued charges and deferred income | 492/3 | €750 | - | -€750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,799 | €31,197 | +€21,398 | +218.4% |
| Other operating charges | 640/8 | €2,356 | €3,524 | +€1,168 | +49.6% |
| Gross operating margin | 9900 | €68,625 | €110,122 | +€41,497 | +60.5% |
| Operating profit (loss) | 9901 | €56,470 | €75,401 | +€18,931 | +33.5% |
| Financial income | 75/76B | €3 | €208 | +€205 | +6833.3% |
| Recurring financial income | 75 | €3 | €208 | +€205 | +6833.3% |
| Financial charges | 65/66B | €2,442 | €2,631 | +€189 | +7.7% |
| Recurring financial charges | 65 | €2,295 | €1,967 | -€328 | -14.3% |
| Non-recurring financial charges | 66B | €147 | €664 | +€517 | +351.7% |
| Profit (loss) for the period before taxes | 9903 | €54,031 | €72,978 | +€18,947 | +35.1% |
| Income taxes | 67/77 | €14,580 | €18,772 | +€4,192 | +28.8% |
| Profit (loss) for the period | 9904 | €39,451 | €54,206 | +€14,755 | +37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €39,451 | €54,206 | +€14,755 | +37.4% |
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 10 October 2026 via checked.be.