Els Verlinden: what changed
Els Verlinden
Largest movements
- Cash +€21,716
up €21,716 (+13.9%), from €155,847 to €177,563
mainly Net result for the year (+€80,329) and Depreciation (+€1,942)
- Reserves +€30,329
up €30,329 (+28.4%), from €106,977 to €137,307
- Other debts -€11,724
down €11,724 (-20.0%), from €58,528 to €46,804
- Financial income +€19,543
up €19,543 (+59.3%), from €32,931 to €52,474
- Gross operating margin -€1,665
down €1,665 (-3.7%), from €44,477 to €42,811
- Financial charges -€574
down €574 (-16.9%), from €3,390 to €2,816
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 | €184,273 | €202,878 | +€18,605 | +10.1% |
| Fixed assets | 21/28 | €10,570 | €8,628 | -€1,942 | -18.4% |
| Tangible fixed assets | 22/27 | €4,370 | €2,428 | -€1,942 | -44.4% |
| Plant, machinery and equipment | 23 | €1,331 | €514 | -€818 | -61.4% |
| Furniture and vehicles | 24 | €3,038 | €1,914 | -€1,124 | -37.0% |
| Financial fixed assets | 28 | €6,200 | €6,200 | = | 0.0% |
| Current assets | 29/58 | €173,703 | €194,250 | +€20,547 | +11.8% |
| Amounts receivable within one year | 40/41 | €17,856 | €16,687 | -€1,169 | -6.5% |
| Other amounts receivable | 41 | €17,856 | €16,687 | -€1,169 | -6.5% |
| Cash at bank and in hand | 54/58 | €155,847 | €177,563 | +€21,716 | +13.9% |
| Total equity and liabilities | 10/49 | €184,273 | €202,878 | +€18,605 | +10.1% |
| Equity | 10/15 | €125,577 | €155,907 | +€30,329 | +24.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €106,977 | €137,307 | +€30,329 | +28.4% |
| Distributable reserves | 133 | €106,977 | €137,307 | +€30,329 | +28.4% |
| Amounts payable | 17/49 | €58,695 | €46,971 | -€11,724 | -20.0% |
| Amounts payable within one year | 42/48 | €58,695 | €46,971 | -€11,724 | -20.0% |
| Trade debts | 44 | €167 | €167 | +€0 | +0.1% |
| Suppliers | 440/4 | €167 | €167 | +€0 | +0.1% |
| Other amounts payable | 47/48 | €58,528 | €46,804 | -€11,724 | -20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,230 | €1,942 | -€289 | -12.9% |
| Other operating charges | 640/8 | €697 | €734 | +€37 | +5.3% |
| Gross operating margin | 9900 | €44,477 | €42,811 | -€1,665 | -3.7% |
| Operating profit (loss) | 9901 | €41,549 | €40,136 | -€1,413 | -3.4% |
| Financial income | 75/76B | €32,931 | €52,474 | +€19,543 | +59.3% |
| Recurring financial income | 75 | €32,931 | €52,474 | +€19,543 | +59.3% |
| Financial charges | 65/66B | €3,390 | €2,816 | -€574 | -16.9% |
| Recurring financial charges | 65 | €3,390 | €2,816 | -€574 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €71,090 | €89,794 | +€18,704 | +26.3% |
| Income taxes | 67/77 | €9,453 | €9,465 | +€12 | +0.1% |
| Profit (loss) for the period | 9904 | €61,637 | €80,329 | +€18,692 | +30.3% |
| Profit (loss) for the period to be appropriated | 9905 | €61,637 | €80,329 | +€18,692 | +30.3% |
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 5 November 2026 via checked.be.