ELST-VDB & PARTNERS: 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.
ELST-VDB & PARTNERS
Largest movements
- Cash +€40,832
up €40,832 (+78.4%), from €52,086 to €92,919
mainly Other debts (+€71,029) and Net result for the year (+€37,458)
- Current investments -€23,372
down €23,372 (-66.1%), from €35,372 to €12,000
- Tangible fixed assets -€13,506
down €13,506 (-6.9%), from €194,384 to €180,878
of which Land and buildings: -€12,076
- Profit (loss) carried forward -€100,000
down €100,000 (-95.0%), from €105,311 to €5,311
- Other debts +€71,029
up €71,029 (+99.5%), from €71,360 to €142,389
- Reserves +€37,458
new in 2026: €37,458
- Debts after one year -€6,981
down €6,981 (-19.4%), from €36,065 to €29,083
- Gross operating margin -€16,209
down €16,209 (-19.2%), from €84,479 to €68,270
- Taxes -€3,117
down €3,117 (-21.0%), from €14,807 to €11,690
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €301,318 | €304,720 | +€3,402 | +1.1% |
| Fixed assets | 21/28 | €194,384 | €180,878 | -€13,506 | -6.9% |
| Tangible fixed assets | 22/27 | €194,384 | €180,878 | -€13,506 | -6.9% |
| Land and buildings | 22 | €191,615 | €179,540 | -€12,076 | -6.3% |
| Furniture and vehicles | 24 | €2,768 | €1,339 | -€1,430 | -51.6% |
| Current assets | 29/58 | €106,934 | €123,842 | +€16,908 | +15.8% |
| Amounts receivable within one year | 40/41 | €18,472 | €18,924 | +€452 | +2.4% |
| Trade receivables | 40 | €17,118 | €17,481 | +€363 | +2.1% |
| Other amounts receivable | 41 | €1,353 | €1,442 | +€89 | +6.6% |
| Current investments | 50/53 | €35,372 | €12,000 | -€23,372 | -66.1% |
| Cash at bank and in hand | 54/58 | €52,086 | €92,919 | +€40,832 | +78.4% |
| Deferred charges and accrued income | 490/1 | €1,005 | €0 | -€1,005 | -100% |
| Total equity and liabilities | 10/49 | €301,318 | €304,720 | +€3,402 | +1.1% |
| Equity | 10/15 | €176,411 | €113,869 | -€62,542 | -35.5% |
| Contributions | 10/11 | €71,100 | €71,100 | = | 0.0% |
| Reserves | 13 | - | €37,458 | +€37,458 | |
| Distributable reserves | 133 | - | €37,458 | +€37,458 | |
| Profit (loss) carried forward | 14 | €105,311 | €5,311 | -€100,000 | -95.0% |
| Amounts payable | 17/49 | €124,907 | €190,851 | +€65,945 | +52.8% |
| Amounts payable after more than one year | 17 | €36,065 | €29,083 | -€6,981 | -19.4% |
| Financial debts | 170/4 | €36,065 | €29,083 | -€6,981 | -19.4% |
| Amounts payable within one year | 42/48 | €87,912 | €159,598 | +€71,686 | +81.5% |
| Current portion of amounts payable after more than one year | 42 | €6,869 | €6,981 | +€112 | +1.6% |
| Trade debts | 44 | €1,312 | €1,764 | +€452 | +34.5% |
| Suppliers | 440/4 | €1,312 | €1,764 | +€452 | +34.5% |
| Taxes, remuneration and social security | 45 | €8,371 | €8,463 | +€92 | +1.1% |
| Taxes | 450/3 | €8,371 | €8,463 | +€92 | +1.1% |
| Other amounts payable | 47/48 | €71,360 | €142,389 | +€71,029 | +99.5% |
| Accrued charges and deferred income | 492/3 | €930 | €2,170 | +€1,240 | +133% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,001 | €17,097 | +€96 | +0.6% |
| Other operating charges | 640/8 | €1,900 | €1,697 | -€203 | -10.7% |
| Gross operating margin | 9900 | €84,479 | €68,270 | -€16,209 | -19.2% |
| Operating profit (loss) | 9901 | €65,578 | €49,475 | -€16,103 | -24.6% |
| Financial income | 75/76B | €533 | €440 | -€92 | -17.3% |
| Recurring financial income | 75 | €533 | €440 | -€92 | -17.3% |
| Financial charges | 65/66B | €884 | €768 | -€116 | -13.1% |
| Recurring financial charges | 65 | €884 | €768 | -€116 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €65,226 | €49,148 | -€16,079 | -24.7% |
| Income taxes | 67/77 | €14,807 | €11,690 | -€3,117 | -21.0% |
| Profit (loss) for the period | 9904 | €50,420 | €37,458 | -€12,962 | -25.7% |
| Profit (loss) for the period to be appropriated | 9905 | €50,420 | €37,458 | -€12,962 | -25.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.