ELY PROXY BOCKSTAEL: 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.
ELY PROXY BOCKSTAEL
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+65.0%), from €1.6m to €2.6m
of which Land and buildings: +€1.0m
- Receivables within one year +€290,091
up €290,091 (+88.0%), from €329,837 to €619,928
of which Trade receivables: +€213,874
- Financial fixed assets +€118,000
up €118,000 (+8.8%), from €1.3m to €1.5m
- Other debts +€753,522
up €753,522 (+113%), from €666,467 to €1.4m
- Debts after one year +€669,057
up €669,057 (+39.6%), from €1.7m to €2.4m
- Reserves -€280,000
down €280,000 (-53.2%), from €526,258 to €246,258
of which Distributable reserves: -€280,000
- Trade debts +€192,069
up €192,069 (+170%), from €113,182 to €305,251
- Advances received +€66,104
new in 2025: €66,104
- Depreciation +€111,785
up €111,785 (+403%), from €27,756 to €139,541
- Taxes -€47,206
down €47,206 (-99.7%), from €47,346 to €141
- Financial charges +€36,480
up €36,480 (+72.0%), from €50,660 to €87,140
- Gross operating margin -€22,042
down €22,042 (-8.9%), from €248,138 to €226,095
- Other operating charges +€10,268
up €10,268 (+113%), from €9,066 to €19,334
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 | €3,356,478 | €4,734,591 | +€1.4m | +41.1% |
| Fixed assets | 21/28 | €2,900,668 | €4,034,226 | +€1.1m | +39.1% |
| Tangible fixed assets | 22/27 | €1,562,468 | €2,578,026 | +€1.0m | +65.0% |
| Land and buildings | 22 | €774,737 | €1,776,950 | +€1.0m | +129% |
| Plant, machinery and equipment | 23 | €30,958 | €32,859 | +€1,901 | +6.1% |
| Furniture and vehicles | 24 | €3,107 | €2,329 | -€777 | -25.0% |
| Other tangible fixed assets | 26 | €753,667 | €765,887 | +€12,220 | +1.6% |
| Financial fixed assets | 28 | €1,338,200 | €1,456,200 | +€118,000 | +8.8% |
| Current assets | 29/58 | €455,810 | €700,365 | +€244,555 | +53.7% |
| Stocks and contracts in progress | 3 | €42,270 | €62,018 | +€19,748 | +46.7% |
| Stocks | 30/36 | €42,270 | €62,018 | +€19,748 | +46.7% |
| Amounts receivable within one year | 40/41 | €329,837 | €619,928 | +€290,091 | +88.0% |
| Trade receivables | 40 | €94,950 | €308,824 | +€213,874 | +225% |
| Other amounts receivable | 41 | €234,887 | €311,104 | +€76,218 | +32.4% |
| Cash at bank and in hand | 54/58 | €41,105 | €14,644 | -€26,461 | -64.4% |
| Deferred charges and accrued income | 490/1 | €42,599 | €3,775 | -€38,824 | -91.1% |
| Total equity and liabilities | 10/49 | €3,356,478 | €4,734,591 | +€1.4m | +41.1% |
| Equity | 10/15 | €624,974 | €306,507 | -€318,467 | -51.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €526,258 | €246,258 | -€280,000 | -53.2% |
| Non-distributable reserves | 130/1 | €2,078 | €2,078 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,078 | €2,078 | = | 0.0% |
| Distributable reserves | 133 | €524,180 | €244,180 | -€280,000 | -53.4% |
| Profit (loss) carried forward | 14 | €48,716 | €10,249 | -€38,467 | -79.0% |
| Amounts payable | 17/49 | €2,731,504 | €4,428,084 | +€1.7m | +62.1% |
| Amounts payable after more than one year | 17 | €1,691,112 | €2,360,169 | +€669,057 | +39.6% |
| Financial debts | 170/4 | €1,691,112 | €2,360,169 | +€669,057 | +39.6% |
| Amounts payable within one year | 42/48 | €1,030,261 | €2,035,505 | +€1.0m | +97.6% |
| Current portion of amounts payable after more than one year | 42 | €215,345 | €195,634 | -€19,711 | -9.2% |
| Trade debts | 44 | €113,182 | €305,251 | +€192,069 | +170% |
| Suppliers | 440/4 | €113,182 | €305,251 | +€192,069 | +170% |
| Advances received on contracts in progress | 46 | - | €66,104 | +€66,104 | |
| Taxes, remuneration and social security | 45 | €35,267 | €48,527 | +€13,260 | +37.6% |
| Taxes | 450/3 | €35,267 | €48,527 | +€13,260 | +37.6% |
| Other amounts payable | 47/48 | €666,467 | €1,419,989 | +€753,522 | +113% |
| Accrued charges and deferred income | 492/3 | €10,131 | €32,410 | +€22,279 | +220% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,756 | €139,541 | +€111,785 | +403% |
| Other operating charges | 640/8 | €9,066 | €19,334 | +€10,268 | +113% |
| Gross operating margin | 9900 | €248,138 | €226,095 | -€22,042 | -8.9% |
| Operating profit (loss) | 9901 | €211,316 | €67,220 | -€144,096 | -68.2% |
| Financial income | 75/76B | €260 | €1,594 | +€1,334 | +513% |
| Recurring financial income | 75 | €260 | €1,594 | +€1,334 | +513% |
| Financial charges | 65/66B | €50,660 | €87,140 | +€36,480 | +72.0% |
| Recurring financial charges | 65 | €50,660 | €87,140 | +€36,480 | +72.0% |
| Profit (loss) for the period before taxes | 9903 | €160,916 | -€18,326 | -€179,242 | |
| Income taxes | 67/77 | €47,346 | €141 | -€47,206 | -99.7% |
| Profit (loss) for the period | 9904 | €113,569 | -€18,467 | -€132,037 | |
| Profit (loss) for the period to be appropriated | 9905 | €113,569 | -€18,467 | -€132,037 |
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 17 October 2026 via checked.be.