KRIS ELSEN: 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.
KRIS ELSEN
Largest movements
- Receivables after one year +€470,000
up €470,000 (+80.0%), from €587,500 to €1.1m
- Cash -€34,103
down €34,103 (-36.9%), from €92,304 to €58,201
mainly Receivables after one year (-€470,000) and Investment in fixed assets (net) (-€20,640)
- Debts after one year +€340,000
up €340,000 (+124%), from €275,000 to €615,000
- Reserves +€97,756
up €97,756 (+26.3%), from €372,203 to €469,960
- Gross operating margin +€27,532
up €27,532 (+20.4%), from €135,226 to €162,758
- Depreciation +€6,858
up €6,858 (+50.0%), from €13,713 to €20,571
- Taxes +€2,706
up €2,706 (+7.1%), from €38,370 to €41,076
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 | €930,429 | €1,362,970 | +€432,540 | +46.5% |
| Fixed assets | 21/28 | €92,099 | €92,168 | +€69 | +0.1% |
| Tangible fixed assets | 22/27 | €92,099 | €92,168 | +€69 | +0.1% |
| Land and buildings | 22 | €80,797 | €71,742 | -€9,055 | -11.2% |
| Plant, machinery and equipment | 23 | €9,251 | €4,627 | -€4,624 | -50.0% |
| Furniture and vehicles | 24 | €372 | €15,287 | +€14,915 | +4,015% |
| Other tangible fixed assets | 26 | €1,679 | €512 | -€1,168 | -69.5% |
| Current assets | 29/58 | €838,330 | €1,270,802 | +€432,471 | +51.6% |
| Amounts receivable after more than one year | 29 | €587,500 | €1,057,500 | +€470,000 | +80.0% |
| Other amounts receivable | 291 | €587,500 | €1,057,500 | +€470,000 | +80.0% |
| Amounts receivable within one year | 40/41 | €158,415 | €155,101 | -€3,314 | -2.1% |
| Trade receivables | 40 | €313 | €4,299 | +€3,986 | +1,275% |
| Other amounts receivable | 41 | €158,102 | €150,802 | -€7,300 | -4.6% |
| Cash at bank and in hand | 54/58 | €92,304 | €58,201 | -€34,103 | -36.9% |
| Deferred charges and accrued income | 490/1 | €112 | €0 | -€112 | -100% |
| Total equity and liabilities | 10/49 | €930,429 | €1,362,970 | +€432,540 | +46.5% |
| Equity | 10/15 | €606,549 | €704,305 | +€97,756 | +16.1% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €372,203 | €469,960 | +€97,756 | +26.3% |
| Distributable reserves | 133 | €372,203 | €469,960 | +€97,756 | +26.3% |
| Profit (loss) carried forward | 14 | €215,595 | €215,595 | = | 0.0% |
| Amounts payable | 17/49 | €323,881 | €658,665 | +€334,784 | +103% |
| Amounts payable after more than one year | 17 | €275,000 | €615,000 | +€340,000 | +124% |
| Other amounts payable | 178/9 | €275,000 | €615,000 | +€340,000 | +124% |
| Amounts payable within one year | 42/48 | €46,003 | €41,056 | -€4,947 | -10.8% |
| Trade debts | 44 | €8,788 | €474 | -€8,314 | -94.6% |
| Suppliers | 440/4 | €8,788 | €474 | -€8,314 | -94.6% |
| Taxes, remuneration and social security | 45 | €3,121 | €968 | -€2,153 | -69.0% |
| Taxes | 450/3 | €3,121 | €968 | -€2,153 | -69.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €34,094 | €39,614 | +€5,520 | +16.2% |
| Accrued charges and deferred income | 492/3 | €2,878 | €2,609 | -€269 | -9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,713 | €20,571 | +€6,858 | +50.0% |
| Other operating charges | 640/8 | €1,324 | €973 | -€351 | -26.5% |
| Gross operating margin | 9900 | €135,226 | €162,758 | +€27,532 | +20.4% |
| Operating profit (loss) | 9901 | €120,189 | €141,214 | +€21,025 | +17.5% |
| Financial income | 75/76B | €873 | €362 | -€511 | -58.5% |
| Recurring financial income | 75 | €873 | €362 | -€511 | -58.5% |
| Financial charges | 65/66B | €3,303 | €2,744 | -€560 | -16.9% |
| Recurring financial charges | 65 | €3,303 | €2,744 | -€560 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €117,758 | €138,832 | +€21,074 | +17.9% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €38,370 | €41,076 | +€2,706 | +7.1% |
| Profit (loss) for the period | 9904 | €79,388 | €97,756 | +€18,368 | +23.1% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €79,388 | €97,756 | +€18,368 | +23.1% |
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 14 October 2026 via checked.be.