M. Van 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.
M. Van Elsen
Largest movements
- Receivables within one year +€46,437
up €46,437 (+47.0%), from €98,763 to €145,200
of which Trade receivables: +€85,200
- Cash -€1,878
down €1,878 (-35.2%), from €5,333 to €3,455
mainly Receivables within one year (-€46,437) and Deferred charges and accrued income (-€9)
- Profit (loss) carried forward +€23,091
up €23,091 (+38.7%), from €59,626 to €82,718
- Other debts +€11,211
up €11,211 (+43.7%), from €25,680 to €36,891
- Tax, wage and social debts +€8,578
up €8,578 (+56.2%), from €15,253 to €23,831
- Trade debts +€1,580
up €1,580 (+121%), from €1,307 to €2,887
- Gross operating margin -€13,009
down €13,009 (-30.4%), from €42,857 to €29,848
- Taxes -€2,225
down €2,225 (-26.2%), from €8,494 to €6,268
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 | €104,867 | €149,327 | +€44,461 | +42.4% |
| Formation expenses | 20 | €770 | €662 | -€108 | -14.0% |
| Current assets | 29/58 | €104,096 | €148,665 | +€44,569 | +42.8% |
| Amounts receivable within one year | 40/41 | €98,763 | €145,200 | +€46,437 | +47.0% |
| Trade receivables | 40 | €60,000 | €145,200 | +€85,200 | +142% |
| Other amounts receivable | 41 | €38,763 | - | -€38,763 | |
| Cash at bank and in hand | 54/58 | €5,333 | €3,455 | -€1,878 | -35.2% |
| Deferred charges and accrued income | 490/1 | - | €9 | +€9 | |
| Total equity and liabilities | 10/49 | €104,867 | €149,327 | +€44,461 | +42.4% |
| Equity | 10/15 | €62,626 | €85,718 | +€23,091 | +36.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,626 | €82,718 | +€23,091 | +38.7% |
| Amounts payable | 17/49 | €42,240 | €63,609 | +€21,369 | +50.6% |
| Amounts payable within one year | 42/48 | €42,240 | €63,609 | +€21,369 | +50.6% |
| Trade debts | 44 | €1,307 | €2,887 | +€1,580 | +121% |
| Suppliers | 440/4 | €1,307 | €2,887 | +€1,580 | +121% |
| Taxes, remuneration and social security | 45 | €15,253 | €23,831 | +€8,578 | +56.2% |
| Taxes | 450/3 | €15,253 | €23,831 | +€8,578 | +56.2% |
| Other amounts payable | 47/48 | €25,680 | €36,891 | +€11,211 | +43.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108 | €108 | = | 0.0% |
| Gross operating margin | 9900 | €42,857 | €29,848 | -€13,009 | -30.4% |
| Operating profit (loss) | 9901 | €42,749 | €29,740 | -€13,009 | -30.4% |
| Financial charges | 65/66B | €280 | €380 | +€100 | +35.6% |
| Recurring financial charges | 65 | €280 | €380 | +€100 | +35.6% |
| Profit (loss) for the period before taxes | 9903 | €42,468 | €29,360 | -€13,108 | -30.9% |
| Income taxes | 67/77 | €8,494 | €6,268 | -€2,225 | -26.2% |
| Profit (loss) for the period | 9904 | €33,975 | €23,091 | -€10,883 | -32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,975 | €23,091 | -€10,883 | -32.0% |
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 31 October 2026 via checked.be.