Olivier ELEN: what changed
What changed
Olivier ELEN
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€30,795
2024 · €33,754-€2,958
Equity
€99,435
2024 · €88,639+€10,795
Cash
€57,120
2024 · €100,875-€43,755
Balance sheet total
€203,489
2024 · €156,833+€46,657
Largest movements
Assets
- Receivables within one year +€51,124
up €51,124 (+279%), from €18,338 to €69,462
- Cash -€43,755
down €43,755 (-43.4%), from €100,875 to €57,120
mainly Receivables within one year (-€51,124) and Investment in fixed assets (net) (-€43,622)
- Tangible fixed assets +€38,945
up €38,945 (+107%), from €36,487 to €75,432
Equity and liabilities
- Debts after one year +€39,106
new in 2025: €39,106
- Profit (loss) carried forward +€10,795
up €10,795 (+14.7%), from €73,639 to €84,435
- Tax, wage and social debts -€2,926
down €2,926 (-9.6%), from €30,531 to €27,605
of which Taxes: -€2,926
Income statement
- Depreciation -€10,940
down €10,940 (-70.1%), from €15,618 to €4,678
- Taxes +€9,210
new in 2025: €9,210
- Gross operating margin -€1,540
down €1,540 (-2.5%), from €61,405 to €59,866
- Other operating charges +€745
up €745 (+33.1%), from €2,253 to €2,999
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.
Result 2024
€33,754
Gross operating margin
-€1,540
Depreciation
+€10,940
Other operating charges
-€745
Other operating items
-€11,462
Financial income
+€1
Financial charges
-€286
Taxes
-€9,210
Deferred taxes and other
+€9,344
Result 2025
€30,795
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€18,956
Investment
-€43,622
Financing
+€18,822
Cash 2024
€100,875
From operations (derived)
-€18,956
Net result for the year
+€30,795
Depreciation
+€4,678
Receivables within one year
-€51,124
Deferred charges and accrued income
-€343
Smaller working-capital items
-€35
Tax, wage and social debts
-€2,926
Investment (derived)
-€43,622
Investment in fixed assets (net)
-€43,622
Financing
+€18,822
Debts after one year
+€39,106
Current portion of long-term debt
-€284
Contributions, distributions and other
-€20,000
Cash 2025
€57,120
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €156,833 | €203,489 | +€46,657 | +29.7% |
| Fixed assets | 21/28 | €36,487 | €75,432 | +€38,945 | +107% |
| Tangible fixed assets | 22/27 | €36,487 | €75,432 | +€38,945 | +107% |
| Furniture and vehicles | 24 | €36,487 | €75,432 | +€38,945 | +107% |
| Current assets | 29/58 | €120,345 | €128,058 | +€7,712 | +6.4% |
| Amounts receivable within one year | 40/41 | €18,338 | €69,462 | +€51,124 | +279% |
| Trade receivables | 40 | €18,338 | €69,462 | +€51,124 | +279% |
| Cash at bank and in hand | 54/58 | €100,875 | €57,120 | -€43,755 | -43.4% |
| Deferred charges and accrued income | 490/1 | €1,132 | €1,476 | +€343 | +30.3% |
| Total equity and liabilities | 10/49 | €156,833 | €203,489 | +€46,657 | +29.7% |
| Equity | 10/15 | €88,639 | €99,435 | +€10,795 | +12.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Issued capital | 100 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,639 | €84,435 | +€10,795 | +14.7% |
| Amounts payable | 17/49 | €68,193 | €104,055 | +€35,861 | +52.6% |
| Amounts payable after more than one year | 17 | - | €39,106 | +€39,106 | |
| Financial debts | 170/4 | - | €39,106 | +€39,106 | |
| Amounts payable within one year | 42/48 | €68,193 | €64,949 | -€3,245 | -4.8% |
| Current portion of amounts payable after more than one year | 42 | €16,230 | €15,946 | -€284 | -1.7% |
| Trade debts | 44 | €242 | €138 | -€105 | -43.2% |
| Suppliers | 440/4 | €242 | €138 | -€105 | -43.2% |
| Taxes, remuneration and social security | 45 | €30,531 | €27,605 | -€2,926 | -9.6% |
| Taxes | 450/3 | €26,349 | €23,423 | -€2,926 | -11.1% |
| Remuneration and social security | 454/9 | €4,182 | €4,182 | = | 0.0% |
| Other amounts payable | 47/48 | €21,191 | €21,260 | +€70 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,618 | €4,678 | -€10,940 | -70.1% |
| Other operating charges | 640/8 | €2,253 | €2,999 | +€745 | +33.1% |
| Non-recurring operating charges | 66A | - | €11,462 | +€11,462 | |
| Gross operating margin | 9900 | €61,405 | €59,866 | -€1,540 | -2.5% |
| Operating profit (loss) | 9901 | €43,534 | €40,728 | -€2,807 | -6.4% |
| Financial income | 75/76B | €0 | €1 | +€1 | +1,933% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +1,933% |
| Financial charges | 65/66B | €437 | €723 | +€286 | +65.4% |
| Recurring financial charges | 65 | €437 | €723 | +€286 | +65.4% |
| Profit (loss) for the period before taxes | 9903 | €43,098 | €40,006 | -€3,092 | -7.2% |
| Transfer to deferred taxes | 680 | €9,344 | - | -€9,344 | |
| Income taxes | 67/77 | - | €9,210 | +€9,210 | |
| Profit (loss) for the period | 9904 | €33,754 | €30,795 | -€2,958 | -8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,754 | €30,795 | -€2,958 | -8.8% |
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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.