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.
Van Elsen
Largest movements
- Tangible fixed assets -€188,916
down €188,916 (-38.9%), from €485,963 to €297,047
of which Land and buildings: -€157,585
- Cash +€88,971
up €88,971 (+1,525%), from €5,833 to €94,803
mainly Investment in fixed assets (net) (+€152,567) and Trade debts (+€59,404)
- Receivables after one year -€50,000
down €50,000 (-100%), from €50,000 to €0
- Stocks and contracts +€28,727
up €28,727 (+16.0%), from €179,555 to €208,282
of which Stocks: +€91,415
- Receivables within one year -€12,934
down €12,934 (-44.1%), from €29,335 to €16,401
of which Other amounts receivable: -€13,527
- Other debts -€122,789
down €122,789 (-65.1%), from €188,611 to €65,823
- Debts after one year -€76,653
down €76,653 (-23.7%), from €322,798 to €246,145
- Trade debts +€59,404
up €59,404 (+233%), from €25,452 to €84,856
- Tax, wage and social debts +€16,015
up €16,015 (+60.0%), from €26,688 to €42,704
of which Taxes: +€18,515
- Gross operating margin +€22,770
up €22,770 (+50.8%), from €44,816 to €67,586
- Financial charges +€20,815
up €20,815 (+264%), from €7,881 to €28,696
- Depreciation +€5,154
up €5,154 (+16.5%), from €31,194 to €36,349
- Taxes -€788
down €788 (-56.9%), from €1,387 to €598
- Other operating charges -€692
down €692 (-26.6%), from €2,603 to €1,911
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 | €756,649 | €629,818 | -€126,831 | -16.8% |
| Fixed assets | 21/28 | €486,763 | €297,847 | -€188,916 | -38.8% |
| Tangible fixed assets | 22/27 | €485,963 | €297,047 | -€188,916 | -38.9% |
| Land and buildings | 22 | €371,111 | €213,526 | -€157,585 | -42.5% |
| Plant, machinery and equipment | 23 | €55,079 | €35,380 | -€19,699 | -35.8% |
| Furniture and vehicles | 24 | €6,223 | €3,679 | -€2,544 | -40.9% |
| Leasing and similar rights | 25 | €40,349 | €31,261 | -€9,088 | -22.5% |
| Other tangible fixed assets | 26 | €13,200 | €13,200 | = | 0.0% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €269,886 | €331,971 | +€62,085 | +23.0% |
| Amounts receivable after more than one year | 29 | €50,000 | €0 | -€50,000 | -100% |
| Other amounts receivable | 291 | €50,000 | €0 | -€50,000 | -100% |
| Stocks and contracts in progress | 3 | €179,555 | €208,282 | +€28,727 | +16.0% |
| Stocks | 30/36 | €116,866 | €208,282 | +€91,415 | +78.2% |
| Contracts in progress | 37 | €62,688 | €0 | -€62,688 | -100% |
| Amounts receivable within one year | 40/41 | €29,335 | €16,401 | -€12,934 | -44.1% |
| Trade receivables | 40 | €15,353 | €15,946 | +€593 | +3.9% |
| Other amounts receivable | 41 | €13,982 | €455 | -€13,527 | -96.7% |
| Cash at bank and in hand | 54/58 | €5,833 | €94,803 | +€88,971 | +1,525% |
| Deferred charges and accrued income | 490/1 | €5,164 | €12,485 | +€7,322 | +142% |
| Total equity and liabilities | 10/49 | €756,649 | €629,818 | -€126,831 | -16.8% |
| Equity | 10/15 | €158,790 | €158,822 | +€32 | 0.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €152,590 | €152,622 | +€32 | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €150,730 | €150,762 | +€32 | 0.0% |
| Amounts payable | 17/49 | €597,859 | €470,996 | -€126,863 | -21.2% |
| Amounts payable after more than one year | 17 | €322,798 | €246,145 | -€76,653 | -23.7% |
| Financial debts | 170/4 | €322,798 | €246,145 | -€76,653 | -23.7% |
| Amounts payable within one year | 42/48 | €275,061 | €224,851 | -€50,210 | -18.3% |
| Current portion of amounts payable after more than one year | 42 | €34,310 | €31,469 | -€2,841 | -8.3% |
| Trade debts | 44 | €25,452 | €84,856 | +€59,404 | +233% |
| Suppliers | 440/4 | €25,452 | €84,856 | +€59,404 | +233% |
| Taxes, remuneration and social security | 45 | €26,688 | €42,704 | +€16,015 | +60.0% |
| Taxes | 450/3 | €6,688 | €25,204 | +€18,515 | +277% |
| Remuneration and social security | 454/9 | €20,000 | €17,500 | -€2,500 | -12.5% |
| Other amounts payable | 47/48 | €188,611 | €65,823 | -€122,789 | -65.1% |
| Non-recurring operating income | 76A | €0 | €104,167 | +€104,167 | |
| Remuneration, social security and pensions | 62 | €97 | €0 | -€97 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,194 | €36,349 | +€5,154 | +16.5% |
| Other operating charges | 640/8 | €2,603 | €1,911 | -€692 | -26.6% |
| Gross operating margin | 9900 | €44,816 | €67,586 | +€22,770 | +50.8% |
| Operating profit (loss) | 9901 | €10,922 | €29,326 | +€18,405 | +169% |
| Financial income | 75/76B | €1 | €0 | -€1 | -81.5% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -81.5% |
| Financial charges | 65/66B | €7,881 | €28,696 | +€20,815 | +264% |
| Recurring financial charges | 65 | €7,881 | €28,696 | +€20,815 | +264% |
| Profit (loss) for the period before taxes | 9903 | €3,041 | €630 | -€2,411 | -79.3% |
| Income taxes | 67/77 | €1,387 | €598 | -€788 | -56.9% |
| Profit (loss) for the period | 9904 | €1,655 | €32 | -€1,623 | -98.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,655 | €32 | -€1,623 | -98.1% |
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 27 October 2026 via checked.be.