What Els: 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.
What Els
Largest movements
- Receivables within one year +€114,289
up €114,289 (+1,201%), from €9,517 to €123,806
of which Other amounts receivable: +€116,204
- Receivables after one year -€68,768
no longer reported in 2025 (was €68,768)
- Cash +€26,418
up €26,418 (+165%), from €15,973 to €42,391
mainly Other debts (+€127,931) and Receivables after one year (+€68,768)
- Tangible fixed assets -€16,968
down €16,968 (-29.2%), from €58,091 to €41,122
of which Furniture and vehicles: -€15,755
- Other debts +€127,931
new in 2025: €127,931
- Profit (loss) carried forward -€46,323
no longer reported in 2025 (was €46,323)
- Debts after one year -€17,631
no longer reported in 2025 (was €17,631)
- Tax, wage and social debts -€10,043
down €10,043 (-40.1%), from €25,027 to €14,985
- Taxes -€4,853
down €4,853 (-31.4%), from €15,430 to €10,577
- Gross operating margin -€4,732
down €4,732 (-6.1%), from €77,483 to €72,751
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 | €157,246 | €214,066 | +€56,820 | +36.1% |
| Fixed assets | 21/28 | €60,491 | €43,522 | -€16,968 | -28.1% |
| Tangible fixed assets | 22/27 | €58,091 | €41,122 | -€16,968 | -29.2% |
| Plant, machinery and equipment | 23 | €1,912 | €1,176 | -€737 | -38.5% |
| Furniture and vehicles | 24 | €52,235 | €36,479 | -€15,755 | -30.2% |
| Other tangible fixed assets | 26 | €3,944 | €3,467 | -€477 | -12.1% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €96,755 | €170,544 | +€73,788 | +76.3% |
| Amounts receivable after more than one year | 29 | €68,768 | - | -€68,768 | |
| Other amounts receivable | 291 | €68,768 | - | -€68,768 | |
| Amounts receivable within one year | 40/41 | €9,517 | €123,806 | +€114,289 | +1,201% |
| Trade receivables | 40 | €1,915 | - | -€1,915 | |
| Other amounts receivable | 41 | €7,602 | €123,806 | +€116,204 | +1,529% |
| Cash at bank and in hand | 54/58 | €15,973 | €42,391 | +€26,418 | +165% |
| Deferred charges and accrued income | 490/1 | €2,498 | €4,346 | +€1,849 | +74.0% |
| Total equity and liabilities | 10/49 | €157,246 | €214,066 | +€56,820 | +36.1% |
| Equity | 10/15 | €84,860 | €38,537 | -€46,323 | -54.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €37,537 | €37,537 | = | 0.0% |
| Distributable reserves | 133 | €37,537 | €37,537 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,323 | - | -€46,323 | |
| Amounts payable | 17/49 | €72,386 | €175,529 | +€103,142 | +142% |
| Amounts payable after more than one year | 17 | €17,631 | - | -€17,631 | |
| Financial debts | 170/4 | €17,631 | - | -€17,631 | |
| Amounts payable within one year | 42/48 | €54,756 | €175,529 | +€120,773 | +221% |
| Current portion of amounts payable after more than one year | 42 | €18,466 | €17,631 | -€835 | -4.5% |
| Financial debts | 43 | €8,857 | €10,549 | +€1,691 | +19.1% |
| Credit institutions | 430/8 | €8,857 | €10,549 | +€1,691 | +19.1% |
| Trade debts | 44 | €2,406 | €4,434 | +€2,028 | +84.3% |
| Suppliers | 440/4 | €2,406 | €4,434 | +€2,028 | +84.3% |
| Taxes, remuneration and social security | 45 | €25,027 | €14,985 | -€10,043 | -40.1% |
| Taxes | 450/3 | €25,027 | €14,985 | -€10,043 | -40.1% |
| Other amounts payable | 47/48 | - | €127,931 | +€127,931 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,076 | €16,968 | -€107 | -0.6% |
| Other operating charges | 640/8 | €1,069 | €1,363 | +€294 | +27.5% |
| Gross operating margin | 9900 | €77,483 | €72,751 | -€4,732 | -6.1% |
| Operating profit (loss) | 9901 | €59,338 | €54,419 | -€4,919 | -8.3% |
| Financial income | 75/76B | €5,250 | €5,441 | +€191 | +3.6% |
| Recurring financial income | 75 | €5,250 | €5,441 | +€191 | +3.6% |
| Financial charges | 65/66B | €2,836 | €2,675 | -€161 | -5.7% |
| Recurring financial charges | 65 | €2,836 | €2,675 | -€161 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €61,752 | €57,185 | -€4,567 | -7.4% |
| Income taxes | 67/77 | €15,430 | €10,577 | -€4,853 | -31.4% |
| Profit (loss) for the period | 9904 | €46,323 | €46,608 | +€285 | +0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €46,323 | €46,608 | +€285 | +0.6% |
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 13 October 2026 via checked.be.