what ELS matters: what changed
what ELS matters
Largest movements
- Current investments +€45,832
up €45,832 (+25.6%), from €179,227 to €225,059
- Receivables within one year -€19,545
down €19,545 (-37.4%), from €52,207 to €32,662
of which Trade receivables: -€14,298
- Tangible fixed assets -€8,925
down €8,925 (-21.0%), from €42,512 to €33,587
of which Furniture and vehicles: -€7,562
- Cash -€3,676
down €3,676 (-7.5%), from €49,169 to €45,493
mainly Other debts (-€61,118) and Current investments (-€45,832)
- Profit (loss) carried forward +€71,867
up €71,867, from €0 to €71,867
- Other debts -€61,118
down €61,118 (-100%), from €61,118 to €0
- Gross operating margin -€16,279
down €16,279 (-13.9%), from €117,283 to €101,004
- Taxes -€7,201
down €7,201 (-27.0%), from €26,635 to €19,434
- Financial charges +€2,287
up €2,287 (+90.9%), from -€2,515 to -€229
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €327,595 | €339,525 | +€11,930 | +3.6% |
| Fixed assets | 21/28 | €42,512 | €33,587 | -€8,925 | -21.0% |
| Tangible fixed assets | 22/27 | €42,512 | €33,587 | -€8,925 | -21.0% |
| Plant, machinery and equipment | 23 | €2,168 | €805 | -€1,363 | -62.9% |
| Furniture and vehicles | 24 | €38,844 | €31,282 | -€7,562 | -19.5% |
| Other tangible fixed assets | 26 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €285,082 | €305,938 | +€20,856 | +7.3% |
| Amounts receivable within one year | 40/41 | €52,207 | €32,662 | -€19,545 | -37.4% |
| Trade receivables | 40 | €39,915 | €25,617 | -€14,298 | -35.8% |
| Other amounts receivable | 41 | €12,292 | €7,045 | -€5,247 | -42.7% |
| Current investments | 50/53 | €179,227 | €225,059 | +€45,832 | +25.6% |
| Cash at bank and in hand | 54/58 | €49,169 | €45,493 | -€3,676 | -7.5% |
| Deferred charges and accrued income | 490/1 | €4,479 | €2,723 | -€1,756 | -39.2% |
| Total equity and liabilities | 10/49 | €327,595 | €339,525 | +€11,930 | +3.6% |
| Equity | 10/15 | €254,460 | €326,327 | +€71,867 | +28.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €235,860 | €235,860 | = | 0.0% |
| Distributable reserves | 133 | €235,860 | €235,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €71,867 | +€71,867 | |
| Amounts payable | 17/49 | €73,134 | €13,197 | -€59,937 | -82.0% |
| Amounts payable within one year | 42/48 | €73,134 | €13,197 | -€59,937 | -82.0% |
| Trade debts | 44 | €988 | €1,841 | +€852 | +86.2% |
| Suppliers | 440/4 | €988 | €1,841 | +€852 | +86.2% |
| Taxes, remuneration and social security | 45 | €11,027 | €11,357 | +€329 | +3.0% |
| Taxes | 450/3 | €9,326 | €7,592 | -€1,734 | -18.6% |
| Remuneration and social security | 454/9 | €1,701 | €3,765 | +€2,063 | +121% |
| Other amounts payable | 47/48 | €61,118 | €0 | -€61,118 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,313 | €13,207 | -€107 | -0.8% |
| Other operating charges | 640/8 | €78 | €313 | +€235 | +300% |
| Gross operating margin | 9900 | €117,283 | €101,004 | -€16,279 | -13.9% |
| Operating profit (loss) | 9901 | €103,892 | €87,485 | -€16,407 | -15.8% |
| Financial income | 75/76B | €3,152 | €3,587 | +€435 | +13.8% |
| Recurring financial income | 75 | €3,152 | €3,587 | +€435 | +13.8% |
| Financial charges | 65/66B | -€2,515 | -€229 | +€2,287 | +90.9% |
| Recurring financial charges | 65 | -€2,515 | -€229 | +€2,287 | +90.9% |
| Profit (loss) for the period before taxes | 9903 | €109,559 | €91,300 | -€18,259 | -16.7% |
| Income taxes | 67/77 | €26,635 | €19,434 | -€7,201 | -27.0% |
| Profit (loss) for the period | 9904 | €82,924 | €71,867 | -€11,058 | -13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €82,924 | €71,867 | -€11,058 | -13.3% |
Next steps
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 2 November 2026 via checked.be.