4ELM.TECH: what changed
Two fiscal 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.
4ELM.TECH
Largest movements
- Tangible fixed assets -€31,313
down €31,313 (-10.3%), from €304,312 to €272,999
of which Furniture and vehicles: -€19,173
- Cash +€11,621
up €11,621 (+165.6%), from €7,016 to €18,638
mainly Depreciation (+€57,762) and Net result for the year (+€46,799)
- Financial fixed assets -€7,059
down €7,059 (-87.5%), from €8,067 to €1,009
- Stocks and contracts -€6,861
down €6,861 (-9.3%), from €74,013 to €67,151
- Debts after one year -€40,639
down €40,639 (-21.5%), from €188,712 to €148,073
of which Financial debts: -€40,295
- Tax, wage and social debts -€24,271
down €24,271 (-47.4%), from €51,248 to €26,978
of which Remuneration and social security: -€22,754
- Other debts +€22,776
up €22,776 (+106.1%), from €21,460 to €44,236
- Trade debts +€7,463
up €7,463 (+59.4%), from €12,568 to €20,031
- Staff costs -€41,459
down €41,459 (-15.0%), from €275,993 to €234,535
- Depreciation -€16,232
down €16,232 (-21.9%), from €73,993 to €57,762
- Taxes +€12,439
up €12,439 (+194.5%), from €6,396 to €18,835
- Gross operating margin -€9,321
down €9,321 (-2.5%), from €376,896 to €367,575
- Other operating charges +€4,058
up €4,058 (+111.9%), from €3,626 to €7,684
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.
Cash bridge derived
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 | €532,449 | €501,031 | -€31,418 | -5.9% |
| Formation expenses | 20 | €1,824 | €961 | -€863 | -47.3% |
| Fixed assets | 21/28 | €312,379 | €274,007 | -€38,372 | -12.3% |
| Tangible fixed assets | 22/27 | €304,312 | €272,999 | -€31,313 | -10.3% |
| Plant, machinery and equipment | 23 | €98,503 | €86,635 | -€11,868 | -12.0% |
| Furniture and vehicles | 24 | €80,634 | €61,461 | -€19,173 | -23.8% |
| Leasing and similar rights | 25 | €857 | €123 | -€734 | -85.6% |
| Other tangible fixed assets | 26 | €116,333 | €109,473 | -€6,860 | -5.9% |
| Assets under construction and advance payments | 27 | €7,985 | €15,307 | +€7,321 | +91.7% |
| Financial fixed assets | 28 | €8,067 | €1,009 | -€7,059 | -87.5% |
| Current assets | 29/58 | €218,246 | €226,063 | +€7,817 | +3.6% |
| Stocks and contracts in progress | 3 | €74,013 | €67,151 | -€6,861 | -9.3% |
| Stocks | 30/36 | €74,013 | €67,151 | -€6,861 | -9.3% |
| Amounts receivable within one year | 40/41 | €136,542 | €140,274 | +€3,732 | +2.7% |
| Trade receivables | 40 | €110,056 | €117,195 | +€7,139 | +6.5% |
| Other amounts receivable | 41 | €26,486 | €23,079 | -€3,408 | -12.9% |
| Cash at bank and in hand | 54/58 | €7,016 | €18,638 | +€11,621 | +165.6% |
| Deferred charges and accrued income | 490/1 | €675 | - | -€675 | |
| Total equity and liabilities | 10/49 | €532,449 | €501,031 | -€31,418 | -5.9% |
| Equity | 10/15 | €215,098 | €218,064 | +€2,966 | +1.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €195,860 | €197,860 | +€2,000 | +1.0% |
| Distributable reserves | 133 | €195,860 | €197,860 | +€2,000 | +1.0% |
| Profit (loss) carried forward | 14 | €638 | €1,604 | +€966 | +151.3% |
| Amounts payable | 17/49 | €317,351 | €282,967 | -€34,384 | -10.8% |
| Amounts payable after more than one year | 17 | €188,712 | €148,073 | -€40,639 | -21.5% |
| Financial debts | 170/4 | €188,368 | €148,073 | -€40,295 | -21.4% |
| Other amounts payable | 178/9 | €344 | - | -€344 | |
| Amounts payable within one year | 42/48 | €128,639 | €134,840 | +€6,202 | +4.8% |
| Current portion of amounts payable after more than one year | 42 | €43,362 | €43,595 | +€233 | +0.5% |
| Trade debts | 44 | €12,568 | €20,031 | +€7,463 | +59.4% |
| Suppliers | 440/4 | €12,568 | €20,031 | +€7,463 | +59.4% |
| Taxes, remuneration and social security | 45 | €51,248 | €26,978 | -€24,271 | -47.4% |
| Taxes | 450/3 | €3,599 | €2,082 | -€1,516 | -42.1% |
| Remuneration and social security | 454/9 | €47,650 | €24,895 | -€22,754 | -47.8% |
| Other amounts payable | 47/48 | €21,460 | €44,236 | +€22,776 | +106.1% |
| Accrued charges and deferred income | 492/3 | - | €54 | +€54 | |
| Remuneration, social security and pensions | 62 | €275,993 | €234,535 | -€41,459 | -15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,993 | €57,762 | -€16,232 | -21.9% |
| Other operating charges | 640/8 | €3,626 | €7,684 | +€4,058 | +111.9% |
| Gross operating margin | 9900 | €376,896 | €367,575 | -€9,321 | -2.5% |
| Operating profit (loss) | 9901 | €23,283 | €67,594 | +€44,311 | +190.3% |
| Financial income | 75/76B | €5,815 | €7,456 | +€1,641 | +28.2% |
| Recurring financial income | 75 | €5,815 | €7,456 | +€1,641 | +28.2% |
| Financial charges | 65/66B | €12,607 | €9,416 | -€3,190 | -25.3% |
| Recurring financial charges | 65 | €12,607 | €9,416 | -€3,190 | -25.3% |
| Profit (loss) for the period before taxes | 9903 | €16,492 | €65,634 | +€49,142 | +298.0% |
| Income taxes | 67/77 | €6,396 | €18,835 | +€12,439 | +194.5% |
| Profit (loss) for the period | 9904 | €10,096 | €46,799 | +€36,703 | +363.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,096 | €46,799 | +€36,703 | +363.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.