BOX ELDER: 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.
BOX ELDER
Largest movements
- Tangible fixed assets -€20,676
down €20,676 (-26.4%), from €78,248 to €57,573
of which Plant, machinery and equipment: -€18,445
- Receivables within one year -€7,349
down €7,349 (-57.4%), from €12,794 to €5,445
- Cash -€3,781
down €3,781 (-48.9%), from €7,728 to €3,947
mainly Net result for the year (-€30,803) and Debts after one year (-€8,000)
- Deferred charges and accrued income +€1,613
up €1,613 (+275%), from €588 to €2,201
- Profit (loss) carried forward -€30,803
down €30,803 (-11.0%), from -€280,476 to -€311,278
- Debts after one year -€8,000
down €8,000 (-2.7%), from €300,000 to €292,000
- Tax, wage and social debts +€7,129
up €7,129 (+33.6%), from €21,198 to €28,327
of which Remuneration and social security: +€5,609
- Trade debts +€2,483
up €2,483 (+14.0%), from €17,696 to €20,179
- Staff costs +€23,792
up €23,792 (+21.4%), from €110,948 to €134,740
- Gross operating margin +€18,278
up €18,278 (+16.6%), from €109,855 to €128,133
- Financial charges -€3,831
down €3,831 (-66.6%), from €5,750 to €1,919
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 | €104,876 | €75,256 | -€29,619 | -28.2% |
| Fixed assets | 21/28 | €82,899 | €62,223 | -€20,676 | -24.9% |
| Tangible fixed assets | 22/27 | €78,248 | €57,573 | -€20,676 | -26.4% |
| Plant, machinery and equipment | 23 | €76,018 | €57,573 | -€18,445 | -24.3% |
| Furniture and vehicles | 24 | €2,230 | - | -€2,230 | |
| Financial fixed assets | 28 | €4,650 | €4,650 | = | 0.0% |
| Current assets | 29/58 | €21,977 | €13,033 | -€8,944 | -40.7% |
| Stocks and contracts in progress | 3 | €867 | €1,440 | +€573 | +66.0% |
| Stocks | 30/36 | €867 | €1,440 | +€573 | +66.0% |
| Amounts receivable within one year | 40/41 | €12,794 | €5,445 | -€7,349 | -57.4% |
| Trade receivables | 40 | €12,794 | €5,445 | -€7,349 | -57.4% |
| Cash at bank and in hand | 54/58 | €7,728 | €3,947 | -€3,781 | -48.9% |
| Deferred charges and accrued income | 490/1 | €588 | €2,201 | +€1,613 | +275% |
| Total equity and liabilities | 10/49 | €104,876 | €75,256 | -€29,619 | -28.2% |
| Equity | 10/15 | -€260,016 | -€290,818 | -€30,803 | -11.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | -€280,476 | -€311,278 | -€30,803 | -11.0% |
| Amounts payable | 17/49 | €364,891 | €366,075 | +€1,183 | +0.3% |
| Amounts payable after more than one year | 17 | €300,000 | €292,000 | -€8,000 | -2.7% |
| Financial debts | 170/4 | €300,000 | €292,000 | -€8,000 | -2.7% |
| Amounts payable within one year | 42/48 | €64,891 | €74,075 | +€9,183 | +14.2% |
| Trade debts | 44 | €17,696 | €20,179 | +€2,483 | +14.0% |
| Suppliers | 440/4 | €17,696 | €20,179 | +€2,483 | +14.0% |
| Taxes, remuneration and social security | 45 | €21,198 | €28,327 | +€7,129 | +33.6% |
| Taxes | 450/3 | €18,813 | €20,333 | +€1,520 | +8.1% |
| Remuneration and social security | 454/9 | €2,385 | €7,994 | +€5,609 | +235% |
| Other amounts payable | 47/48 | €25,998 | €25,569 | -€429 | -1.6% |
| Remuneration, social security and pensions | 62 | €110,948 | €134,740 | +€23,792 | +21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,732 | €21,639 | +€908 | +4.4% |
| Other operating charges | 640/8 | €719 | €658 | -€61 | -8.5% |
| Gross operating margin | 9900 | €109,855 | €128,133 | +€18,278 | +16.6% |
| Operating profit (loss) | 9901 | -€22,544 | -€28,905 | -€6,361 | -28.2% |
| Financial income | 75/76B | €6 | €178 | +€173 | +3,085% |
| Recurring financial income | 75 | €6 | €178 | +€173 | +3,085% |
| Financial charges | 65/66B | €5,750 | €1,919 | -€3,831 | -66.6% |
| Recurring financial charges | 65 | €5,750 | €1,919 | -€3,831 | -66.6% |
| Profit (loss) for the period before taxes | 9903 | -€28,289 | -€30,646 | -€2,357 | -8.3% |
| Income taxes | 67/77 | €152 | €157 | +€5 | +3.4% |
| Profit (loss) for the period | 9904 | -€28,441 | -€30,803 | -€2,362 | -8.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,441 | -€30,803 | -€2,362 | -8.3% |
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 15 October 2026 via checked.be.