E.L.B.: 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.
E.L.B.
Largest movements
- Cash +€54,799
up €54,799 (+34.1%), from €160,833 to €215,632
mainly Net result for the year (+€37,693) and Depreciation (+€20,186)
- Tangible fixed assets -€14,927
down €14,927 (-17.8%), from €83,917 to €68,990
- Deferred charges and accrued income -€11,897
down €11,897 (-54.8%), from €21,695 to €9,798
- Reserves +€23,700
up €23,700 (+11.1%), from €213,159 to €236,859
- Trade debts -€7,647
down €7,647 (-56.3%), from €13,576 to €5,929
- Short-term financial debts +€7,293
up €7,293 (+154.9%), from €4,707 to €12,000
- Gross operating margin -€2,640
down €2,640 (-2.2%), from €118,313 to €115,673
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 | €272,785 | €297,280 | +€24,495 | +9.0% |
| Fixed assets | 21/28 | €83,917 | €68,990 | -€14,927 | -17.8% |
| Tangible fixed assets | 22/27 | €83,917 | €68,990 | -€14,927 | -17.8% |
| Land and buildings | 22 | €36,671 | €29,374 | -€7,298 | -19.9% |
| Plant, machinery and equipment | 23 | €29,913 | €26,310 | -€3,603 | -12.0% |
| Furniture and vehicles | 24 | €17,333 | €13,306 | -€4,027 | -23.2% |
| Current assets | 29/58 | €188,868 | €228,290 | +€39,422 | +20.9% |
| Stocks and contracts in progress | 3 | €5,254 | €2,860 | -€2,395 | -45.6% |
| Stocks | 30/36 | €5,254 | €2,860 | -€2,395 | -45.6% |
| Amounts receivable within one year | 40/41 | €1,086 | - | -€1,086 | |
| Other amounts receivable | 41 | €1,086 | - | -€1,086 | |
| Cash at bank and in hand | 54/58 | €160,833 | €215,632 | +€54,799 | +34.1% |
| Deferred charges and accrued income | 490/1 | €21,695 | €9,798 | -€11,897 | -54.8% |
| Total equity and liabilities | 10/49 | €272,785 | €297,280 | +€24,495 | +9.0% |
| Equity | 10/15 | €232,482 | €256,375 | +€23,893 | +10.3% |
| Contributions | 10/11 | €7,437 | €7,437 | = | 0.0% |
| Reserves | 13 | €213,159 | €236,859 | +€23,700 | +11.1% |
| Distributable reserves | 133 | €213,159 | €236,859 | +€23,700 | +11.1% |
| Profit (loss) carried forward | 14 | €11,886 | €12,079 | +€193 | +1.6% |
| Amounts payable | 17/49 | €40,303 | €40,906 | +€602 | +1.5% |
| Amounts payable within one year | 42/48 | €40,303 | €40,906 | +€602 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €535 | - | -€535 | |
| Financial debts | 43 | €4,707 | €12,000 | +€7,293 | +154.9% |
| Credit institutions | 430/8 | €4,707 | €12,000 | +€7,293 | +154.9% |
| Trade debts | 44 | €13,576 | €5,929 | -€7,647 | -56.3% |
| Suppliers | 440/4 | €13,576 | €5,929 | -€7,647 | -56.3% |
| Taxes, remuneration and social security | 45 | €19,568 | €20,782 | +€1,214 | +6.2% |
| Taxes | 450/3 | €13,674 | €15,322 | +€1,647 | +12.0% |
| Remuneration and social security | 454/9 | €5,894 | €5,460 | -€434 | -7.4% |
| Other amounts payable | 47/48 | €1,917 | €2,195 | +€277 | +14.5% |
| Remuneration, social security and pensions | 62 | €34,226 | €34,310 | +€84 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,575 | €20,186 | +€611 | +3.1% |
| Other operating charges | 640/8 | €2,083 | €2,087 | +€4 | +0.2% |
| Gross operating margin | 9900 | €118,313 | €115,673 | -€2,640 | -2.2% |
| Operating profit (loss) | 9901 | €62,430 | €59,090 | -€3,340 | -5.4% |
| Financial charges | 65/66B | €5,060 | €4,878 | -€182 | -3.6% |
| Recurring financial charges | 65 | €5,060 | €4,878 | -€182 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €57,370 | €54,212 | -€3,158 | -5.5% |
| Income taxes | 67/77 | €17,554 | €16,519 | -€1,035 | -5.9% |
| Profit (loss) for the period | 9904 | €39,816 | €37,693 | -€2,123 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €39,816 | €37,693 | -€2,123 | -5.3% |
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 5 October 2026 via checked.be.