E.L.C.L: 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.
E.L.C.L
Largest movements
- Current investments +€60,000
up €60,000 (+24.0%), from €250,200 to €310,200
- Tangible fixed assets -€20,121
down €20,121 (-100%), from €20,121 to €0
- Reserves +€58,500
up €58,500 (+17.4%), from €336,221 to €394,721
- Current portion of long-term debt -€18,464
down €18,464 (-100%), from €18,464 to €0
- Tax, wage and social debts +€8,622
up €8,622 (+64.9%), from €13,274 to €21,896
- Gross operating margin -€67,234
down €67,234 (-36.8%), from €182,624 to €115,391
- Depreciation -€9,638
down €9,638 (-43.7%), from €22,066 to €12,428
- Other operating charges +€8,060
up €8,060 (+433%), from €1,862 to €9,922
- Taxes +€5,423
up €5,423 (+20.2%), from €26,799 to €32,222
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 | €403,553 | €450,593 | +€47,040 | +11.7% |
| Fixed assets | 21/28 | €20,121 | €0 | -€20,121 | -100% |
| Tangible fixed assets | 22/27 | €20,121 | €0 | -€20,121 | -100% |
| Land and buildings | 22 | €20,121 | €0 | -€20,121 | -100% |
| Current assets | 29/58 | €383,432 | €450,593 | +€67,161 | +17.5% |
| Amounts receivable within one year | 40/41 | €22,385 | €25,542 | +€3,157 | +14.1% |
| Trade receivables | 40 | €22,385 | €24,503 | +€2,118 | +9.5% |
| Other amounts receivable | 41 | €0 | €1,039 | +€1,039 | |
| Current investments | 50/53 | €250,200 | €310,200 | +€60,000 | +24.0% |
| Cash at bank and in hand | 54/58 | €110,692 | €114,851 | +€4,159 | +3.8% |
| Deferred charges and accrued income | 490/1 | €155 | €0 | -€155 | -100% |
| Total equity and liabilities | 10/49 | €403,553 | €450,593 | +€47,040 | +11.7% |
| Equity | 10/15 | €368,644 | €427,248 | +€58,604 | +15.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €336,221 | €394,721 | +€58,500 | +17.4% |
| Distributable reserves | 133 | €336,221 | €394,721 | +€58,500 | +17.4% |
| Profit (loss) carried forward | 14 | €12,422 | €12,526 | +€104 | +0.8% |
| Amounts payable | 17/49 | €34,909 | €23,345 | -€11,564 | -33.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €34,909 | €23,345 | -€11,564 | -33.1% |
| Current portion of amounts payable after more than one year | 42 | €18,464 | €0 | -€18,464 | -100% |
| Trade debts | 44 | €2,465 | €1,449 | -€1,016 | -41.2% |
| Suppliers | 440/4 | €2,465 | €1,449 | -€1,016 | -41.2% |
| Taxes, remuneration and social security | 45 | €13,274 | €21,896 | +€8,622 | +64.9% |
| Taxes | 450/3 | €13,274 | €21,896 | +€8,622 | +64.9% |
| Other amounts payable | 47/48 | €705 | €0 | -€705 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,066 | €12,428 | -€9,638 | -43.7% |
| Other operating charges | 640/8 | €1,862 | €9,922 | +€8,060 | +433% |
| Non-recurring operating charges | 66A | €63,355 | €0 | -€63,355 | -100% |
| Gross operating margin | 9900 | €182,624 | €115,391 | -€67,234 | -36.8% |
| Operating profit (loss) | 9901 | €95,341 | €93,041 | -€2,300 | -2.4% |
| Financial income | 75/76B | - | €95 | +€95 | |
| Recurring financial income | 75 | - | €95 | +€95 | |
| Financial charges | 65/66B | €1,509 | €2,310 | +€801 | +53.1% |
| Recurring financial charges | 65 | €1,509 | €2,310 | +€801 | +53.1% |
| Profit (loss) for the period before taxes | 9903 | €93,832 | €90,826 | -€3,006 | -3.2% |
| Income taxes | 67/77 | €26,799 | €32,222 | +€5,423 | +20.2% |
| Profit (loss) for the period | 9904 | €67,034 | €58,604 | -€8,430 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €67,034 | €58,604 | -€8,430 | -12.6% |
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 27 October 2026 via checked.be.