E.L.E. MASHAL: 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.E. MASHAL
Largest movements
- Receivables after one year -€7,662
down €7,662 (-23.3%), from €32,832 to €25,170
- Receivables within one year -€823
down €823 (-96.4%), from €854 to €30
- Deferred charges and accrued income +€502
new in 2025: €502
- Trade debts -€9,182
down €9,182 (-90.4%), from €10,154 to €972
- Reserves +€1,973
up €1,973 (+11.8%), from €16,680 to €18,653
- Tax, wage and social debts -€597
down €597 (-92.8%), from €643 to €46
- Depreciation -€6,445
down €6,445 (-96.4%), from €6,683 to €238
- Gross operating margin -€991
down €991 (-23.2%), from €4,276 to €3,285
- Financial income -€848
no longer reported in 2025 (was €848)
- Other operating charges +€310
up €310 (+72.0%), from €431 to €741
- Financial charges +€60
up €60 (+26.5%), from €226 to €286
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 | €33,924 | €25,872 | -€8,052 | -23.7% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €238 | €0 | -€238 | -100% |
| Tangible fixed assets | 22/27 | €238 | €0 | -€238 | -100% |
| Plant, machinery and equipment | 23 | €238 | €0 | -€238 | -100% |
| Furniture and vehicles | 24 | - | €0 | = | |
| Current assets | 29/58 | €33,686 | €25,872 | -€7,814 | -23.2% |
| Amounts receivable after more than one year | 29 | €32,832 | €25,170 | -€7,662 | -23.3% |
| Other amounts receivable | 291 | €32,832 | €25,170 | -€7,662 | -23.3% |
| Amounts receivable within one year | 40/41 | €854 | €30 | -€823 | -96.4% |
| Other amounts receivable | 41 | €854 | €30 | -€823 | -96.4% |
| Cash at bank and in hand | 54/58 | - | €170 | +€170 | |
| Deferred charges and accrued income | 490/1 | - | €502 | +€502 | |
| Total equity and liabilities | 10/49 | €33,924 | €25,872 | -€8,052 | -23.7% |
| Equity | 10/15 | €22,880 | €24,853 | +€1,973 | +8.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €16,680 | €18,653 | +€1,973 | +11.8% |
| Distributable reserves | 133 | €16,680 | €18,653 | +€1,973 | +11.8% |
| Amounts payable | 17/49 | €11,044 | €1,019 | -€10,025 | -90.8% |
| Amounts payable within one year | 42/48 | €11,044 | €1,019 | -€10,025 | -90.8% |
| Financial debts | 43 | €247 | - | -€247 | |
| Credit institutions | 430/8 | €247 | - | -€247 | |
| Trade debts | 44 | €10,154 | €972 | -€9,182 | -90.4% |
| Suppliers | 440/4 | €10,154 | €972 | -€9,182 | -90.4% |
| Taxes, remuneration and social security | 45 | €643 | €46 | -€597 | -92.8% |
| Taxes | 450/3 | €643 | €46 | -€597 | -92.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,683 | €238 | -€6,445 | -96.4% |
| Other operating charges | 640/8 | €431 | €741 | +€310 | +72.0% |
| Gross operating margin | 9900 | €4,276 | €3,285 | -€991 | -23.2% |
| Operating profit (loss) | 9901 | -€2,838 | €2,306 | +€5,144 | |
| Financial income | 75/76B | €848 | - | -€848 | |
| Recurring financial income | 75 | €848 | - | -€848 | |
| Financial charges | 65/66B | €226 | €286 | +€60 | +26.5% |
| Recurring financial charges | 65 | €226 | €286 | +€60 | +26.5% |
| Profit (loss) for the period before taxes | 9903 | -€2,217 | €2,019 | +€4,237 | |
| Income taxes | 67/77 | - | €46 | +€46 | |
| Profit (loss) for the period | 9904 | -€2,217 | €1,973 | +€4,190 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,217 | €1,973 | +€4,190 |
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.