E.L.H Proxy: 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.H Proxy
Largest movements
- Receivables within one year +€104,362
up €104,362 (+76.6%), from €136,159 to €240,521
of which Trade receivables: +€72,730
- Cash -€50,812
down €50,812 (-56.2%), from €90,370 to €39,558
mainly Contributions, distributions and other (-€250,000) and Receivables within one year (-€104,362)
- Deferred charges and accrued income +€12,053
up €12,053 (+502.4%), from €2,399 to €14,452
- Other debts +€234,239
up €234,239 (+101.3%), from €231,325 to €465,564
- Profit (loss) carried forward -€100,369
down €100,369 (-99.1%), from €101,238 to €869
- Reserves -€71,000
down €71,000 (-71.0%), from €100,000 to €29,000
- Debts after one year -€63,454
down €63,454 (-62.9%), from €100,869 to €37,415
- Trade debts +€51,048
up €51,048 (+127.4%), from €40,071 to €91,119
- Gross operating margin +€50,378
up €50,378 (+68.9%), from €73,065 to €123,444
- Taxes +€11,486
up €11,486 (+60.7%), from €18,923 to €30,409
- Financial charges +€7,099
up €7,099 (+114.3%), from €6,209 to €13,308
- Financial income +€2,303
up €2,303 (+96.0%), from €2,399 to €4,702
- Other operating charges +€1,386
new in 2025: €1,386
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 | €791,473 | €852,663 | +€61,190 | +7.7% |
| Fixed assets | 21/28 | €562,545 | €558,133 | -€4,412 | -0.8% |
| Tangible fixed assets | 22/27 | €12,545 | €8,133 | -€4,412 | -35.2% |
| Land and buildings | 22 | €1,821 | €1,767 | -€54 | -3.0% |
| Plant, machinery and equipment | 23 | €2,452 | €2,331 | -€121 | -4.9% |
| Furniture and vehicles | 24 | €8,272 | €4,035 | -€4,237 | -51.2% |
| Financial fixed assets | 28 | €550,000 | €550,000 | = | 0.0% |
| Current assets | 29/58 | €228,928 | €294,530 | +€65,602 | +28.7% |
| Amounts receivable within one year | 40/41 | €136,159 | €240,521 | +€104,362 | +76.6% |
| Trade receivables | 40 | €35,392 | €108,122 | +€72,730 | +205.5% |
| Other amounts receivable | 41 | €100,767 | €132,399 | +€31,632 | +31.4% |
| Cash at bank and in hand | 54/58 | €90,370 | €39,558 | -€50,812 | -56.2% |
| Deferred charges and accrued income | 490/1 | €2,399 | €14,452 | +€12,053 | +502.4% |
| Total equity and liabilities | 10/49 | €791,473 | €852,663 | +€61,190 | +7.7% |
| Equity | 10/15 | €321,238 | €149,869 | -€171,369 | -53.3% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €100,000 | €29,000 | -€71,000 | -71.0% |
| Distributable reserves | 133 | €100,000 | €29,000 | -€71,000 | -71.0% |
| Profit (loss) carried forward | 14 | €101,238 | €869 | -€100,369 | -99.1% |
| Amounts payable | 17/49 | €470,235 | €702,794 | +€232,559 | +49.5% |
| Amounts payable after more than one year | 17 | €100,869 | €37,415 | -€63,454 | -62.9% |
| Financial debts | 170/4 | €100,869 | €37,415 | -€63,454 | -62.9% |
| Amounts payable within one year | 42/48 | €367,851 | €659,881 | +€292,029 | +79.4% |
| Current portion of amounts payable after more than one year | 42 | €86,599 | €63,454 | -€23,144 | -26.7% |
| Trade debts | 44 | €40,071 | €91,119 | +€51,048 | +127.4% |
| Suppliers | 440/4 | €40,071 | €91,119 | +€51,048 | +127.4% |
| Taxes, remuneration and social security | 45 | €9,857 | €39,744 | +€29,887 | +303.2% |
| Taxes | 450/3 | €9,857 | €39,744 | +€29,887 | +303.2% |
| Other amounts payable | 47/48 | €231,325 | €465,564 | +€234,239 | +101.3% |
| Accrued charges and deferred income | 492/3 | €1,514 | €5,498 | +€3,984 | +263.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,378 | €4,412 | +€34 | +0.8% |
| Other operating charges | 640/8 | - | €1,386 | +€1,386 | |
| Gross operating margin | 9900 | €73,065 | €123,444 | +€50,378 | +68.9% |
| Operating profit (loss) | 9901 | €68,687 | €117,646 | +€48,959 | +71.3% |
| Financial income | 75/76B | €2,399 | €4,702 | +€2,303 | +96.0% |
| Recurring financial income | 75 | €2,399 | €4,702 | +€2,303 | +96.0% |
| Financial charges | 65/66B | €6,209 | €13,308 | +€7,099 | +114.3% |
| Recurring financial charges | 65 | €6,209 | €13,308 | +€7,099 | +114.3% |
| Profit (loss) for the period before taxes | 9903 | €64,878 | €109,040 | +€44,162 | +68.1% |
| Income taxes | 67/77 | €18,923 | €30,409 | +€11,486 | +60.7% |
| Profit (loss) for the period | 9904 | €45,955 | €78,631 | +€32,676 | +71.1% |
| Profit (loss) for the period to be appropriated | 9905 | €45,955 | €78,631 | +€32,676 | +71.1% |
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 9 October 2026 via checked.be.