E.L.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.L.
Largest movements
- Tangible fixed assets +€71,936
up €71,936 (+20.0%), from €358,891 to €430,827
of which Land and buildings: +€56,217
- Receivables within one year +€20,916
up €20,916 (+87.8%), from €23,819 to €44,735
of which Other amounts receivable: +€12,594
- Cash -€18,041
down €18,041 (-61.6%), from €29,287 to €11,246
mainly Debts after one year (-€148,000) and Other debts (-€136,775)
- Reserves +€381,569
up €381,569 (+3,627%), from €10,520 to €392,089
of which Tax-exempt reserves: +€381,569
- Debts after one year -€148,000
no longer reported in 2025 (was €148,000)
- Other debts -€136,775
down €136,775 (-42.3%), from €323,615 to €186,840
- Provisions +€127,190
new in 2025: €127,190
- Profit (loss) carried forward -€105,091
down €105,091 (-63.3%), from -€165,932 to -€271,023
- Gross operating margin +€439,093
up €439,093 (+1,952%), from €22,492 to €461,585
- Other operating charges +€19,938
up €19,938 (+591%), from €3,375 to €23,313
- Depreciation +€9,164
up €9,164 (+58.6%), from €15,642 to €24,807
- Financial charges -€5,143
down €5,143 (-35.0%), from €14,705 to €9,562
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 | €455,537 | €529,459 | +€73,922 | +16.2% |
| Fixed assets | 21/28 | €359,159 | €430,827 | +€71,667 | +20.0% |
| Tangible fixed assets | 22/27 | €358,891 | €430,827 | +€71,936 | +20.0% |
| Land and buildings | 22 | €356,824 | €413,041 | +€56,217 | +15.8% |
| Plant, machinery and equipment | 23 | €2,067 | €14,388 | +€12,321 | +596% |
| Furniture and vehicles | 24 | - | €3,398 | +€3,398 | |
| Financial fixed assets | 28 | €269 | - | -€269 | |
| Current assets | 29/58 | €96,378 | €98,633 | +€2,255 | +2.3% |
| Stocks and contracts in progress | 3 | €26,648 | €25,831 | -€817 | -3.1% |
| Stocks | 30/36 | €26,648 | €25,831 | -€817 | -3.1% |
| Amounts receivable within one year | 40/41 | €23,819 | €44,735 | +€20,916 | +87.8% |
| Trade receivables | 40 | €17,245 | €25,566 | +€8,322 | +48.3% |
| Other amounts receivable | 41 | €6,575 | €19,169 | +€12,594 | +192% |
| Cash at bank and in hand | 54/58 | €29,287 | €11,246 | -€18,041 | -61.6% |
| Deferred charges and accrued income | 490/1 | €16,624 | €16,820 | +€196 | +1.2% |
| Total equity and liabilities | 10/49 | €455,537 | €529,459 | +€73,922 | +16.2% |
| Equity | 10/15 | -€90,412 | €186,065 | +€276,478 | |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €10,520 | €392,089 | +€381,569 | +3,627% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €381,569 | +€381,569 | |
| Distributable reserves | 133 | €4,020 | €4,020 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€165,932 | -€271,023 | -€105,091 | -63.3% |
| Provisions and deferred taxes | 16 | - | €127,190 | +€127,190 | |
| Deferred taxes | 168 | - | €127,190 | +€127,190 | |
| Amounts payable | 17/49 | €545,949 | €216,204 | -€329,745 | -60.4% |
| Amounts payable after more than one year | 17 | €148,000 | - | -€148,000 | |
| Financial debts | 170/4 | €148,000 | - | -€148,000 | |
| Amounts payable within one year | 42/48 | €397,949 | €216,204 | -€181,745 | -45.7% |
| Current portion of amounts payable after more than one year | 42 | €24,000 | - | -€24,000 | |
| Trade debts | 44 | €20,190 | €25,050 | +€4,860 | +24.1% |
| Suppliers | 440/4 | €20,190 | €25,050 | +€4,860 | +24.1% |
| Advances received on contracts in progress | 46 | €29,625 | - | -€29,625 | |
| Taxes, remuneration and social security | 45 | €519 | €4,313 | +€3,795 | +732% |
| Taxes | 450/3 | €519 | €4,313 | +€3,795 | +732% |
| Other amounts payable | 47/48 | €323,615 | €186,840 | -€136,775 | -42.3% |
| Non-recurring operating income | 76A | - | €513,861 | +€513,861 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,642 | €24,807 | +€9,164 | +58.6% |
| Other operating charges | 640/8 | €3,375 | €23,313 | +€19,938 | +591% |
| Gross operating margin | 9900 | €22,492 | €461,585 | +€439,093 | +1,952% |
| Operating profit (loss) | 9901 | €3,474 | €413,465 | +€409,991 | +11,802% |
| Financial income | 75/76B | €5 | €9 | +€4 | +80.5% |
| Recurring financial income | 75 | €5 | €9 | +€4 | +80.5% |
| Financial charges | 65/66B | €14,705 | €9,562 | -€5,143 | -35.0% |
| Recurring financial charges | 65 | €14,705 | €9,562 | -€5,143 | -35.0% |
| Profit (loss) for the period before taxes | 9903 | -€11,226 | €403,911 | +€415,137 | |
| Transfer from deferred taxes | 780 | - | €1,275 | +€1,275 | |
| Transfer to deferred taxes | 680 | - | €128,465 | +€128,465 | |
| Income taxes | 67/77 | €319 | €244 | -€74 | -23.4% |
| Profit (loss) for the period | 9904 | -€11,545 | €276,478 | +€288,022 | |
| Transfer from tax-exempt reserves | 789 | - | €3,826 | +€3,826 | |
| Transfer to tax-exempt reserves | 689 | - | €385,395 | +€385,395 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,545 | -€105,091 | -€93,547 | -810% |
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.