E.L.M.: 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.M.
Largest movements
- Cash +€59,332
up €59,332 (+109%), from €54,400 to €113,732
mainly Receivables within one year (+€37,360) and Net result for the year (+€20,369)
- Receivables within one year -€37,360
down €37,360 (-29.7%), from €125,901 to €88,541
of which Trade receivables: -€49,792
- Tangible fixed assets -€18,396
down €18,396 (-38.0%), from €48,373 to €29,977
of which Furniture and vehicles: -€14,039
- Stocks and contracts -€9,377
down €9,377 (-41.0%), from €22,843 to €13,466
- Reserves +€20,369
up €20,369 (+21.9%), from €92,973 to €113,342
of which Distributable reserves: +€22,229
- Tax, wage and social debts -€19,458
down €19,458 (-55.7%), from €34,947 to €15,489
- Debts after one year -€10,540
down €10,540 (-92.2%), from €11,437 to €896
- Other debts +€3,120
up €3,120 (+22.2%), from €14,074 to €17,195
- Gross operating margin +€40,024
up €40,024 (+690%), from €5,801 to €45,825
- Taxes +€4,893
new in 2025: €4,893
- Financial charges +€587
up €587 (+43.0%), from €1,366 to €1,952
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 | €251,517 | €245,717 | -€5,800 | -2.3% |
| Fixed assets | 21/28 | €48,373 | €29,977 | -€18,396 | -38.0% |
| Tangible fixed assets | 22/27 | €48,373 | €29,977 | -€18,396 | -38.0% |
| Plant, machinery and equipment | 23 | €7,951 | €4,120 | -€3,831 | -48.2% |
| Furniture and vehicles | 24 | €39,896 | €25,857 | -€14,039 | -35.2% |
| Other tangible fixed assets | 26 | €526 | - | -€526 | |
| Current assets | 29/58 | €203,144 | €215,740 | +€12,595 | +6.2% |
| Stocks and contracts in progress | 3 | €22,843 | €13,466 | -€9,377 | -41.0% |
| Stocks | 30/36 | €22,843 | €13,466 | -€9,377 | -41.0% |
| Amounts receivable within one year | 40/41 | €125,901 | €88,541 | -€37,360 | -29.7% |
| Trade receivables | 40 | €105,901 | €56,109 | -€49,792 | -47.0% |
| Other amounts receivable | 41 | €20,000 | €32,432 | +€12,432 | +62.2% |
| Cash at bank and in hand | 54/58 | €54,400 | €113,732 | +€59,332 | +109% |
| Total equity and liabilities | 10/49 | €251,517 | €245,717 | -€5,800 | -2.3% |
| Equity | 10/15 | €176,857 | €197,226 | +€20,369 | +11.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €92,973 | €113,342 | +€20,369 | +21.9% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €91,113 | €113,342 | +€22,229 | +24.4% |
| Profit (loss) carried forward | 14 | €77,684 | €77,684 | = | 0.0% |
| Amounts payable | 17/49 | €74,660 | €48,491 | -€26,169 | -35.1% |
| Amounts payable after more than one year | 17 | €11,437 | €896 | -€10,540 | -92.2% |
| Financial debts | 170/4 | €11,437 | €896 | -€10,540 | -92.2% |
| Amounts payable within one year | 42/48 | €63,223 | €47,595 | -€15,629 | -24.7% |
| Current portion of amounts payable after more than one year | 42 | €10,150 | €10,540 | +€391 | +3.8% |
| Trade debts | 44 | €4,052 | €4,370 | +€318 | +7.9% |
| Suppliers | 440/4 | €4,052 | €4,370 | +€318 | +7.9% |
| Taxes, remuneration and social security | 45 | €34,947 | €15,489 | -€19,458 | -55.7% |
| Taxes | 450/3 | €34,947 | €15,489 | -€19,458 | -55.7% |
| Other amounts payable | 47/48 | €14,074 | €17,195 | +€3,120 | +22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,710 | €18,396 | -€314 | -1.7% |
| Other operating charges | 640/8 | €344 | €214 | -€130 | -37.7% |
| Gross operating margin | 9900 | €5,801 | €45,825 | +€40,024 | +690% |
| Operating profit (loss) | 9901 | -€13,253 | €27,214 | +€40,468 | |
| Financial charges | 65/66B | €1,366 | €1,952 | +€587 | +43.0% |
| Recurring financial charges | 65 | €1,366 | €1,952 | +€587 | +43.0% |
| Profit (loss) for the period before taxes | 9903 | -€14,619 | €25,262 | +€39,881 | |
| Income taxes | 67/77 | - | €4,893 | +€4,893 | |
| Profit (loss) for the period | 9904 | -€14,619 | €20,369 | +€34,988 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,619 | €20,369 | +€34,988 |
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 18 October 2026 via checked.be.