E.L.S.: 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.S.
Largest movements
- Receivables within one year -€42,941
down €42,941 (-21.3%), from €201,612 to €158,671
- Stocks and contracts +€38,641
up €38,641 (+13.8%), from €280,494 to €319,135
- Intangible fixed assets +€10,329
new in 2025: €10,329
- Debts after one year -€56,204
down €56,204 (-28.0%), from €200,784 to €144,580
- Tax, wage and social debts +€54,484
up €54,484 (+79.5%), from €68,498 to €122,982
of which Taxes: +€35,442
- Trade debts +€53,982
up €53,982 (+56.6%), from €95,454 to €149,436
- Profit (loss) carried forward -€52,579
down €52,579 (-15.3%), from -€342,652 to -€395,230
- Gross operating margin +€58,116
up €58,116 (+65.8%), from €88,388 to €146,504
- Staff costs +€25,672
up €25,672 (+18.4%), from €139,723 to €165,395
- Financial charges +€16,513
up €16,513 (+118%), from €14,020 to €30,533
- Other operating charges -€6,441
down €6,441 (-61.9%), from €10,405 to €3,964
- Financial income +€4,289
up €4,289 (+3,274%), from €131 to €4,420
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 | €518,600 | €521,460 | +€2,860 | +0.6% |
| Fixed assets | 21/28 | €16,666 | €24,268 | +€7,603 | +45.6% |
| Intangible fixed assets | 21 | - | €10,329 | +€10,329 | |
| Tangible fixed assets | 22/27 | €14,528 | €11,802 | -€2,727 | -18.8% |
| Plant, machinery and equipment | 23 | €1,655 | €951 | -€704 | -42.5% |
| Furniture and vehicles | 24 | €1,348 | €832 | -€516 | -38.3% |
| Other tangible fixed assets | 26 | €11,526 | €10,019 | -€1,507 | -13.1% |
| Financial fixed assets | 28 | €2,138 | €2,138 | = | 0.0% |
| Current assets | 29/58 | €501,934 | €497,192 | -€4,742 | -0.9% |
| Stocks and contracts in progress | 3 | €280,494 | €319,135 | +€38,641 | +13.8% |
| Stocks | 30/36 | €280,494 | €319,135 | +€38,641 | +13.8% |
| Amounts receivable within one year | 40/41 | €201,612 | €158,671 | -€42,941 | -21.3% |
| Trade receivables | 40 | €201,612 | €158,671 | -€42,941 | -21.3% |
| Cash at bank and in hand | 54/58 | €19,042 | €19,386 | +€343 | +1.8% |
| Deferred charges and accrued income | 490/1 | €786 | - | -€786 | |
| Total equity and liabilities | 10/49 | €518,600 | €521,460 | +€2,860 | +0.6% |
| Equity | 10/15 | -€9,916 | -€62,495 | -€52,579 | -530% |
| Contributions | 10/11 | €19,920 | €19,920 | = | 0.0% |
| Reserves | 13 | €312,816 | €312,816 | = | 0.0% |
| Tax-exempt reserves | 132 | €227,933 | €227,933 | = | 0.0% |
| Distributable reserves | 133 | €84,883 | €84,883 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€342,652 | -€395,230 | -€52,579 | -15.3% |
| Amounts payable | 17/49 | €528,516 | €583,955 | +€55,439 | +10.5% |
| Amounts payable after more than one year | 17 | €200,784 | €144,580 | -€56,204 | -28.0% |
| Trade debts | 175 | €200,784 | €144,580 | -€56,204 | -28.0% |
| Amounts payable within one year | 42/48 | €324,950 | €436,962 | +€112,012 | +34.5% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €95,454 | €149,436 | +€53,982 | +56.6% |
| Suppliers | 440/4 | €95,454 | €149,436 | +€53,982 | +56.6% |
| Taxes, remuneration and social security | 45 | €68,498 | €122,982 | +€54,484 | +79.5% |
| Taxes | 450/3 | €33,189 | €68,630 | +€35,442 | +107% |
| Remuneration and social security | 454/9 | €35,309 | €54,351 | +€19,042 | +53.9% |
| Other amounts payable | 47/48 | €10,998 | €14,544 | +€3,547 | +32.2% |
| Accrued charges and deferred income | 492/3 | €2,781 | €2,412 | -€369 | -13.3% |
| Non-recurring operating income | 76A | - | €2,000 | +€2,000 | |
| Remuneration, social security and pensions | 62 | €139,723 | €165,395 | +€25,672 | +18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,135 | €3,275 | -€860 | -20.8% |
| Other operating charges | 640/8 | €10,405 | €3,964 | -€6,441 | -61.9% |
| Gross operating margin | 9900 | €88,388 | €146,504 | +€58,116 | +65.8% |
| Operating profit (loss) | 9901 | -€65,875 | -€26,129 | +€39,745 | +60.3% |
| Financial income | 75/76B | €131 | €4,420 | +€4,289 | +3,274% |
| Recurring financial income | 75 | €131 | €4,420 | +€4,289 | +3,274% |
| Financial charges | 65/66B | €14,020 | €30,533 | +€16,513 | +118% |
| Recurring financial charges | 65 | €14,020 | €30,533 | +€16,513 | +118% |
| Profit (loss) for the period before taxes | 9903 | -€79,764 | -€52,242 | +€27,522 | +34.5% |
| Income taxes | 67/77 | €243 | €337 | +€94 | +38.6% |
| Profit (loss) for the period | 9904 | -€80,007 | -€52,579 | +€27,428 | +34.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€80,007 | -€52,579 | +€27,428 | +34.3% |
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.