E.L.S. upgrade: 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. upgrade
Largest movements
- Receivables within one year +€367,178
up €367,178 (+137%), from €267,492 to €634,670
of which Other amounts receivable: +€366,658
- Cash -€85,279
down €85,279 (-82.7%), from €103,059 to €17,781
mainly Receivables within one year (-€367,178) and Net result for the year (-€25,506)
- Short-term financial debts +€275,000
up €275,000 (+115%), from €240,000 to €515,000
- Other debts +€29,713
up €29,713 (+2.0%), from €1.5m to €1.5m
- Profit (loss) carried forward -€25,506
down €25,506 (-68.6%), from -€37,202 to -€62,708
- Financial charges +€13,829
up €13,829 (+1,128%), from €1,226 to €15,055
- Gross operating margin +€5,839
up €5,839 (+41.6%), from -€14,052 to -€8,212
- Other operating charges -€303
down €303 (-11.9%), from €2,543 to €2,240
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 | €1,668,931 | €1,951,014 | +€282,083 | +16.9% |
| Current assets | 29/58 | €1,668,931 | €1,951,014 | +€282,083 | +16.9% |
| Stocks and contracts in progress | 3 | €1,298,380 | €1,298,380 | = | 0.0% |
| Stocks | 30/36 | €1,298,380 | €1,298,380 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €267,492 | €634,670 | +€367,178 | +137% |
| Trade receivables | 40 | €0 | €520 | +€520 | |
| Other amounts receivable | 41 | €267,492 | €634,150 | +€366,658 | +137% |
| Cash at bank and in hand | 54/58 | €103,059 | €17,781 | -€85,279 | -82.7% |
| Deferred charges and accrued income | 490/1 | - | €183 | +€183 | |
| Total equity and liabilities | 10/49 | €1,668,931 | €1,951,014 | +€282,083 | +16.9% |
| Equity | 10/15 | -€34,202 | -€59,708 | -€25,506 | -74.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,202 | -€62,708 | -€25,506 | -68.6% |
| Amounts payable | 17/49 | €1,703,133 | €2,010,722 | +€307,589 | +18.1% |
| Amounts payable within one year | 42/48 | €1,703,133 | €2,010,722 | +€307,589 | +18.1% |
| Financial debts | 43 | €240,000 | €515,000 | +€275,000 | +115% |
| Credit institutions | 430/8 | €240,000 | €515,000 | +€275,000 | +115% |
| Trade debts | 44 | €856 | €3,732 | +€2,876 | +336% |
| Suppliers | 440/4 | €856 | €3,732 | +€2,876 | +336% |
| Other amounts payable | 47/48 | €1,462,277 | €1,491,990 | +€29,713 | +2.0% |
| Other operating charges | 640/8 | €2,543 | €2,240 | -€303 | -11.9% |
| Gross operating margin | 9900 | -€14,052 | -€8,212 | +€5,839 | +41.6% |
| Operating profit (loss) | 9901 | -€16,595 | -€10,453 | +€6,142 | +37.0% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €1,226 | €15,055 | +€13,829 | +1,128% |
| Recurring financial charges | 65 | €1,226 | €15,055 | +€13,829 | +1,128% |
| Profit (loss) for the period before taxes | 9903 | -€17,821 | -€25,506 | -€7,685 | -43.1% |
| Profit (loss) for the period | 9904 | -€17,821 | -€25,506 | -€7,685 | -43.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,821 | -€25,506 | -€7,685 | -43.1% |
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 24 October 2026 via checked.be.