E.L. SYSTEMS: 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. SYSTEMS
Largest movements
- Stocks and contracts +€1.1m
up €1.1m (+88.9%), from €1.2m to €2.3m
of which Stocks: +€685,489
- Receivables within one year -€1.0m
down €1.0m (-22.5%), from €4.5m to €3.5m
of which Trade receivables: -€956,474
- Cash +€210,893
up €210,893 (+21.8%), from €968,083 to €1.2m
mainly Receivables within one year (+€1.0m) and Net result for the year (+€984,246)
- Reserves +€684,246
up €684,246 (+17.4%), from €3.9m to €4.6m
of which Distributable reserves: +€842,495
- Debts after one year +€300,079
up €300,079 (+46.2%), from €648,825 to €948,904
- Accrued charges and deferred income -€206,543
down €206,543 (-100.0%), from €206,543 to €0
- Other debts -€178,734
down €178,734 (-37.1%), from €481,442 to €302,709
- Trade debts -€148,974
down €148,974 (-13.2%), from €1.1m to €983,842
- Gross operating margin +€209,437
up €209,437 (+9.0%), from €2.3m to €2.5m
- Write-downs +€45,046
new in 2025: €45,046
- Staff costs +€37,591
up €37,591 (+4.0%), from €951,490 to €989,081
- Financial charges +€35,864
up €35,864 (+94.7%), from €37,860 to €73,724
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 | €6,857,069 | €7,190,931 | +€333,862 | +4.9% |
| Fixed assets | 21/28 | €191,017 | €206,613 | +€15,597 | +8.2% |
| Tangible fixed assets | 22/27 | €191,017 | €206,613 | +€15,597 | +8.2% |
| Plant, machinery and equipment | 23 | €32,518 | €31,258 | -€1,260 | -3.9% |
| Furniture and vehicles | 24 | €158,499 | €175,355 | +€16,856 | +10.6% |
| Current assets | 29/58 | €6,666,053 | €6,984,318 | +€318,265 | +4.8% |
| Stocks and contracts in progress | 3 | €1,238,690 | €2,340,104 | +€1.1m | +88.9% |
| Stocks | 30/36 | €923,690 | €1,609,179 | +€685,489 | +74.2% |
| Contracts in progress | 37 | €315,000 | €730,925 | +€415,925 | +132.0% |
| Amounts receivable within one year | 40/41 | €4,454,846 | €3,452,375 | -€1.0m | -22.5% |
| Trade receivables | 40 | €4,204,450 | €3,247,977 | -€956,474 | -22.7% |
| Other amounts receivable | 41 | €250,395 | €204,398 | -€45,997 | -18.4% |
| Cash at bank and in hand | 54/58 | €968,083 | €1,178,975 | +€210,893 | +21.8% |
| Deferred charges and accrued income | 490/1 | €4,434 | €12,864 | +€8,429 | +190.1% |
| Total equity and liabilities | 10/49 | €6,857,069 | €7,190,931 | +€333,862 | +4.9% |
| Equity | 10/15 | €4,048,327 | €4,732,573 | +€684,246 | +16.9% |
| Contributions | 10/11 | €126,273 | €126,273 | = | 0.0% |
| Capital | 10 | €126,273 | €126,273 | = | 0.0% |
| Issued capital | 100 | €126,273 | €126,273 | = | 0.0% |
| Reserves | 13 | €3,922,054 | €4,606,301 | +€684,246 | +17.4% |
| Non-distributable reserves | 130/1 | €12,627 | €12,627 | = | 0.0% |
| Legal reserve | 130 | €12,627 | €12,627 | = | 0.0% |
| Tax-exempt reserves | 132 | €158,248 | €0 | -€158,248 | -100.0% |
| Distributable reserves | 133 | €3,751,178 | €4,593,673 | +€842,495 | +22.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,808,742 | €2,458,358 | -€350,384 | -12.5% |
| Amounts payable after more than one year | 17 | €648,825 | €948,904 | +€300,079 | +46.2% |
| Other amounts payable | 178/9 | €648,825 | €948,904 | +€300,079 | +46.2% |
| Amounts payable within one year | 42/48 | €1,953,374 | €1,509,454 | -€443,921 | -22.7% |
| Current portion of amounts payable after more than one year | 42 | €33,960 | €33,883 | -€77 | -0.2% |
| Trade debts | 44 | €1,132,816 | €983,842 | -€148,974 | -13.2% |
| Suppliers | 440/4 | €1,132,816 | €983,842 | -€148,974 | -13.2% |
| Taxes, remuneration and social security | 45 | €305,155 | €189,019 | -€116,136 | -38.1% |
| Taxes | 450/3 | €181,201 | €84,926 | -€96,275 | -53.1% |
| Remuneration and social security | 454/9 | €123,954 | €104,094 | -€19,861 | -16.0% |
| Other amounts payable | 47/48 | €481,442 | €302,709 | -€178,734 | -37.1% |
| Accrued charges and deferred income | 492/3 | €206,543 | €0 | -€206,543 | -100.0% |
| Non-recurring operating income | 76A | €0 | €53,320 | +€53,320 | |
| Remuneration, social security and pensions | 62 | €951,490 | €989,081 | +€37,591 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,463 | €57,583 | -€881 | -1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €45,046 | +€45,046 | |
| Other operating charges | 640/8 | €11,485 | €8,141 | -€3,344 | -29.1% |
| Non-recurring operating charges | 66A | €38,500 | €72,920 | +€34,420 | +89.4% |
| Gross operating margin | 9900 | €2,329,836 | €2,539,273 | +€209,437 | +9.0% |
| Operating profit (loss) | 9901 | €1,269,897 | €1,366,503 | +€96,606 | +7.6% |
| Financial income | 75/76B | €68,617 | €50,766 | -€17,851 | -26.0% |
| Recurring financial income | 75 | €68,617 | €50,766 | -€17,851 | -26.0% |
| Financial charges | 65/66B | €37,860 | €73,724 | +€35,864 | +94.7% |
| Recurring financial charges | 65 | €37,860 | €73,724 | +€35,864 | +94.7% |
| Profit (loss) for the period before taxes | 9903 | €1,300,655 | €1,343,546 | +€42,891 | +3.3% |
| Income taxes | 67/77 | €350,211 | €359,299 | +€9,088 | +2.6% |
| Profit (loss) for the period | 9904 | €950,444 | €984,246 | +€33,803 | +3.6% |
| Transfer from tax-exempt reserves | 789 | - | €158,248 | +€158,248 | |
| Profit (loss) for the period to be appropriated | 9905 | €950,444 | €1,142,495 | +€192,051 | +20.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.