E.L.T.: what changed
Two fiscal 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.T.
Largest movements
- Tangible fixed assets -€35,721
down €35,721 (-16.3%), from €219,452 to €183,731
of which Plant, machinery and equipment: -€31,417
- Cash -€33,741
down €33,741 (-81.2%), from €41,535 to €7,794
mainly Net result for the year (-€66,351) and Debts after one year (-€34,236)
- Stocks and contracts -€18,405
down €18,405 (-35.0%), from €52,653 to €34,248
- Deferred charges and accrued income -€5,378
no longer reported in 2025 (was €5,378)
- Receivables within one year -€4,094
down €4,094 (-32.5%), from €12,584 to €8,490
of which Trade receivables: -€4,752
- Profit (loss) carried forward -€66,351
down €66,351 (-7.5%), from -€888,038 to -€954,390
- Debts after one year -€34,236
down €34,236 (-4.0%), from €851,528 to €817,292
of which Financial debts: -€34,236
- Other debts +€6,008
up €6,008 (+2.1%), from €289,254 to €295,262
- Trade debts -€3,555
down €3,555 (-12.9%), from €27,501 to €23,946
- Gross operating margin -€31,735
down €31,735, from €2,246 to -€29,489
- Depreciation -€3,842
down €3,842 (-9.7%), from €39,563 to €35,721
- Financial charges -€431
down €431 (-30.3%), from €1,424 to €993
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 | €333,202 | €235,864 | -€97,339 | -29.2% |
| Fixed assets | 21/28 | €221,052 | €185,331 | -€35,721 | -16.2% |
| Tangible fixed assets | 22/27 | €219,452 | €183,731 | -€35,721 | -16.3% |
| Plant, machinery and equipment | 23 | €210,329 | €178,912 | -€31,417 | -14.9% |
| Other tangible fixed assets | 26 | €9,123 | €4,820 | -€4,304 | -47.2% |
| Financial fixed assets | 28 | €1,600 | €1,600 | = | 0.0% |
| Current assets | 29/58 | €112,150 | €50,533 | -€61,618 | -54.9% |
| Stocks and contracts in progress | 3 | €52,653 | €34,248 | -€18,405 | -35.0% |
| Stocks | 30/36 | €52,653 | €34,248 | -€18,405 | -35.0% |
| Amounts receivable within one year | 40/41 | €12,584 | €8,490 | -€4,094 | -32.5% |
| Trade receivables | 40 | €12,508 | €7,756 | -€4,752 | -38.0% |
| Other amounts receivable | 41 | €76 | €734 | +€658 | +863.0% |
| Cash at bank and in hand | 54/58 | €41,535 | €7,794 | -€33,741 | -81.2% |
| Deferred charges and accrued income | 490/1 | €5,378 | - | -€5,378 | |
| Total equity and liabilities | 10/49 | €333,202 | €235,864 | -€97,339 | -29.2% |
| Equity | 10/15 | -€869,438 | -€935,790 | -€66,351 | -7.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€888,038 | -€954,390 | -€66,351 | -7.5% |
| Amounts payable | 17/49 | €1,202,641 | €1,171,653 | -€30,987 | -2.6% |
| Amounts payable after more than one year | 17 | €851,528 | €817,292 | -€34,236 | -4.0% |
| Financial debts | 170/4 | €51,528 | €17,292 | -€34,236 | -66.4% |
| Other amounts payable | 178/9 | €800,000 | €800,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €351,113 | €354,362 | +€3,249 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €33,777 | €34,236 | +€459 | +1.4% |
| Trade debts | 44 | €27,501 | €23,946 | -€3,555 | -12.9% |
| Suppliers | 440/4 | €27,501 | €23,946 | -€3,555 | -12.9% |
| Advances received on contracts in progress | 46 | €150 | €461 | +€311 | +207.1% |
| Taxes, remuneration and social security | 45 | €431 | €457 | +€26 | +6.0% |
| Taxes | 450/3 | €431 | €457 | +€26 | +6.0% |
| Other amounts payable | 47/48 | €289,254 | €295,262 | +€6,008 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,563 | €35,721 | -€3,842 | -9.7% |
| Other operating charges | 640/8 | €149 | €149 | = | 0.0% |
| Gross operating margin | 9900 | €2,246 | -€29,489 | -€31,735 | |
| Operating profit (loss) | 9901 | -€37,466 | -€65,358 | -€27,893 | -74.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,424 | €993 | -€431 | -30.3% |
| Recurring financial charges | 65 | €1,424 | €993 | -€431 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | -€38,890 | -€66,351 | -€27,461 | -70.6% |
| Profit (loss) for the period | 9904 | -€38,890 | -€66,351 | -€27,461 | -70.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,890 | -€66,351 | -€27,461 | -70.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.