EL': 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.
EL'
Largest movements
- Cash -€25,489
down €25,489 (-27.9%), from €91,262 to €65,773
mainly Trade debts (-€45,821) and Tax, wage and social debts (-€7,678)
- Receivables within one year -€16,940
down €16,940 (-26.9%), from €63,058 to €46,119
of which Trade receivables: -€15,661
- Stocks and contracts -€8,434
down €8,434 (-18.9%), from €44,706 to €36,271
- Deferred charges and accrued income +€2,496
up €2,496 (+64.5%), from €3,868 to €6,364
- Trade debts -€45,821
down €45,821 (-49.9%), from €91,774 to €45,953
- Tax, wage and social debts -€7,678
down €7,678 (-43.2%), from €17,784 to €10,106
of which Taxes: -€8,568
- Other debts +€2,430
up €2,430 (+70.6%), from €3,442 to €5,872
- Profit (loss) carried forward +€2,365
no longer reported in 2025 (was -€2,365)
- Gross operating margin -€69,971
down €69,971 (-56.0%), from €124,902 to €54,931
- Staff costs -€35,626
down €35,626 (-43.0%), from €82,827 to €47,201
- Financial income +€8,243
up €8,243 (+1,087%), from €758 to €9,001
of which Non-recurring financial income: +€4,133
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 | €217,169 | €169,669 | -€47,500 | -21.9% |
| Fixed assets | 21/28 | €14,276 | €15,142 | +€866 | +6.1% |
| Tangible fixed assets | 22/27 | €14,276 | €15,142 | +€866 | +6.1% |
| Plant, machinery and equipment | 23 | €14,063 | €10,603 | -€3,460 | -24.6% |
| Furniture and vehicles | 24 | €213 | €4,539 | +€4,326 | +2,030% |
| Current assets | 29/58 | €202,893 | €154,527 | -€48,366 | -23.8% |
| Stocks and contracts in progress | 3 | €44,706 | €36,271 | -€8,434 | -18.9% |
| Stocks | 30/36 | €44,706 | €36,271 | -€8,434 | -18.9% |
| Amounts receivable within one year | 40/41 | €63,058 | €46,119 | -€16,940 | -26.9% |
| Trade receivables | 40 | €60,657 | €44,996 | -€15,661 | -25.8% |
| Other amounts receivable | 41 | €2,401 | €1,122 | -€1,279 | -53.3% |
| Cash at bank and in hand | 54/58 | €91,262 | €65,773 | -€25,489 | -27.9% |
| Deferred charges and accrued income | 490/1 | €3,868 | €6,364 | +€2,496 | +64.5% |
| Total equity and liabilities | 10/49 | €217,169 | €169,669 | -€47,500 | -21.9% |
| Equity | 10/15 | €104,152 | €107,737 | +€3,585 | +3.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €87,925 | €89,145 | +€1,220 | +1.4% |
| Tax-exempt reserves | 132 | €577 | €577 | = | 0.0% |
| Distributable reserves | 133 | €87,348 | €88,568 | +€1,220 | +1.4% |
| Profit (loss) carried forward | 14 | -€2,365 | - | +€2,365 | |
| Amounts payable | 17/49 | €113,017 | €61,931 | -€51,085 | -45.2% |
| Amounts payable within one year | 42/48 | €113,000 | €61,931 | -€51,069 | -45.2% |
| Trade debts | 44 | €91,774 | €45,953 | -€45,821 | -49.9% |
| Suppliers | 440/4 | €91,774 | €45,953 | -€45,821 | -49.9% |
| Taxes, remuneration and social security | 45 | €17,784 | €10,106 | -€7,678 | -43.2% |
| Taxes | 450/3 | €12,909 | €4,341 | -€8,568 | -66.4% |
| Remuneration and social security | 454/9 | €4,875 | €5,765 | +€890 | +18.3% |
| Other amounts payable | 47/48 | €3,442 | €5,872 | +€2,430 | +70.6% |
| Accrued charges and deferred income | 492/3 | €17 | - | -€17 | |
| Remuneration, social security and pensions | 62 | €82,827 | €47,201 | -€35,626 | -43.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,085 | €5,798 | -€287 | -4.7% |
| Other operating charges | 640/8 | €2,971 | €3,537 | +€565 | +19.0% |
| Gross operating margin | 9900 | €124,902 | €54,931 | -€69,971 | -56.0% |
| Operating profit (loss) | 9901 | €33,019 | -€1,604 | -€34,624 | |
| Financial income | 75/76B | €758 | €9,001 | +€8,243 | +1,087% |
| Recurring financial income | 75 | €758 | €4,868 | +€4,110 | +542% |
| Non-recurring financial income | 76B | - | €4,133 | +€4,133 | |
| Financial charges | 65/66B | €1,416 | €1,426 | +€10 | +0.7% |
| Recurring financial charges | 65 | €1,416 | €1,426 | +€10 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €32,362 | €5,971 | -€26,390 | -81.5% |
| Income taxes | 67/77 | €2,108 | €2,387 | +€279 | +13.2% |
| Profit (loss) for the period | 9904 | €30,254 | €3,585 | -€26,669 | -88.2% |
| Profit (loss) for the period to be appropriated | 9905 | €30,254 | €3,585 | -€26,669 | -88.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.