EL²: 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.
EL²
Largest movements
- Tangible fixed assets +€581,018
up €581,018 (+656.7%), from €88,479 to €669,496
of which Other tangible fixed assets: +€587,323
- Receivables after one year -€250,000
down €250,000 (-64.1%), from €390,000 to €140,000
- Receivables within one year -€131,988
down €131,988 (-32.2%), from €409,414 to €277,425
of which Other amounts receivable: -€95,804
- Cash -€94,578
down €94,578 (-96.2%), from €98,349 to €3,770
mainly Investment in fixed assets (net) (-€601,163) and Contributions, distributions and other (-€358,000)
- Debts after one year +€416,790
up €416,790 (+1317.3%), from €31,640 to €448,430
- Reserves -€343,000
down €343,000 (-46.5%), from €738,105 to €395,105
of which Distributable reserves: -€343,000
- Other debts +€33,855
up €33,855 (+22009.5%), from €154 to €34,009
- Current portion of long-term debt +€25,760
up €25,760 (+361.7%), from €7,123 to €32,883
- Tax, wage and social debts -€22,100
down €22,100 (-56.0%), from €39,436 to €17,336
- Financial charges +€46,229
up €46,229 (+3749.6%), from €1,233 to €47,462
- Taxes -€26,942
down €26,942 (-63.9%), from €42,156 to €15,214
- Gross operating margin -€26,026
down €26,026 (-20.9%), from €124,447 to €98,421
- Depreciation +€11,824
up €11,824 (+142.1%), from €8,322 to €20,145
- Financial income -€6,480
down €6,480 (-71.1%), from €9,110 to €2,629
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 | €992,241 | €1,096,692 | +€104,451 | +10.5% |
| Fixed assets | 21/28 | €88,479 | €669,496 | +€581,018 | +656.7% |
| Tangible fixed assets | 22/27 | €88,479 | €669,496 | +€581,018 | +656.7% |
| Plant, machinery and equipment | 23 | €1,293 | - | -€1,293 | |
| Furniture and vehicles | 24 | €535 | €223 | -€312 | -58.3% |
| Leasing and similar rights | 25 | €28,651 | €23,951 | -€4,700 | -16.4% |
| Other tangible fixed assets | 26 | €58,000 | €645,323 | +€587,323 | +1012.6% |
| Current assets | 29/58 | €903,763 | €427,196 | -€476,567 | -52.7% |
| Amounts receivable after more than one year | 29 | €390,000 | €140,000 | -€250,000 | -64.1% |
| Other amounts receivable | 291 | €390,000 | €140,000 | -€250,000 | -64.1% |
| Amounts receivable within one year | 40/41 | €409,414 | €277,425 | -€131,988 | -32.2% |
| Trade receivables | 40 | €311,334 | €275,150 | -€36,185 | -11.6% |
| Other amounts receivable | 41 | €98,080 | €2,276 | -€95,804 | -97.7% |
| Cash at bank and in hand | 54/58 | €98,349 | €3,770 | -€94,578 | -96.2% |
| Deferred charges and accrued income | 490/1 | €6,000 | €6,000 | = | 0.0% |
| Total equity and liabilities | 10/49 | €992,241 | €1,096,692 | +€104,451 | +10.5% |
| Equity | 10/15 | €896,383 | €553,938 | -€342,445 | -38.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €738,105 | €395,105 | -€343,000 | -46.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €65,500 | €65,500 | = | 0.0% |
| Distributable reserves | 133 | €670,745 | €327,745 | -€343,000 | -51.1% |
| Profit (loss) carried forward | 14 | €152,078 | €152,633 | +€555 | +0.4% |
| Amounts payable | 17/49 | €95,859 | €542,754 | +€446,895 | +466.2% |
| Amounts payable after more than one year | 17 | €31,640 | €448,430 | +€416,790 | +1317.3% |
| Financial debts | 170/4 | €31,640 | €448,430 | +€416,790 | +1317.3% |
| Amounts payable within one year | 42/48 | €64,219 | €94,324 | +€30,105 | +46.9% |
| Current portion of amounts payable after more than one year | 42 | €7,123 | €32,883 | +€25,760 | +361.7% |
| Trade debts | 44 | €17,506 | €10,096 | -€7,410 | -42.3% |
| Suppliers | 440/4 | €17,506 | €10,096 | -€7,410 | -42.3% |
| Taxes, remuneration and social security | 45 | €39,436 | €17,336 | -€22,100 | -56.0% |
| Taxes | 450/3 | €39,436 | €17,336 | -€22,100 | -56.0% |
| Other amounts payable | 47/48 | €154 | €34,009 | +€33,855 | +22009.5% |
| Non-recurring operating income | 76A | - | €8,182 | +€8,182 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,322 | €20,145 | +€11,824 | +142.1% |
| Other operating charges | 640/8 | €1,812 | €2,674 | +€862 | +47.6% |
| Gross operating margin | 9900 | €124,447 | €98,421 | -€26,026 | -20.9% |
| Operating profit (loss) | 9901 | €114,313 | €75,602 | -€38,712 | -33.9% |
| Financial income | 75/76B | €9,110 | €2,629 | -€6,480 | -71.1% |
| Recurring financial income | 75 | €9,110 | €2,629 | -€6,480 | -71.1% |
| Financial charges | 65/66B | €1,233 | €47,462 | +€46,229 | +3749.6% |
| Recurring financial charges | 65 | €1,233 | €47,462 | +€46,229 | +3749.6% |
| Profit (loss) for the period before taxes | 9903 | €122,190 | €30,769 | -€91,421 | -74.8% |
| Income taxes | 67/77 | €42,156 | €15,214 | -€26,942 | -63.9% |
| Profit (loss) for the period | 9904 | €80,035 | €15,555 | -€64,479 | -80.6% |
| Profit (loss) for the period to be appropriated | 9905 | €80,035 | €15,555 | -€64,479 | -80.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.