EL²A: 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.
EL²A
Largest movements
- Stocks and contracts +€37,600
up €37,600 (+42.4%), from €88,626 to €126,226
- Tangible fixed assets +€29,066
up €29,066 (+55.4%), from €52,502 to €81,568
of which Other tangible fixed assets: +€33,267
- Receivables within one year +€19,026
up €19,026 (+89.4%), from €21,279 to €40,305
- Cash +€11,585
up €11,585 (+99.7%), from €11,623 to €23,208
mainly Net result for the year (+€65,387) and Tax, wage and social debts (+€30,739)
- Tax, wage and social debts +€30,739
up €30,739 (+135.0%), from €22,774 to €53,513
of which Taxes: +€26,173
- Other debts +€29,179
up €29,179 (+127.4%), from €22,897 to €52,076
- Trade debts +€21,278
up €21,278 (+93.9%), from €22,653 to €43,932
- Debts after one year +€11,980
up €11,980 (+42.1%), from €28,437 to €40,417
- Current portion of long-term debt +€7,161
up €7,161 (+61.8%), from €11,583 to €18,745
- Gross operating margin +€56,658
up €56,658 (+63.6%), from €89,126 to €145,783
- Staff costs +€25,211
up €25,211 (+328.6%), from €7,672 to €32,883
- Taxes +€6,057
up €6,057 (+35.1%), from €17,258 to €23,315
- Depreciation +€5,063
up €5,063 (+90.4%), from €5,598 to €10,660
- Financial charges +€4,449
up €4,449 (+103.2%), from €4,309 to €8,757
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 | €188,772 | €286,431 | +€97,660 | +51.7% |
| Fixed assets | 21/28 | €62,752 | €91,817 | +€29,066 | +46.3% |
| Tangible fixed assets | 22/27 | €52,502 | €81,568 | +€29,066 | +55.4% |
| Furniture and vehicles | 24 | €16,033 | €11,832 | -€4,201 | -26.2% |
| Other tangible fixed assets | 26 | €36,469 | €69,736 | +€33,267 | +91.2% |
| Financial fixed assets | 28 | €10,249 | €10,249 | = | 0.0% |
| Current assets | 29/58 | €126,020 | €194,614 | +€68,594 | +54.4% |
| Stocks and contracts in progress | 3 | €88,626 | €126,226 | +€37,600 | +42.4% |
| Stocks | 30/36 | €88,626 | €126,226 | +€37,600 | +42.4% |
| Amounts receivable within one year | 40/41 | €21,279 | €40,305 | +€19,026 | +89.4% |
| Trade receivables | 40 | €21,279 | €40,305 | +€19,026 | +89.4% |
| Cash at bank and in hand | 54/58 | €11,623 | €23,208 | +€11,585 | +99.7% |
| Deferred charges and accrued income | 490/1 | €4,493 | €4,876 | +€383 | +8.5% |
| Total equity and liabilities | 10/49 | €188,772 | €286,431 | +€97,660 | +51.7% |
| Equity | 10/15 | €77,262 | €77,749 | +€487 | +0.6% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,762 | €74,249 | +€487 | +0.7% |
| Amounts payable | 17/49 | €111,509 | €208,682 | +€97,173 | +87.1% |
| Amounts payable after more than one year | 17 | €28,437 | €40,417 | +€11,980 | +42.1% |
| Financial debts | 170/4 | €28,437 | €40,417 | +€11,980 | +42.1% |
| Amounts payable within one year | 42/48 | €83,073 | €168,265 | +€85,192 | +102.6% |
| Current portion of amounts payable after more than one year | 42 | €11,583 | €18,745 | +€7,161 | +61.8% |
| Financial debts | 43 | €3,165 | €0 | -€3,165 | -100.0% |
| Credit institutions | 430/8 | €3,165 | €0 | -€3,165 | -100.0% |
| Trade debts | 44 | €22,653 | €43,932 | +€21,278 | +93.9% |
| Suppliers | 440/4 | €22,653 | €43,932 | +€21,278 | +93.9% |
| Taxes, remuneration and social security | 45 | €22,774 | €53,513 | +€30,739 | +135.0% |
| Taxes | 450/3 | €22,774 | €48,947 | +€26,173 | +114.9% |
| Remuneration and social security | 454/9 | - | €4,566 | +€4,566 | |
| Other amounts payable | 47/48 | €22,897 | €52,076 | +€29,179 | +127.4% |
| Non-recurring operating income | 76A | €3,598 | €0 | -€3,598 | -100.0% |
| Remuneration, social security and pensions | 62 | €7,672 | €32,883 | +€25,211 | +328.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,598 | €10,660 | +€5,063 | +90.4% |
| Other operating charges | 640/8 | €984 | €4,213 | +€3,229 | +328.0% |
| Non-recurring operating charges | 66A | - | €682 | +€682 | |
| Gross operating margin | 9900 | €89,126 | €145,783 | +€56,658 | +63.6% |
| Operating profit (loss) | 9901 | €74,872 | €97,346 | +€22,474 | +30.0% |
| Financial income | 75/76B | €487 | €114 | -€373 | -76.7% |
| Recurring financial income | 75 | €487 | €114 | -€373 | -76.7% |
| Financial charges | 65/66B | €4,309 | €8,757 | +€4,449 | +103.2% |
| Recurring financial charges | 65 | €4,309 | €8,757 | +€4,449 | +103.2% |
| Profit (loss) for the period before taxes | 9903 | €71,050 | €88,702 | +€17,652 | +24.8% |
| Income taxes | 67/77 | €17,258 | €23,315 | +€6,057 | +35.1% |
| Profit (loss) for the period | 9904 | €53,792 | €65,387 | +€11,595 | +21.6% |
| Profit (loss) for the period to be appropriated | 9905 | €53,792 | €65,387 | +€11,595 | +21.6% |
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 12 October 2026 via checked.be.