EL&CA: 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.
EL&CA
Largest movements
- Tangible fixed assets -€142,440
down €142,440 (-13.6%), from €1.0m to €906,038
- Cash -€82,501
down €82,501 (-57.7%), from €142,864 to €60,363
mainly Short-term financial debts (-€350,000) and Advances received (-€130,000)
- Short-term financial debts -€350,000
no longer reported in 2025 (was €350,000)
- Other debts +€250,595
up €250,595 (+162.4%), from €154,350 to €404,945
- Advances received -€130,000
no longer reported in 2025 (was €130,000)
- Profit (loss) carried forward -€39,607
down €39,607 (-53.5%), from -€74,035 to -€113,642
- Trade debts +€31,060
new in 2025: €31,060
- Other operating charges +€111,010
up €111,010 (+2714.8%), from €4,089 to €115,099
- Gross operating margin +€97,049
up €97,049, from -€6,794 to €90,255
- Depreciation -€42,680
down €42,680 (-82.4%), from €51,826 to €9,146
- Financial charges -€5,709
down €5,709 (-50.4%), from €11,326 to €5,617
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 | €1,193,054 | €966,401 | -€226,653 | -19.0% |
| Fixed assets | 21/28 | €1,048,478 | €906,038 | -€142,440 | -13.6% |
| Tangible fixed assets | 22/27 | €1,048,478 | €906,038 | -€142,440 | -13.6% |
| Land and buildings | 22 | €1,048,478 | €906,038 | -€142,440 | -13.6% |
| Current assets | 29/58 | €144,576 | €60,363 | -€84,213 | -58.2% |
| Amounts receivable within one year | 40/41 | €1,554 | - | -€1,554 | |
| Other amounts receivable | 41 | €1,554 | - | -€1,554 | |
| Cash at bank and in hand | 54/58 | €142,864 | €60,363 | -€82,501 | -57.7% |
| Deferred charges and accrued income | 490/1 | €158 | - | -€158 | |
| Total equity and liabilities | 10/49 | €1,193,054 | €966,401 | -€226,653 | -19.0% |
| Equity | 10/15 | €477,679 | €457,590 | -€20,089 | -4.2% |
| Contributions | 10/11 | €475,000 | €475,000 | = | 0.0% |
| Revaluation surpluses | 12 | €22,926 | €42,444 | +€19,518 | +85.1% |
| Reserves | 13 | €53,788 | €53,788 | = | 0.0% |
| Distributable reserves | 133 | €53,788 | €53,788 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€74,035 | -€113,642 | -€39,607 | -53.5% |
| Amounts payable | 17/49 | €715,375 | €508,811 | -€206,564 | -28.9% |
| Amounts payable after more than one year | 17 | €70,000 | €70,000 | = | 0.0% |
| Financial debts | 170/4 | €70,000 | €70,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €634,350 | €436,005 | -€198,345 | -31.3% |
| Financial debts | 43 | €350,000 | - | -€350,000 | |
| Credit institutions | 430/8 | €350,000 | - | -€350,000 | |
| Trade debts | 44 | - | €31,060 | +€31,060 | |
| Suppliers | 440/4 | - | €31,060 | +€31,060 | |
| Advances received on contracts in progress | 46 | €130,000 | - | -€130,000 | |
| Other amounts payable | 47/48 | €154,350 | €404,945 | +€250,595 | +162.4% |
| Accrued charges and deferred income | 492/3 | €11,025 | €2,806 | -€8,219 | -74.5% |
| Non-recurring operating income | 76A | - | €120,448 | +€120,448 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,826 | €9,146 | -€42,680 | -82.4% |
| Other operating charges | 640/8 | €4,089 | €115,099 | +€111,010 | +2714.8% |
| Gross operating margin | 9900 | -€6,794 | €90,255 | +€97,049 | |
| Operating profit (loss) | 9901 | -€62,709 | -€33,990 | +€28,719 | +45.8% |
| Financial charges | 65/66B | €11,326 | €5,617 | -€5,709 | -50.4% |
| Recurring financial charges | 65 | €11,326 | €5,617 | -€5,709 | -50.4% |
| Profit (loss) for the period before taxes | 9903 | -€74,035 | -€39,607 | +€34,428 | +46.5% |
| Profit (loss) for the period | 9904 | -€74,035 | -€39,607 | +€34,428 | +46.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€74,035 | -€39,607 | +€34,428 | +46.5% |
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 8 October 2026 via checked.be.