EL & CON: 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 & CON
Largest movements
- Receivables within one year +€97,175
up €97,175 (+96.9%), from €100,301 to €197,476
of which Other amounts receivable: +€87,709
- Cash -€64,055
down €64,055 (-99.6%), from €64,342 to €287
mainly Receivables within one year (-€97,175) and Other debts (-€45,000)
- Tangible fixed assets -€5,632
down €5,632 (-26.5%), from €21,212 to €15,581
of which Leasing and similar rights: -€8,046
- Reserves +€66,274
up €66,274 (+44.2%), from €150,076 to €216,350
- Other debts -€45,000
no longer reported in 2025 (was €45,000)
- Debts after one year -€7,060
down €7,060 (-52.7%), from €13,394 to €6,335
- Short-term financial debts +€5,415
new in 2025: €5,415
- Tax, wage and social debts +€5,004
up €5,004 (+41.7%), from €12,010 to €17,014
- Gross operating margin -€28,408
down €28,408 (-23.2%), from €122,635 to €94,227
- Taxes -€6,111
down €6,111 (-23.2%), from €26,306 to €20,195
- Depreciation -€5,828
down €5,828 (-34.6%), from €16,841 to €11,012
- Financial income +€4,327
up €4,327 (+107.7%), from €4,016 to €8,344
- Other operating charges -€1,253
down €1,253 (-32.3%), from €3,874 to €2,621
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 | €252,963 | €277,503 | +€24,539 | +9.7% |
| Fixed assets | 21/28 | €21,948 | €15,621 | -€6,328 | -28.8% |
| Tangible fixed assets | 22/27 | €21,212 | €15,581 | -€5,632 | -26.5% |
| Plant, machinery and equipment | 23 | €4,519 | €6,933 | +€2,414 | +53.4% |
| Leasing and similar rights | 25 | €16,694 | €8,648 | -€8,046 | -48.2% |
| Financial fixed assets | 28 | €736 | €40 | -€696 | -94.6% |
| Current assets | 29/58 | €231,015 | €261,882 | +€30,867 | +13.4% |
| Amounts receivable after more than one year | 29 | €62,500 | €62,500 | = | 0.0% |
| Other amounts receivable | 291 | €62,500 | €62,500 | = | 0.0% |
| Stocks and contracts in progress | 3 | €2,534 | €713 | -€1,822 | -71.9% |
| Stocks | 30/36 | €2,534 | €713 | -€1,822 | -71.9% |
| Amounts receivable within one year | 40/41 | €100,301 | €197,476 | +€97,175 | +96.9% |
| Trade receivables | 40 | €19,791 | €29,257 | +€9,466 | +47.8% |
| Other amounts receivable | 41 | €80,510 | €168,219 | +€87,709 | +108.9% |
| Cash at bank and in hand | 54/58 | €64,342 | €287 | -€64,055 | -99.6% |
| Deferred charges and accrued income | 490/1 | €1,337 | €906 | -€432 | -32.3% |
| Total equity and liabilities | 10/49 | €252,963 | €277,503 | +€24,539 | +9.7% |
| Equity | 10/15 | €170,588 | €236,862 | +€66,274 | +38.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €150,076 | €216,350 | +€66,274 | +44.2% |
| Distributable reserves | 133 | €150,076 | €216,350 | +€66,274 | +44.2% |
| Profit (loss) carried forward | 14 | €10,512 | €10,512 | = | 0.0% |
| Amounts payable | 17/49 | €82,375 | €40,641 | -€41,734 | -50.7% |
| Amounts payable after more than one year | 17 | €13,394 | €6,335 | -€7,060 | -52.7% |
| Financial debts | 170/4 | €13,394 | €6,335 | -€7,060 | -52.7% |
| Amounts payable within one year | 42/48 | €68,981 | €34,306 | -€34,675 | -50.3% |
| Current portion of amounts payable after more than one year | 42 | €8,840 | €7,060 | -€1,780 | -20.1% |
| Financial debts | 43 | - | €5,415 | +€5,415 | |
| Credit institutions | 430/8 | - | €5,415 | +€5,415 | |
| Trade debts | 44 | €3,131 | €4,817 | +€1,686 | +53.9% |
| Suppliers | 440/4 | €3,131 | €4,817 | +€1,686 | +53.9% |
| Taxes, remuneration and social security | 45 | €12,010 | €17,014 | +€5,004 | +41.7% |
| Taxes | 450/3 | €12,010 | €17,014 | +€5,004 | +41.7% |
| Other amounts payable | 47/48 | €45,000 | - | -€45,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,841 | €11,012 | -€5,828 | -34.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €77 | - | -€77 | |
| Other operating charges | 640/8 | €3,874 | €2,621 | -€1,253 | -32.3% |
| Gross operating margin | 9900 | €122,635 | €94,227 | -€28,408 | -23.2% |
| Operating profit (loss) | 9901 | €101,844 | €80,594 | -€21,250 | -20.9% |
| Financial income | 75/76B | €4,016 | €8,344 | +€4,327 | +107.7% |
| Recurring financial income | 75 | €4,016 | €8,344 | +€4,327 | +107.7% |
| Financial charges | 65/66B | €1,416 | €2,469 | +€1,053 | +74.4% |
| Recurring financial charges | 65 | €1,416 | €2,469 | +€1,053 | +74.4% |
| Profit (loss) for the period before taxes | 9903 | €104,445 | €86,469 | -€17,976 | -17.2% |
| Income taxes | 67/77 | €26,306 | €20,195 | -€6,111 | -23.2% |
| Profit (loss) for the period | 9904 | €78,138 | €66,274 | -€11,865 | -15.2% |
| Profit (loss) for the period to be appropriated | 9905 | €78,138 | €66,274 | -€11,865 | -15.2% |
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 7 October 2026 via checked.be.