EL&FA: 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&FA
Largest movements
- Cash -€28,583
down €28,583 (-84.0%), from €34,033 to €5,450
mainly Investment in fixed assets (net) (-€33,148) and Net result for the year (-€13,601)
- Tangible fixed assets +€23,361
up €23,361 (+184.7%), from €12,648 to €36,009
of which Furniture and vehicles: +€21,884
- Receivables within one year +€5,838
up €5,838 (+96.2%), from €6,072 to €11,910
- Trade debts +€14,218
new in 2025: €14,218
- Profit (loss) carried forward -€13,601
down €13,601 (-36.0%), from €37,752 to €24,151
- Purchases and services +€30,296
up €30,296 (+23.9%), from €126,720 to €157,016
- Gross operating margin -€28,203
down €28,203 (-54.1%), from €52,127 to €23,924
- Taxes +€10,530
new in 2025: €10,530
- Depreciation +€7,434
up €7,434 (+316.0%), from €2,352 to €9,786
- Other operating charges +€3,450
up €3,450 (+28.7%), from €12,012 to €15,463
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 | €52,752 | €53,369 | +€617 | +1.2% |
| Fixed assets | 21/28 | €12,648 | €36,009 | +€23,361 | +184.7% |
| Tangible fixed assets | 22/27 | €12,648 | €36,009 | +€23,361 | +184.7% |
| Furniture and vehicles | 24 | €12,648 | €34,531 | +€21,884 | +173.0% |
| Other tangible fixed assets | 26 | - | €1,478 | +€1,478 | |
| Current assets | 29/58 | €40,104 | €17,360 | -€22,745 | -56.7% |
| Amounts receivable within one year | 40/41 | €6,072 | €11,910 | +€5,838 | +96.2% |
| Other amounts receivable | 41 | €6,072 | €11,910 | +€5,838 | +96.2% |
| Cash at bank and in hand | 54/58 | €34,033 | €5,450 | -€28,583 | -84.0% |
| Total equity and liabilities | 10/49 | €52,752 | €53,369 | +€617 | +1.2% |
| Equity | 10/15 | €52,752 | €39,151 | -€13,601 | -25.8% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Capital | 10 | €15,000 | €15,000 | = | 0.0% |
| Issued capital | 100 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €37,752 | €24,151 | -€13,601 | -36.0% |
| Amounts payable | 17/49 | - | €14,218 | +€14,218 | |
| Amounts payable within one year | 42/48 | - | €14,218 | +€14,218 | |
| Trade debts | 44 | - | €14,218 | +€14,218 | |
| Suppliers | 440/4 | - | €14,218 | +€14,218 | |
| Turnover | 70 | €178,847 | €180,940 | +€2,093 | +1.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €126,720 | €157,016 | +€30,296 | +23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,352 | €9,786 | +€7,434 | +316.0% |
| Other operating charges | 640/8 | €12,012 | €15,463 | +€3,450 | +28.7% |
| Gross operating margin | 9900 | €52,127 | €23,924 | -€28,203 | -54.1% |
| Operating profit (loss) | 9901 | €37,762 | -€1,325 | -€39,087 | |
| Financial charges | 65/66B | €10 | €1,747 | +€1,737 | +17366.0% |
| Recurring financial charges | 65 | €10 | €1,747 | +€1,737 | +17366.0% |
| Profit (loss) for the period before taxes | 9903 | €37,752 | -€3,072 | -€40,824 | |
| Income taxes | 67/77 | - | €10,530 | +€10,530 | |
| Profit (loss) for the period | 9904 | €37,752 | -€13,601 | -€51,353 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,752 | -€13,601 | -€51,353 |
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 9 October 2026 via checked.be.