EL-FINANCE: 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-FINANCE
Largest movements
- Receivables within one year +€67,022
up €67,022 (+165%), from €40,728 to €107,750
of which Trade receivables: +€58,563
- Cash -€26,097
down €26,097 (-18.5%), from €141,281 to €115,184
mainly Contributions, distributions and other (-€164,603) and Receivables within one year (-€67,022)
- Deferred charges and accrued income +€16,454
up €16,454 (+115%), from €14,282 to €30,736
- Current investments +€10,800
up €10,800 (+42.2%), from €25,577 to €36,377
- Trade debts +€32,475
up €32,475 (+749%), from €4,336 to €36,811
- Other debts +€14,242
up €14,242 (+11.9%), from €120,000 to €134,242
- Profit (loss) carried forward +€12,225
up €12,225 (+29.5%), from €41,417 to €53,642
- Tax, wage and social debts +€7,600
up €7,600 (+40.4%), from €18,795 to €26,395
of which Taxes: +€7,640
- Gross operating margin +€64,168
up €64,168 (+36.6%), from €175,503 to €239,672
- Taxes +€14,786
up €14,786 (+36.1%), from €40,980 to €55,766
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.
Derived cash bridge
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 | €235,359 | €301,751 | +€66,393 | +28.2% |
| Fixed assets | 21/28 | €13,491 | €11,704 | -€1,787 | -13.2% |
| Tangible fixed assets | 22/27 | €13,491 | €11,704 | -€1,787 | -13.2% |
| Land and buildings | 22 | €10,340 | €8,341 | -€1,999 | -19.3% |
| Furniture and vehicles | 24 | €3,151 | €3,364 | +€213 | +6.7% |
| Current assets | 29/58 | €221,868 | €290,047 | +€68,180 | +30.7% |
| Amounts receivable within one year | 40/41 | €40,728 | €107,750 | +€67,022 | +165% |
| Trade receivables | 40 | €30,170 | €88,733 | +€58,563 | +194% |
| Other amounts receivable | 41 | €10,557 | €19,017 | +€8,459 | +80.1% |
| Current investments | 50/53 | €25,577 | €36,377 | +€10,800 | +42.2% |
| Cash at bank and in hand | 54/58 | €141,281 | €115,184 | -€26,097 | -18.5% |
| Deferred charges and accrued income | 490/1 | €14,282 | €30,736 | +€16,454 | +115% |
| Total equity and liabilities | 10/49 | €235,359 | €301,751 | +€66,393 | +28.2% |
| Equity | 10/15 | €75,111 | €87,336 | +€12,225 | +16.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €15,094 | €15,094 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €13,234 | €13,234 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,417 | €53,642 | +€12,225 | +29.5% |
| Amounts payable | 17/49 | €160,248 | €214,416 | +€54,168 | +33.8% |
| Amounts payable within one year | 42/48 | €160,248 | €214,416 | +€54,168 | +33.8% |
| Financial debts | 43 | €17,117 | €16,968 | -€149 | -0.9% |
| Credit institutions | 430/8 | €17,117 | €16,968 | -€149 | -0.9% |
| Trade debts | 44 | €4,336 | €36,811 | +€32,475 | +749% |
| Suppliers | 440/4 | €4,336 | €36,811 | +€32,475 | +749% |
| Taxes, remuneration and social security | 45 | €18,795 | €26,395 | +€7,600 | +40.4% |
| Taxes | 450/3 | €15,971 | €23,611 | +€7,640 | +47.8% |
| Remuneration and social security | 454/9 | €2,824 | €2,784 | -€40 | -1.4% |
| Other amounts payable | 47/48 | €120,000 | €134,242 | +€14,242 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,897 | €3,818 | -€79 | -2.0% |
| Other operating charges | 640/8 | €716 | €941 | +€224 | +31.3% |
| Gross operating margin | 9900 | €175,503 | €239,672 | +€64,168 | +36.6% |
| Operating profit (loss) | 9901 | €170,890 | €234,913 | +€64,023 | +37.5% |
| Financial income | 75/76B | €1,497 | €3,039 | +€1,542 | +103% |
| Recurring financial income | 75 | €1,497 | €3,039 | +€1,542 | +103% |
| Financial charges | 65/66B | €3,587 | €5,357 | +€1,770 | +49.3% |
| Recurring financial charges | 65 | €3,587 | €5,357 | +€1,770 | +49.3% |
| Profit (loss) for the period before taxes | 9903 | €168,799 | €232,594 | +€63,795 | +37.8% |
| Income taxes | 67/77 | €40,980 | €55,766 | +€14,786 | +36.1% |
| Profit (loss) for the period | 9904 | €127,819 | €176,828 | +€49,009 | +38.3% |
| Profit (loss) for the period to be appropriated | 9905 | €127,819 | €176,828 | +€49,009 | +38.3% |
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 18 October 2026 via checked.be.