EL-ISE: 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-ISE
Largest movements
- Stocks and contracts +€38,167
up €38,167 (+22.1%), from €172,808 to €210,975
- Receivables within one year -€5,660
down €5,660 (-78.5%), from €7,209 to €1,549
of which Trade receivables: -€5,660
- Cash -€5,454
down €5,454 (-53.5%), from €10,199 to €4,745
mainly Stocks and contracts (-€38,167) and Investment in fixed assets (net) (-€9,647)
- Financial fixed assets +€4,500
new in 2025: €4,500
- Reserves +€78,173
up €78,173 (+304.9%), from €25,635 to €103,808
- Profit (loss) carried forward -€50,839
no longer reported in 2025 (was €50,839)
- Short-term financial debts +€15,423
up €15,423 (+61.3%), from €25,153 to €40,576
- Tax, wage and social debts -€7,620
down €7,620 (-39.9%), from €19,093 to €11,472
of which Taxes: -€8,173
- Debts after one year -€3,539
down €3,539 (-20.1%), from €17,620 to €14,081
- Gross operating margin -€22,872
down €22,872 (-29.5%), from €77,471 to €54,599
- Taxes -€6,323
down €6,323 (-37.4%), from €16,905 to €10,583
- Staff costs +€3,241
new in 2025: €3,241
- Other operating charges +€1,847
up €1,847 (+176.2%), from €1,048 to €2,895
- Depreciation +€1,298
up €1,298 (+23.4%), from €5,548 to €6,845
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 | €217,205 | €247,603 | +€30,397 | +14.0% |
| Fixed assets | 21/28 | €23,860 | €26,662 | +€2,802 | +11.7% |
| Tangible fixed assets | 22/27 | €23,860 | €22,162 | -€1,698 | -7.1% |
| Plant, machinery and equipment | 23 | €1,217 | €1,028 | -€189 | -15.5% |
| Furniture and vehicles | 24 | €6,853 | €3,909 | -€2,944 | -43.0% |
| Other tangible fixed assets | 26 | €15,790 | €17,225 | +€1,435 | +9.1% |
| Financial fixed assets | 28 | - | €4,500 | +€4,500 | |
| Current assets | 29/58 | €193,345 | €220,941 | +€27,596 | +14.3% |
| Stocks and contracts in progress | 3 | €172,808 | €210,975 | +€38,167 | +22.1% |
| Stocks | 30/36 | €172,808 | €210,975 | +€38,167 | +22.1% |
| Amounts receivable within one year | 40/41 | €7,209 | €1,549 | -€5,660 | -78.5% |
| Trade receivables | 40 | €7,209 | €1,549 | -€5,660 | -78.5% |
| Other amounts receivable | 41 | - | €0 | +€0 | |
| Cash at bank and in hand | 54/58 | €10,199 | €4,745 | -€5,454 | -53.5% |
| Deferred charges and accrued income | 490/1 | €3,128 | €3,671 | +€543 | +17.4% |
| Total equity and liabilities | 10/49 | €217,205 | €247,603 | +€30,397 | +14.0% |
| Equity | 10/15 | €77,975 | €105,308 | +€27,333 | +35.1% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €25,635 | €103,808 | +€78,173 | +304.9% |
| Distributable reserves | 133 | €25,635 | €103,808 | +€78,173 | +304.9% |
| Profit (loss) carried forward | 14 | €50,839 | - | -€50,839 | |
| Amounts payable | 17/49 | €139,231 | €142,295 | +€3,064 | +2.2% |
| Amounts payable after more than one year | 17 | €17,620 | €14,081 | -€3,539 | -20.1% |
| Financial debts | 170/4 | €17,620 | €14,081 | -€3,539 | -20.1% |
| Amounts payable within one year | 42/48 | €121,171 | €127,719 | +€6,549 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €8,199 | €8,281 | +€82 | +1.0% |
| Financial debts | 43 | €25,153 | €40,576 | +€15,423 | +61.3% |
| Credit institutions | 430/8 | €25,153 | €40,576 | +€15,423 | +61.3% |
| Trade debts | 44 | €33,092 | €34,962 | +€1,870 | +5.7% |
| Suppliers | 440/4 | €33,092 | €34,962 | +€1,870 | +5.7% |
| Taxes, remuneration and social security | 45 | €19,093 | €11,472 | -€7,620 | -39.9% |
| Taxes | 450/3 | €17,443 | €9,270 | -€8,173 | -46.9% |
| Remuneration and social security | 454/9 | €1,650 | €2,203 | +€553 | +33.5% |
| Other amounts payable | 47/48 | €35,634 | €32,428 | -€3,206 | -9.0% |
| Accrued charges and deferred income | 492/3 | €440 | €494 | +€55 | +12.4% |
| Remuneration, social security and pensions | 62 | - | €3,241 | +€3,241 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,548 | €6,845 | +€1,298 | +23.4% |
| Other operating charges | 640/8 | €1,048 | €2,895 | +€1,847 | +176.2% |
| Gross operating margin | 9900 | €77,471 | €54,599 | -€22,872 | -29.5% |
| Operating profit (loss) | 9901 | €70,875 | €41,617 | -€29,258 | -41.3% |
| Financial income | 75/76B | €589 | €474 | -€115 | -19.5% |
| Recurring financial income | 75 | €589 | €474 | -€115 | -19.5% |
| Financial charges | 65/66B | €3,720 | €4,176 | +€456 | +12.3% |
| Recurring financial charges | 65 | €3,720 | €4,176 | +€456 | +12.3% |
| Profit (loss) for the period before taxes | 9903 | €67,745 | €37,916 | -€29,829 | -44.0% |
| Income taxes | 67/77 | €16,905 | €10,583 | -€6,323 | -37.4% |
| Profit (loss) for the period | 9904 | €50,839 | €27,333 | -€23,506 | -46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €50,839 | €27,333 | -€23,506 | -46.2% |
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 11 October 2026 via checked.be.