EL Management: 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 Management
Largest movements
- Cash -€25,321
down €25,321 (-24.9%), from €101,501 to €76,180
mainly Trade debts (-€29,947) and Receivables within one year (-€1,891)
- Tangible fixed assets -€3,226
down €3,226 (-6.1%), from €52,604 to €49,378
- Receivables within one year +€1,891
up €1,891 (+29.1%), from €6,498 to €8,389
- Trade debts -€29,947
down €29,947 (-93.9%), from €31,895 to €1,948
- Accrued charges and deferred income +€2,333
new in 2025: €2,333
- Depreciation -€2,475
down €2,475 (-41.2%), from €6,010 to €3,535
- Taxes +€1,629
up €1,629 (+87.5%), from €1,861 to €3,490
- Financial charges -€200
down €200 (-11.0%), from €1,813 to €1,613
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 | €164,988 | €138,149 | -€26,839 | -16.3% |
| Formation expenses | 20 | €883 | €573 | -€310 | -35.1% |
| Fixed assets | 21/28 | €52,604 | €49,378 | -€3,226 | -6.1% |
| Tangible fixed assets | 22/27 | €52,604 | €49,378 | -€3,226 | -6.1% |
| Land and buildings | 22 | €52,604 | €49,378 | -€3,226 | -6.1% |
| Current assets | 29/58 | €111,501 | €88,198 | -€23,303 | -20.9% |
| Amounts receivable within one year | 40/41 | €6,498 | €8,389 | +€1,891 | +29.1% |
| Trade receivables | 40 | €6,498 | €8,389 | +€1,891 | +29.1% |
| Cash at bank and in hand | 54/58 | €101,501 | €76,180 | -€25,321 | -24.9% |
| Deferred charges and accrued income | 490/1 | €3,502 | €3,629 | +€127 | +3.6% |
| Total equity and liabilities | 10/49 | €164,988 | €138,149 | -€26,839 | -16.3% |
| Equity | 10/15 | €123,274 | €123,385 | +€111 | +0.1% |
| Contributions | 10/11 | €835 | €835 | = | 0.0% |
| Reserves | 13 | €122,439 | €122,550 | +€111 | +0.1% |
| Distributable reserves | 133 | €122,439 | €122,550 | +€111 | +0.1% |
| Amounts payable | 17/49 | €41,714 | €14,764 | -€26,950 | -64.6% |
| Amounts payable within one year | 42/48 | €41,714 | €12,431 | -€29,283 | -70.2% |
| Trade debts | 44 | €31,895 | €1,948 | -€29,947 | -93.9% |
| Suppliers | 440/4 | €31,895 | €1,948 | -€29,947 | -93.9% |
| Taxes, remuneration and social security | 45 | €7,978 | €7,752 | -€226 | -2.8% |
| Taxes | 450/3 | €7,978 | €7,752 | -€226 | -2.8% |
| Other amounts payable | 47/48 | €1,841 | €2,731 | +€890 | +48.3% |
| Accrued charges and deferred income | 492/3 | - | €2,333 | +€2,333 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,010 | €3,535 | -€2,475 | -41.2% |
| Other operating charges | 640/8 | €3,555 | €3,637 | +€82 | +2.3% |
| Gross operating margin | 9900 | €11,720 | €11,685 | -€35 | -0.3% |
| Operating profit (loss) | 9901 | €2,155 | €4,513 | +€2,358 | +109% |
| Financial income | 75/76B | €699 | €701 | +€2 | +0.3% |
| Recurring financial income | 75 | €699 | €701 | +€2 | +0.3% |
| Non-recurring financial income | 76B | €699 | €701 | +€2 | +0.3% |
| Financial charges | 65/66B | €1,813 | €1,613 | -€200 | -11.0% |
| Recurring financial charges | 65 | €1,813 | €1,613 | -€200 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €1,041 | €3,601 | +€2,560 | +246% |
| Income taxes | 67/77 | €1,861 | €3,490 | +€1,629 | +87.5% |
| Profit (loss) for the period | 9904 | -€820 | €111 | +€931 | |
| Profit (loss) for the period to be appropriated | 9905 | -€820 | €111 | +€931 |
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 21 October 2026 via checked.be.