El-Mar: 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-Mar
Largest movements
- Tangible fixed assets -€144,815
down €144,815 (-8.9%), from €1.6m to €1.5m
of which Land and buildings: -€142,815
- Current investments +€100,000
new in 2025: €100,000
- Debts after one year -€30,050
down €30,050 (-3.9%), from €766,865 to €736,815
of which Financial debts: -€30,050
- Reserves -€28,320
down €28,320 (-4.6%), from €621,123 to €592,802
of which Tax-exempt reserves: -€28,320
- Other debts +€17,079
up €17,079 (+28.2%), from €60,531 to €77,610
- Gross operating margin +€29,414
up €29,414 (+99.6%), from €29,534 to €58,949
- Depreciation -€3,455
down €3,455 (-4.9%), from €70,863 to €67,408
- Financial charges -€3,392
down €3,392 (-11.9%), from €28,608 to €25,215
- Financial income -€882
down €882 (-98.3%), from €898 to €15
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 | €1,681,526 | €1,627,164 | -€54,363 | -3.2% |
| Fixed assets | 21/28 | €1,630,369 | €1,485,554 | -€144,815 | -8.9% |
| Tangible fixed assets | 22/27 | €1,630,369 | €1,485,554 | -€144,815 | -8.9% |
| Land and buildings | 22 | €1,625,810 | €1,482,995 | -€142,815 | -8.8% |
| Furniture and vehicles | 24 | €4,559 | €2,559 | -€2,000 | -43.9% |
| Current assets | 29/58 | €51,157 | €141,610 | +€90,453 | +176.8% |
| Amounts receivable within one year | 40/41 | €269 | €269 | = | 0.0% |
| Other amounts receivable | 41 | €269 | €269 | = | 0.0% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €50,888 | €41,341 | -€9,547 | -18.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,681,526 | €1,627,164 | -€54,363 | -3.2% |
| Equity | 10/15 | €615,963 | €583,120 | -€32,843 | -5.3% |
| Contributions | 10/11 | €321,294 | €321,294 | = | 0.0% |
| Reserves | 13 | €621,123 | €592,802 | -€28,320 | -4.6% |
| Tax-exempt reserves | 132 | €621,123 | €592,802 | -€28,320 | -4.6% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€326,453 | -€330,975 | -€4,523 | -1.4% |
| Provisions and deferred taxes | 16 | €207,041 | €197,601 | -€9,440 | -4.6% |
| Deferred taxes | 168 | €207,041 | €197,601 | -€9,440 | -4.6% |
| Amounts payable | 17/49 | €858,522 | €846,443 | -€12,080 | -1.4% |
| Amounts payable after more than one year | 17 | €766,865 | €736,815 | -€30,050 | -3.9% |
| Financial debts | 170/4 | €166,865 | €136,815 | -€30,050 | -18.0% |
| Other amounts payable | 178/9 | €600,000 | €600,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €90,032 | €107,953 | +€17,921 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €29,501 | €30,050 | +€549 | +1.9% |
| Trade debts | 44 | €0 | €292 | +€292 | |
| Suppliers | 440/4 | €0 | €292 | +€292 | |
| Other amounts payable | 47/48 | €60,531 | €77,610 | +€17,079 | +28.2% |
| Accrued charges and deferred income | 492/3 | €1,625 | €1,675 | +€50 | +3.1% |
| Non-recurring operating income | 76A | - | €26,041 | +€26,041 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,863 | €67,408 | -€3,455 | -4.9% |
| Other operating charges | 640/8 | €8,331 | €8,624 | +€293 | +3.5% |
| Gross operating margin | 9900 | €29,534 | €58,949 | +€29,414 | +99.6% |
| Operating profit (loss) | 9901 | -€49,660 | -€17,083 | +€32,577 | +65.6% |
| Financial income | 75/76B | €898 | €15 | -€882 | -98.3% |
| Recurring financial income | 75 | €898 | €15 | -€882 | -98.3% |
| Financial charges | 65/66B | €28,608 | €25,215 | -€3,392 | -11.9% |
| Recurring financial charges | 65 | €28,608 | €25,215 | -€3,392 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | -€77,370 | -€42,283 | +€35,087 | +45.3% |
| Transfer from deferred taxes | 780 | €8,819 | €9,440 | +€621 | +7.0% |
| Profit (loss) for the period | 9904 | -€68,551 | -€32,843 | +€35,708 | +52.1% |
| Transfer from tax-exempt reserves | 789 | €26,458 | €28,320 | +€1,862 | +7.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€42,092 | -€4,523 | +€37,570 | +89.3% |
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.