EL-VEKO: 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-VEKO
Largest movements
- Tangible fixed assets -€45,178
down €45,178 (-24.3%), from €185,982 to €140,804
of which Leasing and similar rights: -€25,940
- Cash +€36,268
up €36,268 (+29.6%), from €122,678 to €158,946
mainly Net result for the year (+€81,117) and Depreciation (+€48,869)
- Receivables within one year -€26,240
down €26,240 (-18.4%), from €142,890 to €116,650
of which Trade receivables: -€16,645
- Reserves +€59,400
up €59,400 (+14.1%), from €420,602 to €480,002
of which Distributable reserves: +€59,400
- Trade debts -€54,814
down €54,814 (-56.8%), from €96,500 to €41,686
- Contributions -€20,000
no longer reported in 2026 (was €20,000)
- Current portion of long-term debt -€15,667
down €15,667 (-75.7%), from €20,690 to €5,023
- Staff costs +€36,244
up €36,244 (+46.3%), from €78,224 to €114,468
- Gross operating margin +€21,237
up €21,237 (+8.3%), from €256,836 to €278,073
- Taxes -€5,023
down €5,023 (-13.2%), from €37,911 to €32,888
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €593,029 | €561,620 | -€31,409 | -5.3% |
| Fixed assets | 21/28 | €186,559 | €141,440 | -€45,119 | -24.2% |
| Tangible fixed assets | 22/27 | €185,982 | €140,804 | -€45,178 | -24.3% |
| Land and buildings | 22 | €39,470 | €37,200 | -€2,270 | -5.8% |
| Plant, machinery and equipment | 23 | €4,751 | €2,166 | -€2,585 | -54.4% |
| Furniture and vehicles | 24 | €6,665 | €3,829 | -€2,836 | -42.6% |
| Leasing and similar rights | 25 | €58,345 | €32,405 | -€25,940 | -44.5% |
| Other tangible fixed assets | 26 | €76,751 | €65,204 | -€11,547 | -15.0% |
| Financial fixed assets | 28 | €577 | €636 | +€59 | +10.2% |
| Current assets | 29/58 | €406,470 | €420,180 | +€13,710 | +3.4% |
| Stocks and contracts in progress | 3 | €124,829 | €129,929 | +€5,100 | +4.1% |
| Stocks | 30/36 | €124,829 | €129,929 | +€5,100 | +4.1% |
| Amounts receivable within one year | 40/41 | €142,890 | €116,650 | -€26,240 | -18.4% |
| Trade receivables | 40 | €130,142 | €113,497 | -€16,645 | -12.8% |
| Other amounts receivable | 41 | €12,748 | €3,153 | -€9,595 | -75.3% |
| Cash at bank and in hand | 54/58 | €122,678 | €158,946 | +€36,268 | +29.6% |
| Deferred charges and accrued income | 490/1 | €16,073 | €14,655 | -€1,418 | -8.8% |
| Total equity and liabilities | 10/49 | €593,029 | €561,620 | -€31,409 | -5.3% |
| Equity | 10/15 | €440,602 | €480,002 | +€39,400 | +8.9% |
| Contributions | 10/11 | €20,000 | - | -€20,000 | |
| Reserves | 13 | €420,602 | €480,002 | +€59,400 | +14.1% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €383,102 | €442,502 | +€59,400 | +15.5% |
| Amounts payable | 17/49 | €152,427 | €81,618 | -€70,809 | -46.5% |
| Amounts payable after more than one year | 17 | €14,717 | €9,694 | -€5,023 | -34.1% |
| Financial debts | 170/4 | €14,717 | €9,694 | -€5,023 | -34.1% |
| Amounts payable within one year | 42/48 | €137,710 | €71,924 | -€65,786 | -47.8% |
| Current portion of amounts payable after more than one year | 42 | €20,690 | €5,023 | -€15,667 | -75.7% |
| Trade debts | 44 | €96,500 | €41,686 | -€54,814 | -56.8% |
| Suppliers | 440/4 | €96,500 | €41,686 | -€54,814 | -56.8% |
| Taxes, remuneration and social security | 45 | €20,520 | €25,215 | +€4,695 | +22.9% |
| Taxes | 450/3 | €12,911 | €13,304 | +€393 | +3.0% |
| Remuneration and social security | 454/9 | €7,609 | €11,911 | +€4,302 | +56.5% |
| Non-recurring operating income | 76A | €2,479 | - | -€2,479 | |
| Remuneration, social security and pensions | 62 | €78,224 | €114,468 | +€36,244 | +46.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,753 | €48,869 | +€1,116 | +2.3% |
| Other operating charges | 640/8 | €3,041 | €3,018 | -€23 | -0.8% |
| Gross operating margin | 9900 | €256,836 | €278,073 | +€21,237 | +8.3% |
| Operating profit (loss) | 9901 | €127,818 | €111,718 | -€16,100 | -12.6% |
| Financial income | 75/76B | €1,841 | €3,163 | +€1,322 | +71.8% |
| Recurring financial income | 75 | €1,841 | €3,163 | +€1,322 | +71.8% |
| Financial charges | 65/66B | €1,610 | €876 | -€734 | -45.6% |
| Recurring financial charges | 65 | €1,610 | €876 | -€734 | -45.6% |
| Profit (loss) for the period before taxes | 9903 | €128,049 | €114,005 | -€14,044 | -11.0% |
| Income taxes | 67/77 | €37,911 | €32,888 | -€5,023 | -13.2% |
| Profit (loss) for the period | 9904 | €90,138 | €81,117 | -€9,021 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €90,138 | €81,117 | -€9,021 | -10.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.