EL4L: 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.
EL4L
Largest movements
- Financial fixed assets +€1.1m
new in 2025: €1.1m
- Cash -€20,321
down €20,321 (-45.8%), from €44,359 to €24,038
mainly Investment in fixed assets (net) (-€1.1m) and Receivables within one year (-€14,612)
- Receivables within one year +€14,612
up €14,612 (+62.4%), from €23,417 to €38,028
of which Trade receivables: +€26,334
- Tangible fixed assets +€12,659
up €12,659 (+376.9%), from €3,358 to €16,017
of which Furniture and vehicles: +€7,430
- Debts after one year +€1.0m
new in 2025: €1.0m
of which Financial debts: +€700,000
- Other debts +€65,176
up €65,176 (+3912.1%), from €1,666 to €66,842
- Financial charges +€20,110
up €20,110 (+580.3%), from €3,465 to €23,575
- Taxes -€14,281
down €14,281 (-86.3%), from €16,550 to €2,269
- Gross operating margin -€9,714
down €9,714 (-18.6%), from €52,287 to €42,573
- Other operating charges +€2,128
up €2,128 (+43.5%), from €4,897 to €7,025
- Depreciation +€1,420
up €1,420 (+256.5%), from €554 to €1,974
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 | €73,030 | €1,143,269 | +€1.1m | +1465.5% |
| Fixed assets | 21/28 | €3,358 | €1,081,088 | +€1.1m | +32092.8% |
| Tangible fixed assets | 22/27 | €3,358 | €16,017 | +€12,659 | +376.9% |
| Furniture and vehicles | 24 | €3,358 | €10,788 | +€7,430 | +221.2% |
| Other tangible fixed assets | 26 | - | €5,229 | +€5,229 | |
| Financial fixed assets | 28 | - | €1,065,071 | +€1.1m | |
| Current assets | 29/58 | €69,672 | €62,181 | -€7,491 | -10.8% |
| Amounts receivable within one year | 40/41 | €23,417 | €38,028 | +€14,612 | +62.4% |
| Trade receivables | 40 | €10,171 | €36,505 | +€26,334 | +258.9% |
| Other amounts receivable | 41 | €13,246 | €1,524 | -€11,722 | -88.5% |
| Cash at bank and in hand | 54/58 | €44,359 | €24,038 | -€20,321 | -45.8% |
| Deferred charges and accrued income | 490/1 | €1,896 | €115 | -€1,782 | -94.0% |
| Total equity and liabilities | 10/49 | €73,030 | €1,143,269 | +€1.1m | +1465.5% |
| Equity | 10/15 | €38,006 | €45,739 | +€7,733 | +20.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €9,850 | €9,850 | = | 0.0% |
| Distributable reserves | 133 | €9,850 | €9,850 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,156 | €32,889 | +€7,733 | +30.7% |
| Amounts payable | 17/49 | €35,024 | €1,097,530 | +€1.1m | +3033.6% |
| Amounts payable after more than one year | 17 | - | €1,000,000 | +€1.0m | |
| Financial debts | 170/4 | - | €700,000 | +€700,000 | |
| Other amounts payable | 178/9 | - | €300,000 | +€300,000 | |
| Amounts payable within one year | 42/48 | €35,024 | €97,530 | +€62,506 | +178.5% |
| Trade debts | 44 | €5,819 | €5,923 | +€104 | +1.8% |
| Suppliers | 440/4 | €5,819 | €5,923 | +€104 | +1.8% |
| Taxes, remuneration and social security | 45 | €27,539 | €24,765 | -€2,774 | -10.1% |
| Taxes | 450/3 | €27,539 | €24,765 | -€2,774 | -10.1% |
| Other amounts payable | 47/48 | €1,666 | €66,842 | +€65,176 | +3912.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €554 | €1,974 | +€1,420 | +256.5% |
| Other operating charges | 640/8 | €4,897 | €7,025 | +€2,128 | +43.5% |
| Gross operating margin | 9900 | €52,287 | €42,573 | -€9,714 | -18.6% |
| Operating profit (loss) | 9901 | €46,837 | €33,574 | -€13,262 | -28.3% |
| Financial income | 75/76B | €0 | €3 | +€3 | +4471.4% |
| Recurring financial income | 75 | €0 | €3 | +€3 | +4471.4% |
| Financial charges | 65/66B | €3,465 | €23,575 | +€20,110 | +580.3% |
| Recurring financial charges | 65 | €3,465 | €23,575 | +€20,110 | +580.3% |
| Profit (loss) for the period before taxes | 9903 | €43,372 | €10,002 | -€33,369 | -76.9% |
| Income taxes | 67/77 | €16,550 | €2,269 | -€14,281 | -86.3% |
| Profit (loss) for the period | 9904 | €26,822 | €7,733 | -€19,089 | -71.2% |
| Profit (loss) for the period to be appropriated | 9905 | €26,822 | €7,733 | -€19,089 | -71.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.