Ela: 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.
Ela
Largest movements
- Receivables within one year -€1.0m
down €1.0m (-25.0%), from €4.1m to €3.1m
of which Other amounts receivable: -€994,833
- Tangible fixed assets +€254,582
up €254,582 (+473%), from €53,871 to €308,453
- Receivables after one year +€119,240
up €119,240 (+5.3%), from €2.2m to €2.4m
- Profit (loss) carried forward -€1.2m
new in 2025: -€1.2m
- Other debts +€800,424
up €800,424 (+34.8%), from €2.3m to €3.1m
- Tax, wage and social debts -€148,138
down €148,138 (-98.2%), from €150,925 to €2,786
- Debts after one year -€127,122
down €127,122 (-39.4%), from €323,053 to €195,931
- Write-downs +€1.3m
up €1.3m, from €0 to €1.3m
- Gross operating margin -€251,871
down €251,871 (-53.7%), from €469,457 to €217,586
- Other operating charges -€191,571
down €191,571 (-99.4%), from €192,787 to €1,216
- Taxes +€35,317
up €35,317 (+29.1%), from €121,487 to €156,804
- Financial charges -€8,578
down €8,578 (-24.6%), from €34,939 to €26,361
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 | €6,440,582 | €5,764,453 | -€676,130 | -10.5% |
| Fixed assets | 21/28 | €53,871 | €308,453 | +€254,582 | +473% |
| Tangible fixed assets | 22/27 | €53,871 | €308,453 | +€254,582 | +473% |
| Furniture and vehicles | 24 | €53,871 | €308,453 | +€254,582 | +473% |
| Current assets | 29/58 | €6,386,712 | €5,456,000 | -€930,712 | -14.6% |
| Amounts receivable after more than one year | 29 | €2,245,807 | €2,365,047 | +€119,240 | +5.3% |
| Trade receivables | 290 | €2,245,807 | €2,365,047 | +€119,240 | +5.3% |
| Amounts receivable within one year | 40/41 | €4,071,682 | €3,052,650 | -€1.0m | -25.0% |
| Trade receivables | 40 | €48,400 | €24,200 | -€24,200 | -50.0% |
| Other amounts receivable | 41 | €4,023,282 | €3,028,450 | -€994,833 | -24.7% |
| Cash at bank and in hand | 54/58 | €68,591 | €33,962 | -€34,629 | -50.5% |
| Deferred charges and accrued income | 490/1 | €631 | €4,342 | +€3,711 | +588% |
| Total equity and liabilities | 10/49 | €6,440,582 | €5,764,453 | -€676,130 | -10.5% |
| Equity | 10/15 | €3,538,169 | €2,330,337 | -€1.2m | -34.1% |
| Contributions | 10/11 | €2,501,015 | €2,501,015 | = | 0.0% |
| Reserves | 13 | €1,037,154 | €1,037,154 | = | 0.0% |
| Distributable reserves | 133 | €1,037,154 | €1,037,154 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€1,207,831 | -€1.2m | |
| Amounts payable | 17/49 | €2,902,413 | €3,434,115 | +€531,702 | +18.3% |
| Amounts payable after more than one year | 17 | €323,053 | €195,931 | -€127,122 | -39.4% |
| Financial debts | 170/4 | €323,053 | €195,931 | -€127,122 | -39.4% |
| Amounts payable within one year | 42/48 | €2,579,361 | €3,238,184 | +€658,824 | +25.5% |
| Current portion of amounts payable after more than one year | 42 | €119,317 | €125,885 | +€6,568 | +5.5% |
| Trade debts | 44 | €11,204 | €11,174 | -€30 | -0.3% |
| Suppliers | 440/4 | €11,204 | €11,174 | -€30 | -0.3% |
| Taxes, remuneration and social security | 45 | €150,925 | €2,786 | -€148,138 | -98.2% |
| Taxes | 450/3 | €150,925 | €2,786 | -€148,138 | -98.2% |
| Other amounts payable | 47/48 | €2,297,915 | €3,098,339 | +€800,424 | +34.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,250 | €13,143 | -€7,107 | -35.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €1,347,553 | +€1.3m | |
| Other operating charges | 640/8 | €192,787 | €1,216 | -€191,571 | -99.4% |
| Non-recurring operating charges | 66A | - | €20,813 | +€20,813 | |
| Gross operating margin | 9900 | €469,457 | €217,586 | -€251,871 | -53.7% |
| Operating profit (loss) | 9901 | €256,420 | -€1,165,140 | -€1.4m | |
| Financial income | 75/76B | €135,156 | €140,474 | +€5,318 | +3.9% |
| Recurring financial income | 75 | €135,156 | €140,474 | +€5,318 | +3.9% |
| Financial charges | 65/66B | €34,939 | €26,361 | -€8,578 | -24.6% |
| Recurring financial charges | 65 | €34,939 | €26,361 | -€8,578 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | €356,636 | -€1,051,028 | -€1.4m | |
| Income taxes | 67/77 | €121,487 | €156,804 | +€35,317 | +29.1% |
| Profit (loss) for the period | 9904 | €235,149 | -€1,207,831 | -€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €235,149 | -€1,207,831 | -€1.4m |
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 19 October 2026 via checked.be.