ELA Law: what changed
ELA Law
Largest movements
- Cash +€129,468
up €129,468 (+414%), from €31,283 to €160,751
mainly Debts after one year (+€139,610) and Net result for the year (+€84,001)
- Receivables after one year +€100,000
up €100,000 (+100%), from €100,000 to €200,000
- Tangible fixed assets -€9,829
down €9,829 (-11.2%), from €87,631 to €77,801
of which Leasing and similar rights: -€10,752
- Current investments +€9,000
up €9,000 (+600%), from €1,500 to €10,500
- Receivables within one year -€4,824
down €4,824 (-14.1%), from €34,098 to €29,274
of which Trade receivables: -€4,921
- Debts after one year +€139,610
up €139,610 (+278%), from €50,206 to €189,816
- Reserves +€67,500
up €67,500 (+49.5%), from €136,360 to €203,860
- Other debts +€13,155
up €13,155 (+156%), from €8,439 to €21,595
- Trade debts +€5,162
up €5,162 (+175%), from €2,946 to €8,108
- Gross operating margin -€48,919
down €48,919 (-25.7%), from €190,438 to €141,519
- Taxes -€10,604
down €10,604 (-22.0%), from €48,169 to €37,565
- Financial income +€2,852
up €2,852 (+99.8%), from €2,858 to €5,710
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €261,587 | €481,661 | +€220,074 | +84.1% |
| Fixed assets | 21/28 | €87,631 | €77,801 | -€9,829 | -11.2% |
| Tangible fixed assets | 22/27 | €87,631 | €77,801 | -€9,829 | -11.2% |
| Land and buildings | 22 | €54,132 | €56,929 | +€2,796 | +5.2% |
| Plant, machinery and equipment | 23 | €3,097 | €2,172 | -€925 | -29.9% |
| Furniture and vehicles | 24 | €9,736 | €7,343 | -€2,394 | -24.6% |
| Leasing and similar rights | 25 | €14,866 | €4,114 | -€10,752 | -72.3% |
| Other tangible fixed assets | 26 | €5,799 | €7,244 | +€1,445 | +24.9% |
| Current assets | 29/58 | €173,956 | €403,859 | +€229,904 | +132% |
| Amounts receivable after more than one year | 29 | €100,000 | €200,000 | +€100,000 | +100% |
| Other amounts receivable | 291 | €100,000 | €200,000 | +€100,000 | +100% |
| Amounts receivable within one year | 40/41 | €34,098 | €29,274 | -€4,824 | -14.1% |
| Trade receivables | 40 | €34,098 | €29,177 | -€4,921 | -14.4% |
| Other amounts receivable | 41 | €0 | €97 | +€97 | +26,092% |
| Current investments | 50/53 | €1,500 | €10,500 | +€9,000 | +600% |
| Cash at bank and in hand | 54/58 | €31,283 | €160,751 | +€129,468 | +414% |
| Deferred charges and accrued income | 490/1 | €7,075 | €3,335 | -€3,740 | -52.9% |
| Total equity and liabilities | 10/49 | €261,587 | €481,661 | +€220,074 | +84.1% |
| Equity | 10/15 | €156,375 | €223,876 | +€67,501 | +43.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €136,360 | €203,860 | +€67,500 | +49.5% |
| Distributable reserves | 133 | €136,360 | €203,860 | +€67,500 | +49.5% |
| Profit (loss) carried forward | 14 | €1,415 | €1,416 | +€1 | +0.1% |
| Amounts payable | 17/49 | €105,212 | €257,785 | +€152,573 | +145% |
| Amounts payable after more than one year | 17 | €50,206 | €189,816 | +€139,610 | +278% |
| Financial debts | 170/4 | €50,206 | €189,816 | +€139,610 | +278% |
| Amounts payable within one year | 42/48 | €55,006 | €67,970 | +€12,963 | +23.6% |
| Current portion of amounts payable after more than one year | 42 | €12,752 | €12,083 | -€669 | -5.2% |
| Trade debts | 44 | €2,946 | €8,108 | +€5,162 | +175% |
| Suppliers | 440/4 | €2,946 | €8,108 | +€5,162 | +175% |
| Taxes, remuneration and social security | 45 | €30,869 | €26,184 | -€4,685 | -15.2% |
| Taxes | 450/3 | €30,869 | €26,184 | -€4,685 | -15.2% |
| Other amounts payable | 47/48 | €8,439 | €21,595 | +€13,155 | +156% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,492 | €18,831 | +€339 | +1.8% |
| Other operating charges | 640/8 | €3,926 | €4,254 | +€328 | +8.4% |
| Gross operating margin | 9900 | €190,438 | €141,519 | -€48,919 | -25.7% |
| Operating profit (loss) | 9901 | €168,019 | €118,433 | -€49,586 | -29.5% |
| Financial income | 75/76B | €2,858 | €5,710 | +€2,852 | +99.8% |
| Recurring financial income | 75 | €2,858 | €5,710 | +€2,852 | +99.8% |
| Financial charges | 65/66B | €1,326 | €2,577 | +€1,251 | +94.4% |
| Recurring financial charges | 65 | €1,326 | €2,577 | +€1,251 | +94.4% |
| Profit (loss) for the period before taxes | 9903 | €169,551 | €121,566 | -€47,985 | -28.3% |
| Income taxes | 67/77 | €48,169 | €37,565 | -€10,604 | -22.0% |
| Profit (loss) for the period | 9904 | €121,382 | €84,001 | -€37,381 | -30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €121,382 | €84,001 | -€37,381 | -30.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.