ELA TORO: 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 TORO
Largest movements
- Receivables within one year +€75,712
up €75,712 (+242%), from €31,348 to €107,060
of which Trade receivables: +€61,483
- Cash +€24,492
up €24,492 (+44.9%), from €54,545 to €79,037
mainly Net result for the year (+€103,819) and Tax, wage and social debts (+€15,824)
- Tangible fixed assets -€8,230
down €8,230 (-2.1%), from €397,922 to €389,692
of which Furniture and vehicles: -€7,003
- Reserves +€103,819
up €103,819 (+85.6%), from €121,327 to €225,147
- Other debts -€17,416
down €17,416 (-100%), from €17,416 to €0
- Tax, wage and social debts +€15,824
up €15,824 (+38.6%), from €41,005 to €56,829
- Debts after one year -€15,397
down €15,397 (-6.5%), from €238,332 to €222,936
- Trade debts +€7,798
up €7,798 (+215%), from €3,633 to €11,430
- Gross operating margin +€80,107
up €80,107 (+87.7%), from €91,373 to €171,480
- Taxes +€25,134
up €25,134 (+128%), from €19,609 to €44,743
- Financial charges -€3,100
down €3,100 (-25.5%), from €12,138 to €9,038
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 | €485,401 | €577,347 | +€91,946 | +18.9% |
| Fixed assets | 21/28 | €398,322 | €390,092 | -€8,230 | -2.1% |
| Tangible fixed assets | 22/27 | €397,922 | €389,692 | -€8,230 | -2.1% |
| Land and buildings | 22 | €350,508 | €350,508 | = | 0.0% |
| Plant, machinery and equipment | 23 | - | €2,716 | +€2,716 | |
| Furniture and vehicles | 24 | €15,367 | €8,364 | -€7,003 | -45.6% |
| Other tangible fixed assets | 26 | €32,047 | €28,103 | -€3,944 | -12.3% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €87,079 | €187,256 | +€100,177 | +115% |
| Amounts receivable within one year | 40/41 | €31,348 | €107,060 | +€75,712 | +242% |
| Trade receivables | 40 | €31,348 | €92,831 | +€61,483 | +196% |
| Other amounts receivable | 41 | - | €14,228 | +€14,228 | |
| Cash at bank and in hand | 54/58 | €54,545 | €79,037 | +€24,492 | +44.9% |
| Deferred charges and accrued income | 490/1 | €1,186 | €1,159 | -€27 | -2.3% |
| Total equity and liabilities | 10/49 | €485,401 | €577,347 | +€91,946 | +18.9% |
| Equity | 10/15 | €166,936 | €270,755 | +€103,819 | +62.2% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Revaluation surpluses | 12 | €45,508 | €45,508 | = | 0.0% |
| Reserves | 13 | €121,327 | €225,147 | +€103,819 | +85.6% |
| Distributable reserves | 133 | €121,327 | €225,147 | +€103,819 | +85.6% |
| Amounts payable | 17/49 | €318,465 | €306,592 | -€11,873 | -3.7% |
| Amounts payable after more than one year | 17 | €238,332 | €222,936 | -€15,397 | -6.5% |
| Financial debts | 170/4 | €238,332 | €222,936 | -€15,397 | -6.5% |
| Amounts payable within one year | 42/48 | €76,910 | €83,656 | +€6,747 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €14,856 | €15,397 | +€541 | +3.6% |
| Trade debts | 44 | €3,633 | €11,430 | +€7,798 | +215% |
| Suppliers | 440/4 | €3,633 | €11,430 | +€7,798 | +215% |
| Taxes, remuneration and social security | 45 | €41,005 | €56,829 | +€15,824 | +38.6% |
| Taxes | 450/3 | €41,005 | €56,829 | +€15,824 | +38.6% |
| Other amounts payable | 47/48 | €17,416 | €0 | -€17,416 | -100% |
| Accrued charges and deferred income | 492/3 | €3,223 | €0 | -€3,223 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,138 | €11,911 | +€773 | +6.9% |
| Other operating charges | 640/8 | €1,897 | €1,969 | +€72 | +3.8% |
| Gross operating margin | 9900 | €91,373 | €171,480 | +€80,107 | +87.7% |
| Operating profit (loss) | 9901 | €78,337 | €157,600 | +€79,263 | +101% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €12,138 | €9,038 | -€3,100 | -25.5% |
| Recurring financial charges | 65 | €12,138 | €9,038 | -€3,100 | -25.5% |
| Profit (loss) for the period before taxes | 9903 | €66,199 | €148,562 | +€82,363 | +124% |
| Income taxes | 67/77 | €19,609 | €44,743 | +€25,134 | +128% |
| Profit (loss) for the period | 9904 | €46,590 | €103,819 | +€57,229 | +123% |
| Profit (loss) for the period to be appropriated | 9905 | €46,590 | €103,819 | +€57,229 | +123% |
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 16 October 2026 via checked.be.