Elaboration de Système: 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.
Elaboration de Système
Largest movements
- Tangible fixed assets +€851,438
up €851,438 (+46.4%), from €1.8m to €2.7m
of which Plant, machinery and equipment: +€846,061
- Receivables within one year +€597,885
up €597,885 (+58.7%), from €1.0m to €1.6m
of which Other amounts receivable: +€591,765
- Cash -€71,891
down €71,891 (-64.7%), from €111,118 to €39,228
mainly Investment in fixed assets (net) (-€996,113) and Receivables within one year (-€597,885)
- Reserves +€540,000
up €540,000 (+58.4%), from €925,400 to €1.5m
of which Distributable reserves: +€540,000
- Trade debts +€438,735
up €438,735 (+6509.2%), from €6,740 to €445,476
- Other debts +€293,755
up €293,755 (+59.6%), from €492,920 to €786,676
- Tax, wage and social debts +€117,278
up €117,278 (+85.4%), from €137,390 to €254,668
of which Taxes: +€116,695
- Gross operating margin +€246,225
up €246,225 (+33.5%), from €734,196 to €980,420
- Taxes +€89,513
up €89,513 (+48.1%), from €186,229 to €275,742
- Depreciation +€36,348
up €36,348 (+33.6%), from €108,327 to €144,675
- Financial income +€21,158
up €21,158 (+67.5%), from €31,325 to €52,483
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 | €2,972,322 | €4,351,379 | +€1.4m | +46.4% |
| Fixed assets | 21/28 | €1,840,780 | €2,692,218 | +€851,438 | +46.3% |
| Tangible fixed assets | 22/27 | €1,833,680 | €2,685,119 | +€851,438 | +46.4% |
| Land and buildings | 22 | €570,538 | €562,801 | -€7,736 | -1.4% |
| Plant, machinery and equipment | 23 | €1,242,746 | €2,088,807 | +€846,061 | +68.1% |
| Furniture and vehicles | 24 | €20,397 | €33,511 | +€13,114 | +64.3% |
| Financial fixed assets | 28 | €7,100 | €7,100 | = | 0.0% |
| Current assets | 29/58 | €1,131,542 | €1,659,160 | +€527,618 | +46.6% |
| Amounts receivable within one year | 40/41 | €1,018,404 | €1,616,289 | +€597,885 | +58.7% |
| Trade receivables | 40 | €310 | €6,430 | +€6,120 | +1972.2% |
| Other amounts receivable | 41 | €1,018,094 | €1,609,859 | +€591,765 | +58.1% |
| Cash at bank and in hand | 54/58 | €111,118 | €39,228 | -€71,891 | -64.7% |
| Deferred charges and accrued income | 490/1 | €2,020 | €3,643 | +€1,623 | +80.3% |
| Total equity and liabilities | 10/49 | €2,972,322 | €4,351,379 | +€1.4m | +46.4% |
| Equity | 10/15 | €2,316,062 | €2,858,860 | +€542,798 | +23.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €925,400 | €1,465,400 | +€540,000 | +58.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €84,200 | €84,200 | = | 0.0% |
| Distributable reserves | 133 | €835,000 | €1,375,000 | +€540,000 | +64.7% |
| Profit (loss) carried forward | 14 | €1,328,662 | €1,331,460 | +€2,798 | +0.2% |
| Amounts payable | 17/49 | €656,260 | €1,492,518 | +€836,258 | +127.4% |
| Amounts payable after more than one year | 17 | €4,580 | €4,580 | = | 0.0% |
| Other amounts payable | 178/9 | €4,580 | €4,580 | = | 0.0% |
| Amounts payable within one year | 42/48 | €651,680 | €1,486,819 | +€835,139 | +128.2% |
| Current portion of amounts payable after more than one year | 42 | €14,630 | - | -€14,630 | |
| Trade debts | 44 | €6,740 | €445,476 | +€438,735 | +6509.2% |
| Suppliers | 440/4 | €6,740 | €445,476 | +€438,735 | +6509.2% |
| Taxes, remuneration and social security | 45 | €137,390 | €254,668 | +€117,278 | +85.4% |
| Taxes | 450/3 | €133,552 | €250,248 | +€116,695 | +87.4% |
| Remuneration and social security | 454/9 | €3,838 | €4,420 | +€582 | +15.2% |
| Other amounts payable | 47/48 | €492,920 | €786,676 | +€293,755 | +59.6% |
| Accrued charges and deferred income | 492/3 | - | €1,119 | +€1,119 | |
| Remuneration, social security and pensions | 62 | €32,704 | €33,194 | +€491 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,327 | €144,675 | +€36,348 | +33.6% |
| Other operating charges | 640/8 | €15,700 | €16,286 | +€585 | +3.7% |
| Gross operating margin | 9900 | €734,196 | €980,420 | +€246,225 | +33.5% |
| Operating profit (loss) | 9901 | €577,465 | €786,265 | +€208,801 | +36.2% |
| Financial income | 75/76B | €31,325 | €52,483 | +€21,158 | +67.5% |
| Recurring financial income | 75 | €31,325 | €52,483 | +€21,158 | +67.5% |
| Financial charges | 65/66B | €20,016 | €20,209 | +€192 | +1.0% |
| Recurring financial charges | 65 | €20,016 | €20,209 | +€192 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €588,773 | €818,540 | +€229,766 | +39.0% |
| Income taxes | 67/77 | €186,229 | €275,742 | +€89,513 | +48.1% |
| Profit (loss) for the period | 9904 | €402,544 | €542,798 | +€140,254 | +34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €402,544 | €542,798 | +€140,254 | +34.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.