ELAD'OR: 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.
ELAD'OR
Largest movements
- Cash -€40,625
down €40,625 (-88.4%), from €45,930 to €5,305
mainly Net result for the year (-€37,939) and Debts after one year (-€28,247)
- Tangible fixed assets -€22,089
down €22,089 (-30.6%), from €72,121 to €50,032
of which Leasing and similar rights: -€20,557
- Receivables within one year +€8,973
up €8,973 (+37.5%), from €23,952 to €32,925
of which Other amounts receivable: +€5,339
- Deferred charges and accrued income +€4,973
new in 2025: €4,973
- Profit (loss) carried forward -€37,939
down €37,939, from €11,800 to -€26,139
- Debts after one year -€28,247
down €28,247 (-42.4%), from €66,655 to €38,407
- Current portion of long-term debt +€9,282
up €9,282 (+48.9%), from €18,966 to €28,247
- Tax, wage and social debts +€8,559
up €8,559 (+233%), from €3,669 to €12,228
- Taxes -€16,775
no longer reported in 2025 (was €16,775)
- Depreciation -€14,083
down €14,083 (-38.9%), from €36,172 to €22,089
- Gross operating margin -€9,394
down €9,394 (-11.6%), from €80,721 to €71,327
- Financial charges -€5,159
down €5,159 (-57.8%), from €8,920 to €3,761
- Financial income -€3,663
down €3,663 (-85.5%), from €4,285 to €622
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 | €142,188 | €93,421 | -€48,768 | -34.3% |
| Fixed assets | 21/28 | €72,306 | €50,217 | -€22,089 | -30.5% |
| Tangible fixed assets | 22/27 | €72,121 | €50,032 | -€22,089 | -30.6% |
| Furniture and vehicles | 24 | €2,164 | €632 | -€1,531 | -70.8% |
| Leasing and similar rights | 25 | €69,957 | €49,400 | -€20,557 | -29.4% |
| Financial fixed assets | 28 | €185 | €185 | = | 0.0% |
| Current assets | 29/58 | €69,883 | €43,203 | -€26,679 | -38.2% |
| Amounts receivable within one year | 40/41 | €23,952 | €32,925 | +€8,973 | +37.5% |
| Trade receivables | 40 | €1,751 | €5,384 | +€3,634 | +208% |
| Other amounts receivable | 41 | €22,202 | €27,541 | +€5,339 | +24.0% |
| Cash at bank and in hand | 54/58 | €45,930 | €5,305 | -€40,625 | -88.4% |
| Deferred charges and accrued income | 490/1 | - | €4,973 | +€4,973 | |
| Total equity and liabilities | 10/49 | €142,188 | €93,421 | -€48,768 | -34.3% |
| Equity | 10/15 | €46,260 | €8,321 | -€37,939 | -82.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €15,860 | €15,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,000 | €14,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,800 | -€26,139 | -€37,939 | |
| Amounts payable | 17/49 | €95,928 | €85,100 | -€10,829 | -11.3% |
| Amounts payable after more than one year | 17 | €66,655 | €38,407 | -€28,247 | -42.4% |
| Financial debts | 170/4 | €66,655 | €38,407 | -€28,247 | -42.4% |
| Amounts payable within one year | 42/48 | €29,274 | €46,693 | +€17,419 | +59.5% |
| Current portion of amounts payable after more than one year | 42 | €18,966 | €28,247 | +€9,282 | +48.9% |
| Trade debts | 44 | €1,075 | €653 | -€421 | -39.2% |
| Suppliers | 440/4 | €1,075 | €653 | -€421 | -39.2% |
| Advances received on contracts in progress | 46 | €5,564 | €5,564 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €3,669 | €12,228 | +€8,559 | +233% |
| Taxes | 450/3 | €3,669 | €12,228 | +€8,559 | +233% |
| Remuneration, social security and pensions | 62 | €51,197 | €50,728 | -€469 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,172 | €22,089 | -€14,083 | -38.9% |
| Other operating charges | 640/8 | €7,525 | €4,645 | -€2,879 | -38.3% |
| Non-recurring operating charges | 66A | - | €28,665 | +€28,665 | |
| Gross operating margin | 9900 | €80,721 | €71,327 | -€9,394 | -11.6% |
| Operating profit (loss) | 9901 | -€14,173 | -€34,800 | -€20,627 | -146% |
| Financial income | 75/76B | €4,285 | €622 | -€3,663 | -85.5% |
| Recurring financial income | 75 | €4,285 | €622 | -€3,663 | -85.5% |
| Financial charges | 65/66B | €8,920 | €3,761 | -€5,159 | -57.8% |
| Recurring financial charges | 65 | €8,920 | €3,761 | -€5,159 | -57.8% |
| Profit (loss) for the period before taxes | 9903 | -€18,808 | -€37,939 | -€19,131 | -102% |
| Income taxes | 67/77 | €16,775 | - | -€16,775 | |
| Profit (loss) for the period | 9904 | -€35,583 | -€37,939 | -€2,356 | -6.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,583 | -€37,939 | -€2,356 | -6.6% |
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.