ELADO: 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.
ELADO
Largest movements
- Cash -€168,066
down €168,066 (-86.6%), from €194,031 to €25,965
mainly Investment in fixed assets (net) (-€287,710) and Contributions, distributions and other (-€54,500)
- Tangible fixed assets +€148,434
up €148,434 (+20.9%), from €708,842 to €857,276
of which Land and buildings: +€80,274
- Receivables within one year -€41,687
down €41,687 (-29.3%), from €142,261 to €100,574
of which Trade receivables: -€27,434
- Financial fixed assets +€37,500
new in 2025: €37,500
- Receivables after one year -€13,333
down €13,333 (-8.8%), from €151,111 to €137,778
- Debts after one year -€45,422
down €45,422 (-16.4%), from €277,724 to €232,301
- Other debts +€33,064
new in 2025: €33,064
- Tax, wage and social debts -€18,208
down €18,208 (-27.1%), from €67,137 to €48,929
- Gross operating margin -€72,762
down €72,762 (-27.2%), from €267,420 to €194,657
- Depreciation +€16,890
up €16,890 (+19.9%), from €84,885 to €101,775
- Other operating charges -€14,130
down €14,130 (-81.2%), from €17,409 to €3,279
- Financial charges -€5,838
down €5,838 (-32.6%), from €17,917 to €12,080
- Financial income +€3,249
up €3,249 (+432.7%), from €751 to €4,000
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 | €1,227,413 | €1,190,303 | -€37,110 | -3.0% |
| Fixed assets | 21/28 | €708,842 | €894,776 | +€185,934 | +26.2% |
| Tangible fixed assets | 22/27 | €708,842 | €857,276 | +€148,434 | +20.9% |
| Land and buildings | 22 | €414,708 | €494,982 | +€80,274 | +19.4% |
| Plant, machinery and equipment | 23 | €2,948 | €1,514 | -€1,434 | -48.7% |
| Furniture and vehicles | 24 | €268,986 | €338,581 | +€69,595 | +25.9% |
| Other tangible fixed assets | 26 | €22,200 | €22,200 | = | 0.0% |
| Financial fixed assets | 28 | - | €37,500 | +€37,500 | |
| Current assets | 29/58 | €518,571 | €295,527 | -€223,044 | -43.0% |
| Amounts receivable after more than one year | 29 | €151,111 | €137,778 | -€13,333 | -8.8% |
| Other amounts receivable | 291 | €151,111 | €137,778 | -€13,333 | -8.8% |
| Amounts receivable within one year | 40/41 | €142,261 | €100,574 | -€41,687 | -29.3% |
| Trade receivables | 40 | €28,008 | €574 | -€27,434 | -98.0% |
| Other amounts receivable | 41 | €114,253 | €100,000 | -€14,253 | -12.5% |
| Current investments | 50/53 | €30,000 | €30,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €194,031 | €25,965 | -€168,066 | -86.6% |
| Deferred charges and accrued income | 490/1 | €1,168 | €1,210 | +€42 | +3.6% |
| Total equity and liabilities | 10/49 | €1,227,413 | €1,190,303 | -€37,110 | -3.0% |
| Equity | 10/15 | €819,129 | €812,947 | -€6,182 | -0.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €812,929 | €806,747 | -€6,182 | -0.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €812,929 | €806,747 | -€6,182 | -0.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €408,284 | €377,356 | -€30,928 | -7.6% |
| Amounts payable after more than one year | 17 | €277,724 | €232,301 | -€45,422 | -16.4% |
| Financial debts | 170/4 | €277,724 | €232,301 | -€45,422 | -16.4% |
| Amounts payable within one year | 42/48 | €130,161 | €144,555 | +€14,395 | +11.1% |
| Current portion of amounts payable after more than one year | 42 | €52,895 | €45,422 | -€7,473 | -14.1% |
| Trade debts | 44 | €10,129 | €17,140 | +€7,011 | +69.2% |
| Suppliers | 440/4 | €10,129 | €17,140 | +€7,011 | +69.2% |
| Taxes, remuneration and social security | 45 | €67,137 | €48,929 | -€18,208 | -27.1% |
| Taxes | 450/3 | €67,137 | €48,929 | -€18,208 | -27.1% |
| Other amounts payable | 47/48 | - | €33,064 | +€33,064 | |
| Accrued charges and deferred income | 492/3 | €400 | €500 | +€100 | +25.0% |
| Non-recurring operating income | 76A | €106,358 | €13,381 | -€92,978 | -87.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,885 | €101,775 | +€16,890 | +19.9% |
| Other operating charges | 640/8 | €17,409 | €3,279 | -€14,130 | -81.2% |
| Gross operating margin | 9900 | €267,420 | €194,657 | -€72,762 | -27.2% |
| Operating profit (loss) | 9901 | €165,126 | €89,603 | -€75,523 | -45.7% |
| Financial income | 75/76B | €751 | €4,000 | +€3,249 | +432.7% |
| Recurring financial income | 75 | €751 | €4,000 | +€3,249 | +432.7% |
| Financial charges | 65/66B | €17,917 | €12,080 | -€5,838 | -32.6% |
| Recurring financial charges | 65 | €17,917 | €12,080 | -€5,838 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €147,959 | €81,523 | -€66,436 | -44.9% |
| Income taxes | 67/77 | €35,011 | €33,205 | -€1,806 | -5.2% |
| Profit (loss) for the period | 9904 | €112,948 | €48,318 | -€64,630 | -57.2% |
| Profit (loss) for the period to be appropriated | 9905 | €112,948 | €48,318 | -€64,630 | -57.2% |
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 10 October 2026 via checked.be.