ELAGO: 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.
ELAGO
Largest movements
- Cash -€138,524
down €138,524 (-56.9%), from €243,625 to €105,102
mainly Contributions, distributions and other (-€207,000) and Current investments (-€39,799)
- Current investments +€39,799
up €39,799 (+106.0%), from €37,548 to €77,347
- Receivables within one year +€17,869
up €17,869 (+127.8%), from €13,983 to €31,852
- Reserves -€81,884
down €81,884 (-31.2%), from €262,698 to €180,814
of which Distributable reserves: -€81,884
- Gross operating margin +€24,070
up €24,070 (+23.8%), from €101,212 to €125,281
- Financial income +€23,269
up €23,269 (+397.2%), from €5,858 to €29,127
of which Non-recurring financial income: +€27,956
- Financial charges +€6,169
up €6,169 (+763.6%), from €808 to €6,977
of which Non-recurring financial charges: +€5,605
- Taxes -€4,338
down €4,338 (-18.8%), from €23,063 to €18,725
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 | €298,520 | €215,050 | -€83,470 | -28.0% |
| Fixed assets | 21/28 | €3,364 | €749 | -€2,615 | -77.7% |
| Tangible fixed assets | 22/27 | €2,664 | €749 | -€1,915 | -71.9% |
| Other tangible fixed assets | 26 | €2,664 | €749 | -€1,915 | -71.9% |
| Financial fixed assets | 28 | €700 | €0 | -€700 | -100.0% |
| Current assets | 29/58 | €295,156 | €214,301 | -€80,855 | -27.4% |
| Amounts receivable within one year | 40/41 | €13,983 | €31,852 | +€17,869 | +127.8% |
| Trade receivables | 40 | €13,983 | €31,852 | +€17,869 | +127.8% |
| Current investments | 50/53 | €37,548 | €77,347 | +€39,799 | +106.0% |
| Cash at bank and in hand | 54/58 | €243,625 | €105,102 | -€138,524 | -56.9% |
| Total equity and liabilities | 10/49 | €298,520 | €215,050 | -€83,470 | -28.0% |
| Equity | 10/15 | €281,298 | €199,414 | -€81,884 | -29.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €262,698 | €180,814 | -€81,884 | -31.2% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Legal reserve | 130 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €260,698 | €178,814 | -€81,884 | -31.4% |
| Amounts payable | 17/49 | €17,222 | €15,636 | -€1,586 | -9.2% |
| Amounts payable within one year | 42/48 | €17,222 | €15,636 | -€1,586 | -9.2% |
| Trade debts | 44 | €481 | €36 | -€445 | -92.6% |
| Suppliers | 440/4 | €481 | €36 | -€445 | -92.6% |
| Taxes, remuneration and social security | 45 | €16,717 | €15,600 | -€1,117 | -6.7% |
| Taxes | 450/3 | €16,717 | €15,600 | -€1,117 | -6.7% |
| Other amounts payable | 47/48 | €24 | - | -€24 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,915 | €1,915 | = | 0.0% |
| Other operating charges | 640/8 | €845 | €975 | +€131 | +15.5% |
| Non-recurring operating charges | 66A | €0 | €700 | +€700 | |
| Gross operating margin | 9900 | €101,212 | €125,281 | +€24,070 | +23.8% |
| Operating profit (loss) | 9901 | €98,452 | €121,691 | +€23,239 | +23.6% |
| Financial income | 75/76B | €5,858 | €29,127 | +€23,269 | +397.2% |
| Recurring financial income | 75 | €5,858 | €1,171 | -€4,687 | -80.0% |
| Non-recurring financial income | 76B | - | €27,956 | +€27,956 | |
| Financial charges | 65/66B | €808 | €6,977 | +€6,169 | +763.6% |
| Recurring financial charges | 65 | €808 | €1,372 | +€564 | +69.8% |
| Non-recurring financial charges | 66B | - | €5,605 | +€5,605 | |
| Profit (loss) for the period before taxes | 9903 | €103,502 | €143,841 | +€40,339 | +39.0% |
| Income taxes | 67/77 | €23,063 | €18,725 | -€4,338 | -18.8% |
| Profit (loss) for the period | 9904 | €80,439 | €125,116 | +€44,677 | +55.5% |
| Profit (loss) for the period to be appropriated | 9905 | €80,439 | €125,116 | +€44,677 | +55.5% |
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 8 October 2026 via checked.be.