ELAN: 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.
ELAN
Largest movements
- Stocks and contracts +€302,715
up €302,715 (+32.7%), from €925,633 to €1.2m
- Cash +€114,798
up €114,798 (+110%), from €104,837 to €219,635
mainly Short-term financial debts (+€355,000) and Net result for the year (+€329,602)
- Intangible fixed assets -€46,947
down €46,947 (-38.2%), from €122,801 to €75,853
- Receivables within one year +€32,638
up €32,638 (+3.4%), from €964,427 to €997,065
of which Trade receivables: +€82,474
- Short-term financial debts +€355,000
up €355,000 (+145%), from €245,000 to €600,000
- Reserves +€129,602
up €129,602 (+14.9%), from €872,486 to €1.0m
- Trade debts +€120,064
up €120,064 (+174%), from €68,831 to €188,895
- Tax, wage and social debts -€81,084
down €81,084 (-67.0%), from €120,972 to €39,888
of which Taxes: -€72,009
- Other debts -€70,039
down €70,039 (-21.2%), from €330,848 to €260,809
- Gross operating margin -€94,752
down €94,752 (-14.7%), from €644,313 to €549,561
- Taxes -€22,336
down €22,336 (-17.1%), from €130,362 to €108,025
- Financial charges -€18,785
down €18,785 (-23.2%), from €80,901 to €62,117
- Financial income +€6,493
up €6,493 (+307%), from €2,114 to €8,607
of which Financial income: +€6,891
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 | €2,156,339 | €2,555,701 | +€399,363 | +18.5% |
| Fixed assets | 21/28 | €140,257 | €107,045 | -€33,211 | -23.7% |
| Intangible fixed assets | 21 | €122,801 | €75,853 | -€46,947 | -38.2% |
| Tangible fixed assets | 22/27 | €15,956 | €31,192 | +€15,236 | +95.5% |
| Plant, machinery and equipment | 23 | €11,933 | €13,068 | +€1,134 | +9.5% |
| Furniture and vehicles | 24 | €4,023 | €18,125 | +€14,101 | +351% |
| Financial fixed assets | 28 | €1,500 | - | -€1,500 | |
| Current assets | 29/58 | €2,016,082 | €2,448,656 | +€432,574 | +21.5% |
| Stocks and contracts in progress | 3 | €925,633 | €1,228,348 | +€302,715 | +32.7% |
| Stocks | 30/36 | €925,633 | €1,228,348 | +€302,715 | +32.7% |
| Amounts receivable within one year | 40/41 | €964,427 | €997,065 | +€32,638 | +3.4% |
| Trade receivables | 40 | €914,427 | €996,901 | +€82,474 | +9.0% |
| Other amounts receivable | 41 | €50,000 | €164 | -€49,836 | -99.7% |
| Cash at bank and in hand | 54/58 | €104,837 | €219,635 | +€114,798 | +110% |
| Deferred charges and accrued income | 490/1 | €21,186 | €3,609 | -€17,577 | -83.0% |
| Total equity and liabilities | 10/49 | €2,156,339 | €2,555,701 | +€399,363 | +18.5% |
| Equity | 10/15 | €891,086 | €1,020,688 | +€129,602 | +14.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €872,486 | €1,002,088 | +€129,602 | +14.9% |
| Distributable reserves | 133 | €872,486 | €1,002,088 | +€129,602 | +14.9% |
| Amounts payable | 17/49 | €1,265,252 | €1,535,014 | +€269,761 | +21.3% |
| Amounts payable after more than one year | 17 | €358,417 | €354,740 | -€3,677 | -1.0% |
| Financial debts | 170/4 | €358,417 | €354,740 | -€3,677 | -1.0% |
| Amounts payable within one year | 42/48 | €906,835 | €1,180,273 | +€273,438 | +30.2% |
| Current portion of amounts payable after more than one year | 42 | €141,184 | €90,681 | -€50,503 | -35.8% |
| Financial debts | 43 | €245,000 | €600,000 | +€355,000 | +145% |
| Credit institutions | 430/8 | €245,000 | €600,000 | +€355,000 | +145% |
| Trade debts | 44 | €68,831 | €188,895 | +€120,064 | +174% |
| Suppliers | 440/4 | €68,831 | €188,895 | +€120,064 | +174% |
| Taxes, remuneration and social security | 45 | €120,972 | €39,888 | -€81,084 | -67.0% |
| Taxes | 450/3 | €111,897 | €39,888 | -€72,009 | -64.4% |
| Remuneration and social security | 454/9 | €9,075 | - | -€9,075 | |
| Other amounts payable | 47/48 | €330,848 | €260,809 | -€70,039 | -21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,732 | €44,730 | -€4,002 | -8.2% |
| Other operating charges | 640/8 | €3,172 | €5,147 | +€1,975 | +62.3% |
| Non-recurring operating charges | 66A | - | €8,547 | +€8,547 | |
| Gross operating margin | 9900 | €644,313 | €549,561 | -€94,752 | -14.7% |
| Operating profit (loss) | 9901 | €592,408 | €491,136 | -€101,272 | -17.1% |
| Financial income | 75/76B | €2,114 | €8,607 | +€6,493 | +307% |
| Recurring financial income | 75 | €1,716 | €8,607 | +€6,891 | +402% |
| Non-recurring financial income | 76B | €399 | - | -€399 | |
| Financial charges | 65/66B | €80,901 | €62,117 | -€18,785 | -23.2% |
| Recurring financial charges | 65 | €80,901 | €62,117 | -€18,785 | -23.2% |
| Profit (loss) for the period before taxes | 9903 | €513,621 | €437,627 | -€75,995 | -14.8% |
| Income taxes | 67/77 | €130,362 | €108,025 | -€22,336 | -17.1% |
| Profit (loss) for the period | 9904 | €383,260 | €329,602 | -€53,658 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €383,260 | €329,602 | -€53,658 | -14.0% |
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 18 October 2026 via checked.be.