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
- Current investments +€95,825
up €95,825 (+18.7%), from €513,451 to €609,276
- Cash +€26,809
up €26,809 (+1,921%), from €1,395 to €28,205
mainly Net result for the year (+€132,409) and Other debts (+€60,299)
- Receivables within one year -€22,761
down €22,761 (-89.4%), from €25,455 to €2,695
- Tangible fixed assets +€15,293
up €15,293 (+124%), from €12,332 to €27,624
of which Furniture and vehicles: +€15,856
- Other debts +€60,299
up €60,299 (+17.5%), from €345,537 to €405,837
- Reserves +€35,409
up €35,409 (+36.4%), from €97,213 to €132,622
- Debts after one year -€22,917
down €22,917 (-31.3%), from €73,195 to €50,278
- Tax, wage and social debts +€18,936
up €18,936 (+108%), from €17,486 to €36,422
of which Taxes: +€17,083
- Trade debts +€17,982
up €17,982 (+260%), from €6,911 to €24,892
- Gross operating margin +€119,514
up €119,514 (+161%), from €74,232 to €193,746
- Taxes +€32,069
up €32,069 (+191%), from €16,788 to €48,857
- Depreciation -€4,099
down €4,099 (-41.1%), from €9,980 to €5,881
- Financial charges -€2,276
down €2,276 (-27.2%), from €8,380 to €6,104
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 | €558,941 | €668,650 | +€109,709 | +19.6% |
| Fixed assets | 21/28 | €12,332 | €27,624 | +€15,293 | +124% |
| Tangible fixed assets | 22/27 | €12,332 | €27,624 | +€15,293 | +124% |
| Land and buildings | 22 | €3,934 | €3,370 | -€563 | -14.3% |
| Furniture and vehicles | 24 | €8,398 | €24,254 | +€15,856 | +189% |
| Current assets | 29/58 | €546,609 | €641,026 | +€94,417 | +17.3% |
| Amounts receivable within one year | 40/41 | €25,455 | €2,695 | -€22,761 | -89.4% |
| Trade receivables | 40 | €25,455 | €2,695 | -€22,761 | -89.4% |
| Current investments | 50/53 | €513,451 | €609,276 | +€95,825 | +18.7% |
| Cash at bank and in hand | 54/58 | €1,395 | €28,205 | +€26,809 | +1,921% |
| Deferred charges and accrued income | 490/1 | €6,307 | €851 | -€5,456 | -86.5% |
| Total equity and liabilities | 10/49 | €558,941 | €668,650 | +€109,709 | +19.6% |
| Equity | 10/15 | €115,813 | €151,222 | +€35,409 | +30.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €97,213 | €132,622 | +€35,409 | +36.4% |
| Distributable reserves | 133 | €97,213 | €132,622 | +€35,409 | +36.4% |
| Amounts payable | 17/49 | €443,128 | €517,429 | +€74,300 | +16.8% |
| Amounts payable after more than one year | 17 | €73,195 | €50,278 | -€22,917 | -31.3% |
| Financial debts | 170/4 | €73,195 | €50,278 | -€22,917 | -31.3% |
| Amounts payable within one year | 42/48 | €369,933 | €467,151 | +€97,217 | +26.3% |
| Trade debts | 44 | €6,911 | €24,892 | +€17,982 | +260% |
| Suppliers | 440/4 | €6,911 | €24,892 | +€17,982 | +260% |
| Taxes, remuneration and social security | 45 | €17,486 | €36,422 | +€18,936 | +108% |
| Taxes | 450/3 | €17,486 | €34,569 | +€17,083 | +97.7% |
| Remuneration and social security | 454/9 | - | €1,853 | +€1,853 | |
| Other amounts payable | 47/48 | €345,537 | €405,837 | +€60,299 | +17.5% |
| Non-recurring operating income | 76A | - | €5,102 | +€5,102 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,980 | €5,881 | -€4,099 | -41.1% |
| Other operating charges | 640/8 | €863 | €495 | -€368 | -42.7% |
| Gross operating margin | 9900 | €74,232 | €193,746 | +€119,514 | +161% |
| Operating profit (loss) | 9901 | €63,390 | €187,370 | +€123,980 | +196% |
| Financial charges | 65/66B | €8,380 | €6,104 | -€2,276 | -27.2% |
| Recurring financial charges | 65 | €8,380 | €6,104 | -€2,276 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | €55,010 | €181,266 | +€126,256 | +230% |
| Income taxes | 67/77 | €16,788 | €48,857 | +€32,069 | +191% |
| Profit (loss) for the period | 9904 | €38,222 | €132,409 | +€94,187 | +246% |
| Profit (loss) for the period to be appropriated | 9905 | €38,222 | €132,409 | +€94,187 | +246% |
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 27 October 2026 via checked.be.