ELAN: 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.
ELAN
Largest movements
- Receivables within one year +€1.4m
up €1.4m (+280.5%), from €485,274 to €1.8m
of which Other amounts receivable: +€1.3m
- Cash -€1.1m
down €1.1m (-99.6%), from €1.1m to €4,842
mainly Receivables within one year (-€1.4m) and Trade debts (-€622,085)
- Tangible fixed assets -€955,317
down €955,317 (-31.5%), from €3.0m to €2.1m
of which Land and buildings: -€918,856
- Trade debts -€622,085
down €622,085 (-46.4%), from €1.3m to €718,027
- Reserves +€345,649
up €345,649 (+66.5%), from €520,128 to €865,777
of which Tax-exempt reserves: +€257,752
- Debts after one year -€306,803
down €306,803 (-19.1%), from €1.6m to €1.3m
of which Financial debts: -€297,503
- Other debts -€191,694
down €191,694 (-22.4%), from €854,775 to €663,081
- Provisions +€85,917
new in 2025: €85,917
- Financial charges -€57,261
down €57,261 (-37.6%), from €152,351 to €95,089
- Gross operating margin +€54,056
up €54,056 (+9.1%), from €596,850 to €650,906
- Taxes -€52,482
down €52,482 (-57.7%), from €90,924 to €38,442
- Financial income +€39,155
up €39,155 (+664.9%), from €5,889 to €45,044
- Depreciation -€23,295
down €23,295 (-21.3%), from €109,257 to €85,962
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 | €4,656,998 | €3,962,608 | -€694,390 | -14.9% |
| Fixed assets | 21/28 | €3,036,723 | €2,111,406 | -€925,317 | -30.5% |
| Tangible fixed assets | 22/27 | €3,036,723 | €2,081,406 | -€955,317 | -31.5% |
| Land and buildings | 22 | €2,926,825 | €2,007,969 | -€918,856 | -31.4% |
| Furniture and vehicles | 24 | €109,898 | €73,437 | -€36,462 | -33.2% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | - | €30,000 | +€30,000 | |
| Current assets | 29/58 | €1,620,274 | €1,851,202 | +€230,927 | +14.3% |
| Amounts receivable within one year | 40/41 | €485,274 | €1,846,359 | +€1.4m | +280.5% |
| Trade receivables | 40 | €64,159 | €105,021 | +€40,862 | +63.7% |
| Other amounts receivable | 41 | €421,114 | €1,741,338 | +€1.3m | +313.5% |
| Cash at bank and in hand | 54/58 | €1,134,796 | €4,842 | -€1.1m | -99.6% |
| Deferred charges and accrued income | 490/1 | €205 | €0 | -€205 | -100.0% |
| Total equity and liabilities | 10/49 | €4,656,998 | €3,962,608 | -€694,390 | -14.9% |
| Equity | 10/15 | €540,128 | €885,777 | +€345,649 | +64.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €520,128 | €865,777 | +€345,649 | +66.5% |
| Tax-exempt reserves | 132 | - | €257,752 | +€257,752 | |
| Distributable reserves | 133 | €520,128 | €608,025 | +€87,898 | +16.9% |
| Provisions and deferred taxes | 16 | - | €85,917 | +€85,917 | |
| Deferred taxes | 168 | - | €85,917 | +€85,917 | |
| Amounts payable | 17/49 | €4,116,870 | €2,990,914 | -€1.1m | -27.3% |
| Amounts payable after more than one year | 17 | €1,602,786 | €1,295,982 | -€306,803 | -19.1% |
| Financial debts | 170/4 | €1,593,486 | €1,295,982 | -€297,503 | -18.7% |
| Other amounts payable | 178/9 | €9,300 | €0 | -€9,300 | -100.0% |
| Amounts payable within one year | 42/48 | €2,436,263 | €1,600,906 | -€835,357 | -34.3% |
| Current portion of amounts payable after more than one year | 42 | €161,568 | €130,431 | -€31,136 | -19.3% |
| Trade debts | 44 | €1,340,113 | €718,027 | -€622,085 | -46.4% |
| Suppliers | 440/4 | €1,340,113 | €718,027 | -€622,085 | -46.4% |
| Taxes, remuneration and social security | 45 | €79,807 | €89,367 | +€9,559 | +12.0% |
| Taxes | 450/3 | €79,807 | €89,367 | +€9,559 | +12.0% |
| Other amounts payable | 47/48 | €854,775 | €663,081 | -€191,694 | -22.4% |
| Accrued charges and deferred income | 492/3 | €77,821 | €94,025 | +€16,204 | +20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,257 | €85,962 | -€23,295 | -21.3% |
| Other operating charges | 640/8 | €52,577 | €44,890 | -€7,687 | -14.6% |
| Gross operating margin | 9900 | €596,850 | €650,906 | +€54,056 | +9.1% |
| Operating profit (loss) | 9901 | €435,016 | €520,054 | +€85,039 | +19.5% |
| Financial income | 75/76B | €5,889 | €45,044 | +€39,155 | +664.9% |
| Recurring financial income | 75 | €5,889 | €45,044 | +€39,155 | +664.9% |
| Financial charges | 65/66B | €152,351 | €95,089 | -€57,261 | -37.6% |
| Recurring financial charges | 65 | €152,351 | €95,089 | -€57,261 | -37.6% |
| Profit (loss) for the period before taxes | 9903 | €288,554 | €470,009 | +€181,455 | +62.9% |
| Transfer to deferred taxes | 680 | - | €85,917 | +€85,917 | |
| Income taxes | 67/77 | €90,924 | €38,442 | -€52,482 | -57.7% |
| Profit (loss) for the period | 9904 | €197,630 | €345,649 | +€148,019 | +74.9% |
| Transfer to tax-exempt reserves | 689 | - | €257,752 | +€257,752 | |
| Profit (loss) for the period to be appropriated | 9905 | €197,630 | €87,898 | -€109,732 | -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 3 October 2026 via checked.be.