ELART: 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.
ELART
Largest movements
- Cash -€110,288
no longer reported in 2025 (was €110,288)
mainly Investment in fixed assets (net) (-€62,033) and Debts after one year (-€24,900)
- Financial fixed assets +€62,033
up €62,033 (+6.4%), from €964,810 to €1.0m
- Debts after one year -€24,900
down €24,900 (-1.8%), from €1.4m to €1.3m
of which Other amounts payable: -€24,900
- Gross operating margin -€99,875
down €99,875, from €70,834 to -€29,041
- Financial charges -€20,352
down €20,352 (-52.4%), from €38,804 to €18,452
- Other operating charges -€4,928
down €4,928 (-95.2%), from €5,175 to €247
- Taxes -€2,433
down €2,433, from €2,425 to -€8
- Financial income +€777
up €777 (+2.1%), from €37,255 to €38,032
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 | €1,485,099 | €1,428,653 | -€56,446 | -3.8% |
| Fixed assets | 21/28 | €1,029,640 | €1,087,522 | +€57,882 | +5.6% |
| Tangible fixed assets | 22/27 | €64,830 | €60,679 | -€4,151 | -6.4% |
| Land and buildings | 22 | €62,000 | €59,000 | -€3,000 | -4.8% |
| Furniture and vehicles | 24 | €2,830 | €1,679 | -€1,151 | -40.7% |
| Financial fixed assets | 28 | €964,810 | €1,026,843 | +€62,033 | +6.4% |
| Current assets | 29/58 | €455,459 | €341,131 | -€114,328 | -25.1% |
| Stocks and contracts in progress | 3 | €325,701 | €325,701 | = | 0.0% |
| Stocks | 30/36 | €325,701 | €325,701 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €19,332 | €15,294 | -€4,038 | -20.9% |
| Trade receivables | 40 | €3,538 | - | -€3,538 | |
| Other amounts receivable | 41 | €15,794 | €15,294 | -€500 | -3.2% |
| Cash at bank and in hand | 54/58 | €110,288 | - | -€110,288 | |
| Deferred charges and accrued income | 490/1 | €138 | €136 | -€2 | -1.4% |
| Total equity and liabilities | 10/49 | €1,485,099 | €1,428,653 | -€56,446 | -3.8% |
| Equity | 10/15 | €89,550 | €75,699 | -€13,851 | -15.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €5,000 | €5,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,550 | €20,699 | -€13,851 | -40.1% |
| Amounts payable | 17/49 | €1,395,549 | €1,352,954 | -€42,595 | -3.1% |
| Amounts payable after more than one year | 17 | €1,373,309 | €1,348,409 | -€24,900 | -1.8% |
| Financial debts | 170/4 | €300,000 | €300,000 | = | 0.0% |
| Other amounts payable | 178/9 | €1,073,309 | €1,048,409 | -€24,900 | -2.3% |
| Amounts payable within one year | 42/48 | €7,768 | €4,545 | -€3,223 | -41.5% |
| Financial debts | 43 | - | €877 | +€877 | |
| Credit institutions | 430/8 | - | €877 | +€877 | |
| Trade debts | 44 | €5,343 | €1,250 | -€4,093 | -76.6% |
| Suppliers | 440/4 | €5,343 | €1,250 | -€4,093 | -76.6% |
| Taxes, remuneration and social security | 45 | €2,425 | €2,418 | -€7 | -0.3% |
| Taxes | 450/3 | €2,425 | €2,418 | -€7 | -0.3% |
| Accrued charges and deferred income | 492/3 | €14,472 | - | -€14,472 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,098 | €4,151 | +€53 | +1.3% |
| Other operating charges | 640/8 | €5,175 | €247 | -€4,928 | -95.2% |
| Gross operating margin | 9900 | €70,834 | -€29,041 | -€99,875 | |
| Operating profit (loss) | 9901 | €61,561 | -€33,439 | -€95,000 | |
| Financial income | 75/76B | €37,255 | €38,032 | +€777 | +2.1% |
| Recurring financial income | 75 | €37,255 | €38,032 | +€777 | +2.1% |
| Financial charges | 65/66B | €38,804 | €18,452 | -€20,352 | -52.4% |
| Recurring financial charges | 65 | €38,804 | €18,452 | -€20,352 | -52.4% |
| Profit (loss) for the period before taxes | 9903 | €60,012 | -€13,859 | -€73,871 | |
| Income taxes | 67/77 | €2,425 | -€8 | -€2,433 | |
| Profit (loss) for the period | 9904 | €57,587 | -€13,851 | -€71,438 | |
| Profit (loss) for the period to be appropriated | 9905 | €57,587 | -€13,851 | -€71,438 |
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 19 October 2026 via checked.be.