ELAS: 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.
ELAS
Largest movements
- Tangible fixed assets +€221,236
up €221,236 (+330%), from €67,108 to €288,344
of which Other tangible fixed assets: +€234,950
- Stocks and contracts -€184,237
down €184,237 (-37.4%), from €493,119 to €308,882
- Receivables within one year -€50,072
down €50,072 (-47.3%), from €105,892 to €55,820
of which Other amounts receivable: -€90,891
- Current investments +€38,897
up €38,897 (+1.8%), from €2.2m to €2.3m
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€46,936
up €46,936, from -€26,169 to €20,767
- Depreciation +€25,577
up €25,577 (+245%), from €10,432 to €36,009
- Financial income -€13,814
down €13,814 (-19.0%), from €72,827 to €59,013
- Financial charges +€1,933
up €1,933 (+259%), from €746 to €2,679
- Taxes +€1,484
up €1,484 (+12.5%), from €11,908 to €13,392
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 | €3,242,301 | €3,284,619 | +€42,318 | +1.3% |
| Fixed assets | 21/28 | €67,108 | €288,344 | +€221,236 | +330% |
| Tangible fixed assets | 22/27 | €67,108 | €288,344 | +€221,236 | +330% |
| Land and buildings | 22 | €28,148 | €26,673 | -€1,475 | -5.2% |
| Furniture and vehicles | 24 | €38,960 | €26,721 | -€12,239 | -31.4% |
| Other tangible fixed assets | 26 | - | €234,950 | +€234,950 | |
| Current assets | 29/58 | €3,175,193 | €2,996,275 | -€178,918 | -5.6% |
| Amounts receivable after more than one year | 29 | €350,000 | €350,000 | = | 0.0% |
| Other amounts receivable | 291 | €350,000 | €350,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €493,119 | €308,882 | -€184,237 | -37.4% |
| Stocks | 30/36 | €493,119 | €308,882 | -€184,237 | -37.4% |
| Amounts receivable within one year | 40/41 | €105,892 | €55,820 | -€50,072 | -47.3% |
| Trade receivables | 40 | €10,001 | €50,820 | +€40,819 | +408% |
| Other amounts receivable | 41 | €95,891 | €5,000 | -€90,891 | -94.8% |
| Current investments | 50/53 | €2,217,376 | €2,256,273 | +€38,897 | +1.8% |
| Cash at bank and in hand | 54/58 | €774 | €17,198 | +€16,424 | +2,122% |
| Deferred charges and accrued income | 490/1 | €8,032 | €8,102 | +€70 | +0.9% |
| Total equity and liabilities | 10/49 | €3,242,301 | €3,284,619 | +€42,318 | +1.3% |
| Equity | 10/15 | €3,238,390 | €3,260,852 | +€22,462 | +0.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €3,217,847 | €3,240,309 | +€22,462 | +0.7% |
| Distributable reserves | 133 | €3,217,847 | €3,240,309 | +€22,462 | +0.7% |
| Profit (loss) carried forward | 14 | €543 | €543 | = | 0.0% |
| Amounts payable | 17/49 | €3,911 | €23,767 | +€19,856 | +508% |
| Amounts payable within one year | 42/48 | €3,443 | €23,767 | +€20,324 | +590% |
| Trade debts | 44 | €1,460 | €4,608 | +€3,148 | +216% |
| Suppliers | 440/4 | €1,460 | €4,608 | +€3,148 | +216% |
| Taxes, remuneration and social security | 45 | €1,983 | €19,159 | +€17,176 | +866% |
| Taxes | 450/3 | €1,983 | €19,159 | +€17,176 | +866% |
| Accrued charges and deferred income | 492/3 | €468 | - | -€468 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,432 | €36,009 | +€25,577 | +245% |
| Other operating charges | 640/8 | €4,567 | €5,239 | +€672 | +14.7% |
| Gross operating margin | 9900 | -€26,169 | €20,767 | +€46,936 | |
| Operating profit (loss) | 9901 | -€41,168 | -€20,481 | +€20,687 | +50.3% |
| Financial income | 75/76B | €72,827 | €59,013 | -€13,814 | -19.0% |
| Recurring financial income | 75 | €72,827 | €59,013 | -€13,814 | -19.0% |
| Financial charges | 65/66B | €746 | €2,679 | +€1,933 | +259% |
| Recurring financial charges | 65 | €746 | €2,679 | +€1,933 | +259% |
| Profit (loss) for the period before taxes | 9903 | €30,913 | €35,853 | +€4,940 | +16.0% |
| Income taxes | 67/77 | €11,908 | €13,392 | +€1,484 | +12.5% |
| Profit (loss) for the period | 9904 | €19,005 | €22,461 | +€3,456 | +18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €19,005 | €22,461 | +€3,456 | +18.2% |
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 15 October 2026 via checked.be.