ELBA PROJECT: 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.
ELBA PROJECT
Largest movements
- Tangible fixed assets +€69,597
up €69,597 (+79.1%), from €88,020 to €157,617
of which Plant, machinery and equipment: +€109,795
- Receivables within one year -€41,905
down €41,905 (-40.3%), from €104,041 to €62,136
of which Trade receivables: -€40,431
- Cash +€7,419
up €7,419 (+37.7%), from €19,671 to €27,090
mainly Net result for the year (+€60,938) and Receivables within one year (+€41,905)
- Intangible fixed assets +€6,149
new in 2025: €6,149
- Reserves +€60,800
up €60,800 (+87.7%), from €69,360 to €130,160
of which Distributable reserves: +€60,800
- Trade debts -€41,306
down €41,306 (-86.8%), from €47,588 to €6,282
- Debts after one year +€18,330
new in 2025: €18,330
- Other debts -€17,727
down €17,727 (-40.0%), from €44,316 to €26,589
- Current portion of long-term debt +€13,164
new in 2025: €13,164
- Gross operating margin +€65,435
up €65,435 (+82.7%), from €79,168 to €144,603
- Staff costs +€15,862
up €15,862 (+167%), from €9,483 to €25,346
- Depreciation +€15,053
up €15,053 (+108%), from €13,960 to €29,012
- Taxes +€9,672
up €9,672 (+59.9%), from €16,143 to €25,815
- Write-downs -€1,888
no longer reported in 2025 (was €1,888)
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 | €212,379 | €254,418 | +€42,039 | +19.8% |
| Fixed assets | 21/28 | €88,020 | €163,766 | +€75,746 | +86.1% |
| Intangible fixed assets | 21 | - | €6,149 | +€6,149 | |
| Tangible fixed assets | 22/27 | €88,020 | €157,617 | +€69,597 | +79.1% |
| Plant, machinery and equipment | 23 | €8,933 | €118,728 | +€109,795 | +1,229% |
| Furniture and vehicles | 24 | €1,966 | €2,275 | +€309 | +15.7% |
| Other tangible fixed assets | 26 | €40,814 | €36,614 | -€4,200 | -10.3% |
| Assets under construction and advance payments | 27 | €36,307 | - | -€36,307 | |
| Current assets | 29/58 | €124,359 | €90,652 | -€33,707 | -27.1% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Stocks | 30/36 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €104,041 | €62,136 | -€41,905 | -40.3% |
| Trade receivables | 40 | €100,968 | €60,537 | -€40,431 | -40.0% |
| Other amounts receivable | 41 | €3,073 | €1,599 | -€1,474 | -48.0% |
| Cash at bank and in hand | 54/58 | €19,671 | €27,090 | +€7,419 | +37.7% |
| Deferred charges and accrued income | 490/1 | €647 | €1,426 | +€779 | +120% |
| Total equity and liabilities | 10/49 | €212,379 | €254,418 | +€42,039 | +19.8% |
| Equity | 10/15 | €88,225 | €149,163 | +€60,938 | +69.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | - | €18,600 | +€18,600 | |
| Other | 1109/19 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €69,360 | €130,160 | +€60,800 | +87.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €67,500 | €128,300 | +€60,800 | +90.1% |
| Profit (loss) carried forward | 14 | €265 | €403 | +€138 | +52.0% |
| Amounts payable | 17/49 | €124,154 | €105,255 | -€18,899 | -15.2% |
| Amounts payable after more than one year | 17 | - | €18,330 | +€18,330 | |
| Financial debts | 170/4 | - | €18,330 | +€18,330 | |
| Amounts payable within one year | 42/48 | €124,154 | €86,925 | -€37,229 | -30.0% |
| Current portion of amounts payable after more than one year | 42 | - | €13,164 | +€13,164 | |
| Trade debts | 44 | €47,588 | €6,282 | -€41,306 | -86.8% |
| Suppliers | 440/4 | €47,588 | €6,282 | -€41,306 | -86.8% |
| Taxes, remuneration and social security | 45 | €32,250 | €40,890 | +€8,640 | +26.8% |
| Taxes | 450/3 | €22,682 | €23,556 | +€874 | +3.9% |
| Remuneration and social security | 454/9 | €9,568 | €17,334 | +€7,766 | +81.2% |
| Other amounts payable | 47/48 | €44,316 | €26,589 | -€17,727 | -40.0% |
| Remuneration, social security and pensions | 62 | €9,483 | €25,346 | +€15,862 | +167% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,960 | €29,012 | +€15,053 | +108% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,888 | - | -€1,888 | |
| Other operating charges | 640/8 | €1,752 | €2,251 | +€500 | +28.5% |
| Gross operating margin | 9900 | €79,168 | €144,603 | +€65,435 | +82.7% |
| Operating profit (loss) | 9901 | €52,086 | €87,994 | +€35,908 | +68.9% |
| Financial income | 75/76B | €21 | - | -€21 | |
| Recurring financial income | 75 | €21 | - | -€21 | |
| Financial charges | 65/66B | €198 | €1,241 | +€1,043 | +526% |
| Recurring financial charges | 65 | €198 | €1,241 | +€1,043 | +526% |
| Profit (loss) for the period before taxes | 9903 | €51,908 | €86,753 | +€34,845 | +67.1% |
| Income taxes | 67/77 | €16,143 | €25,815 | +€9,672 | +59.9% |
| Profit (loss) for the period | 9904 | €35,765 | €60,938 | +€25,173 | +70.4% |
| Profit (loss) for the period to be appropriated | 9905 | €35,765 | €60,938 | +€25,173 | +70.4% |
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 13 October 2026 via checked.be.