ELBACO: 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.
ELBACO
Largest movements
- Cash +€188,191
up €188,191 (+389%), from €48,385 to €236,577
mainly Net result for the year (+€154,009) and Current investments (+€120,356)
- Current investments -€120,356
down €120,356 (-96.0%), from €125,383 to €5,027
- Receivables within one year -€78,562
down €78,562 (-78.6%), from €99,934 to €21,371
of which Trade receivables: -€79,297
- Stocks and contracts +€42,727
up €42,727 (+21.1%), from €202,027 to €244,753
- Intangible fixed assets -€28,500
down €28,500 (-12.9%), from €220,973 to €192,473
- Other debts -€159,009
down €159,009 (-50.1%), from €317,239 to €158,230
- Reserves +€154,009
up €154,009 (+21.7%), from €709,333 to €863,342
of which Distributable reserves: +€161,641
- Gross operating margin +€79,947
up €79,947 (+28.4%), from €281,160 to €361,107
- Other operating charges -€69,419
down €69,419 (-90.5%), from €76,722 to €7,303
- Taxes +€50,131
up €50,131 (+201%), from €24,914 to €75,045
- Depreciation -€9,233
down €9,233 (-11.3%), from €81,925 to €72,692
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 | €1,563,847 | €1,541,733 | -€22,113 | -1.4% |
| Fixed assets | 21/28 | €1,085,147 | €1,030,897 | -€54,250 | -5.0% |
| Intangible fixed assets | 21 | €220,973 | €192,473 | -€28,500 | -12.9% |
| Tangible fixed assets | 22/27 | €846,414 | €819,855 | -€26,559 | -3.1% |
| Land and buildings | 22 | €807,764 | €780,200 | -€27,564 | -3.4% |
| Plant, machinery and equipment | 23 | €7,353 | €4,231 | -€3,121 | -42.5% |
| Furniture and vehicles | 24 | €21,115 | €12,954 | -€8,161 | -38.6% |
| Other tangible fixed assets | 26 | €10,182 | €22,469 | +€12,287 | +121% |
| Financial fixed assets | 28 | €17,760 | €18,569 | +€809 | +4.6% |
| Current assets | 29/58 | €478,700 | €510,836 | +€32,136 | +6.7% |
| Stocks and contracts in progress | 3 | €202,027 | €244,753 | +€42,727 | +21.1% |
| Stocks | 30/36 | €202,027 | €244,753 | +€42,727 | +21.1% |
| Amounts receivable within one year | 40/41 | €99,934 | €21,371 | -€78,562 | -78.6% |
| Trade receivables | 40 | €79,297 | - | -€79,297 | |
| Other amounts receivable | 41 | €20,637 | €21,371 | +€735 | +3.6% |
| Current investments | 50/53 | €125,383 | €5,027 | -€120,356 | -96.0% |
| Cash at bank and in hand | 54/58 | €48,385 | €236,577 | +€188,191 | +389% |
| Deferred charges and accrued income | 490/1 | €2,972 | €3,108 | +€136 | +4.6% |
| Total equity and liabilities | 10/49 | €1,563,847 | €1,541,733 | -€22,113 | -1.4% |
| Equity | 10/15 | €727,933 | €881,942 | +€154,009 | +21.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €709,333 | €863,342 | +€154,009 | +21.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €106,853 | €99,220 | -€7,632 | -7.1% |
| Distributable reserves | 133 | €600,620 | €762,261 | +€161,641 | +26.9% |
| Provisions and deferred taxes | 16 | €45,794 | €42,523 | -€3,271 | -7.1% |
| Deferred taxes | 168 | €45,794 | €42,523 | -€3,271 | -7.1% |
| Amounts payable | 17/49 | €790,120 | €617,269 | -€172,851 | -21.9% |
| Amounts payable after more than one year | 17 | €335,572 | €322,145 | -€13,427 | -4.0% |
| Financial debts | 170/4 | €335,572 | €322,145 | -€13,427 | -4.0% |
| Amounts payable within one year | 42/48 | €454,548 | €295,124 | -€159,424 | -35.1% |
| Current portion of amounts payable after more than one year | 42 | €12,954 | €13,427 | +€473 | +3.6% |
| Trade debts | 44 | €102,988 | €91,169 | -€11,819 | -11.5% |
| Suppliers | 440/4 | €102,988 | €91,169 | -€11,819 | -11.5% |
| Taxes, remuneration and social security | 45 | €21,366 | €32,298 | +€10,932 | +51.2% |
| Taxes | 450/3 | €12,606 | €23,377 | +€10,771 | +85.4% |
| Remuneration and social security | 454/9 | €8,760 | €8,921 | +€161 | +1.8% |
| Other amounts payable | 47/48 | €317,239 | €158,230 | -€159,009 | -50.1% |
| Non-recurring operating income | 76A | €343 | €516 | +€172 | +50.2% |
| Remuneration, social security and pensions | 62 | €39,165 | €42,743 | +€3,578 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,925 | €72,692 | -€9,233 | -11.3% |
| Other operating charges | 640/8 | €76,722 | €7,303 | -€69,419 | -90.5% |
| Non-recurring operating charges | 66A | €5,544 | €296 | -€5,248 | -94.7% |
| Gross operating margin | 9900 | €281,160 | €361,107 | +€79,947 | +28.4% |
| Operating profit (loss) | 9901 | €77,803 | €238,072 | +€160,269 | +206% |
| Financial income | 75/76B | €3,354 | €1,069 | -€2,285 | -68.1% |
| Recurring financial income | 75 | €3,354 | €1,069 | -€2,285 | -68.1% |
| Financial charges | 65/66B | €13,238 | €13,358 | +€120 | +0.9% |
| Recurring financial charges | 65 | €13,238 | €13,358 | +€120 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €67,919 | €225,783 | +€157,863 | +232% |
| Transfer from deferred taxes | 780 | €3,271 | €3,271 | = | 0.0% |
| Income taxes | 67/77 | €24,914 | €75,045 | +€50,131 | +201% |
| Profit (loss) for the period | 9904 | €46,276 | €154,009 | +€107,733 | +233% |
| Transfer from tax-exempt reserves | 789 | €7,632 | €7,632 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €53,908 | €161,641 | +€107,733 | +200% |
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 17 October 2026 via checked.be.