ELBADO: 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.
ELBADO
Largest movements
- Tangible fixed assets -€39,027
down €39,027 (-5.9%), from €665,900 to €626,873
of which Land and buildings: -€34,432
- Cash +€30,247
up €30,247 (+30.9%), from €97,884 to €128,132
mainly Depreciation (+€39,622) and Receivables within one year (+€5,349)
- Current investments +€11,997
up €11,997 (+400%), from €3,001 to €14,998
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€1,289
up €1,289 (+2.5%), from €51,292 to €52,581
- Depreciation +€647
up €647 (+1.7%), from €38,975 to €39,622
- Taxes +€557
up €557 (+53.5%), from €1,042 to €1,600
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 | €782,318 | €780,164 | -€2,155 | -0.3% |
| Fixed assets | 21/28 | €665,925 | €626,898 | -€39,027 | -5.9% |
| Tangible fixed assets | 22/27 | €665,900 | €626,873 | -€39,027 | -5.9% |
| Land and buildings | 22 | €650,407 | €615,974 | -€34,432 | -5.3% |
| Furniture and vehicles | 24 | €15,493 | €10,899 | -€4,595 | -29.7% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €116,393 | €153,266 | +€36,873 | +31.7% |
| Amounts receivable within one year | 40/41 | €14,364 | €9,015 | -€5,349 | -37.2% |
| Trade receivables | 40 | €1,870 | - | -€1,870 | |
| Other amounts receivable | 41 | €12,494 | €9,015 | -€3,479 | -27.8% |
| Current investments | 50/53 | €3,001 | €14,998 | +€11,997 | +400% |
| Cash at bank and in hand | 54/58 | €97,884 | €128,132 | +€30,247 | +30.9% |
| Deferred charges and accrued income | 490/1 | €1,143 | €1,121 | -€22 | -2.0% |
| Total equity and liabilities | 10/49 | €782,318 | €780,164 | -€2,155 | -0.3% |
| Equity | 10/15 | €773,971 | €777,025 | +€3,054 | +0.4% |
| Contributions | 10/11 | €56,781 | €56,781 | = | 0.0% |
| Reserves | 13 | €271,122 | €274,122 | +€3,000 | +1.1% |
| Distributable reserves | 133 | €271,122 | €274,122 | +€3,000 | +1.1% |
| Profit (loss) carried forward | 14 | €446,068 | €446,122 | +€54 | 0.0% |
| Amounts payable | 17/49 | €8,347 | €3,139 | -€5,208 | -62.4% |
| Amounts payable within one year | 42/48 | €4,070 | €1,873 | -€2,197 | -54.0% |
| Trade debts | 44 | €829 | €67 | -€762 | -91.9% |
| Suppliers | 440/4 | €829 | €67 | -€762 | -91.9% |
| Taxes, remuneration and social security | 45 | €2,326 | €434 | -€1,893 | -81.4% |
| Taxes | 450/3 | €2,326 | €434 | -€1,893 | -81.4% |
| Other amounts payable | 47/48 | €915 | €1,372 | +€457 | +50.0% |
| Accrued charges and deferred income | 492/3 | €4,277 | €1,266 | -€3,011 | -70.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,975 | €39,622 | +€647 | +1.7% |
| Other operating charges | 640/8 | €8,274 | €8,444 | +€169 | +2.0% |
| Gross operating margin | 9900 | €51,292 | €52,581 | +€1,289 | +2.5% |
| Operating profit (loss) | 9901 | €4,043 | €4,515 | +€473 | +11.7% |
| Financial income | 75/76B | €0 | €413 | +€413 | +4,127,600% |
| Recurring financial income | 75 | €0 | €413 | +€413 | +4,127,600% |
| Financial charges | 65/66B | €582 | €275 | -€308 | -52.9% |
| Recurring financial charges | 65 | €582 | €275 | -€308 | -52.9% |
| Profit (loss) for the period before taxes | 9903 | €3,460 | €4,653 | +€1,193 | +34.5% |
| Income taxes | 67/77 | €1,042 | €1,600 | +€557 | +53.5% |
| Profit (loss) for the period | 9904 | €2,418 | €3,054 | +€636 | +26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,418 | €3,054 | +€636 | +26.3% |
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.