ELBARO: what changed
Two fiscal 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.
ELBARO
Largest movements
- Cash -€113,611
down €113,611 (-79.5%), from €142,819 to €29,208
mainly Debts after one year (-€118,385) and Net result for the year (-€108,999)
- Debts after one year -€118,385
down €118,385 (-8.6%), from €1.4m to €1.3m
- Profit (loss) carried forward -€108,999
down €108,999 (-26.0%), from €419,554 to €310,555
- Other debts +€77,733
up €77,733 (+14.3%), from €542,595 to €620,328
- Depreciation +€51,136
up €51,136 (+123.5%), from €41,416 to €92,552
- Financial income -€15,776
down €15,776 (-95.5%), from €16,513 to €737
- Financial charges +€5,099
up €5,099 (+11.7%), from €43,514 to €48,613
- Gross operating margin -€2,691
down €2,691 (-7.1%), from €37,763 to €35,072
- Other operating charges -€861
down €861 (-19.1%), from €4,504 to €3,643
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.
Cash bridge derived
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 | €2,906,470 | €2,778,969 | -€127,500 | -4.4% |
| Fixed assets | 21/28 | €2,727,169 | €2,701,237 | -€25,932 | -1.0% |
| Tangible fixed assets | 22/27 | €2,396,476 | €2,370,545 | -€25,932 | -1.1% |
| Land and buildings | 22 | €1,297,107 | €2,133,305 | +€836,198 | +64.5% |
| Plant, machinery and equipment | 23 | €4,762 | €97,601 | +€92,839 | +1949.4% |
| Furniture and vehicles | 24 | €21,292 | €139,638 | +€118,346 | +555.8% |
| Assets under construction and advance payments | 27 | €1,073,314 | €0 | -€1.1m | -100.0% |
| Financial fixed assets | 28 | €330,693 | €330,693 | = | 0.0% |
| Current assets | 29/58 | €179,301 | €77,732 | -€101,568 | -56.6% |
| Amounts receivable within one year | 40/41 | €23,232 | €35,943 | +€12,711 | +54.7% |
| Trade receivables | 40 | €23,232 | €35,737 | +€12,505 | +53.8% |
| Other amounts receivable | 41 | - | €206 | +€206 | |
| Current investments | 50/53 | €10,000 | €10,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €142,819 | €29,208 | -€113,611 | -79.5% |
| Deferred charges and accrued income | 490/1 | €3,250 | €2,582 | -€668 | -20.6% |
| Total equity and liabilities | 10/49 | €2,906,470 | €2,778,969 | -€127,500 | -4.4% |
| Equity | 10/15 | €882,405 | €773,405 | -€108,999 | -12.4% |
| Contributions | 10/11 | €440,583 | €440,583 | = | 0.0% |
| Capital | 10 | €440,583 | €440,583 | = | 0.0% |
| Issued capital | 100 | €460,583 | €460,583 | = | 0.0% |
| Uncalled capital | 101 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €22,268 | €22,268 | = | 0.0% |
| Non-distributable reserves | 130/1 | €22,268 | €22,268 | = | 0.0% |
| Legal reserve | 130 | €22,268 | €22,268 | = | 0.0% |
| Profit (loss) carried forward | 14 | €419,554 | €310,555 | -€108,999 | -26.0% |
| Amounts payable | 17/49 | €2,024,065 | €2,005,564 | -€18,501 | -0.9% |
| Amounts payable after more than one year | 17 | €1,377,150 | €1,258,764 | -€118,385 | -8.6% |
| Financial debts | 170/4 | €1,377,150 | €1,258,764 | -€118,385 | -8.6% |
| Amounts payable within one year | 42/48 | €646,622 | €746,800 | +€100,178 | +15.5% |
| Current portion of amounts payable after more than one year | 42 | €78,177 | €105,644 | +€27,466 | +35.1% |
| Trade debts | 44 | €6,826 | €20,828 | +€14,002 | +205.1% |
| Suppliers | 440/4 | €6,826 | €20,828 | +€14,002 | +205.1% |
| Taxes, remuneration and social security | 45 | €19,023 | - | -€19,023 | |
| Taxes | 450/3 | €19,023 | - | -€19,023 | |
| Other amounts payable | 47/48 | €542,595 | €620,328 | +€77,733 | +14.3% |
| Accrued charges and deferred income | 492/3 | €294 | - | -€294 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,416 | €92,552 | +€51,136 | +123.5% |
| Other operating charges | 640/8 | €4,504 | €3,643 | -€861 | -19.1% |
| Gross operating margin | 9900 | €37,763 | €35,072 | -€2,691 | -7.1% |
| Operating profit (loss) | 9901 | -€8,158 | -€61,123 | -€52,965 | -649.3% |
| Financial income | 75/76B | €16,513 | €737 | -€15,776 | -95.5% |
| Recurring financial income | 75 | €16,513 | €737 | -€15,776 | -95.5% |
| Financial charges | 65/66B | €43,514 | €48,613 | +€5,099 | +11.7% |
| Recurring financial charges | 65 | €43,514 | €48,613 | +€5,099 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | -€35,159 | -€108,999 | -€73,841 | -210.0% |
| Profit (loss) for the period | 9904 | -€35,159 | -€108,999 | -€73,841 | -210.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,159 | -€108,999 | -€73,841 | -210.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.