ELBE Projects: 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.
ELBE Projects
Largest movements
- Cash +€27,640
up €27,640 (+187.6%), from €14,737 to €42,378
mainly Net result for the year (+€43,466) and Depreciation (+€7,346)
- Current investments +€18,061
up €18,061 (+301.0%), from €6,000 to €24,061
- Receivables within one year -€6,158
down €6,158 (-37.7%), from €16,330 to €10,172
of which Trade receivables: -€4,205
- Tangible fixed assets -€5,846
down €5,846 (-18.8%), from €31,092 to €25,246
of which Furniture and vehicles: -€7,300
- Reserves +€43,466
up €43,466 (+161.5%), from €26,921 to €70,387
- Debts after one year -€8,944
down €8,944 (-41.6%), from €21,475 to €12,531
- Tax, wage and social debts -€1,398
down €1,398 (-19.7%), from €7,093 to €5,695
- Gross operating margin +€22,883
up €22,883 (+56.0%), from €40,872 to €63,755
- Taxes +€4,441
up €4,441 (+62.6%), from €7,093 to €11,534
- Depreciation +€2,310
up €2,310 (+45.9%), from €5,035 to €7,346
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 | €68,591 | €102,597 | +€34,006 | +49.6% |
| Fixed assets | 21/28 | €31,092 | €25,986 | -€5,106 | -16.4% |
| Tangible fixed assets | 22/27 | €31,092 | €25,246 | -€5,846 | -18.8% |
| Plant, machinery and equipment | 23 | - | €1,455 | +€1,455 | |
| Furniture and vehicles | 24 | €31,092 | €23,791 | -€7,300 | -23.5% |
| Financial fixed assets | 28 | - | €740 | +€740 | |
| Current assets | 29/58 | €37,499 | €76,611 | +€39,112 | +104.3% |
| Amounts receivable within one year | 40/41 | €16,330 | €10,172 | -€6,158 | -37.7% |
| Trade receivables | 40 | €14,377 | €10,172 | -€4,205 | -29.2% |
| Other amounts receivable | 41 | €1,953 | - | -€1,953 | |
| Current investments | 50/53 | €6,000 | €24,061 | +€18,061 | +301.0% |
| Cash at bank and in hand | 54/58 | €14,737 | €42,378 | +€27,640 | +187.6% |
| Deferred charges and accrued income | 490/1 | €431 | - | -€431 | |
| Total equity and liabilities | 10/49 | €68,591 | €102,597 | +€34,006 | +49.6% |
| Equity | 10/15 | €29,921 | €73,387 | +€43,466 | +145.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €26,921 | €70,387 | +€43,466 | +161.5% |
| Distributable reserves | 133 | €26,921 | €70,387 | +€43,466 | +161.5% |
| Amounts payable | 17/49 | €38,669 | €29,210 | -€9,459 | -24.5% |
| Amounts payable after more than one year | 17 | €21,475 | €12,531 | -€8,944 | -41.6% |
| Financial debts | 170/4 | €21,475 | €12,531 | -€8,944 | -41.6% |
| Amounts payable within one year | 42/48 | €17,194 | €16,679 | -€515 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €8,573 | €8,944 | +€371 | +4.3% |
| Trade debts | 44 | €60 | €215 | +€155 | +258.8% |
| Suppliers | 440/4 | €60 | €215 | +€155 | +258.8% |
| Taxes, remuneration and social security | 45 | €7,093 | €5,695 | -€1,398 | -19.7% |
| Taxes | 450/3 | €7,093 | €5,695 | -€1,398 | -19.7% |
| Other amounts payable | 47/48 | €1,469 | €1,825 | +€356 | +24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,035 | €7,346 | +€2,310 | +45.9% |
| Other operating charges | 640/8 | €633 | €345 | -€288 | -45.5% |
| Gross operating margin | 9900 | €40,872 | €63,755 | +€22,883 | +56.0% |
| Operating profit (loss) | 9901 | €35,203 | €56,064 | +€20,861 | +59.3% |
| Financial income | 75/76B | - | €87 | +€87 | |
| Recurring financial income | 75 | - | €87 | +€87 | |
| Financial charges | 65/66B | €1,189 | €1,152 | -€37 | -3.1% |
| Recurring financial charges | 65 | €1,189 | €1,152 | -€37 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €34,014 | €54,999 | +€20,985 | +61.7% |
| Income taxes | 67/77 | €7,093 | €11,534 | +€4,441 | +62.6% |
| Profit (loss) for the period | 9904 | €26,921 | €43,466 | +€16,544 | +61.5% |
| Profit (loss) for the period to be appropriated | 9905 | €26,921 | €43,466 | +€16,544 | +61.5% |
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 3 October 2026 via checked.be.