ELBEFRA: 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.
ELBEFRA
Largest movements
- Tangible fixed assets +€74,269
up €74,269 (+224.0%), from €33,159 to €107,428
of which Other tangible fixed assets: +€44,873
- Receivables within one year -€27,494
down €27,494 (-8.1%), from €340,653 to €313,159
of which Other amounts receivable: -€106,460
- Receivables after one year -€25,530
no longer reported in 2025 (was €25,530)
- Intangible fixed assets -€11,857
down €11,857 (-38.7%), from €30,615 to €18,758
- Tax, wage and social debts +€56,101
up €56,101 (+93.4%), from €60,064 to €116,165
of which Taxes: +€41,677
- Profit (loss) carried forward -€41,606
down €41,606 (-93.8%), from €44,369 to €2,763
- Accrued charges and deferred income -€31,702
no longer reported in 2025 (was €31,702)
- Trade debts +€15,549
up €15,549 (+6.1%), from €254,547 to €270,096
- Other debts +€10,832
up €10,832 (+7522.0%), from €144 to €10,976
- Gross operating margin +€92,160
up €92,160 (+28.3%), from €325,803 to €417,963
- Staff costs +€88,433
up €88,433 (+26.3%), from €335,749 to €424,183
- Financial income -€14,145
down €14,145 (-100.0%), from €14,149 to €4
of which Financial income: -€12,235
- Depreciation +€13,420
up €13,420 (+62.3%), from €21,531 to €34,951
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €459,025 | €468,200 | +€9,175 | +2.0% |
| Fixed assets | 21/28 | €63,774 | €126,186 | +€62,412 | +97.9% |
| Intangible fixed assets | 21 | €30,615 | €18,758 | -€11,857 | -38.7% |
| Tangible fixed assets | 22/27 | €33,159 | €107,428 | +€74,269 | +224.0% |
| Plant, machinery and equipment | 23 | €23,701 | €53,190 | +€29,489 | +124.4% |
| Furniture and vehicles | 24 | €93 | - | -€93 | |
| Other tangible fixed assets | 26 | €9,365 | €54,238 | +€44,873 | +479.1% |
| Current assets | 29/58 | €395,251 | €342,014 | -€53,237 | -13.5% |
| Amounts receivable after more than one year | 29 | €25,530 | - | -€25,530 | |
| Trade receivables | 290 | €25,530 | - | -€25,530 | |
| Stocks and contracts in progress | 3 | €29,069 | €28,855 | -€214 | -0.7% |
| Stocks | 30/36 | €29,069 | €28,855 | -€214 | -0.7% |
| Amounts receivable within one year | 40/41 | €340,653 | €313,159 | -€27,494 | -8.1% |
| Trade receivables | 40 | €233,944 | €312,909 | +€78,966 | +33.8% |
| Other amounts receivable | 41 | €106,710 | €250 | -€106,460 | -99.8% |
| Total equity and liabilities | 10/49 | €459,025 | €468,200 | +€9,175 | +2.0% |
| Equity | 10/15 | €112,569 | €70,963 | -€41,606 | -37.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,369 | €2,763 | -€41,606 | -93.8% |
| Amounts payable | 17/49 | €346,456 | €397,237 | +€50,781 | +14.7% |
| Amounts payable within one year | 42/48 | €314,755 | €397,237 | +€82,482 | +26.2% |
| Trade debts | 44 | €254,547 | €270,096 | +€15,549 | +6.1% |
| Suppliers | 440/4 | €254,547 | €270,096 | +€15,549 | +6.1% |
| Taxes, remuneration and social security | 45 | €60,064 | €116,165 | +€56,101 | +93.4% |
| Taxes | 450/3 | €792 | €42,469 | +€41,677 | +5265.6% |
| Remuneration and social security | 454/9 | €59,273 | €73,697 | +€14,424 | +24.3% |
| Other amounts payable | 47/48 | €144 | €10,976 | +€10,832 | +7522.0% |
| Accrued charges and deferred income | 492/3 | €31,702 | - | -€31,702 | |
| Non-recurring operating income | 76A | - | €2,250 | +€2,250 | |
| Remuneration, social security and pensions | 62 | €335,749 | €424,183 | +€88,433 | +26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,531 | €34,951 | +€13,420 | +62.3% |
| Other operating charges | 640/8 | €407 | €288 | -€119 | -29.2% |
| Gross operating margin | 9900 | €325,803 | €417,963 | +€92,160 | +28.3% |
| Operating profit (loss) | 9901 | -€31,885 | -€41,459 | -€9,574 | -30.0% |
| Financial income | 75/76B | €14,149 | €4 | -€14,145 | -100.0% |
| Recurring financial income | 75 | €12,239 | €4 | -€12,235 | -100.0% |
| Non-recurring financial income | 76B | €1,910 | - | -€1,910 | |
| Financial charges | 65/66B | €140 | €151 | +€11 | +7.9% |
| Recurring financial charges | 65 | €140 | €151 | +€11 | +7.9% |
| Profit (loss) for the period before taxes | 9903 | -€17,876 | -€41,606 | -€23,730 | -132.8% |
| Profit (loss) for the period | 9904 | -€17,876 | -€41,606 | -€23,730 | -132.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,876 | -€41,606 | -€23,730 | -132.8% |
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 8 October 2026 via checked.be.