ELBELUX: 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.
ELBELUX
Largest movements
- Stocks and contracts +€13,876
up €13,876 (+22.9%), from €60,482 to €74,358
- Receivables within one year -€7,435
down €7,435 (-26.3%), from €28,321 to €20,886
of which Trade receivables: -€10,753
- Tangible fixed assets -€2,596
down €2,596 (-25.4%), from €10,236 to €7,640
of which Furniture and vehicles: -€2,140
- Profit (loss) carried forward +€33,465
up €33,465 (+55.7%), from -€60,123 to -€26,658
- Other debts -€10,903
down €10,903 (-38.8%), from €28,109 to €17,206
- Tax, wage and social debts -€8,529
down €8,529 (-48.1%), from €17,718 to €9,188
of which Taxes: -€5,296
- Trade debts -€6,434
down €6,434 (-35.1%), from €18,318 to €11,883
- Short-term financial debts -€2,645
no longer reported in 2025 (was €2,645)
- Gross operating margin +€79,059
up €79,059 (+222.6%), from €35,522 to €114,581
- Staff costs -€8,131
down €8,131 (-9.3%), from €87,580 to €79,449
- Financial income +€4,476
up €4,476 (+6193.5%), from €72 to €4,548
- Other operating charges -€1,678
down €1,678 (-38.2%), from €4,397 to €2,719
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 | €110,223 | €113,146 | +€2,923 | +2.7% |
| Fixed assets | 21/28 | €10,236 | €7,640 | -€2,596 | -25.4% |
| Tangible fixed assets | 22/27 | €10,236 | €7,640 | -€2,596 | -25.4% |
| Plant, machinery and equipment | 23 | €324 | - | -€324 | |
| Furniture and vehicles | 24 | €9,383 | €7,243 | -€2,140 | -22.8% |
| Other tangible fixed assets | 26 | €530 | €397 | -€132 | -25.0% |
| Current assets | 29/58 | €99,986 | €105,506 | +€5,520 | +5.5% |
| Stocks and contracts in progress | 3 | €60,482 | €74,358 | +€13,876 | +22.9% |
| Stocks | 30/36 | €60,482 | €74,358 | +€13,876 | +22.9% |
| Amounts receivable within one year | 40/41 | €28,321 | €20,886 | -€7,435 | -26.3% |
| Trade receivables | 40 | €28,321 | €17,568 | -€10,753 | -38.0% |
| Other amounts receivable | 41 | - | €3,318 | +€3,318 | |
| Cash at bank and in hand | 54/58 | €6,872 | €5,936 | -€936 | -13.6% |
| Deferred charges and accrued income | 490/1 | €4,312 | €4,326 | +€14 | +0.3% |
| Total equity and liabilities | 10/49 | €110,223 | €113,146 | +€2,923 | +2.7% |
| Equity | 10/15 | €37,641 | €71,105 | +€33,465 | +88.9% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €66,763 | €66,763 | = | 0.0% |
| Distributable reserves | 133 | €66,763 | €66,763 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€60,123 | -€26,658 | +€33,465 | +55.7% |
| Amounts payable | 17/49 | €72,582 | €42,041 | -€30,542 | -42.1% |
| Amounts payable after more than one year | 17 | €3,763 | €1,646 | -€2,117 | -56.3% |
| Financial debts | 170/4 | €3,763 | €1,646 | -€2,117 | -56.3% |
| Amounts payable within one year | 42/48 | €68,820 | €40,395 | -€28,425 | -41.3% |
| Current portion of amounts payable after more than one year | 42 | €2,030 | €2,117 | +€86 | +4.2% |
| Financial debts | 43 | €2,645 | - | -€2,645 | |
| Credit institutions | 430/8 | €2,645 | - | -€2,645 | |
| Trade debts | 44 | €18,318 | €11,883 | -€6,434 | -35.1% |
| Suppliers | 440/4 | €18,318 | €11,883 | -€6,434 | -35.1% |
| Taxes, remuneration and social security | 45 | €17,718 | €9,188 | -€8,529 | -48.1% |
| Taxes | 450/3 | €5,437 | €141 | -€5,296 | -97.4% |
| Remuneration and social security | 454/9 | €12,281 | €9,047 | -€3,234 | -26.3% |
| Other amounts payable | 47/48 | €28,109 | €17,206 | -€10,903 | -38.8% |
| Non-recurring operating income | 76A | - | €1,815 | +€1,815 | |
| Remuneration, social security and pensions | 62 | €87,580 | €79,449 | -€8,131 | -9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,292 | €2,596 | +€305 | +13.3% |
| Other operating charges | 640/8 | €4,397 | €2,719 | -€1,678 | -38.2% |
| Gross operating margin | 9900 | €35,522 | €114,581 | +€79,059 | +222.6% |
| Operating profit (loss) | 9901 | -€58,747 | €29,816 | +€88,563 | |
| Financial income | 75/76B | €72 | €4,548 | +€4,476 | +6193.5% |
| Recurring financial income | 75 | €72 | €4,548 | +€4,476 | +6193.5% |
| Financial charges | 65/66B | €1,282 | €755 | -€527 | -41.1% |
| Recurring financial charges | 65 | €1,282 | €755 | -€527 | -41.1% |
| Profit (loss) for the period before taxes | 9903 | -€59,957 | €33,609 | +€93,566 | |
| Income taxes | 67/77 | €166 | €144 | -€21 | -12.9% |
| Profit (loss) for the period | 9904 | -€60,123 | €33,465 | +€93,588 | |
| Profit (loss) for the period to be appropriated | 9905 | -€60,123 | €33,465 | +€93,588 |
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 12 October 2026 via checked.be.