ELBEMO: 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.
ELBEMO
Largest movements
- Receivables within one year +€29,806
up €29,806 (+31.4%), from €94,785 to €124,591
of which Trade receivables: +€35,360
- Stocks and contracts +€16,890
up €16,890 (+66.0%), from €25,610 to €42,500
of which Contracts in progress: +€18,900
- Tangible fixed assets +€15,072
up €15,072 (+10.2%), from €148,055 to €163,127
of which Land and buildings: +€13,582
- Reserves +€54,499
up €54,499 (+29.1%), from €187,499 to €241,998
- Contributions -€52,000
down €52,000 (-62.6%), from €83,125 to €31,125
- Other debts +€33,183
up €33,183 (+626.0%), from €5,301 to €38,484
- Trade debts +€14,828
up €14,828 (+65.2%), from €22,743 to €37,571
- Tax, wage and social debts +€13,095
up €13,095 (+369.8%), from €3,541 to €16,636
of which Taxes: +€13,582
- Gross operating margin +€29,576
up €29,576 (+24.5%), from €120,954 to €150,531
- Staff costs +€7,038
up €7,038 (+15.7%), from €44,920 to €51,958
- Taxes +€5,347
up €5,347 (+31.5%), from €16,996 to €22,343
- Depreciation +€2,318
up €2,318 (+16.7%), from €13,842 to €16,160
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 | €314,465 | €374,114 | +€59,649 | +19.0% |
| Fixed assets | 21/28 | €148,233 | €163,305 | +€15,072 | +10.2% |
| Tangible fixed assets | 22/27 | €148,055 | €163,127 | +€15,072 | +10.2% |
| Land and buildings | 22 | €123,678 | €137,259 | +€13,582 | +11.0% |
| Plant, machinery and equipment | 23 | €356 | €1,713 | +€1,357 | +381.8% |
| Furniture and vehicles | 24 | €24,021 | €24,154 | +€133 | +0.6% |
| Financial fixed assets | 28 | €178 | €178 | = | 0.0% |
| Current assets | 29/58 | €166,232 | €210,809 | +€44,577 | +26.8% |
| Stocks and contracts in progress | 3 | €25,610 | €42,500 | +€16,890 | +66.0% |
| Stocks | 30/36 | €5,510 | €3,500 | -€2,010 | -36.5% |
| Contracts in progress | 37 | €20,100 | €39,000 | +€18,900 | +94.0% |
| Amounts receivable within one year | 40/41 | €94,785 | €124,591 | +€29,806 | +31.4% |
| Trade receivables | 40 | €83,580 | €118,940 | +€35,360 | +42.3% |
| Other amounts receivable | 41 | €11,204 | €5,651 | -€5,554 | -49.6% |
| Cash at bank and in hand | 54/58 | €42,297 | €40,812 | -€1,485 | -3.5% |
| Deferred charges and accrued income | 490/1 | €3,540 | €2,906 | -€634 | -17.9% |
| Total equity and liabilities | 10/49 | €314,465 | €374,114 | +€59,649 | +19.0% |
| Equity | 10/15 | €270,624 | €273,123 | +€2,499 | +0.9% |
| Contributions | 10/11 | €83,125 | €31,125 | -€52,000 | -62.6% |
| Reserves | 13 | €187,499 | €241,998 | +€54,499 | +29.1% |
| Distributable reserves | 133 | €187,499 | €241,998 | +€54,499 | +29.1% |
| Amounts payable | 17/49 | €43,840 | €100,990 | +€57,150 | +130.4% |
| Amounts payable after more than one year | 17 | €7,361 | €2,219 | -€5,142 | -69.9% |
| Financial debts | 170/4 | €7,361 | €2,219 | -€5,142 | -69.9% |
| Amounts payable within one year | 42/48 | €36,479 | €97,833 | +€61,354 | +168.2% |
| Current portion of amounts payable after more than one year | 42 | €4,894 | €5,142 | +€248 | +5.1% |
| Trade debts | 44 | €22,743 | €37,571 | +€14,828 | +65.2% |
| Suppliers | 440/4 | €22,743 | €37,571 | +€14,828 | +65.2% |
| Taxes, remuneration and social security | 45 | €3,541 | €16,636 | +€13,095 | +369.8% |
| Taxes | 450/3 | €2,515 | €16,098 | +€13,582 | +540.0% |
| Remuneration and social security | 454/9 | €1,026 | €538 | -€488 | -47.6% |
| Other amounts payable | 47/48 | €5,301 | €38,484 | +€33,183 | +626.0% |
| Accrued charges and deferred income | 492/3 | - | €939 | +€939 | |
| Remuneration, social security and pensions | 62 | €44,920 | €51,958 | +€7,038 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,842 | €16,160 | +€2,318 | +16.7% |
| Other operating charges | 640/8 | €3,571 | €3,364 | -€208 | -5.8% |
| Gross operating margin | 9900 | €120,954 | €150,531 | +€29,576 | +24.5% |
| Operating profit (loss) | 9901 | €58,621 | €79,049 | +€20,428 | +34.8% |
| Financial income | 75/76B | €582 | €220 | -€362 | -62.3% |
| Recurring financial income | 75 | €582 | €220 | -€362 | -62.3% |
| Financial charges | 65/66B | €2,455 | €2,426 | -€29 | -1.2% |
| Recurring financial charges | 65 | €2,455 | €2,426 | -€29 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | €56,747 | €76,842 | +€20,095 | +35.4% |
| Income taxes | 67/77 | €16,996 | €22,343 | +€5,347 | +31.5% |
| Profit (loss) for the period | 9904 | €39,752 | €54,499 | +€14,748 | +37.1% |
| Profit (loss) for the period to be appropriated | 9905 | €39,752 | €54,499 | +€14,748 | +37.1% |
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 11 October 2026 via checked.be.