ELBEX TECHNOLOGIES: 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.
ELBEX TECHNOLOGIES
Largest movements
- Receivables within one year -€357,713
down €357,713 (-49.7%), from €720,086 to €362,373
of which Trade receivables: -€357,713
- Cash +€108,077
up €108,077 (+209.2%), from €51,658 to €159,736
mainly Receivables within one year (+€357,713) and Stocks and contracts (+€84,621)
- Stocks and contracts -€84,621
down €84,621 (-46.4%), from €182,441 to €97,820
- Current portion of long-term debt -€128,551
down €128,551 (-64.4%), from €199,765 to €71,214
- Short-term financial debts -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Trade debts -€95,255
down €95,255 (-18.9%), from €504,445 to €409,191
- Tax, wage and social debts -€67,947
down €67,947 (-49.0%), from €138,537 to €70,590
of which Remuneration and social security: -€59,962
- Other debts -€65,000
down €65,000 (-92.9%), from €70,000 to €5,000
- Financial charges -€42,203
down €42,203 (-47.4%), from €88,942 to €46,740
- Staff costs +€23,604
up €23,604 (+7.6%), from €309,034 to €332,638
- Depreciation +€15,563
up €15,563 (+26.3%), from €59,180 to €74,743
- Taxes -€11,770
down €11,770 (-38.6%), from €30,470 to €18,701
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 | €2,484,491 | €2,126,571 | -€357,920 | -14.4% |
| Fixed assets | 21/28 | €1,530,305 | €1,506,642 | -€23,663 | -1.5% |
| Tangible fixed assets | 22/27 | €1,529,951 | €1,506,288 | -€23,663 | -1.5% |
| Land and buildings | 22 | €1,453,977 | €1,440,623 | -€13,354 | -0.9% |
| Plant, machinery and equipment | 23 | €5,150 | €11,347 | +€6,197 | +120.3% |
| Furniture and vehicles | 24 | €69,937 | €53,551 | -€16,386 | -23.4% |
| Other tangible fixed assets | 26 | €886 | €766 | -€120 | -13.5% |
| Financial fixed assets | 28 | €355 | €355 | = | 0.0% |
| Current assets | 29/58 | €954,186 | €619,929 | -€334,257 | -35.0% |
| Stocks and contracts in progress | 3 | €182,441 | €97,820 | -€84,621 | -46.4% |
| Stocks | 30/36 | €182,441 | €97,820 | -€84,621 | -46.4% |
| Amounts receivable within one year | 40/41 | €720,086 | €362,373 | -€357,713 | -49.7% |
| Trade receivables | 40 | €720,086 | €362,373 | -€357,713 | -49.7% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €51,658 | €159,736 | +€108,077 | +209.2% |
| Total equity and liabilities | 10/49 | €2,484,491 | €2,126,571 | -€357,920 | -14.4% |
| Equity | 10/15 | €485,721 | €534,208 | +€48,487 | +10.0% |
| Contributions | 10/11 | €182,216 | €182,216 | = | 0.0% |
| Reserves | 13 | €279,998 | €327,498 | +€47,500 | +17.0% |
| Distributable reserves | 133 | €279,998 | €327,498 | +€47,500 | +17.0% |
| Profit (loss) carried forward | 14 | €23,507 | €24,494 | +€987 | +4.2% |
| Amounts payable | 17/49 | €1,998,770 | €1,592,363 | -€406,407 | -20.3% |
| Amounts payable after more than one year | 17 | €986,023 | €1,036,369 | +€50,346 | +5.1% |
| Financial debts | 170/4 | €986,023 | €1,036,369 | +€50,346 | +5.1% |
| Amounts payable within one year | 42/48 | €1,012,747 | €555,994 | -€456,753 | -45.1% |
| Current portion of amounts payable after more than one year | 42 | €199,765 | €71,214 | -€128,551 | -64.4% |
| Financial debts | 43 | €100,000 | €0 | -€100,000 | -100.0% |
| Credit institutions | 430/8 | €100,000 | €0 | -€100,000 | -100.0% |
| Trade debts | 44 | €504,445 | €409,191 | -€95,255 | -18.9% |
| Suppliers | 440/4 | €504,445 | €409,191 | -€95,255 | -18.9% |
| Taxes, remuneration and social security | 45 | €138,537 | €70,590 | -€67,947 | -49.0% |
| Taxes | 450/3 | €29,308 | €21,324 | -€7,985 | -27.2% |
| Remuneration and social security | 454/9 | €109,229 | €49,267 | -€59,962 | -54.9% |
| Other amounts payable | 47/48 | €70,000 | €5,000 | -€65,000 | -92.9% |
| Remuneration, social security and pensions | 62 | €309,034 | €332,638 | +€23,604 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,180 | €74,743 | +€15,563 | +26.3% |
| Other operating charges | 640/8 | €15,536 | €11,922 | -€3,613 | -23.3% |
| Gross operating margin | 9900 | €535,972 | €533,218 | -€2,754 | -0.5% |
| Operating profit (loss) | 9901 | €152,223 | €113,914 | -€38,309 | -25.2% |
| Financial income | 75/76B | €156 | €13 | -€143 | -91.6% |
| Recurring financial income | 75 | €156 | €13 | -€143 | -91.6% |
| Financial charges | 65/66B | €88,942 | €46,740 | -€42,203 | -47.4% |
| Recurring financial charges | 65 | €88,942 | €46,740 | -€42,203 | -47.4% |
| Profit (loss) for the period before taxes | 9903 | €63,437 | €67,188 | +€3,751 | +5.9% |
| Income taxes | 67/77 | €30,470 | €18,701 | -€11,770 | -38.6% |
| Profit (loss) for the period | 9904 | €32,967 | €48,487 | +€15,520 | +47.1% |
| Profit (loss) for the period to be appropriated | 9905 | €32,967 | €48,487 | +€15,520 | +47.1% |
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 4 October 2026 via checked.be.