ELBO: 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.
ELBO
Largest movements
- Tangible fixed assets +€892,897
up €892,897 (+40.1%), from €2.2m to €3.1m
- Revaluation surpluses +€1.2m
new in 2026: €1.2m
- Reserves -€374,774
down €374,774 (-42.7%), from €877,002 to €502,228
of which Distributable reserves: -€260,000
- Debts after one year +€147,469
up €147,469 (+19.8%), from €746,074 to €893,543
- Provisions -€59,795
down €59,795 (-22.4%), from €267,464 to €207,669
- Trade debts +€40,324
up €40,324 (+1349.2%), from €2,989 to €43,313
- Gross operating margin -€126,142
down €126,142 (-81.7%), from €154,345 to €28,202
- Depreciation -€12,918
down €12,918 (-19.2%), from €67,444 to €54,526
- Taxes -€8,574
down €8,574 (-37.1%), from €23,119 to €14,545
- Other operating charges -€2,774
down €2,774 (-29.3%), from €9,467 to €6,692
- Financial charges +€2,334
up €2,334 (+13.0%), from €17,929 to €20,263
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,235,270 | €3,126,974 | +€891,704 | +39.9% |
| Fixed assets | 21/28 | €2,224,103 | €3,117,000 | +€892,897 | +40.1% |
| Tangible fixed assets | 22/27 | €2,224,103 | €3,117,000 | +€892,897 | +40.1% |
| Land and buildings | 22 | €2,224,103 | €3,117,000 | +€892,897 | +40.1% |
| Current assets | 29/58 | €11,166 | €9,974 | -€1,193 | -10.7% |
| Cash at bank and in hand | 54/58 | €9,396 | €9,974 | +€578 | +6.1% |
| Deferred charges and accrued income | 490/1 | €1,770 | - | -€1,770 | |
| Total equity and liabilities | 10/49 | €2,235,270 | €3,126,974 | +€891,704 | +39.9% |
| Equity | 10/15 | €1,109,512 | €1,887,733 | +€778,221 | +70.1% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,153,678 | +€1.2m | |
| Reserves | 13 | €877,002 | €502,228 | -€374,774 | -42.7% |
| Non-distributable reserves | 130/1 | €7,838 | €7,838 | = | 0.0% |
| Legal reserve | 130 | €7,838 | €7,838 | = | 0.0% |
| Tax-exempt reserves | 132 | €609,164 | €494,390 | -€114,774 | -18.8% |
| Distributable reserves | 133 | €260,000 | - | -€260,000 | |
| Profit (loss) carried forward | 14 | €170,537 | €169,854 | -€683 | -0.4% |
| Provisions and deferred taxes | 16 | €267,464 | €207,669 | -€59,795 | -22.4% |
| Deferred taxes | 168 | €267,464 | €207,669 | -€59,795 | -22.4% |
| Amounts payable | 17/49 | €858,293 | €1,031,572 | +€173,279 | +20.2% |
| Amounts payable after more than one year | 17 | €746,074 | €893,543 | +€147,469 | +19.8% |
| Financial debts | 170/4 | €746,074 | €893,543 | +€147,469 | +19.8% |
| Amounts payable within one year | 42/48 | €109,511 | €138,029 | +€28,518 | +26.0% |
| Current portion of amounts payable after more than one year | 42 | €91,118 | €78,951 | -€12,166 | -13.4% |
| Trade debts | 44 | €2,989 | €43,313 | +€40,324 | +1349.2% |
| Suppliers | 440/4 | €2,989 | €43,313 | +€40,324 | +1349.2% |
| Taxes, remuneration and social security | 45 | €100 | €14,374 | +€14,274 | +14274.4% |
| Taxes | 450/3 | €100 | €14,374 | +€14,274 | +14274.4% |
| Other amounts payable | 47/48 | €15,304 | €1,390 | -€13,914 | -90.9% |
| Accrued charges and deferred income | 492/3 | €2,708 | - | -€2,708 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,444 | €54,526 | -€12,918 | -19.2% |
| Other operating charges | 640/8 | €9,467 | €6,692 | -€2,774 | -29.3% |
| Non-recurring operating charges | 66A | - | €69,000 | +€69,000 | |
| Gross operating margin | 9900 | €154,345 | €28,202 | -€126,142 | -81.7% |
| Operating profit (loss) | 9901 | €77,434 | -€102,016 | -€179,450 | |
| Financial income | 75/76B | - | €1,571 | +€1,571 | |
| Recurring financial income | 75 | - | €1,571 | +€1,571 | |
| Financial charges | 65/66B | €17,929 | €20,263 | +€2,334 | +13.0% |
| Recurring financial charges | 65 | €17,929 | €20,263 | +€2,334 | +13.0% |
| Profit (loss) for the period before taxes | 9903 | €59,505 | -€120,708 | -€180,213 | |
| Transfer from deferred taxes | 780 | €9,313 | €59,325 | +€50,012 | +537.0% |
| Income taxes | 67/77 | €23,119 | €14,545 | -€8,574 | -37.1% |
| Profit (loss) for the period | 9904 | €45,699 | -€75,928 | -€121,627 | |
| Transfer from tax-exempt reserves | 789 | €21,022 | €115,245 | +€94,223 | +448.2% |
| Profit (loss) for the period to be appropriated | 9905 | €66,721 | €39,317 | -€27,404 | -41.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.